my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • Policy

    MSCI cites improved access to Korea-linked investment products ahead of review

    Morgan Stanley Capital International (MSCI) said Friday that the Korean financial market has improved in terms of the availability of investment instruments ahead of next week's annual market classification review, while noting that underlying accessibility issues remain unresolved. "Derivative products linked to Korean indexes have recently been listed on international exchanges," it wrote in its 2026 global market accessibility review, upgrading its assessment from minus to plus. A plus rating means there are no major issues, though there is still room for improvement. MSCI said some restrictions remain in Korea on the use of exchange data for the creation of financial products. The Korean market received minus ratings in six of the 18 assessment categories last year. But this year, as the availability of investment instruments category was upgraded to plus, the number of minus-rated categories fell to five: the foreign exchange market liberalization level, investor registration and account setup, information flow, clearing and settlement, and transferability. "Authorities have continu

    2 MIN READBy Lee Yeon-woo
    MSCI cites improved access to Korea-linked investment products ahead of review
  • Economy

    KOSPI slips from record high amid US-Iran uncertainty

    2 MIN READBy Lee Yeon-woo
    KOSPI slips from record high amid US-Iran uncertainty
  • Economy

    Gov't to expand supply of imported eggs amid price hikes

    1 MIN READBy Yonhap
    Gov't to expand supply of imported eggs amid price hikes
  • Economy

    Seoul stocks sharply up late Friday morning on chip rally

    1 MIN READBy Yonhap
    Seoul stocks sharply up late Friday morning on chip rally
  • Economy

    US-Iran MOU poses new opportunities, challenges for Korea: finance minister

    2 MIN READBy Yonhap
    US-Iran MOU poses new opportunities, challenges for Korea: finance minister
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Read more

Economy

Inflation growth hits over 2 percent for 6th straight month in September

A shopper picks milk from shelves of dairy products at a large discount store in Seoul, Oct. 1. YonhapSouth Korea's consumer prices grew more than 2 percent for the sixth consecutive month in September due to high prices of farm and oil products, data showed Wednesday, indicating a build-up of inflationary pressure amid an economic recovery.The consumer prices rose 2.5 percent in September from a year earlier, slowing from a 2.6 percent on-year gain in August, according to the data compiled by Statistics Korea.Compared with a month earlier, consumer inflation rose 0.5 percent last month.Core inflation, which excludes volatile food and oil prices, rose 1.5 percent on-year last month, the highest since October 2017.The country's inflation has been under upward pressure as the economic recovery accelerates.The Bank of Korea (BOK) raised its 2021 inflation outlook to 2.1 percent from its earlier estimate of 1.8 percent. The BOK aims to keep annual inflation at 2 percent over the medium term."The latest gains of consumer prices were mostly led by hikes in prices of personal services, as w

Oct 6, 2021
Inflation growth hits over 2 percent for 6th straight month in September
Economy

Finance minister apologizes for real estate policy failure

Deputy Prime Minister and Finance Minister Hong Nam-ki attends the parliamentary audit of the Ministry of Economy and Finance at the National Assembly in Yeouido, Seoul, Tuesday. YonhapBy Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki said Tuesday that instability in the real estate market has continued despite government policies over the past few years, essentially acknowledging the failure of policies to ameliorate the high cost of real estate here.“It is regretful that the real estate market shows no sign of stabilization, despite the fact that the government has exhausted all policy measures,” he said at the parliamentary audit of the Ministry of Economy and Finance at the National Assembly. However, he made it clear that no policy course correction will follow under the broad policy objective to stem speculation and provide stable housing arrangements via an increase in the housing supply. Data from KB Kookmin Bank states that the sales price of an apartment in Seoul averaged 1.19 billion won ($943,000) last month, up 22 million won from August

Oct 5, 2021By Lee Kyung-min
Finance minister apologizes for real estate policy failure
  • Policy failure to tame soaring home prices brings social mobility crisis
Economy

KOSPI falls below 3,000 for first time in six months

An employee at the headquarters of Hana Bank in central Seoul looks at monitor in the bank's dealing room. KOSPI ended at 2,962.17 at Tuesday's closing. YonhapForeigners dump shares on inflation worriesBy Anna J. ParkKorean stocks suffered heavy losses Tuesday in the wake of an overnight slump on Wall Street with foreign investors dumping shares as oil prices stoked inflation worries amid continued fears over global supply chain disruptions. The benchmark KOSPI fell below 3,000 points for the first time in six months to close at 2,962.17, down 1.89 percent from the previous trading session. The secondary Kosdaq market also dropped 2.83 percent to finish at 955.37.Tuesday's fall was an expected reflection of the disappointing overnight performance of U.S. stock markets, with the S&P 500 dipping 1.3 percent and the tech-focused Nasdaq dropping 2.14 percent. Global oil prices also hit their highest levels since 2014.Reflecting this, the nation's benchmark index began trading at 2,998.17 in the morning, down 0.7 percent. It fell as low as 2,953.64 at 2:43 p.m., but recovered slightly

Oct 5, 2021By Anna J. Park
KOSPI falls below 3,000 for first time in six months
Economy

Naver, Kakao face grilling over high financial commissions charged to sellers

From left are Kakao founder Kim Beom-su and Naver founder Lee Hae-jin. YonhapBy Lee Min-hyungFinancial authorities are hitting the financial arms of Naver and Kakao ― two of the nation's largest online platform operators ― on the commission fees they've been charging to the self-employed, deemed “excessive.”Korean financial regulators are cracking down on the country's top two big tech companies, with the Korean lawmakers criticizing them as “symbols of greed.” As Kakao and Naver shares have lost billions of dollars due to foreign and institutional investors' dumping of their stocks, from Kakao and Naver's standpoint, reaching a compromise with the regulators is the best possible option, say financial regulation officials. Kakao is on track to abandon some of its services as a gesture to acknowledge the authorities' moves to correct the abusive effects of their market dominance via their online platforms.Unsurprisingly, lawmakers have asked Naver Pay and KakaoPay to cut their commission to a level similar to that of conventional credit card companies here.This

Oct 5, 2021By Lee Min-hyung
Naver, Kakao face grilling over high financial commissions charged to sellers
  • Kakao founder issues apology over abuse of market dominance
Economy

New KDIC chief vows to complete divestment from Woori

Korea Deposit Insurance Corp. (KDIC) CEO Kim Tae-hyun / Courtesy of KDICBy Park Jae-hyukKim Tae-hyun, the former Financial Services Commission (FSC) secretary general who has been appointed CEO of the Korea Deposit Insurance Corp. (KDIC), said in his inaugural speech, Friday, that he will do his best to sell the state-run institution's remaining stake in Woori Financial Group.“I will make every effort so that the government can retrieve the maximum amount of funds it injected,” he said on the first day of his three-year term.The government injected 12.8 trillion won ($10 billion) into Woori during the 1997 Asian financial crisis. More recently, it has announced that it would finish selling its stake in the financial firm by 2022, in accordance with a three-year roadmap.The KDIC plans to sell up to two-thirds of its remaining 15.13 percent stake in Woori by the end of this year.Kim also said it is time to consider improving the overall deposit insurance system in line with changes in the external environment, such as the growth of the economy and the diversification of fin

Oct 5, 2021By Park Jae-hyuk
New KDIC chief vows to complete divestment from Woori
Economy

Retail investors crying foul over Samsung stock falls

A bus purchased by a group of investors seeking abolishment of short-selling turns in a street in downtown Seoul. Korea Times fileBy Lee Kyung-min Over 4.5 million Samsung Electronics shareholders are blaming short-selling for the lackluster performance of the shares over the past few months.As of the first half of this year, the electronics giant's shares are held by 4,546,497 retail investors, accounting for 64.9 percent of the total. Short-selling is widely used by foreign and institutional investors seeking to profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.Market experts say the shares will gain upward momentum buoyed by an impressive third-quarter performance, a claim dismissed by many retail investors as unlikely given the continued rise in shorting by institutional and foreign investors. Retail investors bought a combined 32.93 trillion won ($27.74 billion) worth of Samsung shares this year partly because of various research notes, most of which presented 100,000 won per share. But the share continues to hover closer t

Oct 4, 2021By Lee Kyung-min
Retail investors crying foul over Samsung stock falls
Economy

Rate hike to push up small-cap shares

A trader works on the floor of a dealing room at a branch of Hana Bank in Seoul, Sept. 29. Korea Times fileBy Lee Kyung-minInvestors seeking greater per-share profit are expected to increase their holdings of small- and mid-cap stocks in anticipation of growth momentum to be backed by an expected drawdown in monetary policy amid a gradual economic recovery. Behind the judgement is that many investors facing tightening borrowing conditions will be more inclined to choose shares of small and medium-sized companies that have reported double-digit profit increases over the past 10 months, compared to larger ones that registered only about 1 percent growth in earnings over the same period. Market consensus is that the Bank of Korea will raise its key rate this month.Korea Exchange (KRX) said the benchmark KOSPI index rose 5.07 percent from Jan. 4 to Oct. 1 The top 100 large-cap stocks rose only 1.61 percent during the same period, while mid-cap shares, ranging from the 101st to 300th in rank, rose 17.74 percent. Small-cap stocks, or those in the 301st rank or lower, jumped 22.7 percent.Th

Oct 4, 2021By Lee Kyung-min
Rate hike to push up small-cap shares
Economy

Watchdogs pressed on crypto tax plans

Finance Minister Hong Nam-ki, left, and Financial Services Commission Chairman Koh Seung-beom / Yonhap'Unfair' crypto tax rules still face criticismBy Lee Min-hyungLawmakers are set to grill the leaders of financial watchdog agencies over the government's decision to levy income taxes on cryptocurrency trading starting in 2022.Under the new tax policy, people whose annual cryptocurrency trading revenues top 2.5 million won ($2,100) will be subject to a tax equivalent to 20 percent of the income.The decision, however, is still widely considered to be hasty, at a time when Korea's cryptocurrency market is still in its infancy and faces confusion amid a set of tough regulations imposed by financial authorities.Lawmakers from both the opposition and ruling parties have also raised the need to delay levying the tax for another year to minimize confusion in the market. They argued it is more urgent for policymakers to establish legal safeguards to protect cryptocurrency investors before taking steps to tax them.The central point is whether Finance Minister Hong Nam-ki will be able to justi

Oct 3, 2021By Lee Min-hyung
Watchdogs pressed on crypto tax plans
  • Korea's top crypto exchange to implement stringent ID checks
Economy

Korea's top crypto exchange to implement stringent ID checks

A man passes by the headquarters of UPbit in Seoul. Korea Times fileBy Lee Kyung-min Upbit, a cryptocurrency exchange in Korea, will be rejecting won-based transactions of over 1 million won ($842), starting Wednesday, unless the users have verified their identities, according to Dunamu, operator of Upbit, Sunday.Those who fail to undergo an ID check will be denied service altogether starting Oct. 13. Pending orders of 1 million won or less in volume submitted between Oct. 6 and 12 will be canceled. The measure is part of the exchange's efforts to comply with a new regulation on digital assets by the Financial Services Commission (FSC), intended to enhance the transparency of the new investment vehicle in a market long been unbridled and volatile due to speculators.“We will fulfill our customer identity confirmation requirement in accordance with the new law,” Dunamu said. The requirement, whereby operators are to confirm the identity of users, purpose of transactions, source of funds and whether the accounts are borrowed, seeks to prevent fraud and money laundering.The I

Oct 3, 2021By Lee Kyung-min
Korea's top crypto exchange to implement stringent ID checks
  • Watchdogs pressed on crypto tax plans
Economy

ANALYSIS Inflation concerns to push Bank of Korea to remain hawkish next year

A medical worker wearing protective gear in a booth takes a sample from a person at a temporary coronavirus testing clinic in Seoul, Sept. 29, AP-YonhapThree more rate hikes are expected next year: economists By Kim Yoo-chulThe central bank continues to signal a benchmark rate hike as the latest developments in economic growth and inflation are forcing the Bank of Korea (BOK) to take pre-emptive steps.The country's economic recovery from the effects of the COVID-19 pandemic is becoming increasingly evident, backed by consumption growth and exports, while the BOK and the finance ministry are revising up their GDP growth forecast to over 4 percent this year. As a result, the primary focus of the BOK's monetary policy recently shifted to a gradual normalization from cushioning any downside risks.This rationale makes sense indeed, because the previous years of ultra-low accommodative monetary policies pursued by the BOK have been cited as a major factor contributing to an asset bubble, with more Koreans suffering from snowballing household debt and becoming vulnerable to tapering by the

Oct 3, 2021By Kim Yoo-chul
[ANALYSIS] Inflation concerns to push Bank of Korea to remain hawkish next year
previous page
776777778779780
next page

Most Read in Economy