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  • 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
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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.

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Economy

Finance minister warns of tougher lending rules

Finance Minister Hong Nam-ki, second from left, and leaders of the central bank and financial watchdogs pose during a meeting to discuss the nation's macroeconomic policies, at the headquarters of the Korea Federation of Banks in Seoul, Thursday. From left are Financial Services Commission Chairman Koh Seung-beom, Hong, Bank of Korea Governor Lee Ju-yeol and Financial Supervisory Service Governor Jeong Eun-bo. Courtesy of Bank of KoreaIndustrial output, retail sales and facility investment suffer triple drops in AugustBy Lee Min-hyungFinance Minister Hong Nam-ki warned Thursday that tougher lending rules would come into force in October, as part of preemptive risk management measures against soaring household debt.“The steep growth in household debt poses risks to the economy, so we are going to introduce a package of stricter measures to address the issue,” Hong said during a meeting with the leaders of the Bank of Korea (BOK) and financial regulators.The financial authorities are in the final stages of a review before revealing the measures, the aim of which is to restr

Sep 30, 2021By Lee Min-hyung
Finance minister warns of tougher lending rules
  • Powell defends Fed policies, says inflation may persist
Economy

Public Procurement Service helps 450 local firms seek global biz opportunities at expo

Public Procurement Service (PPS) Administrator Kim Chung-woo, second from left, listens to a local manufacturing company representative talk about his firm's products, Wednesday, at the Korea Public Procurement Expo 2021, currently being held at the Korea International Exhibition Center (KINTEX) in Goyang, Gyeonggi Province. / Courtesy of Public Procurement ServiceBy Lee Kyung-min A record-high 450 firms were provided with government assistance in seeking a greater domestic market presence and overseas business opportunities at the Korea Public Procurement Expo 2021. The expo is being held at the Korea International Exhibition Center (KINTEX) in Goyang, Gyeonggi Province from Wednesday to Friday.The three-day annual event, organized by the Public Procurement Service (PPS), is the only public procurement fair where support for the expansion of excellent small- and medium-sized enterprises (SMEs) is provided.This year's event seeks to create public demand for new high-tech products by incorporating public inquiries on the use of artificial intelligence technology, research-intensive pr

Sep 30, 2021By Lee Kyung-min
Public Procurement Service helps 450 local firms seek global biz opportunities at expo
Economy

Production, consumption, investment fall in August amid 4th wave of pandemic

This July 1 file photo shows stacks of containers at a port in South Korea's southeastern city of Busan. YonhapSouth Korea's industrial output, retail sales and investment declined in August from the previous month in the latest sign that economic recovery momentum slowed amid the fourth wave of the pandemic, data showed Thursday.Industrial output fell 0.2 percent in August from a month earlier following a 0.6 percent on-month decrease in July, according to the data compiled by Statistics Korea.From a year earlier, it increased 6 percent.Retail sales, a gauge of private spending, declined for the second straight month amid the latest resurgence in COVID-19 cases. Consumption fell 0.8 percent on-month in August, compared with a 0.5 percent retreat in July.Facility investment fell 5.1 percent on-month last month, the biggest decline in 15 months. In July, investment rose 2 percent on-month.It marked the first time since May that production, consumption and investment declined all together.The statistics agency said economic recovery momentum slowed last month as production and consumpt

Sep 30, 2021
Production, consumption, investment fall in August amid 4th wave of pandemic
Economy

Structural problems drive self-employed into 'Squid Game'

gettyimagesbankThe self-employed hold 24.6 percent of all jobs in Korea, sixth highest among OECD nationsBy Yoon Ja-youngIn the hit Netflix series, “Squid Game,” the main character, Seong Gi-hun, joins the fight-to-the-death challenge, driven by the 400 million won he owes, after the failure of his restaurants, a business he started after losing his job at a car manufacturing company. Hit by the COVID-19 pandemic and changes in the economy, many small business owners say they are no different from Seong. In an internet forum on the country's top search engine and platform, Naver, where the self-employed share information, a man who runs a small sushi restaurant said he could not take his eyes off the show. “The show depicts in detail what it is like to be on the edge of a precipice,” he wrote. Another said he felt like he was living right in the middle of the game. The only difference is that “there will be no prize money even if I win,” he commented.According to the National Self-Employed Emergency Response Committee, at least 22 small business ow

Sep 30, 2021By Yoon Ja-young
Structural problems drive self-employed into 'Squid Game'
  • Steep government debt growth raises alarm bells in Korea
Economy

Financial authorities fret over growing volatility on Wall Street

An electronic board, set up at Hana Bank's dealing room in Seoul, shows plunges of the benchmark of KOSPI and secondary Kosdaq on Wednesday morning. YonhapWatchdog holds first risk management meeting amid stock fallsBy Lee Min-hyungStock markets here stumbled Wednesday in the wake of an overnight fall on Wall Street, putting Korea's financial authorities on alert over the repercussions of growing volatility in the U.S. triggered by inflation worries and weak consumer sentiment. The Financial Supervisory Service (FSS) held its first meeting of a risk management taskforce the same day to monitor any turbulence in the local markets.FSS said it did not take any specific action other than stepping up monitoring of the market, despite the slight plunge, but added it would continue watching closely amid lingering uncertainty over a series of external financial issues.“The meeting was the first of its kind, and we will keep developing it in a more systemic manner,” a spokesman for the FSS said, declining to comment further, as the taskforce was only recently set up.The benchmark

Sep 29, 2021By Lee Min-hyung
Financial authorities fret over growing volatility on Wall Street
  • Power outages in China to hit supply chains for steel, chips
  • Looming 'China risk' burdening Korean economy
Economy

Bithumb Korea rakes in profits from 'Squid Game'-related stocks

A promotional image from Netflix drama “Squid Game” / Courtesy of NetflixBy Anna J. ParkBithumb Korea, one of the major cryptocurrency exchanges headquartered in Korea, has made a more than 100-percent profit from its investment into local media firm Bucket STUDIO, which is related to Netflix's latest global hit drama, “Squid Game.”The blockchain tech firm invested about 15 billion won ($12.6 million) into Bucket STUDIO's mezzanine financing in May and the investment helped it get about a 12.5-percent stake of the media company's shares. With the investment, the crypto exchange operator has become the second largest major shareholder in the media firm. Bucket STUDIO holds a 15-percent stake in the entertainment management firm, Artist Company, the management company jointly founded by actor Lee Jung-jae, who starred as a major character in “Squid Game.” Bucket STUDIO's stock price soared to 4,540 won at the end of last week, an increase of nearly 2.5 times in just one month, from 2,130 won logged at closing on August 31. Bucket STUDIO's stock price

Sep 29, 2021By Anna J. Park
Bithumb Korea rakes in profits from 'Squid Game'-related stocks
Economy

Looming 'China risk' burdening Korean economy

A Chinese flag is seen on the top of a car near a coal-fired power plant in Harbin. Korea Times fileTightening consumer sentiment in China to hurt Korea's exports By Lee Kyung-min The prospect of a much-awaited economic recovery is feared to be weighed down by recent risks brought on by electricity shortages in China, the largest trading partner of export-reliant Korea. China's economic growth is expected to slow down sooner than expected due partly to a slowdown in construction and stringent new curbs on travel due to outbreak of the coronavirus Delta variant.The grim assessment bodes ill for manufacturers in Korea where the fallout of the COVID-19 pandemic has been offset mostly by robust exports. Over a quarter, or 26.1 percent, of Korea's exports go to China. Semiconductors account for about a quarter of Korea's exports followed by automobiles and petrochemical products. Seoul National University economist Lee In-ho said whether the electricity shortage would continue through the winter remains as the key factor determining how much of a decline in profits Korean firms operating

Sep 29, 2021By Lee Kyung-min
Looming 'China risk' burdening Korean economy
  • Power outages in China to hit supply chains for steel, chips
  • Financial authorities fret over growing volatility on Wall Street
Economy

Naver founder to be summoned to National Assembly audit

Naver founder Lee Hae-jin testifies at a National Assembly audit in this October 2018 file photo. Korea Times photo by Oh Dae-geunLawmakers decide not to grill banking group chiefsBy Park Jae-hyukLee Hae-jin, Naver's founder who currently serves as its global investment officer (GIO), is set to be summoned as a witness for a National Assembly audit next Wednesday on the Financial Services Commission (FSC), sources knowledgeable with the matter said, Wednesday.They said ruling and opposition party lawmakers at the National Assembly's national policy committee are close to agreement on summoning Lee.He will be grilled about the company's efforts to protect financial consumers, amid intensifying government regulations on financial platform operators, such as the implementation of revisions to the Financial Consumer Protection Act. Financial services platform operators like Naver Financial and Kakao Pay are now required to stop comparing financial products or making recommendations until they receive a license to conduct such services.The Naver founder has managed so far to avoid being s

Sep 29, 2021By Park Jae-hyuk
Naver founder to be summoned to National Assembly audit
Economy

Gov't speeds up plan to supply homes: finance minister

Apartment buildings in Seoul / YonhapFinance Minister Hong Nam-ki said Wednesday the government is speeding up a plan to supply homes in Seoul and other regions, as it seeks to curb high-flying home prices.In February, the government unveiled the plan that eased building regulations and supported redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years.Some residents in the designated areas in Seoul have already voted in favor of the redevelopment projects, making it easier for the construction of new homes to begin earlier than scheduled, Hong told a meeting with relevant ministers. The February housing policy focuses on increasing the home supply in the Seoul metropolitan area and other major cities to stabilize the heated real estate market, in what could be a drastic shift from imposing a series of tougher regulations.The supply plan includes 323,000 new units in Seoul, the hotspot of the real estate frenzy, and 293,000 in the surrounding Gyeonggi Province by 2025, officials said. Together with housing plans anno

Sep 29, 2021
Gov't speeds up plan to supply homes: finance minister
Economy

Contribution Korea is at the vanguard of Asia's reopening as focus shifts toward monetary policy normalization

Vishrut Rana, Asia-Pacific economist at S&P Global Ratings / Courtesy of S&P Global RatingsAsia-Pacific Sets Off On the Winding Path to Economic ReopeningBy Vishrut Rana The Asia-Pacific region had notable success in containing initial waves of COVID-19 last year, which enabled some normalization of activity even as international borders remained closed. However, COVID-19 variants have evaded mitigation measures over the past several months leading to fresh pandemic waves that have had more impact on healthcare systems than those seen last year. These have led to fresh intermittent lockdowns and mitigation measures to contain the spread of the pandemic that had dampened economic activity. But the nature of these mitigation efforts has varied considerably in timing and intensity across the region. More stringent and higher intensity lockdowns may have a higher likelihood of containing new cases but are also more costly for the economy. In addition, the path to normalization is likely more uneven due to the chances of intermittent lockdowns, which delay economic reopening. On t

Sep 29, 2021By Lee Kyung-min
[Contribution] Korea is at the vanguard of Asia's reopening as focus shifts toward monetary policy normalization
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