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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
  • Policy

    Contribution2025 Economic Census to elevate Korea's economic mapping

    2 MIN READBy Ahn Hyung-jun
    2025 Economic Census to elevate Korea's economic mapping
  • 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
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Economy

Gov't to halt financial assistance for overseas coal power projects

gettyimagesbankBy Lee Kyung-min State-run organizations will no longer provide financial assistance of any kind to new overseas coal-fired power plant projects starting Oct.1, according to four ministries and the financial regulator, Friday. The joint announcement seeks to give a clear signal on decarbonization to both the public and private sectors, thereby pushing them to promptly renounce fossil fuel dependence and to forgo investment into cheap but environmentally unsustainable sources of energy. The four are the Ministries of Economy and Finance; Trade, Industry and Energy; Foreign Affairs; and Environment; alongside the Financial Services Commission. Support for already approved projects including Jawa Units 9 and 10 in Indonesia and Bungang 2 in Vietnam will not altogether be withdrawn considering economic and diplomatic relations. However, the scope of the assistance will be limited to support for the implementation of agreed-upon financial terms and essential business transactions.But the government will halt everything else related to fossil fuel use that has been prov

Sep 24, 2021By Lee Kyung-min
Gov't to halt financial assistance for overseas coal power projects
Economy

Households, companies can afford financial burden from further rate hike: Bank of Korea

Bank of Korea Deputy Governor Lee Sang-hyeong speaks during a press conference at its headquarters in Seoul, Friday. Courtesy of Bank of KoreaBy Lee Min-hyungThe country's central bank is moving towards justifying its rationale for an additional rate hike this year, after a senior  bank official underscored the need for such a future hike, claiming that households and companies will be able to withstand the interest burden from further monetary tightening.“The slight rate hike will have a limited impact on the debt burden of the self-employed,” Bank of Korea (BOK) Deputy Governor Lee Sang-hyeong told reporters in a press conference, Friday. According to a financial stability report released by the central bank, each individual loan borrower here will have to pay about 300,000 won ($255) more annually in interest payments at the end of 2021, compared to a year earlier, under the scenario that the bank raises the key rate to 1 percent before the end of the year, from the current 0.75 percent.The monetary authority argued that households, companies and financial institu

Sep 24, 2021By Lee Min-hyung
Households, companies can afford financial burden from further rate hike: Bank of Korea
Economy

'KOSPI, Kosdaq to be trapped in boxed ranges until Q3': analysts

gettyimagesbank By Anna J. ParkAfter a three-day break for the Chuseok holiday, the benchmark KOSPI closed on a slight decline Thursday at 3,127.58 points, a 0.41 percent fall from last Friday.The KOSPI fell as low as 3,118.25 at around 11:47 a.m., but rose to 3,131.63 at around 2:10 p.m., before dropping to 3,127.58 at the close of trading. The increase during the latter part of the day was primarily attributed to buying by foreign investors who net-purchased 553 billion won ($470 million) worth of shares, as investment sentiment for riskier assets somewhat revived after Chinese and Hong Kong stock market indices showed signs of stability. Most large-cap companies' stock fell slightly on Thursday. Out of the 10 largest market cap companies listed on the KOSPI, only three firms ― LG Chem, Samsung SDI and Celltrion ― saw their share prices rise. LG Chem in particular rose by 7.99 percent.“The resumption of battery supplies for GM electric vehicles stoked LG Chem's st

Sep 23, 2021By Anna J. Park
'KOSPI, Kosdaq to be trapped in boxed ranges until Q3': analysts
Economy

Chang Ha-joon joins AIIB's International Advisory Panel

Professor Chang Ha-joon / Korea Times fileBy Anna J. ParkUniversity of Cambridge professor Chang Ha-joon, 58, was one of six new members appointed to the International Advisory Panel (IAP) of the Asia Infrastructure Investment Bank (AIIB).This is the first time that a Korean national with a private sector background has been appointed to the panel, according to Korea's finance ministry. Previously, former Finance Minister and Deputy Prime Minister Hyun Oh-seok served on the panel for two years from September 2016. The IAP is composed of world-leading experts from the economic, financial and international relations sectors, and currently consists of 12 members, including Chang. The panel's mission is to support the bank's senior management with strategic advice on future policies and general operational issues. Members have a two-year term renewable upon completion. Graduating from the economics department of Seoul National University in 1986, Chang earned his master's degree and doctorate in economics at the University of Cambridge, where he began to teach in 1990 as a p0rofessor. He

Sep 23, 2021By Anna J. Park
Chang Ha-joon joins AIIB's International Advisory Panel
Economy

Naver, Kakao on verge of suspending more financial services

From left are Naver founder Lee Hae-jin and Kakao founder Kim Beom-su. YonhapShares of big tech firms fail to bounce backBy Lee Min-hyungNaver and Kakao, two of the nation's largest big tech firms, are facing temporary shutdowns of some of their financial services unless they revise their operations to meet requirements under a set of newly-introduced regulations. The Financial Services Commission (FSC), the country's top financial policy regulator, said Thursday the companies should either reform their current services in line with the newly introduced Financial Consumer Protection Act, or seek licenses to operate their brokerage businesses.“Any company that could violate the new act can choose to revise their services or apply for a relevant license and they can pick either of the measures on their own in order to continue operating the services after the implementation of the act on Sept. 25,” a spokesman for the FSC said.The financial authority introduced the toughened consumer protection act March 25 with a six-month grace period which expires Sept. 24. Naver Financi

Sep 23, 2021By Lee Min-hyung
Naver, Kakao on verge of suspending more financial services
  • Kakao Pay confirms IPO has been delayed
Economy

Korea unattractive to foreign investors: Ambrosetti report

gettyimagesbankBy Lee Kyung-min Korea ranked eighth out of 148 countries and last out of five major Asian economies this year in terms of global attractiveness, a report by a European think tank showed.Global Attractiveness Index (GAI) 2021 findings released by the boutique management consultancy and private bank, The European House ― Ambrosetti _ showed Korea's GAI stood at 81.26 this year.The index measures the foreign-investment-attraction capabilities and environment of 148 countries surveyed relative to the top-ranked country.Korea ranked eighth in 2016, fell to 11th the following year but then rose back to 8th again in 2018 ― it remained in ninth place in 2019 and 2020.The U.S. (100.00) topped the list, followed by Germany (93.30) which came in second by a narrow margin.China came in third with a score of 91.55. Japan ranked fourth (89.61), while Singapore came in sixth (84.84) and Hong Kong seventh (82.82).Other top countries included the U.K. in fifth place (89.03), the United Arab Emirates in ninth (77.66) and France, 10th (76.19).The composite index compares 148 economies t

Sep 23, 2021By Lee Kyung-min
Korea unattractive to foreign investors: Ambrosetti report
Economy

Top financial regulator urges market monitoring over Evergrande concerns

This photo shows Evergrande's president Xu Jiayin, also known as Hui Ka Yan in Cantonese, attending a meeting in Wuhan, in China's central Hubei province in June, 2017. AFP-YonhapKorea's top financial regulator on Wednesday called for strengthening the monitoring of financial markets on concerns about a potential default by debt-laden property developer China Evergrande Group.Global financial markets were rattled this week over concerns that Evergrande may default on its debt. The debt-stricken developer said Wednesday it has agreed to a deal with local bondholders to settle interest payments, which helped ease fears about an imminent possible default by the group.Koh Seung-beom, chief of the Financial Services Commission (FSC), instructed officials to beef up the monitoring of financial markets over the development of Evergrande's debt problems.“Many experts viewed that there appears to be a limited possibility that Evergrande's debt issue could develop into systemic risks in global financial markets,” Koh said at a meeting with senior government officials.He also called

Sep 22, 2021
Top financial regulator urges market monitoring over Evergrande concerns
Economy

Won-dollar exchange rate faces upward pressure from FOMC, Evergrande

Dealers at Hana Bank work in a trading room at its headquarters in Seoul, Friday. Yonhap By Lee Min-hyungThe Korean won is expected to continue weakening against the U.S. dollar, as concerns over Evergrande and possible talk of tapering at the next Federal Open Market Committee (FOMC) meeting could prompt investors to flock to safer assets. Currency dealers are paying keen attention to what will be announced and discussed during the planned two-day FOMC meeting ― which started on Sept. 21 ― as the regular session is expected to send a more clear signal regarding the timeline of when the Fed will start to reduce asset purchases.It remains unclear if the Fed will specify the detailed timing of the tapering during the upcoming meeting. But the prevailing market view is that an official announcement concerning the tapering will be made in November.Regardless of the tapering timeline, the won is expected to weaken against the U.S. dollar in the foreseeable future, as the

Sep 22, 2021By Lee Min-hyung
Won-dollar exchange rate faces upward pressure from FOMC, Evergrande
  • Evergrande crisis to have limited impact on equity market: analysts
Economy

Rush of withdrawals expected among cryptocurrency owners before stricter rules are applied

Financial Services Commission Chairman Koh Seung-beom / Korea Times fileBy Lee Kyung-min A large number people who own cryptocurrencies issued and traded by small exchanges are expected to withdraw the virtual assets ahead of Friday, the deadline imposed by the Financial Services Commission (FSC) for digital currency trading platforms to apply for authorization as a valid market player.The Korea Financial Intelligence Unit (KoFIU) under the FSC said only four out of more than 60 operators ― UPbit, Bithumb, Coinone, and Korbit ― have met regulatory requirements by obtaining a certification of Information Protection Management System (ISMS) and commercial lender-issued real-name accounts through which the coins are traded transparently.The strengthened rules on cryptocurrency transactions will divide the market into either won-based ones where the coins can be traded in the country's currency or bitcoin-based exchanges. The rest that fail to pass the regulatory bar will no longer be able to operate here.Of more than 30 that failed to obtain ISMS certification, two thirds have already

Sep 22, 2021By Lee Kyung-min
Rush of withdrawals expected among cryptocurrency owners before stricter rules are applied
Economy

Evergrande crisis to have limited impact on equity market: analysts

A man walks past the Evergrande Center in Shanghai, China, Tuesday. EPA-YonhapKOSPI apt to stumble after holiday amid bitcoin fallBy Lee Min-hyungKorean stock markets ― which were closed for the nationwide Chuseok holiday break ― will experience corrections due to the rising default risk by China's Evergrande Group whose debt crisis has jolted global equity markets. However, the impact of the “Evegrande risk” should be short-lived, as key outstanding issues have already been factored in, analysts said Wednesday.The benchmark KOSPI and secondary Kosdaq will resume trading Thursday after a three-day break. Wall Street and European investors were briefly weighed down by the risks from Evergrande's possible debt woes, dragging down major indices. Major European bourses, however, rebounded from losses Wednesday (KST), although the NYSE failed to do so.Chinese shares decreased less than expected the same day as investors digested the news that Evegrande had discussed a coupon repayment with its bondholders. Despite these mixed global outcomes, persistent concerns about Evegrand

Sep 22, 2021By Lee Min-hyung
Evergrande crisis to have limited impact on equity market: analysts
  • Crunch time for Evergrande, but no 'Lehman moment'
  • Won-dollar exchange rate faces upward pressure from FOMC, Evergrande
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