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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

Concerns about Samsung SDI spin-off lead to Thursday's price drop

By Anna J. ParkSamsung SDI's stock price fell by 3.33 percent on Thursday, reflecting the market's concerns over the possible spin-off of the firm's lucrative battery business unit.The stock price finished at 725,000 won ($618), down 3.33 percent from the previous session, as foreign and institutional investors net sold the stock on Thursday. The share price fell as low as 710,000 won at one point in morning trade on Thursday.Thursday's drop was due mainly to recent news coverage that reported that the company's key officials had allegedly started discussions about whether the spin-off would be a good option for the company to attract sufficient investment funding required for the battery business unit's further growth. Regarding the rumor, Samsung SDI officially denied the report on Thursday afternoon through an official filing to financial authorities, stating that it is not true that the company has started to examine the option of the battery unit's spin-off. Following the announcement, Samsung SDI's stock price rose up to 735,000 won in afternoon trade, but closed at 725,000 won

Sep 16, 2021By Anna J. Park
Concerns about Samsung SDI spin-off lead to Thursday's price drop
Economy

ANALYSIS Gov't loan forbearance to burden incoming administration next year

Financial Services Commission Chairman Koh Seung-beom attends a meeting at Korea Federation of Banks in Seoul, Thursday. Korea Times fileBy Lee Kyung-min Concerns are mounting that the recent government decision to extend forbearance, whereby small businesses, self-employed and low-income earners are able to pause principal and interest payments on their loans for a designated period of time, will pose a major threat to the country's fiscal soundness for the incoming administration.The yearlong emergency financial assistance measures to help small businesses cope with the COVID-19 pandemic could result in a faster buildup of non-performing loans, the management of which will become much harder for creditors, or lenders, with their financial soundness facing the possibility of a rapid decline.The lengthening of relief measures is understandable due in large part to stricter government-imposed social distancing rules including gathering bans and shortening of business hours. Yet the difficulty of how to correctly discriminate between businesses in a healthy financial condition from tho

Sep 16, 2021By Lee Kyung-min
[ANALYSIS] Gov't loan forbearance to burden incoming administration next year
Economy

Financial authorities virtually acquit HLB of unfair trading

HLB Chairman Jin Yang-gon speaks during an online press conference via YouTube in this February file photo. Captured from YouTubePharmaceutical firm resolves uncertainties regarding stock priceBy Park Jae-hyukThe Securities and Futures Commission (SFC), a sub-commission within the Financial Services Commission (FSC), eventually rejected a request from the Financial Supervisory Service (FSS) to ask the prosecution to indict biopharmaceutical company HLB over an unfair transaction.In its regular meeting on Wednesday, the SFC decided to just “inform” the prosecutors of the case involving the Kosdaq-listed firm, alleviating the sanctions imposed by the FSS.Sources familiar with this issue view the recent measure as a virtual acquittal, considering that the SFC has tended to let prosecutors make the final decision if its commissioners do not consider a company guilty of allegations.“It is regrettable that we have not been acquitted officially, because we have tried to vindicate ourselves by submitting a huge volume of data to the financial authorities,” an HLB spok

Sep 16, 2021By Park Jae-hyuk
Financial authorities virtually acquit HLB of unfair trading
Economy

Regular, stable jobs disappearing amid pandemic

gettyimagesbankGov't urged to tackle deepening dualism in labor marketBy Yoon Ja-youngCompared with other developed economies, Korea's job market seems to be faring reasonably despite the COVID-19 pandemic. However, it has a chronic problem of dualism, comprising workplaces where people want to work and the rest which are considered less preferable, and it is becoming even tougher to enter the first-tier job market as there are fewer openings for those positions. According to Statistics Korea, the number of the country's jobless young people hit 370,000 last year, which is down 56,000 from four years ago; and their unemployment rate also dipped to 9 percent from 9.8 percent. This seems to be good news at first glance, but a deeper look into the statistics shows that those who are working less than 36 hours a week and want to work more ― not included in the unemployment figures ― nearly doubled to 149,000 in 2020 from 2016. It takes on average 10 months for young people to land their first job after graduating from school, and there are many who have been preparing for jobs for m

Sep 16, 2021By Yoon Ja-young
Regular, stable jobs disappearing amid pandemic
Economy

NTS commissioner meets Hungarian, Danish counterparts

National Tax Service (NTS) Commissioner Kim Dae-ji, right, poses for a photo with his Danish counterpart, Merete Agergaard. Courtesy of National Tax ServiceBy Lee Kyung-min National Tax Service (NTS) Commissioner Kim Dae-ji agreed to share experience and knowledge in advancing electronic tax administration and crack down on overseas tax evasion with his Hungarian and Danish counterparts in a recent weeklong trip to Europe, the tax agency said Wednesday.The tax agency head also met with Alix Perrignon de Troyes, executive secretary of the Intra-European Organization of Tax Administrations (IOTA), in Budapest, Sept. 14.Kim held a meeting with his Danish counterpart, Merete Agergaard, from Sept 9 to 10, the first time for the two countries' top tax administrators to hold a bilateral meeting. The two discussed tax policies on welfare, including ways to strengthen the public trust in administrative procedures. The government's role in helping the public see how fairly tax revenue is collected for transparent use of public resources was among areas both were interested in, the tax agency s

Sep 15, 2021By Lee Kyung-min
NTS commissioner meets Hungarian, Danish counterparts
Economy

Statistics Korea launches SDGs data platform in English

Image capture of the main page of SDGs data platform operated by Statistics Korea. Courtesy of Statistics KoreaBy Lee Kyung-minStatistics Korea has launched an open-access platform where data on Korea's efforts in advancing the United Nations (U.N.) Sustainable Development Goals (SDGs) are available in English. Visit https://kostat.go.kr/sdg/en for more information. The platform allows real-time monitoring of progress in SDGs, and is expected to promote data-driven global public policymaking, the statistics agency said.The SDGs include 17 goals announced at the U.N. General Assembly in September 2015, an initiative to be jointly achieved by 2030, for the sustainable development of mankind, as defined by its core principle of inclusiveness, “Leaving No One Behind.”Examples include poverty, inequality, climate crisis and violence, issues on which the New York-headquartered international organization requires a unified response and continued commitment by countries and stakeholder groups around the world.The agency expects the platform to provide easy access to Korea's SDGs

Sep 15, 2021By Lee Kyung-min
Statistics Korea launches SDGs data platform in English
Economy

Financial Services Commission rejects request from banks

Financial Services Commission Chairman Koh Seung-beom, right, speaks during a government-ruling party meeting at the National Assembly in Seoul, Wednesday. YonhapBy Lee Min-hyungThe Financial Services Commission (FSC) has virtually rejected a request from commercial banks and pushed ahead with the extension of a special COVID-19 financial program that waives principal and interest obligations for small business owners and the self-employed who took out loans.Under the program, small business owners and the self-employed who have been directly affected by the prolonged pandemic shock have been able to receive financial benefits by receiving loans from banks without paying any principal and interest until the end of September.Banks have so far argued that beneficiaries of the program should at least pay interest after the deadline to help lenders identify those at risk of insolvency. The financial industry underscored the need to do so in a preemptive manner, as this is an effective step for them to manage possible post-pandemic risks caused by so-called “zombie firms” ― fi

Sep 15, 2021By Lee Min-hyung
Financial Services Commission rejects request from banks
Economy

Goldman Sachs, Morgan Stanley reportedly handling Yanolja's US listing

Yanolja's headquarters in Seoul / Courtesy of YanoljaMirae Asset, Samsung Securities likely to lose underwriter statusBy Park Jae-hyukGoldman Sachs and Morgan Stanley have reportedly been selected as underwriters for Yanolja's initial public offering (IPO), fueling expectations among investors that the hotel booking app operator intends to list itself on the U.S. stock market.According to industry sources and media reports, Wednesday, the Korean company recently decided to hire the two banking giants, without sending requests for proposals to other securities firms.The decision has been widely viewed as a preparatory step to Yanolja's debut on Nasdaq in 2023.Yanolja has not ruled out the possibility of selecting a single foreign brokerage as an additional IPO underwriter, since it hired Mirae Asset Securities as the lead underwriter and Samsung Securities as a co-underwriter last November for its listing on the Seoul bourse by 2022.Morgan Stanley has been expected to team up with Yanolja sometime this year, because the former played a key role in helping the latter attract a combined

Sep 15, 2021By Park Jae-hyuk
Goldman Sachs, Morgan Stanley reportedly handling Yanolja's US listing
Economy

Job growth slows in Aug. amid resurgence of COVID-19

gettyimagesbankSouth Korea reported job additions for the sixth straight month in August, but the growth pace slowed as employment at in-person service sectors was hit by the fourth wave of the pandemic, data showed Wednesday.The number of employed people reached 27.6 million last month, 518,000 more than a year earlier, according to the data compiled by Statistics Korea.The August additions were lower than an on-year increase of 542,000 the previous month.The country has reported job growth since March amid an economic recovery and due to last year's low base effect.But the job growth slowed for the fourth straight month in August as the latest flare-up in COVID-19 cases and the toughest-ever virus curbs dealt a blow to employment in face-to-face service segments.South Korea has applied Level 4 social distancing rules, the highest in its four-tier scheme, in the greater capital area for about two months.The statistics agency said the fourth wave of the pandemic dented jobs in the in-person service sector, but the country's job market still extended its recovery momentum.The number o

Sep 15, 2021
Job growth slows in Aug. amid resurgence of COVID-19
Economy

Fintechs cry foul over stricter rules on product promotion

gettyimagesbankBy Lee Kyung-min Fintech firms are criticizing the financial authorities' recent measures to limit their entry into the insurance sales business, pointing to the absurdity of the hastily arranged requirements to clarify the structure of their business models by Oct. 15. This is the latest development of the financial regulator's efforts to curb the immense influence and market standing of financial services platforms, notably Kakao Pay, the financial subsidiary of Kakao Corp. and Naver, the country's largest portal operator. The Financial Services Commission (FSC) recently ordered that the two halt services whereby their users were able to buy insurance products recommended via the online platform, a promotional activity the regulator said is prohibited under related laws governing financial consumer protection. Kakao Pay has since suspended services recommending car insurance or offering a list of products it expects users would be interested in. The suspension of the service is leading to an increase in complaints by fintechs whose primary business model is to gener

Sep 15, 2021By Lee Kyung-min
Fintechs cry foul over stricter rules on product promotion
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