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  • Others

    SK hynix overtakes Samsung in market value amid AI-driven chip boom

    SK hynix overtook Samsung Electronics to claim the top position on KOSPI by market capitalization on Monday, ending Samsung's reign of 25 years and seven months as the benchmark index's most valuable listed company. KOSPI, meanwhile, edged higher to close above the 9,100 mark, setting a new record high on a closing basis. According to the Korea Exchange, SK hynix recorded a market capitalization of about 2,080.38 trillion won ($1.35 trillion), surpassing Samsung Electronics’ 2,066.66 trillion won by about 13.72 trillion won on a closing price basis. Samsung Electronics first claimed KOSPI's top spot by market capitalization on July 29, 1999, and had maintained its dominance uninterrupted since Nov. 21, 2000. The change at the top comes amid a rally in the semiconductor sector fueled by surging demand tied to the artificial intelligence (AI) boom. While both Samsung Electronics and SK hynix have benefited from the trend, SK hynix has delivered markedly stronger stock performance, ending Samsung's long-standing reign as the market's most valuable company. Samsung's shares have risen nearly

    3 MIN READBy Jun Ji-hye
    SK hynix overtakes Samsung in market value amid AI-driven chip boom
  • Policy

    Concentration in chips 'natural'; efforts to improve foreigners' market access underway: KRX chief

    2 MIN READBy Yonhap
    Concentration in chips 'natural'; efforts to improve foreigners' market access underway: KRX chief
  • Economy

    Watchdog launches probe into Mirae Asset Securities over SpaceX IPO allocation debacle

    3 MIN READBy Park Han-sol
    Watchdog launches probe into Mirae Asset Securities over SpaceX IPO allocation debacle
  • Economy

    Over 200 stocks face delisting as penny stock crackdown kicks off in July

    2 MIN READBy Lee Hyo-jin
    Over 200 stocks face delisting as penny stock crackdown kicks off in July
  • Economy

    8% youth savings plan faces test as stock market booms

    2 MIN READBy Lee Hyo-jin
    8% youth savings plan faces test as stock market booms
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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

Electric vehicle partnership between NH, Daechang

NH Capital CEO Park Tae-sun, left, poses with Daechang Motors CEO Oh Choung-kee, center, after signing a partnership on expanding the nation's electric vehicle infrastructure, at the former's headquarters in Seoul, Wednesday. Under the partnership, NH will develop financial products for the domestic eco-friendly vehicle market. Courtesy of NH Capital

Aug 19, 2021By Lee Min-hyung
Electric vehicle partnership between NH, Daechang
Economy

ANALYSIS Korea considers exit strategies from early US tapering

Export companies to raise in-house cash reserveBy Lee Min-hyungKorea is considering applying exit strategies in a way to minimize any possible impact from the U.S.'s earlier-than-expected tapering.The possibility of initiating relevant protocols is increasing in the nation's financial circles, after the minutes of the U.S. Fed's July meeting were released Wednesday (local time) in support of starting to reduce asset purchases there earlier than previously expected. This raised the likelihood for the Fed to begin its post-pandemic tapering as early as November.The message from the Fed is sending alarm bells to Korean financial authorities, pushing them to come up with specific measures to avoid potential shocks from the gradual reduction of market liquidity in the world's largest economy.The Bank of Korea (BOK) is widely expected to raise the key interest rate by 25 basis points to 0.75 percent next week, in a preemptive measure to be in tandem with monetary tightening gestures from the Fed. The widening financial imbalance here also increases the chances for the central bank to put a

Aug 19, 2021By Lee Min-hyung
[ANALYSIS] Korea considers exit strategies from early US tapering
Economy

Nominee for financial regulator hints at tougher measures to curb household debt

Financial Services Commission Chairman nominee Koh Seung-beom enters his office at the Korea Deposit Insurance Corp. headquarters in Seoul, Aug. 6. YonhapSouth Korea plans to unveil additional measures to curb a sustained increase in household debt, if needed, by mobilizing all available policy means, the nominee for the financial regulator has said.Koh Seung-beom, the nominee for the Financial Service Commission (FSC), told officials Tuesday that he will "swiftly" push for "strong" measures to tackle household debt if his nomination is confirmed by parliament, according to the FSC."It is very urgent to get rid of macroeconomic risks stemming from household debt," Koh was quoted as saying by the regulator.Households' high indebtedness has been cited as the main bugbear for the South Korean economy.The country's household credit reached a record 1,765 trillion won (US$1.5 trillion) as of end-March, up 9.5 percent from a year earlier, according to central bank data.The growth has shown no signs of letup as more people have taken out loans to buy homes amid skyrocketing housing prices.

Aug 18, 2021
Nominee for financial regulator hints at tougher measures to curb household debt
Economy

Popeyes' comeback may hasten KL&P's exit from Mom's Touch

The previous Korean website for Popeyes. Screen captured from Popeyes websiteBy Park Jae-hyukThe recently announced return of Popeyes to the Korean market has prompted investors to anticipate KL&Partners' (KL&P) earlier-than-expected divestment from Mom's Touch, which specializes in chicken sandwiches and fried chicken, just as the U.S. fast food franchise also does.At this moment, Daewoo Development is in talks with the brand owner of Popeyes, Restaurant Brands International (RBI), to become the domestic operator of the franchise. Popeyes exited the country months ago, in light of the termination of contract between the Canadian-American company and its former Korean operator, TS Food & System, an affiliate of TS Corp.The Korean construction company also started hiring experienced workers for various positions this month to manage Popeyes restaurants here, with the aim of reopening the stores by the end of this year.Mom's Touch CEO Kim Dong-jeon / Courtesy of Mom's TouchSuch attempts can be seen as threats to Mom's Touch, which has recently been losing its popularity amo

Aug 18, 2021By Park Jae-hyuk
Popeyes' comeback may hasten KL&P's exit from Mom's Touch
Economy

Weakening won burdening Korean equity market

An electronic board set up at Hana Bank headquarters in Seoul shows the movement of the benchmark KOPSI and the won-dollar exchange rate, on Wednesday morning. YonhapKOSPI bounces back after 9 trading daysBy Lee Min-hyungThe surging won-dollar exchange rate comes as a growing burden for Korea's equity markets, but fears over the steep depreciation of the Korean won against the U.S. dollar will be short-lived, economists said Wednesday.The exchange rate soared up to 1,170 won, Tuesday, for the first time in about a year. But the exchange rate dipped Wednesday by 8.3 won to close at 1,168 won per dollar.Economists attributed the recent surge in the exchange rate to a combination of multiple external factors that led to the appreciation of the dollar.“We cannot say that one single factor has driven the steep rise of the won-dollar exchange rate,” Korea Capital Market Institute economist Lee Seung-ho said. “This resulted from comprehensive changes in the market environment ― such as foreign investors' recent selling spree of Korean stocks, tapering signals from the U.S.

Aug 18, 2021By Lee Min-hyung
Weakening won burdening Korean equity market
Economy

Affinity, GIC, AlpInvest exit Hyundai Card

The Hyundai Card logo hangs on its headquarters building in Seoul in this file photo. Korea Times fileCard firm allowed to pursue longer-term IPO planBy Park Jae-hyukAffinity Equity Partners, GIC and AlpInvest Partners sold their stakes in Hyundai Card to Taiwan's Fubon Financial, apparently to divest from the Korean credit card company that has shown slower-than-expected progress in its initial public offering (IPO).According to the Taiwanese firm's regulatory filing, two of its subsidiaries ― Fubon Life Insurance and Fubon Commercial Bank ― bought common shares of Hyundai Card for 13,532 won ($11.50) per share last Friday from Consumer Preferred Choice, Complete Logistic Solutions, AlpInvest Partners Co-Investments 2015 I, AlpInvest Partners Co-Investments 2015 II and AlpInvest Mich.Consumer Preferred Choice is Affinity's special purpose vehicle (SPV) established for the Hong Kong private equity firm (PEF) to acquire a 9.99 percent stake in Hyundai Card, while Complete Logistics Solutions was set up by GIC for the Singaporean sovereign wealth fund to buy a 9 percent stake in the ca

Aug 17, 2021By Park Jae-hyuk
Affinity, GIC, AlpInvest exit Hyundai Card
Economy

Centroid PE sees complication in TaylorMade apparel business deal

Promotional product image of TaylorMade Apparel / Courtesy of Hansung F.I Local PEF's inexperience with huge M&A deals is partially blamed By Anna J. ParkLocal private equity firm (PEF) Centroid's acquisition of global golf brand TaylorMade has hit another stumbling block, this time over a domestic licensing deal. The PEF has partnered with Korea's mid-sized fashion company F&F Holdings, along with other financial investors, and they completed full payment for the buyout earlier this month. Centroid's partnership with fashion company F&F Holdings, known for its popular clothing brands MLB and Discovery, shows the PEF's plan to expand the clothing business of TaylorMade. However, Hansung F.I, a locally headquartered clothing company with expertise in golf apparel, announced earlier this month its own licensing contract with TaylorMade for selling clothes in the Korean market. The clothing company also started full-on advertising recently, opening a website for the sa

Aug 17, 2021By Anna J. Park
Centroid PE sees complication in TaylorMade apparel business deal
Economy

Despite COVID spread, BOK expected to raise key rate in August

By Lee Min-hyung The Bank of Korea (BOK) is expected to raise its key interest rate in late August, in a preemptive move to cushion the blow from snowballing household debt and surging home prices, despite fears of the surging Delta variant of COVID-19, according to experts, Tuesday. “Even though Korea has continued to report four-digit new infection cases over the past few weeks, my view is that it is inevitable for the central bank to raise the key rate in August,” said Korea University economist Kim Jin-ill.The central bank may freeze the rate if it is convinced that the coronavirus spread will come to an end soon, but the reality shows otherwise, according to Kim. This uncertainty is an uncontrollable external factor, so it appears to be desirable for the BOK to raise the rate this month to deal with concerns on a financial imbalance induced by the post-pandemic near-zero interest rate, he said.U.S. investment bank JPMorgan also forecast the BOK will increase its benchmark rate to 0.75 percent at its upcoming Aug. 26 rate-setting meeting.“We confirmed from the J

Aug 17, 2021By Lee Min-hyung
Despite COVID spread, BOK expected to raise key rate in August
Economy

Carbon-free stocks enjoy bullish run

gettyimagesbankBy Anna J. ParkStocks related to carbon neutrality have been enjoying upward movements in the latter half of the year. EcoProHN, an affiliate of EcoPro Group focusing on developing reduction devices for greenhouse gases as well as chemical filter technology, saw its share price rise by more than 360.64 percent in just a few weeks since the beginning of July. The increase was the highest among all listed stocks on the main benchmark KOSPI and tech-heavy Kosdaq markets during the period.Other affiliates of EcoPro Group, such as EcoPro and EcoProBM, also rose by 134.03 percent and 47.71 percent, respectively. Since its launch in 1998, EcoPro has focused on developing eco-friendly technologies and secondary batteries, becoming a representative company in the ecological chemical materials business. While EcoProHN has expertise in business related to the environmental aspects of the atmosphere, EcoProBM was spun off from the parent company in 2016 to specialize in materials fro cathodes, a key part of secondary batteries. EcoProBM is also expected to draw additional global p

Aug 17, 2021By Anna J. Park
Carbon-free stocks enjoy bullish run
Economy

Financial regulator asked to intervene in 'Mergepoint' saga

Angry customers flock to the headquarters of Mergepoint in Seoul, demanding refunds of their pre-paid money, Friday. YonhapFSS criticized for inadvertent response that triggers the 'bank-run' situationBy Anna J. ParkFinancial regulators are being asked to intervene in the ongoing controversy regarding the pre-paid Mergepoint service with angry users calling for them to take responsibility over the issue.Some accused the Financial Supervisory Service (FSS) of being negligent in its responses to questions on Mergepoint's activity, which have triggered the equivalent of a bank run on the firm.“This company has run this business for the past two to three years, so why is it that it was never supervised by the financial regulator? It's hard to fathom why customers must bear all the damages,” an online petition on the Cheong Wa Dae website said, calling for a transparent investigation into the company. Problems erupted earlier this month, when the FSS notified Mergepoint that it was considered an electronic finance business under the relative financial law, and the firm had to

Aug 16, 2021By Anna J. Park
Financial regulator asked to intervene in 'Mergepoint' saga
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