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    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

BOK acknowledges usefulness of 'stablecoins'

A representation of cryptocurrency Binance is seen in this illustration. Reuters-YonhapBy Kim Yoo-chulThe country's central bank didn't deny the role of “stablecoins” in terms of their utility in monetary transactions, the Bank of Korea (BOK) said in a report released Sunday.Stablecoins are viewed as a type of cryptocurrency connected to an asset such as the U.S. dollar which doesn't change in value drastically. These types of crypto-assets are originally used to purchase other cryptocurrencies including bitcoin because many cryptocurrency exchanges still lack direct access to traditional banking.“In the case of stablecoins, because these are designed to maintain their value stably thanks to their connection to legitimate currencies, there's a high possibility for stablecoins to be used and to be efficient when it comes to money transfers between countries, payments in the virtual world and creation of an ecosystem that will be operational with cryptocurrencies as the base,” the BOK said in the report.“As a means of investment and speculative trading, st

Aug 8, 2021By Kim Yoo-chul
BOK acknowledges usefulness of 'stablecoins'
Economy

New FSS chief warns of 'perfect storm' amid lingering financial risks

Financial Supervisory Service Governor Jeong Eun-bo arrives at the FSS headquarters in Yeouido, Seoul, Friday. YonhapBy Lee Kyung-min Korea should brace itself for a “perfect storm” of the economy spiraling out of control due to a mixture of financial risks from corporate and individual insolvencies and asset price bubbles brought on and exacerbated by the pandemic-triggered expansionary government policies, the country's top financial supervisor said Friday. Financial Supervisory Service Governor Jeong Eun-bo said that the economic and financial conditions are far from warranting a drawdown in emergency relief packages with the recovery in the real economy still being distant, a challenge compounded by the need to curb the rapid rise in debt in the private sector. “The COVID-19 pandemic has yet to be overcome,” Jeong said at his inauguration ceremony in the FSS headquarters in Yeouido, Seoul.Excessive liquidity in the market pumped in as part of quantitative easing and low-interest rates around the world are emerging as new risk factors in the financial marke

Aug 6, 2021By Lee Kyung-min
New FSS chief warns of 'perfect storm' amid lingering financial risks
Economy

Korea logs current account surplus for 14th month in June on robust exports

Containers fill the platform of Busan Port, Aug. 2. YonhapSouth Korea posted a current account surplus for the 14th straight month in June as exports remained solid amid the global economic recovery, the central bank said Friday.The current account surplus reached $8.85 billion in June, compared with $10.76 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The current account has been in the black since the country suffered a deficit of $3.33 billion in April last year on faltering exports caused by the pandemic.The June surplus came as exports remained robust and dividend income from Korean firms' overseas units increased, the BOK said.In the first half, the accumulative surplus amounted to $44.34 billion.The goods balance logged a surplus of $7.62 billion in June, larger than a surplus of $6.37 billion the previous month.Exports, which account for half of the South Korean economy, rose 35.9 percent on-year to $53.63 billion, while imports increased 38.2 percent to $46.02 billion.The service account, w

Aug 6, 2021
Korea logs current account surplus for 14th month in June on robust exports
Economy

Korean millennials shift attention to US market

Desperate 'Gen Z' investors turn to overseas growth stocks By Anna J. ParkLocal retail investors have recently started to invest more overseas, mainly driven by a “younger generation” searching for what they call “alpha” stocks or those that produce excessive returns.According to the Korea Securities Depository (KSD), the current value of overseas shares held by local retail investors stood at 101.7 trillion won ($88.9 billion), more than double the 50 trillion won at the end of 2019. This year alone, Korean retail investors net purchased 17 trillion won worth of overseas stocks, exceeding their total net purchases on the tech-heavy Kosdaq market, which reached 16.3 trillion won. Young Koreans are at the forefront in investing overseas, mainly focusing on U.S. growth stocks, including Tesla, Apple, Amazon and Google, as well as ETFs to diversify their investments. Tesla shares are the most traded among local retail investors with $37.8 billion being bought and sold from the second half of 2019 to the first half of this year. Apple came next with $13.6 billion

Aug 5, 2021By Anna J. Park
Korean millennials shift attention to US market
Economy

New finance regulators tasked with improving coordination

Financial Services Commission chief nominee Koh Seung-beom, left, and Financial Supervisory Service chief Jeong Eun-bo / Korea Times fileBy Kim Yoo-chulNew appointees to run the nation's financial regulators are expected to improve communication and coordination to address outstanding issues and ensure that no pending tasks are left unaddressed, officials said Thursday. President Moon Jae-in named Koh Seung-beom, a member of the Bank of Korea's monetary policy board, as chief of the Financial Services Commission (FSC), Korea's top financial policy regulator.And to fill the gap at the top of the Financial Supervisory Service (FSS), the name of Jeong Eun-bo, a former negotiator for South Korea's defense cost-sharing talks with the United States, has been floated by FSC Chairman Eun Sung-soo. The FSS is a public agency that inspects and supervises financial services firms under the supervision of the FSC, a government regulatory authority. The FSS chief is nominated by the FSC chief and approved by President Moon. Cheong Wa Dae said it has accepted Eun's voluntary offer of resignation f

Aug 5, 2021By Kim Yoo-chul
New finance regulators tasked with improving coordination
  • Moon names new top financial regulator, trade minister
Economy

Deloitte Consulting Korea appoints new vice president

Chung Hyun-sukBy Lee Kyung-min Deloitte Consulting Korea announced Thursday that it has appointed human resources consulting expert Chung Hyun-suk as vice president, and that he will also lead its human capital department.“The appointment is to provide a variety of services so that our corporate culture is defined by employees' agile innovation capabilities,” the firm said.“We also plan to become a consulting firm that leads in the human capital consulting services.”Chung graduated from Korea and Arizona State universities before starting work at Hanwha General Insurance, followed by PricewaterhouseCoopers Consulting, Mercer Korea and the Hay Group.He is an expert in organizational management and human capital consulting. While leading Korn Ferry Consulting's Korea office, his clients included LG and Shinhan Financial groups. He plans to lead the firm by focusing on digitization and human resources innovation.Deloitte Consulting plans to expand the scope of its services to include strategy, and mergers and acquisitions, while strengthening organizational

Aug 5, 2021By Lee Kyung-min
Deloitte Consulting Korea appoints new vice president
Economy

Hawkish Bank of Korea set to raise key rate this month

Bank of Korea Governor Lee Ju-yeol / Korea Times fileBy Lee Kyung-min The Bank of Korea (BOK) is increasingly tilting toward raising the key policy rate as early as this month, as inferred by its July 15 meeting minutes which showed that five out of the six members of its rate-setting monetary policy board were in agreement over the need to place greater emphasis on monetary policy normalization for financial stability.The next meeting is scheduled for Aug. 26, to be followed by one for Oct. 12 and for Nov. 25. The central bank is in a tighter bind over whether the financial imbalance defined by rising consumer prices and snowballing household debt should be mitigated by the earlier-than-expected rate hike, an argument weakened by growing voices of concern over the continued spread of the coronavirus Delta variant hampering economic recovery. In a 5-1 decision, the board decided to leave the policy rate at an all-time low of 0.5 percent at its July 15 meeting. But minority opinion was expressed by Koh Seung-beom, who called for an increase of 25 basis points, citing uncontrollable sh

Aug 4, 2021By Lee Kyung-min
Hawkish Bank of Korea set to raise key rate this month
Economy

Interpark shares soar on takeover expectations

By Anna J. ParkInterpark's share price rallied again on Wednesday as investor sentiment continued to be lifted by expectations of the successful acquisition of Korea's first-generation e-commerce platform. The stock finished at 9,480 won ($8.28) on Wednesday, up 3.38 percent from the previous session. The price soared to as high as 10,450 won at 9:10 a.m., just 10 minutes after the start of daily trading.Net purchases of the stock by retail investors were largely responsible for Wednesday's rise, after sentiment was lifted further on the news that China's top travel business, Trip.com Group Limited, formerly Ctrip.com International, entered the bid to acquire Interpark. Trip.com Group accounts for about 60 percent of the Chinese tourism market. Interpark's stock has been bullish since July 13 following news that the company was up for sale. After surging 22.83 percent and 29.97 percent on July 13 and 14, the stock price rose by another five percent as of Wednesday, despite fluctuations. According to investment banking industry sources, NH Investment & Securities ― the main underw

Aug 4, 2021By Anna J. Park
Interpark shares soar on takeover expectations
Economy

Samsung confirms support for digital currency

The flag of the People's Republic of China is seen among representations of Bitcoin and other cryptocurrencies in this photograph. Reuters-YonhapBy Kim Yoo-chulSamsung Electronics has decided to participate in a project being pursued by the Bank of Korea (BOK) to build a pilot platform for a central bank digital currency (CBDC).The BOK began the CBDC pilot program July 28, co-managed by Ground X, a blockchain affiliate of messengerplatform giant, Kakao.“Samsung Electronics has recently decided to participate in the BOK-led CBDC pilot project, under which interested parties will research the practicalities of the CBDC in a test environment,” an executive familiar with the issue said Wednesday.BOK and Samsung officials said the project was based on the benefits of a CBDC that include more efficient and advanced payments systems and financial inclusion. Samsung is hoping to test the possible usability of blockchain-based systems on its Galaxy mobile lineup.“Specifically, the Kakao consortium and Samsung Group's two tech affiliates will launch a pilot program aimed at c

Aug 4, 2021By Kim Yoo-chul
Samsung confirms support for digital currency
Economy

Krafton's IPO subscription draws tepid response from retail investors

A man gets investment consulting at a securities firm branch in Seoul, Aug. 2. YonhapVideo game developer Krafton's initial public offering (IPO) drew lukewarm responses from retail investors, with their deposits for IPO subscriptions just at 5 trillion won ($4.35 billion), its IPO managers said Tuesday.During the two-day subscription, the subscription rate stood at 7.79:1 for shares allocated for retail investors. The developer behind the global hit "PlayerUnknown's Battlegrounds" (PUBG) is set to go public on Aug. 10.Last week, Krafton set its IPO price at 498,000 won.The gaming label lowered its IPO pricing band to between 400,000 won and 498,000 won, from the previous 458,000 won-557,000 won range, as financial authorities requested revisions to its plan amid overvaluation concerns.The IPO price places Krafton's valuation at 24.3 trillion won, trumping the market caps of video game compatriots, such as NCSOFT Corp. at 18.4 trillion won and Netmarble at 12.2 trillion won.Krafton's listing is expected to be one of the largest ever on the local bourse. Samsung Life Insurance Co. hol

Aug 3, 2021
Krafton's IPO subscription draws tepid response from retail investors
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