my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • 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
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

Economy

July exports set fresh high on chips, autos

In this July 1 file photo, containers are piled at the Port of Busan. YonhapSouth Korea's exports jumped 29.6 percent on-year in July to a record high, extending their gains to a ninth consecutive month as the global economy maintained a recovery, data showed Sunday.Outbound shipments came to $55.4 billion last month on strong auto and chip sales, according to the data compiled by the Ministry of Trade, Industry and Energy.The monthly export volume marked the highest level since South Korea started compiling related data in 1956. The country's exports over the first seven months of 2021 came to $358.7 billion, also setting a fresh high.Imports climbed 38.2 percent to $53.6 billion, resulting in a trade surplus of $1.76. It marked the 15th consecutive month for the country to post a trade surplus.The July exports came in line with what the market had been expecting.According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's July exports were expected to have risen 29.4 percent on-year.Overseas sales of chips, the mainstay export product of Asia's No.

Aug 1, 2021
July exports set fresh high on chips, autos
Economy

Stagflation concerns return to haunt financial markets

gettyimagesbankStagflation abroad emerging as new risk factor for Korean economyBy Yoon Ja-youngThe spread of the Delta variant of COVID-19, coupled with inflationary pressure, have led to concerns over stagflation in the United States. Korea is also not immune to such concerns, with economists saying the government should prioritize the acceleration of vaccinations and reaching herd immunity as soon as possible. A number of U.S. media outlets recently reported that concerns over stagflation seem to have been reflected in financial markets already. Stagflation, a toxic cocktail of stagnation and inflation, refers to a period of slow economic growth and high unemployment with rising prices.The real yields on 10-year U.S. treasuries fell to a record-low of minus 1.127 percent July 26 as investors began to increasingly turn to safe assets. This is unusual, as falling yields have come together with inflation ― the U.S. consumer price index rose 5.4 percent last month, marking the steepest rise since 2008. Analysts say that the latest trend reflects market jitters over economic stagnation

Jul 31, 2021By Yoon Ja-young
Stagflation concerns return to haunt financial markets
Economy

Delta variant saps business sentiment in Korea

People wait to be monitored for possible side effects after receiving the first dose of the Pfizer-BioNTech COVID-19 vaccine at an inoculation center in Seoul, Wednesday. AP-YonhapBy Kim Yoo-chulRising numbers of COVID-19 cases and the continued spread of the Delta variant rattled business sentiment in July, with the country's business survey index (BSI), which measures how companies view surrounding conditions, turning red for the first time since February.On Friday, the Bank of Korea (BOK) said that BSI in July stood at 87, decreasing 1 point from June. This is the first month-on-month drop in five months.The BSI is considered as a barometer for judging how private companies feel about current business conditions and outlook, as the survey is based on opinions from the country's core industries. A BSI reading below 100 shows pessimists outnumber optimists and vice-versa if the index exceeds 100.The latest poll was conducted from July 15 to 22 and targeted 3,255 companies. Out of the total, 2,807 responded.“The deterioration in sentiment in July coincides with the most recent

Jul 30, 2021By Kim Yoo-chul
Delta variant saps business sentiment in Korea
Economy

CPPIB, Blackstone, EQT betting more on Korea

gettyimagesbank Korean experts come to fore in global private equity industryBy Park Jae-hyukA series of lucrative investment opportunities have made it possible for the Korean market to emerge as one of the most attractive destinations for global private equity investors, prompting them to look for more Korean experts to manage their assets, according to industry representatives, Friday.The Canada Pension Plan Investment Board (CPPIB), one of the world's largest investors in private equity firms (PEFs), is a recent example.Earlier this week, the CPPIB announced that its Asia Pacific head, Suyi Kim, will be promoted to global head of its private equity department Sept. 15, to lead a team which was managing $100 billion in assets as of March 31.The decision was announced two months after the executive unveiled the board's plan to make long-term investments in Korean public and private equities, and real estate, during a web conference held May 26 by the Institute for

Jul 30, 2021By Park Jae-hyuk
CPPIB, Blackstone, EQT betting more on Korea
Economy

Fed's dovish stance gives BOK room to maneuver

A screen displays a statement by Federal Reserve Chair Jerome Powell, following the U.S. Federal Reserve's announcement and as traders work on the trading floor at New York Stock Exchange (NYSE) in New York City, Thursday (EST). Reuters-YonhapFed's overnight decision was 'no surprise': BOK By Lee Kyung-min The Bank of Korea (BOK) will have room to maneuver in terms of adjusting its monetary policy, relieved by the Federal Reserve's decision to leave its key policy rate unchanged at 0 to 25 basis points with asset purchase programs intact.The Fed's rate-setting decision and remarks from Fed Chairman Jerome Powell are considered the central considerations that will impact the BOK's rate-setting. Despite the U.S.'s rate freeze, the BOK is still inclined to increase its benchmark policy rate, due to rising inflationary pressures, job losses and snowballing household debt, the combination of which fail to take priority over the U.S. policy action. Senior BOK officials were called in for a hurriedly-arranged meeting to assess impact of the Fed's overnight decision on the country's eco

Jul 29, 2021By Lee Kyung-min
Fed's dovish stance gives BOK room to maneuver
Economy

Daishin Securities urged to compensate 80 percent of Lime's mis-selling

The headquarters of Financial Supervisory Service located on Yeouido, Seoul / YonhapGroup of victims not satisfied with regulator's decisionBy Anna J. ParkThe dispute settlement committee of the Financial Supervisory Service (FSS) ruled that Daishin Securities should compensate 80 percent of losses incurred by consumers from the brokerage's mis-selling of Lime funds. It is the highest percentage of compensation ever advised by the financial authority involving the soured fund. The FSS explained Thursday that the decision was made because violations of the capital market act on the part of Daishin Securities were confirmed through local trials. The country's appellate court handed a two-year prison term in May to an employee of Daishin Securities on charges of knowingly mis-selling about 248 billion won ($217 million) worth of the problematic Lime funds to hundreds of customers. The employee continued to sell the funds to customers, even when he knew about their problems. “Regarding the case of Daishin Securities, it was the first time a violation of the nation's capital market

Jul 29, 2021By Anna J. Park
Daishin Securities urged to compensate 80 percent of Lime's mis-selling
Economy

Gov't desperate to cool overheating real estate market

Deputy Prime Minister and Finance Minister Hong Nam-ki, left, speaks during a press briefing at the Seoul Government Complex, Wednesday. Yonhap'Undeterred panic-driven buying frenzy biggest risk' By Lee Kyung-min The government said Wednesday that steep increase in housing prices over the past few years will experience a deeper-than-expected drop, seeking to deter continued purchase of houses in Seoul and Gyeonggi area.Yet little desired outcome is expected, since investors have learned that attempts to control what should be determined by supply-and-demand only fuels expectations of further price hikes.Hong told a hastily-arranged press briefing that he expects housing prices to fall in the second half of the year, citing assessments by market experts, housing supply plans and tighter borrowing conditions brought on by a strengthened government clampdown of real estate speculation.“The real estate market will experience a price fall sharper than previously thought, given a series of factors including the government's plan to begin generating and recording demand for new housin

Jul 28, 2021By Lee Kyung-min
Gov't desperate to cool overheating real estate market
Economy

Blackrock, GIC eyeing Krafton IPO

Krafton's version of “PlayerUnknown's Battlegrounds” for the mobile platform / Courtesy of KraftonMore than 94 percent of Krafton's revenues come from overseas markets By Anna J. ParkMajor foreign institutional investors turned out to have joined a stock allotment subscription for the Korea-headquartered global game company Krafton's initial public offering (IPO) set for Aug. 10.According to the investment banking industry, Wednesday, major investors including Blackrock and GIC ― previously known as Government of Singapore Investment Corporation ― are some of the big-name investors seeking to hold the game company's shares. The two investors are particularly known for their stability ― a penchant for holding shares long term ― sending affirmative signals for the company's successful IPO. Industry sources say the company's blueprint vision of expanding into various genres and platforms, based on its most popular games, has been received positively by foreign investors. While foreign investors' stock allotment request was made possible starting Aug. 14, the first day's orde

Jul 28, 2021By Anna J. Park
Blackrock, GIC eyeing Krafton IPO
Economy

Pet owners call for easing of 'pet tax'

Visitors and their animal companions look around the K-Pet Fair Seoul, April 12, 2021, at SETEC, central Seoul. YonhapBy Lee Hae-rinIt's no exaggeration to say that a growing number of Koreans consider their pets to be an integral part of their family nowadays. In fact, increasingly, people view pets as being just as important to them as their own children.So one central question is, then, should the tax authorities as well as pet product sellers have to follow the same line of thinking? It's an issue up for debate as, in most cases, pet-related costs are currently considered “personal expenses,” which means that pet owners are unable to claim pets as “legal dependents” when filing their taxes.Given Koreans' preferences around tax policies and the growth potential for pet-related product sales, tax authorities ought to consider expanding the tax deductions that pet owners can claim for their pets and other related expenses. Indeed, there could be a kind of tax break offered, or more assistance for pet owners to get better access to pet-related products at more

Jul 28, 2021By Lee Hae-rin
Pet owners call for easing of 'pet tax'
Economy

Finance chief again warns of housing bubble

Finance Minister Hong Nam-ki / YonhapSouth Korea's top economic policymaker on Wednesday warned of a housing bubble amid a looming interest rate hike, and vowed to increase the housing supply and tighten lending rules to stabilize the market.Finance Minister Hong Nam-ki expressed worries over the continued housing rally in the Seoul metropolitan area driven by ample liquidity and expectations of a further price hike, which could threaten the financial stability amid the snowballing household debt. "Several housing market indicators are near record highs or have already surpassed previous peaks," Hong said during a meeting on the real estate market. Citing reports by the central bank and other institutions, Hong warned that the property market is overheated and housing prices could fall at any time as they have excessively risen.Hong said the government will tighten lending regulations in the latter half of this year as the Bank of Korea (BOK) is on track to raise the interest rate within this year.BOK Gov. Lee Ju-yeol said earlier this month the central bank is preparing to begin nor

Jul 28, 2021
Finance chief again warns of housing bubble
previous page
800801802803804
next page

Most Read in Economy