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

Exports up 32.8% in first 20 days of July

gettyimagesbankSouth Korea's exports rose 32.8 percent on-year in the first 20 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Wednesday.The country's outbound shipments stood at US$32.6 billion in the July 1-20 period, compared with $24.5 billion a year earlier, according to the data from the Korea Customs Service.Imports increased 46.1 percent on-year to $36.5 billion, resulting in a trade deficit of $3.9 billion during the cited period, the data showed.By sector, outbound shipments of memory chips, a key export item, rose 33.9 percent on-year, and those of autos increased 28.4 percent despite global supply shortages of automotive chips.Semiconductors accounted for about 20 percent of exports by South Korea, home to Samsung Electronics, the world's largest memory chipmaker, and its smaller rival SK hynix Autos made up around 7 percent of total exports.Exports of petroleum products jumped 69.1 percent on-year as oil prices rose amid a global economic recovery.By country, shipments to China ― South Korea's largest trading partner

Jul 21, 2021
Exports up 32.8% in first 20 days of July
Economy

Finance chief warns of possible fall in housing prices

Finance Minister Hong Nam-ki / YonhapSouth Korea's top economic policymaker on Wednesday reiterated his warning that high-flying housing prices could undergo corrections as prices of homes in the greater Seoul area have excessively risen.Finance Minister Hong Nam-ki said the government will put policy priority on expanding the supply of residential properties in a bid to curb speculative demand for homes."A rise in housing prices in the greater Seoul area has been led by expectations for easing rules on the redevelopment of homes and plans to expand (railway networks)," Hong said at a government meeting on the housing 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 repeated his warning that housing prices could fall as prices of apartments in the greater Seoul area have risen to levels just before their previous peaks.But he said amid skyrocketing housing prices, a leading indicator gauging housing demand in the coming months fell in recen

Jul 21, 2021
Finance chief warns of possible fall in housing prices
Economy

Streets of 'K-beauty mecca' Myeongdong remain empty amid pandemic

A street in Seoul's Myeongdong, a popular destination for young people and tourists before the COVID-19 pandemic, is almost empty, July 18. YonhapIt's time to get ready for the summer holiday season, but shops in Myeongdong, a major shopping district in downtown Seoul, remain eerily quiet with "For Lease" signs attached to many storefronts along the main road.Long gone are the days when clerks at cosmetic shops promoted new products to Chinese travelers and packs of people tried snacks in front of street food vendors.Once called the "K-beauty mecca" with shops of major cosmetic and fashion brands, the empty streets of Myeongdong stand in stark contrast to the long line of people at a nearby COVID-19 testing center in front of Seoul Station."There have been ups and down in Myeongdong, but it is the worst crisis I've experienced since I've been working here for nearly 10 years," an accessory shop owner, identified by his last name Park, told Yonhap News. "I was expecting things to be better in the summer season as more people received their vaccine shots, but the recent situation dashe

Jul 21, 2021
Streets of 'K-beauty mecca' Myeongdong remain empty amid pandemic
Economy

Busan's financial hub vision faces triple whammy

Busan International Finance Center is seen in this file photo. Korea Times fileATS, Yozma, Jeonju seen as obstacles to city's ambitious planBy Park Jae-hyukBusan's ambitious plan to become one of Asia's financial centers has been facing multiple unfavorable factors lately, despite its declaration last year that it would try to replace Hong Kong by attracting multinational financial firms leaving Asia's premiere financial hub due to turmoil following the mainland Chinese government's implementation of a national security law there.Korea's second-largest city has been more aggressive than Seoul in terms of attempts to take advantage of the political turmoil in Hong Kong, as it has being using online investor roadshows, web conferences and ads in foreign business news outlets, such as the Economist and Bloomberg, to raise global financial companies' awareness of Busan.However, its efforts have been undermined by recent controversies involving the alternative trading system (ATS), Yozma Group and Jeonju's own financial hub vision. Dilemma over ATSAs the city that accommodates the Korea E

Jul 21, 2021By Park Jae-hyuk
Busan's financial hub vision faces triple whammy
Economy

KakaoBank dismisses IPO overvaluation issues

KakaoBank CEO Yun Ho-young, right, attends a virtual press conference, Tuesday. Courtesy of Kakao Bank'Profit model, growth vision of internet-only bank widely different from traditional lenders'By Lee Kyung-min KakaoBank CEO Yun Ho-young said Tuesday that the role and function of innovation-led, internet-only banks are fundamentally different from those of traditional commercial lenders, dismissing concerns over what critics consider a “highly overvalued” initial public offering (IPO) price ahead of the bank's KOSPI listing scheduled for Aug. 6.Critics say the banking affiliate of Kakao Corp. identified itself not in comparison with its local peers but with financial platform operators in advanced countries in assessing its corporate value, in an overreach to justify increasing the price-to-book ratio to up to 7.3, up significantly from 4.3 last year. The ratio measures the market's valuation of a company relative to its book value. The higher the figure, the more likely the shares are overvalued due in part to the greater growth potential attached by investors.For

Jul 20, 2021By Lee Kyung-min
KakaoBank dismisses IPO overvaluation issues
Economy

Reporter's Notebook Korea urged to speed up green tax overhaul

From left, European Commission Vice President Frans Timmermans, European Commission President Ursula von der Leyen and EU Commissioner for Economy Paolo Gentiloni, attend a press conference at the EU Parliament in Brussels, where the Carbon Border Adjustment Mechanism (CBAM) was announced, July 14. AFP-YonhapBy Yi Whan-wooThe carbon border tax being sought by the European Union (EU) and the United States, respectively, poses a question: Is Korea's tax policy in tandem with the accelerated international efforts to become carbon free by 2050?True, Korea plans to revamp its tax policy on carbon emissions as announced by the government in December 2020, to help its backbone industries shift away from their existing fossil fuel-dependent, high-carbon emitting structure. Among the measures to be taken are the overhaul of a carbon pricing system and the establishment of the tentatively named Climate Response Fund.The campaign is in line with President Moon Jae-in's Green New Deal initiative that has the goal of cutting greenhouse gas emissions in 2030 by 24.4 percent from 2017 levels.&ldquo

Jul 20, 2021By Yi Whan-woo
[Reporter's Notebook] Korea urged to speed up green tax overhaul
Economy

Delta variant to ignite 'short-term correction'

Dealers look at monitors at Hana Bank headquarters in central Seoul, Tuesday, as the benchmark KOSPI ended at 3,232.70 points, a 0.35 percent fall from the previous session. Foreign investors led the stock market index's fall on Tuesday, as they net sold 172.7 billion won ($150 million) worth of Korean stocks, while retail and institutional investors turn to net buying of the stocks. YonhapBrisk corporate earnings to limit correction period By Kim Yoo-chulIn tandem with the global stock market rally, both the KOSPI and Kosdaq have been enjoying very strong performances so far this year. The question is, will the country's equity market be able to keep its bullish momentum?Valuations are rising and those of the top Korean exporters ― including Samsung, SK, LG and Hyundai affiliates ― are coming close to historically high prices. For this reason, some stock market experts are concerned about how high-value stocks are correlated to their entities' actual corporate earnings.More importantly, because investors are searching for “good reasons,” gauging the “right timing,&

Jul 20, 2021By Kim Yoo-chul
Delta variant to ignite 'short-term correction'
  • 4th COVID-19 wave threatens Korean economy
Economy

4th COVID-19 wave threatens Korean economy

gettyimagesbankExperts remain divergent on economic prospect for H2 By Anna J. ParkDespite the growing vaccination rate in South Korea, the country's economic growth is widely expected to be dragged down by the rise in COVID-19 infections, said economists and analysts Tuesday.Asia's fourth-largest economy is seeing vaccination rates go up, but it is relatively behind compared to the United States and other developed countries. Because the densely connected global economy means a hit anywhere could have prompt repercussions for others on the other side of the world, Korean policymakers are opening up on the possibility that the economy's growth this year may be lower than expected.If the economy sees a contraction or a minimal level of growth during the third quarter, some pundits say the government's annual target of 4.2 percent for this year will be out of reach.The core factor is that the Delta variant is highly transmissible and its fast spread could push Korea's economic recovery into the doldrums, they said.But it's unlikely the economy will face the “worst-case scenario&r

Jul 20, 2021By Anna J. Park
4th COVID-19 wave threatens Korean economy
  • Delta variant to ignite 'short-term correction'
Economy

ESG strategic partnership

Shinhan Bank CEO Jin Ok-dong, second from left, and LX Hausys CEO Kang Gye-woong, second from right, pose after signing a memorandum of understanding at the bank's headquarters in Seoul, Tuesday. Courtesy of Shinhan Bank

Jul 20, 2021By Lee Kyung-min
ESG strategic partnership
Economy

IT, bio Kosdaq shares to benefit from National Pension Service investment

NPS CEO Kim Yong-jin / Korea Times fileBy Lee Kyung-min The portfolio of the National Pension Service (NPS), the world's third-largest pension fund with assets of over 883 trillion won ($769 billion) under management, will be expanded to add 50 companies listed on the Kosdaq, Korea's tech-heavy secondary stock market, industry sources said Monday.This is part of the pension fund's efforts to introduce a new benchmark and diversify an investment portfolio long criticized as placing too much weight on leading, large-cap shares on the benchmark Kospi, despite booming tech industries that are being increasingly recognized by global investors.A benchmark in finance terminology is an index followed by institutional investors when they set a target yield, functioning as a basket of shares to be chosen by fund managers for a certain minimum amount of profit. When the new benchmark will be applied has not been decided yet.The investment in the 50 companies to be added will not be managed by the pension fund, but by asset and fund managers it selects.But the expansion into the small-cap market

Jul 19, 2021By Lee Kyung-min
IT, bio Kosdaq shares to benefit from National Pension Service investment
previous page
803804805806807
next page

Most Read in Economy