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  • Economy

    Consumer sentiment rises for 2nd month in June on strong exports, stock rally

    Consumer sentiment rose for the second consecutive month in June on strong exports and the stock market rally, the central bank said Tuesday. The composite consumer sentiment index (CCSI) stood at 106.6 this month, up 0.5 points from May, according to a survey by the Bank of Korea (BOK). It followed a 6.9-point gain in May, the sharpest on-month rise in a year, rebounding from a two-month losing streak in March and April. The index also stayed over the 100-point mark for the second straight month. A reading above 100 indicates that optimists outnumber pessimists, while a figure below 100 suggests the opposite. The subindex for people's assessment of current economic conditions came in at 86 in June, up 3 points from a month earlier. The index for people's outlook for future economic conditions fell 1 point to 92 over the same period. "Despite slowing economic conditions stemming from rising inflation, solid exports and the stock market rally helped consumer sentiment rise for the second consecutive month," the BOK said. South Korea's exports jumped 60.4 percent from a year earlier in the fir

    1 MIN READBy Yonhap
    Consumer sentiment rises for 2nd month in June on strong exports, stock rally
  • Economy

    InterviewHow Korea can turn its chip boom into lasting strength

    3 MIN READBy Lee Yeon-woo
    How Korea can turn its chip boom into lasting strength
  • 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
  • Others

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

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

Kurly decides to pursue local listing

Kurly CEO Sophie Kim appears in the company's commercial. Courtesy of KurlyOnline grocer's valuation lower than expectedBy Park Jae-hyukKurly, the operator of fresh food delivery platform Market Kurly, has decided to pursue a local listing, as its lower-than-expected corporate valuation forced it to scrap its ambitious plan to list on the New York Stock Exchange.“We had looked into being listed on both foreign and Korean stock markets simultaneously, and decided recently to go forward with our initial public offering (IPO) on the local stock market after a thorough review of our business model and market conditions,” it said in a press release.“Friday's decision was based on our thinking that it is important to share the fruits of corporate growth with our customers and suppliers here. The Korea Exchange's easing of regulations for Korean unicorn firms to offer a domestic IPO was the reason for our latest decision.”In March of this year, Kurly said that it was considering pursuing IPOs in both South Korea and the United States. The company, which launched its

Jul 9, 2021By Park Jae-hyuk
Kurly decides to pursue local listing
Economy

Int'l banks rush to release 'sell' reports on local firms

gettyimagesbankGlobal IB research papers see diminishing influenceBy Anna J. Park Global investment banks have been publishing a flurry of “sell” reports ― or “underweight” or “underperform” opinions ― on Korean companies, as they view the firms' valuations have gone up above their substantial values recently amid the KOSPI's bullish performance. Goldman Sachs gave an underweight opinion on Hanwha Solutions earlier this month, setting its target price at 40,000 won ($35), 10 percent lower than its current price as of Thursday's close. The rationale behind the sell position on the Hanwha affiliate is based on growing uncertainty due to low entry barriers to the solar energy business, which the bank says means its profitability should be estimated in a long-term period. Considering competitors' increasing equipment investments, Hanwha Solutions' stocks need to be discounted, it insisted. A recent research paper by Hong Kong-based CLSA suggested “sell” on E-mart stocks following a negative assessment of Shinsegae Group's acquisition of eBa

Jul 8, 2021By Anna J. Park
Int'l banks rush to release 'sell' reports on local firms
Economy

Bithumb to limit foreign membership after July 13

Lee Jeong-hoon, former chairman of Bithumb Korea and BIthumb Holdings Korea Times fileCrypto exchange desperate to rehabilitate tarnished reputation By Lee Kyung-min Cryptocurrency exchange, Bithumb said Thursday that it will deny membership to foreign clients whose identity cannot be verified via local mobile carriers, starting at 3 p.m., July 13 (KST).Also to be denied membership are foreign residents of Korea who do not possess an alien registration card (ARC), without which their request for mobile service subscription will be denied.These are among measures to strengthen anti-money laundering involving digital assets, increasingly being linked to international crimes. The hurriedly arranged announcement stressing its compliance and customer protection efforts is intended to divert customers' growing complaints about the firm's mismanagement, as evidenced by the indictment two days earlier of its de facto owner Lee Jeong-hoon, 45, who faces charges of fraud in the amount of over 112 billion won ($100 million).The exchange plans to strengthen know-your-customer identification and

Jul 8, 2021By Lee Kyung-min
Bithumb to limit foreign membership after July 13
Economy

Yanolja investors enjoy boost on news of SoftBank's stake purchase

Japan's SoftBank Chief Executive Masayoshi Son attends a press conference in Tokyo, Nov. 5, 2018. Reuters-YonhapKorea's top online short-stay platform seeks US IPOBy Kim Yoo-chulCompanies that invested in Yanolja, Korea's leading online accommodation booking platform, saw their own stock prices rise on Thursday following reports that SoftBank's Vision Fund decided to purchase a 10 percent stake in the startup.SBI Investment advanced 7.56 percent, while Daesung Private Equity rose 3.98 percent. DSC Investment, Aju IB Investment and Woori Capital also advanced.Reports said Vision Fund, led by billionaire SoftBank founder Masayoshi Son, decided to invest 1 trillion won in Yanolja, which sent the message “Hey, let's play.” Vision Fund is scheduled to sign a stock purchase agreement (SPA) with the Korean unicorn next week.Specifically, Vision Fund plans to acquire a 10 percent stake in Yanolja. The agreement calls for Vision Fund to purchase existing shares and subscribe to new shares. Yanolja officials declined to comment.“Because a platform operator needs a substantial

Jul 8, 2021By Kim Yoo-chul
Yanolja investors enjoy boost on news of SoftBank's stake purchase
Economy

Baring, KKR, Anchor stepping away from exits through IPOs

Logen, TMON less likely to be listed on market in near futureBy Park Jae-hyukBaring Private Equity Asia (BPEA), KKR and Anchor Equity Partners appear to be backing away from their plans to exit their portfolio companies in Korea through initial public offerings (IPOs).The foreign private equity firms (PEFs) had been expected to capitalize on the IPO fever in the wake of the recent stock market rally, although it has been difficult to witness the successful listing of companies owned by PEFs on the Seoul bourse.While BPEA was trying to list Logen on the benchmark KOSPI market, TMON, which has KKR and Anchor as its two largest shareholders, made an official announcement that it would go public within this year.According to industry sources, however, BPEA selected Dae Myung Chemical last month as the preferred buyer of a 100 percent stake in the logistics firm worth 300 billion won ($262 million). The potential buyer is expected to wrap up due diligence this week and sign a contract with the seller this month at the earliest.After taking over Logen in 2013, BPEA failed to sell the compa

Jul 8, 2021By Park Jae-hyuk
Baring, KKR, Anchor stepping away from exits through IPOs
Economy

'Vaccine insurance' payoffs unlikely

People line up for COVID-19 testing near a public health center in Seoul, Thursday. YonhapAlmost none of subscribers could win benefitsBy Lee Min-hyungKorea's insurance firms are playing a joke on customers by offering “vaccine insurance,” as customers can rarely receive any benefits in exchange for providing their personal data when subscribing to the services.With more than 30 percent of the population having received at least one vaccine shot, non-life insurers here are rushing to launch their COVID-19 vaccine insurance products, targeting those with fears of vaccine side effects. The companies include leading non-life insurers ― such as Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance ― and medium-sized companies and small businesses ― including DB Insurance, Lina Korea and Carrot Insurance.Customers have been able to sign up for most of the products for free by offering their personal information in the hopes that they can claim payouts if they suffer from any possible vaccine side effects.But the problem is that almost none of the subscribers

Jul 8, 2021By Lee Min-hyung
'Vaccine insurance' payoffs unlikely
Economy

Gov't to change visa rules to attract 'highly skilled' foreign workers

First Vice Finance Minister Lee Eog-weon, second from right, speaks at a press briefing at the Seoul Government Complex, Wednesday. YonhapBy Lee Kyung-min The number of foreign workers whose E-9 visas can be changed to longer-term E-7-4 visas will be increased to 2,000 by 2025 from the current 1,250, the government said Wednesday.Highly skilled foreign workers who meet related requirements will be granted an F-2 visa immediately, and requirements for academic backgrounds of a certain level or experience will be waived if they have a certain income level. However, the income requirements for foreign nationals seeking employment will also be raised, to dispel concerns that the change could reduce the number of jobs that otherwise would have been given to Koreans.Workers of foreign nationality with a proven record of skills and capabilities in what the government recognizes as growth engine industries will be granted employment, even if they belong to a job category that was previously not given the opportunity to get a visa.These measures were announced by the finance and justice minis

Jul 7, 2021By Lee Kyung-min
Gov't to change visa rules to attract 'highly skilled' foreign workers
Economy

S&P optimistic about Korea's solid economic recovery

gettyimagesbankAgency adjusts Korea's economic growth forecast to 4.0% this yearBy Anna J. ParkS&P Global Ratings expects the Korean economy to continue displaying solid growth throughout this year and in 2022, in spite of the lingering impact of the COVID-19 pandemic, mainly due to rising exports as well as mild inflationary pressure.S&P Global Ratings' chief Asia-Pacific economist, Shaun Roache, said during an online press conference on Wednesday, that he has been optimistic about the prospect of Korea's economic recovery, upgrading the country's growth rate forecast for this year from 3.6 percent to 4.0 percent, while 2022 growth is forecast at 2.8 percent.Roache pointed out that while recovery remains mostly on track in the Asia-Pacific, economic growth of the region in general is still around 5 percent below pre-pandemic levels, while Korea is about 2 percent below. The chief economist added that the Korean economy is expected to display faster-than-expected growth this year and in 2022.The main obstacle hindering a recovery is a slow recovery in private consumption, as

Jul 7, 2021By Anna J. Park
S&P optimistic about Korea's solid economic recovery
Economy

33 investigated for illicit overseas crypto transfers

Lee Dong-hyun, director of investigation regional bureau 2 at Seoul Central Customs speaks during a press briefing at the office headquarters in Seoul, Wednesday. Courtesy of Seoul Central CustomsBy Lee Kyung-min Thirty-three people were found to have engaged in over 1.69 trillion won ($1.48 billion) worth of illicit overseas transactions involving cryptocurrency over the past two months, Seoul Central Customs said Wednesday. Fourteen were referred to the prosecution, 15 were fined and four are under investigation.The 33 were caught in a pan-government investigation from April to September into crimes related to digital assets including fraud and money laundering.Over 812.2 billion won concerned illegal foreign currency exchange, whereby senders of the money paid a third party to transfer a large amount of funds withdrawn after trading the currency on the crypto exchange. About 785.1 billion won concerned people falsifying their overseas remittance records for overseas purchase of digital currencies. Over 95.4 billion won concerned making cash withdrawals overseas with Korea-issued c

Jul 7, 2021By Lee Kyung-min
33 investigated for illicit overseas crypto transfers
Economy

Daewoo E&C union set to sue KDB chairman for malpractice

Korea Development Bank (KDB) Chairman Lee Dong-gull speaks during a press conference at the KDB headquarters in Seoul in this June 14 file photo. Courtesy of KDBJungheung faces bumpy road to finalizing acquisitionBy Park Jae-hyukThe union at Daewoo Engineering & Construction (Daewoo E&C) will ask the Board of Audit and Inspection and other investigative authorities to look into Korea Development Bank (KDB) Chairman Lee Dong-gull and KDB Investment CEO Lee Dae-hyun for alleged malpractice. This comes as one of the union's responses to KDB Investment's decision Monday to select Jungheung Construction as the preferred bidder to acquire Daewoo. “KDB Investment committed fraud by allowing Jungheung to lower its bid by 200 billion won ($176 million) from the 2.3 trillion won it initially offered, after the bidder threatened to drop out unless the seller allowed this,” the union said in a statement released Tuesday. “The decision was obvious malpractice.”Although the seller declined to disclose the specific price Jungheung offered, KDB Investment has apparent

Jul 7, 2021By Park Jae-hyuk
Daewoo E&C union set to sue KDB chairman for malpractice
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