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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
  • Policy

    Regulator to draw up roadmap by Oct. for "T+1" stock settlement

    1 MIN READBy Yonhap
    Regulator to draw up roadmap by Oct. for "T+1" stock settlement
  • Economy

    Korean won slumps against US dollar on expectations of Fed rate hike

    1 MIN READBy Yonhap
    Korean won slumps against US dollar on expectations of Fed rate hike
  • Policy

    Korea reaches broad consensus with EU on steel import policy

    2 MIN READBy Yonhap
    Korea reaches broad consensus with EU on steel import policy
  • Economy

    Seoul shares open lower on US tech losses

    1 MIN READBy Yonhap
    Seoul shares open lower on US tech losses
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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

Will unprecedented re-bid for Daewoo E&C have a happy ending?

The headquarters of Daewoo E&C in central Seoul / YonhapPrice gap between Jungheung and DS Networks consortium narrows in second bidding By Anna J. ParkWill Daewoo E&C be able to find a new owner this time? The builder has been looking for a new buyer since Hoban Construction backed out after being chosen as a preferred bidder in 2018, dashing hopes of the main creditor Korea Development Bank (KDB) to recoup its loans.Launched in 1973, Daewoo E&C grew to become one of Korea's top construction companies and enjoyed its heyday until parent Daewoo Group imploded under massive loans during the height of the 1997 Asian Financial Crisis. The builder was acquired by Kumho Asiana Group in 2006, but was resold just three years later due to financial problems. Since then, KDB has ended up with a 50.75 percent stake for 3.2 trillion won ($2.8 billion). The state-run bank handed the management rights for Daewoo E&C to KDBI in 2019.But Daewoo E&C has been displaying a stronger earnings performance recently, with its first-quarter net profit surging 138.9 percent year-on-year t

Jul 4, 2021By Anna J. Park
Will unprecedented re-bid for Daewoo E&C have a happy ending?
Economy

Biodiversity becoming next keyword in ESG disclosures

Participants listen to speakers during the “2021 Europe-Korea Virtual Business Conference” jointly hosted by the Korea Chamber of Commerce and Industry (KCCI) and the European Chamber of Commerce in Korea (ECCK) in Seoul, July 2. Courtesy of KCCILarge firms asked to cope with global, domestic issues on environmentBy Yi Whan-wooBiodiversity is becoming another keyword after climate change for listed companies in disclosing environmental, social and governance (ESG) information, according to multiple business and finance experts.During the “2021 Europe-Korea Virtual Business Conference” jointly hosted by the Korea Chamber of Commerce and Industry (KCCI) and the European Chamber of Commerce in Korea (ECCK) in Seoul, July 2, participating experts said large business groups should cope with both global and domestic issues at the same time when it comes to ESG management.The two chambers co-hosted the conference to share each other's experience of ESG that seeks joint prosperity between the business community and society.For listed firms, ESG management is becoming

Jul 4, 2021By Yi Whan-woo
Biodiversity becoming next keyword in ESG disclosures
Economy

KDB's HMM stock conversion to have limited impact

Korea Development Bank (KDB) logoKDB still pondering future sale of HMM sharesBy Anna J. ParkAfter Korea Development Bank (KDB) converted its HMM convertible bonds into stocks at the end of last month, market watchers are closely following the state-run bank's moves regarding the global shipping company's sizable shareholding. HMM's public disclosure last week showed that KDB exercised its right to convert 100 percent of the shipping company's convertible bonds ― worth 300 billion won ($264 million) ― into 60 million common shares on Monday, resulting in the state-run lender now owning 24.96 percent of all HMM shares, or 101.1 million shares. Convertible bonds are a type of bond that can be converted into a specified number of common stock shares.The number of such bonds that were converted into stocks this time only accounted for around 22 percent of KDB's entire holding of any HMM bonds. The state-run lender still owns 208 million perpetual bonds issued by HMM, which offers the bank a fixed-rate interest with no maturity date. Now the central question is whether KDB will attempt to

Jul 4, 2021By Anna J. Park
KDB's HMM stock conversion to have limited impact
Economy

Bank of Korea, finance ministry to narrow policy differences

Deputy Prime Minister and Finance Minister Hong Nam-ki, right, and Bank of Korea Governor Lee Ju-yeol shake hands at a breakfast meeting at the Seoul Press Center, Seoul, Friday. YonhapBy Lee Kyung-min The current expansionary fiscal stance will be maintained, coupled with a slower-than-expected easing of monetary policy, the country's top fiscal and monetary authorities said Friday.The sudden announcement of policy coordination by the Ministry of Finance and Bank of Korea coincides with heightened uncertainties involving the spike in COVID-19 infections this week, mostly in Seoul and Gyeonggi Province, and the subsequent continuation of strict social distancing rules.Also being factored into the equation is the turn of events which significantly undermines efforts to weather the pandemic despite the economy showing clear signs of recovery, notably in exports and private consumption.“Cohesion between fiscal and monetary policies is more important than ever amid lingering financial risks, including financial imbalance, uneven recovery and income polarization despite the rapid ec

Jul 2, 2021By Lee Kyung-min
Bank of Korea, finance ministry to narrow policy differences
Economy

Krafton's IPO price lowered amid overvaluation issue

PlayerUnknown's Battlegrounds artwork and logoBy Lee Kyung-min Krafton, the local developer of the popular game “PlayerUnknown's Battlegrounds,” lowered its corporate valuation for its initial public offering (IPO) to 24.4 trillion won ($21.5 billion), from 28.1 trillion won, following a recommendation by the Financial Supervisory Service (FSS) to revise the firm's securities report to list on the KOSPI.The price change a day earlier was largely expected since the firm has long been criticized for its overvalued IPO price. Also at play was a precedent set by SD Biosensor, a Suwon-based in vitro diagnostics firm, which lowered its corporate valuation by over 2 trillion won in response to the FSS's revision recommendation.Some market watchers say Krafton's IPO price was overvalued because of firms it was compared with when assessing corporate value, namely two global content creators ― The Walt Disney Company and Warner Music Group.The Korean firm claimed it is comparable to Disney because its business involves content creation utilizing intellectual property rights.But it

Jul 2, 2021By Lee Kyung-min
Krafton's IPO price lowered amid overvaluation issue
Economy

Fiscal, monetary policies need to be operated in harmony: Bank of Korea chief

Bank of Korea Gov. Lee Ju-yeol, left, and Finance Minister Hong Nam-ki shake hands at the Press Center in central Seoul, July 2. YonhapSouth Korea's top economic policymaker and the chief of the central bank said Friday the fiscal and monetary policies should be operated in harmony as the country faces growing economic risks despite an accelerating economic recovery.The remarks came as Finance Minister Hong Nam-ki and Bank of Korea (BOK) Gov. Lee Ju-yeol held a breakfast meeting earlier in the day amid concerns that the country's expansionary fiscal policy is not in sync with the central bank's move toward monetary tightening."It is desirable (for the government and the BOK) to operate the fiscal and monetary policies in a mutually complementary manner in accordance with economic situations and the policies' respective roles," the finance ministry and the BOK said in a joint statement after the meeting.They also shared the view that the BOK needs to adjust the accommodative monetary policy stance in a bid to reduce the side effect of a long streak of low rates.Concerns have mounted t

Jul 2, 2021
Fiscal, monetary policies need to be operated in harmony: Bank of Korea chief
Economy

Inflation growth hits over 2% for 3rd straight month in June

gettyimagesbankSouth Korea's consumer prices grew more than 2 percent for the third straight month in June on higher prices of farm and oil products, data showed Friday, underscoring expectations that a rate hike within this year may become more plausible amid an economic recovery.The consumer price index rose 2.4 percent on-year in June, slowing from a 2.6 percent on-year gain the previous month, the fastest rise in more than nine years, according to the data compiled by Statistics Korea.The inflation gain is due largely to last year's low base and the tight supply of farm and livestock products, according to the statistics agency. Compared with a month earlier, the index fell 0.1 percent last month, compared with a 0.1 percent on-month rise in May. Core inflation, which excludes volatile food and oil prices, rose 1.2 percent on-year in June.The country's inflationary pressure remained subdued last year amid the fallout of the COVID-19 pandemic.But inflationary pressure is growing as the economic recovery accelerates following the pandemic-caused slumps.The government said the growt

Jul 2, 2021
Inflation growth hits over 2% for 3rd straight month in June
Economy

KIC skeptical about mergers with NPS, KDB

Korea Investment Corp. (KIC) CEO Jin Seoung-ho speaks during a press conference at KIC headquarters in Seoul, Thursday. Courtesy of KICSovereign wealth fund doubtful about cryptocurrency investmentsBy Park Jae-hyukKorea Investment Corp. (KIC) CEO Jin Seoung-ho expressed his skepticism of a proposal from Rep. Park Yong-jin of the Democratic Party of Korea (DPK), one of the ruling party's presidential candidates, to establish a “Korean version of Temasek” by integrating the sovereign wealth fund and the National Pension Service (NPS) Investment Management. “The kind of assets under our management and our investment targets are different from those of the NPS. It seems unfeasible at this moment,” he said during a press conference held Thursday to celebrate his appointment to the job in May and the 16th anniversary of KIC. “We can consider joint investments and different kinds of cooperation with the NPS instead.”The CEO also refused an offer made by Korea Development Bank (KDB) Chairman Lee Dong-gull last month to make KIC one of the state-run bank's

Jul 1, 2021By Park Jae-hyuk
KIC skeptical about mergers with NPS, KDB
Economy

Delta variant threatens Korea's 'complete economic recovery'

Exports, along with consumer spending, are considered to be crucial in achieving economic growth in the 4-percent range amid the COVID-19 pandemic. Korea Times fileGovernment urged to pick up pace of vaccination drive as variant COVID-19 infections spreadBy Yi Whan-wooDetected cases of the Delta variant of COVID-19 are increasing in Korea, prompting concerns that the government's economic growth targets may be seriously impacted.The variant is characterized by increased transmissibility and more severe symptoms.The number of people infected with the variant strain is estimated to have reached more than 200 by the end of June, after it was first detected here in late April.The latest cases involve nine people traced to an infection cluster in the trendy Hongik University district of Seoul, which has been connected to 213 infections in the greater Seoul area, resulting in the total number surging to 794 on June 30. This was the highest number of daily cases the nation has seen since late April.The upsurge prompted the health authorities to delay plans to ease social distancing rules in

Jul 1, 2021By Yi Whan-woo
Delta variant threatens Korea's 'complete economic recovery'
Economy

'Banks responsible for crypto irregularity screenings'

Financial Services Commission (FSC) Chairman Eun Sung-soo speaks during the National Policy Committee meeting at the National Assembly on Yeouido, Seoul, Thursday. YonhapBy Lee Kyung-min Banks should ensure that their virtual currency exchange clients have anti-money laundering safeguards in place, as one of their key responsibilities to screen and monitor for irregularities concerning the operators of digital assets, the country's top financial regulator said Thursday.“The responsibility falls on banks first and foremost to detect any irregularities of crypto exchanges, including conducting anti-money laundering activities,” Financial Services Commission (FSC) Chairman Eun Sung-soo said during the National Policy Committee meeting at the National Assembly on Yeouido, Seoul.The comments seek to divert criticism that the FSC is refusing to take full responsibility for cryptocurrency regulation and monitoring, amid the rapid surge in popularity of digital currencies, especially among young people. Many frame the issue as Eun and the FSC forcing banks to do most of the legwo

Jul 1, 2021By Lee Kyung-min
'Banks responsible for crypto irregularity screenings'
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