my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • 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 stocks sharply down late Tues. morning on tech slide

    1 MIN READBy Yonhap
    Seoul stocks sharply down late Tues. morning on tech slide
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

'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'
Economy

Korea's exports reach $300 bil. in 1st half

Korea urged to develop competitiveness in components, materialsBy Lee Min-hyungKorea's exports topped $300 billion won (339.78 trillion won) in the first half of 2021, up 26.1 percent from the previous year, on solid demand for the country's major export items ― chips, petrochemical products and automobiles ― the trade ministry said Thursday.According to data for June from the Ministry of Trade, Industry and Energy, the nation's exports surged to $54.8 billion, up 39.7 percent from a year earlier. The monthly export volume has risen for eight consecutive months, and has surpassed the $50 billion mark for the past four months, the ministry said.As expected, semiconductors topped the list of the biggest export items amidst the global chip shortage ― shipments for the first six months combined topped $57.13 billion, up 21.9 percent from 2020.Exports of machinery came second with $4.71 billion, up 21.5 percent, followed by petrochemicals with $4.64 billion, rising a full 68.5 percent based on increased global demand due to non-face-to-face consumption, according to the ministry.Of partic

Jul 1, 2021By Lee Min-hyung
Korea's exports reach $300 bil. in 1st half
Economy

Eximbank to extend massive ESG lending by 2030

The headquarters of the Export-Import Bank of Korea in Seoul / YonhapThe state-run Export-Import Bank of Korea (Eximbank) said Thursday it will provide 180 trillion won ($159 billion) worth of loans related to environmental, social and governance (ESG) by 2030.The state lender made the pledge while announcing its ESG management road map to mark the 45th anniversary of its foundation at its headquarters in Seoul.The road map also includes the issuance of ESG bonds worth $20 billion by that year to extend loans to the ESG sector, Eximbank said.ESG bonds refer to a type of sustainability debt offering aimed at financing corporate activities in environmentally friendly and sustainable projects.The lender's ESG management road map is designed to support the ESG competitiveness of local companies, contribute to the country's attainment of carbon neutrality and expand the creation of social value, the bank said.To that end, Eximbank has set up seven action plans and established the ESG management department while planning to form an ESG committee within its board of directors. (Yonhap)

Jul 1, 2021
Eximbank to extend massive ESG lending by 2030
Economy

Gov't plans to give 250,000 won per person in relief aid

Finance Minister Hong Nam-ki, center, speaks at a media briefing on the government's budget plan for COVID-19 in the government complex, Seoul, July 1. YonhapGov't proposes extra budget of 33 trillion won South Korea proposed an extra budget of 33 trillion won ($29.2 billion) Thursday to fund another round of COVID-19 relief aid packages for people in the bottom 80 percent income bracket and smaller merchants hit by the pandemic.This year's second extra budget will be used to finance the 36 trillion-won virus relief packages, the fifth of its kind, designed to support the self-employed and vulnerable people hit hard by the COVID-19 pandemic, according to the Ministry of Economy and Finance.The move came four months after the country created the 14.9 trillion-won extra budget in March to provide targeted support for the pandemic-stricken people.Without a debt sale, the ministry plans to tap part of the 31.5 trillion-won excess tax revenue to create the supplementary budget.The government plans to submit an extra budget proposal to the National Assembly on Friday for approval

Jul 1, 2021
Gov't plans to give 250,000 won per person in relief aid
Economy

Exports spike 40% in June, extend growth to 8th month

gettyimagesbankSouth Korea's exports jumped 39.7 percent on-year in June to extend their gains to an eighth consecutive month on the back of a recovery in global business activities, which led to stronger demand for chips and automobiles, data showed Thursday.Outbound shipments came to $54.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports climbed 40.7 percent to $50.3 billion, resulting in a trade surplus of $4.44 billion. It marked the 14th consecutive month for the country to post a trade surplus.The June exports were better than what the market had been expecting.According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's June exports were expected to have risen 35.7 percent on-year.By segment, exports of chips came to $11.1 billion, soaring 34.4 percent on-year. It marked the second consecutive month for the volume to exceed the $10 billion threshold.Outbound shipments of automobiles also soared 62.5 percent to reach $4 billion, as global demand returned to the pre-pandemic levels. Sales of

Jul 1, 2021
Exports spike 40% in June, extend growth to 8th month
Economy

Financial Supervisory Service recommends revision of Krafton IPO price

PlayerUnknown's Battlegrounds' logoBy Lee Kyung-min Market participants are paying keen attention as to whether Krafton, the local developer of the popular game “PlayerUnknown's Battlegrounds,” will lower its corporate valuation for its initial public offering (IPO), following the recommendation by the Financial Supervisory Service (FSS) to revise the firm's securities report to list on KOSPI.The financial authority did not mention valuation as a cause for rejecting the report, according to the institutional investors that sought an explanation for the unexpected turn of events.Yet, the firm long criticized for its overvalued IPO price is likely to lower its valuation, given the precedent set by SD Biosensor. SD Biosensor is a Suwon-based in-vitro diagnostics firm, which postponed its pre-IPO bidding by about a month after lowering its corporate valuation by over 2 trillion won ($1.7 billion), due to the FSS's revision recommendation.No additional hurdles are expected for the diagnostics firm. Its pre-IPO bidding for institutional investors is scheduled for July 5 to 6.Kr

Jul 1, 2021By Lee Kyung-min
Financial Supervisory Service recommends revision of Krafton IPO price
Economy

Shinsegae drops bid to acquire Yogiyo

Yogiyo delivery scooters are parked in front of its office in Seoul in this June 2020 file photo. YonhapBidding for food delivery service turns into battle among PEFsBy Park Jae-hyukShinsegae's e-commerce arm, SSG.com, has dropped out of the final bid to acquire Yogiyo from Delivery Hero, turning the race to buy the nation's second-largest food delivery app into a competition between private equity firms (PEFs).“We thoroughly reviewed the possibility of creating synergy through integrating retail and delivery platforms. However, we decided not to participate in the final bid,” an SSG.com spokesman said Wednesday. “We will continue to review various platforms with growth potential,” he added.MBK Partners, Affinity Equity Partners and Permira participated in the final bid, before the German company postponed the deadline for the final bid for a second time last Thursday, according to industry sources.Along with SSG.com and another PEF, Bain Capital, the three bidders had been on a shortlist for the acquisition, which was drawn up after preliminary bidding June 1

Jun 30, 2021By Park Jae-hyuk
Shinsegae drops bid to acquire Yogiyo
Economy

Launch of merged Shinhan Life to intensify health insurance competition

Shinhan Life CEO Sung Dae-kyu speaks during a press conference in Seoul, June 15. YonhapLife insurer joins hands with KTBy Lee Min-hyungShinhan Life, which will be launched on Thursday following the merger of Shinhan Life Insurance and Orange Life Insurance, will intensify competition with rivals Kyobo Life Insurance and Mirae Asset Life Insurance as the new insurer seeks to gain an upper hand through the use of next-generation information technology.The insurance industry is paying close attention to Shinhan's strategy of expanding into the customized healthcare industry as an integrated life insurer.Shinhan Life CEO Sung Dae-kyu identified healthcare recently as the firm's next growth engine, saying that the integrated insurer will keep increasing investments to achieve sustainable growth.The three life insurers have sought to obtain licenses to operate a MyData business here. This refers to a project led by the Financial Services Commission targeting financial firms here, allowing licensed MyData business operators to offer customized services by collecting a customer's personal f

Jun 30, 2021By Lee Min-hyung
Launch of merged Shinhan Life to intensify health insurance competition
Economy

Finance minister warns of 'excessive leverage'

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from right, speaks at a meeting at the Seoul Government Complex, Wednesday. YonhapBy Lee Kyung-minSharp rises in housing prices despite an overall decline in household incomes and excessive debt are two major downside risks to home values, creating a major downside risk to housing prices in the future, the country's top policymaker said Wednesday.The comments came in response to the continued “panic-driven” demand for leveraged investments in the real estate market, where most “cheap loans” have ended up amid a record-low central bank rate put in place to weather the pandemic-induced economic crisis.“Although the recent housing market instability is in part explained by a supply and demand factor, the volume of occupancy remains average and demand continues for apartments in redevelopment zones in Seoul including southern areas. Prices will also drop sharply in the second half of the year,” Deputy Prime Minister and Finance Minister Hong Nam-ki said at a meeting of economy-related minis

Jun 30, 2021By Lee Kyung-min
Finance minister warns of 'excessive leverage'
Economy

Industrial output rebounds in May, retail sales suffer biggest fall in 10 months

gettyimagesbankSouth Korea's industrial output bounced back in May, but retail sales fell by the most in 10 months in the latest sign that the recovery of private spending still remains weak amid the pandemic, data showed Wednesday.The industrial output inched up 0.1 percent in May from the previous month, rebounding from a 1.2 percent on-month contraction in April, according to the data compiled by Statistics Korea.From a year earlier, it rose 7.3 percent.The rebound came as production in the public administration sector rose despite declines in manufacturing and service output, according to the statistics agency.In May, output in the public administration rose 8.1 percent on-month, the sharpest gain in more than six years, as the government increased spending on COVID-19 vaccine purchases and the inoculation drive.Facility investment fell 3.5 percent on-month in May, compared with a 3.8 percent increase the previous month.Retail sales, a gauge of private spending, declined in May after growing for the second straight month in April.Retail sales dropped 1.8 percent from a month earl

Jun 30, 2021
Industrial output rebounds in May, retail sales suffer biggest fall in 10 months
previous page
812813814815816
next page

Most Read in Economy