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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 stocks sharply down late Tues. morning on tech slide

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

Kakao Bank, Kakao Pay accelerate IPO schedules

KakaoBank CEO Yun Ho-youngBy Lee Kyung-min Kakao Bank and Kakao Pay, two financial services affiliates of Kakao Corp., are speeding up the timelines of their initial public offerings (IPO). Kakao owns 31.6 percent of Kakao Bank and 55 percent of Kakao Pay.Kakao Bank will be listed on the Korea Exchange (KRX) on Aug. 8 with its initial subscription price likely to range between 33,000 won ($29.2) and 39,000 won.Kakao Pay plans to apply for a brokerage license with the Financial Supervisory Service (FSS) this week, following the passage of its request to the KRX for preliminary approval, Monday.The number of the internet-only bank's stocks available for public subscription will be 65.45 million, accounting for 13.78 percent of total outstanding shares. Between 2.1 trillion won and 2.5 trillion won will be drawn from retail investors.Part of the investment will be used to increase its available capital reserve, which is a prerequisite in offering loans to medium- and low-credit borrowers.  About 350 billion won will be invested to hire skilled professionals, come up with new p

Jun 29, 2021By Lee Kyung-min
Kakao Bank, Kakao Pay accelerate IPO schedules
Economy

Bank of Korea expected to join global wave of rate hikes

Bank of Korea Governor Lee Ju-yeol speaks during a press conference at its headquarters in Seoul, June 24. YonhapSix countries from South Africa and Eastern Europe raise key ratesBy Lee Min-hyungWith a growing number of emerging countries preemptively increasing their key interest rates, Korea is also under growing pressure to jump on the bandwagon amid lingering inflationary fears.Increasing concerns over inflation is cited as one of the key reasons behind the global rate hike momentum. Major economies abroad are also sending repeated signals to speed up their timeline for monetary tightening, underscoring the need to brace for a post-pandemic economic recovery.A group of six emerging countries in South America and Eastern Europe have so far increased their base rates since the beginning of this year. They are Mexico, Brazil, the Czech Republic, Hungary, Turkey and Russia.Even as major economies ― such as the United States and China ― remain cautious over revising their monetary policies in the short term, more emerging countries will seek to hike base interest rates this year to pr

Jun 29, 2021By Lee Min-hyung
Bank of Korea expected to join global wave of rate hikes
Economy

New round of COVID-19 response extra budget to be worth 33 trillion won

Finance Minister Hong Nam-ki speaks during a meeting with ruling party lawmakers at the National Assembly in Seoul, June 29. YonhapSouth Korea plans to set aside 33 trillion won ($29.2 billion) for its new round of extra budget aimed at fighting the aftermath of COVID-19, which includes the payment of stimulus checks to households in the bottom 80 percent income bracket, ruling party officials said Tuesday. The decision was announced following a consultative meeting between the ruling Democratic Party (DP) and the government, held earlier in the day at the National Assembly. The government plans to finalize drafting the new round of COVID-19 response supplementary budget, the second of its kind so far this year, and submit it to the National Assembly for approval within this week. According to details announced by the DP's policy committee chief Rep. Park Wan-joo, the two sides agreed to pump in a total of about 36 trillion won in a new round of COVID-19 response assistance package. On top of the 33 trillion-won extra budget, to be solely financed by this year's excess tax revenue, t

Jun 29, 2021
New round of COVID-19 response extra budget to be worth 33 trillion won
Economy

M&A market logs record-high transactions in H1

gettyimagesbankNo. of M&A deals records all-time high in H1 as companies seek agility, efficiency By Anna J. ParkThe M&A market during the first half of this year logged a record-high level, in both the number of deals as well as the volume of fiscal transactions.According to recent statistics compiled by the industry, the number of M&A deals during the first half stood at 160, the highest level in recent years. The amount of the transactions also logged an all-time high of 52.9 trillion won ($46.8 billion), exceeding the total amount of M&A transactional money of last year, which stood at 52.5 trillion won. The number of major M&A deals that exceeded 50 billion won also jumped to 77 during the first half of this year, nearly doubling the same period of last year, which had 39. There were also seven mega-deals worth over 1 trillion won in the first half, also a record high. Market watchers attribute the increased activity in the M&A market to local conglomerates' attempts to hike efficiency by selling off businesses that are not their biggest strengths, while

Jun 28, 2021By Anna J. Park
M&A market logs record-high transactions in H1
Economy

Korea to launch climate fund, tackle population crisis

President Moon Jae-in is accompanied by Hong Nam-ki, left, deputy prime minister and minister of economy and finance, before presiding over an expanded meeting of economy-related ministers at Cheong Wa Dae, Monday. Korea Times photo by Wang Tae-seokGovernment to push for structural economic reform in 2nd halfBy Lee Kyung-min The government said Monday that it will beef up efforts to accelerate structural reform in the second half of the year to achieve a solid economic recovery, better prepare for a post-pandemic world and ensure the country's transformation into an advanced economy. The administration plans to set up the necessary infrastructure and incentive systems to foster a private sector-led ecosystem that promotes environmental, social and corporate governance (ESG) values.It also plans to launch a climate fund next year to help the country meet its goal of net-zero carbon emissions by 2050 and become a low-carbon economy.Infrastructure will be set up to reduce the nation's dependence on coal-fired energy production, and financial support will be offered for firms and human r

Jun 28, 2021By Lee Kyung-min
Korea to launch climate fund, tackle population crisis
Economy

IPOs of Hahn & Co.-owned firms crucial to NH Investment

NH Investment & Securities headquarters in Seoul / Courtesy of NH Investment & Securities By Park Jae-hyukAttention is focusing in on whether or not NH Investment & Securities will successfully handle the planned initial public offerings (IPOs) of firms owned by Hahn & Company.The brokerage arm of NongHyup Financial Group is serving as an underwriter for the listing of K Car and H-Line Shipping, both of which are Hahn & Company's portfolio firms. Goldman Sachs is also engaging in the K Car deal, while Mirae Asset Securities is involved in the H-Line Shipping deal.K Car, the nation's leading used car dealership acquired by Hahn & Company in 2018, asked the Korea Exchange earlier this month for a preliminary review of its IPO plan. H-Line Shipping, which has been owned by the private equity firm (PEF) since 2014, seeks to go public within this year.It is unclear at this moment whether their plans can succeed, given that an IPO has been regarded as the toughest exit opt

Jun 28, 2021By Park Jae-hyuk
IPOs of Hahn & Co.-owned firms crucial to NH Investment
Economy

Deloitte Consulting Korea appoints new chief

Deloitte Consulting CEO Hong Jin-seok / Courtesy of Deloitte Consulting KoreaBy Anna J. ParkDeloitte Consulting Korea announced Monday that the firm has newly appointed Hong Jin-seok, a long-time partner, as the new head of its operations in Korea.According to the company, the 50-year-old has contributed significantly to the three-fold growth of the firm's M&A department during the past five years, as well as demonstrating inclusive leadership qualities. “Hong has hugely contributed to Deloitte Korea's growth momentum as the group's chief strategy officer over the past few years. He has also had a leading role in creating synergy between Deloitte Korea and Deloitte Asia Pacific,” the company stated.The new CEO vowed to lead further innovation in the company, enhancing its global status as a firm with differentiated end-to-end business transformative solutions for clients. Hong joined Deloitte Consulting in 2010, and was engaged in consulting on various business strategy projects and M&A deals, ranging from retail to logistics. He graduated from Yonsei University w

Jun 28, 2021By Anna J. Park
Deloitte Consulting Korea appoints new chief
Economy

Seoul citizens' economic sentiment rebounds to pre-COVID-19 level in Q2: report

gettyimagesbankSeoul citizens' economic sentiment rebounded to near pre-COVID-19 levels in the second quarter, a report showed Monday.According to the report by the Seoul Institute, a city-run think tank, a survey of 1,200 households in the capital found that the consumer sentiment index (CSI) rose 3.9 points from the previous quarter to 92.9.This marks the first time Seoul's CSI, which reflects consumers' economic sentiment, surpassed the 90-point threshold since the fourth quarter of 2019, just before the outbreak of COVID-19 here, when the reading was 93.3. A reading above 100 means consumers are optimistic about the future of the economy, while a reading below the benchmark means the opposite.The institute said Seoul's CSI is expected to rise gradually, considering the increasing supply of COVID-19 vaccines and the government's consumption boosting plans.Still, many Seoulites expressed uncertainty about their future.An index measuring future living conditions, which is one of the components of the CSI, dropped by 0.8 point to 95.2.The think tank attributed the decline to more hou

Jun 28, 2021
Seoul citizens' economic sentiment rebounds to pre-COVID-19 level in Q2: report
Economy

SsangYong's heavy restructuring wooing potential investors

Seen above is the front gate of SsangYong Motor's manufacturing facility in Pyeongtaek, Gyeonggi Province, June 8. YonhapBest-case scenario for SsangYong is to sign contract with HAAHBy Lee Min-hyungSsangYong Motor's painful restructuring plan is raising the possibility that the ailing South Korean vehicle manufacturer may woo potential investors.Early this month, its union and management reached an agreement to apply cost-cutting measures such as initiating unpaid leave and additional wage cuts for executive-level employees.Industry source believe the company still leaves much to be desired before signing a merger & acquisition (M&A) contract with a potential investor, as SsangYong has yet to prove its potential for a visible rebound clearly amid deteriorating profits.Korea Development Bank (KDB), the main creditor of SsangYong, remains negative in its view over the possible revival of SsangYong, but the state-run lender said now is not the time to consider a worst-case scenario, given that the carmaker is signaling its willingness to endure a painstaking restructuring proce

Jun 27, 2021By Lee Min-hyung
SsangYong's heavy restructuring wooing potential investors
Economy

Benefits from toughened loan regulations limited for insurers

ATMs operated by commercial banks / Korea Times fileBy Lee Kyung-min Insurers are not likely to see a major benefit from a tightened lending rule defined by the implementation of the debt-service ratio (DSR), since they offer higher borrowing rates than commercial lenders.The new rule, set to take effect Thursday, stipulates a 60 percent cap on the DSR for insurers that have long been known to charge higher rates for low-credit borrowers, whereas the cap is 40 percent for commercial lenders that have a customer base with higher credit and stronger ability to pay back. This new rule came despite expectations that the difference of 20 percentage points in the amount borrowable would result in a “ballooning effect,” as characterized by people being pushed to choose insurers after having the total amount of loans reduced due to the 40 percent cap.Yet it remains unknown whether insurers will see a greater-than-expected interest income, as the possibility remains for young people ― with relatively low credit and limited collaterals to put up ― to seek loans due to a persis

Jun 27, 2021By Lee Kyung-min
Benefits from toughened loan regulations limited for insurers
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