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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

    Corporate sales, profit growth accelerate in Q1: BOK

    1 MIN READBy Yonhap
    Corporate sales, profit growth accelerate in Q1: BOK
  • Economy

    KRX activates sell-side sidecar for KOSPI on sharp fall

    1 MIN READBy Yonhap
    KRX activates sell-side sidecar for KOSPI on sharp fall
  • 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
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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
Economy

MetLife to nurture financial planners

By Lee Kyung-min One in four Korean members of Million Dollar Round Table (MDRT), a global association of the world's leading life insurance and financial services professionals from over 500 companies in 70 nations, are employed by MetLife Korea this year, the life insurer said Sunday.Of the 2,475 Korean members of the association, 636 financial planners work for MetLife Insurance.MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service, according to the association's website. The membership is recognized internationally as the standard of excellence in the life insurance and financial services business. It is granted to those who have earned annual commission fees of more than 61 million won ($54,000) or insurance premiums of over 153 million won a year, the insurer said.MetLife Korea helps its employees earn MDRT membership by providing educational and training programs and institutional support.This has led to 67 employees of MetLife Financial Services, a wholly owned general agent (GA) subsidiary of MetLife Korea, earning

Jun 27, 2021
MetLife to nurture financial planners
Economy

Millie's Library plans to go public

Millie's Library logoBy Anna J. Park“Millie's Library,” an e-book subscription platform business based in Korea, aims to go public next year. The company recently signed an underwriting deal with Mirae Asset Securities.If Millie's Library succeeds in making its KOSDAQ market debut next year, it will become the first e-book platform to go public on the Korean stock market.Ridibooks, the top player in the domestic e-book industry, is valued at around 520 billion won ($460 million) and has also been planning to go public. It selected Korea Investment & Securities back in 2019 as an IPO underwriter. However, the firm is widely expected to go public in a couple of years when its value surpasses one trillion won.Millie's Library, valued at around 150 billion won, lags behind Ridibooks. The firm's annual revenue is also about one tenth of its competitor Ridibooks. While Ridibooks achieved an annual revenue of 155.5 billion won with an operating profit of 2.5 billion won in 2020, Millie's Library's annual revenue totaled 19.2 billion won, while it suffered an operating loss o

Jun 25, 2021By Anna J. Park
Economy

KDB fails to lure foreign firms into Daewoo E&C takeover bid

Daewoo Engineering & Construction's (Daewoo E&C) headquarters in Seoul. Courtesy of Daewoo E&CBy Park Jae-hyukJungheung Construction and a consortium consisting of real estate developer DS Networks, local private equity firm (PEF) SkyLake Equity Partners and infrastructure investor IPM became the two sole participants in the final bid to acquire a controlling stake in Daewoo Engineering & Construction (Daewoo E&C) from KDB Investment, a subsidiary of state-run Korea Development Bank (KDB), according to industry sources and media reports, Friday.Hoban Construction had previously indicated its intention to participate in the bid, but eventually stayed out of the competition.Potential foreign buyers ― the Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the Middle East, and China State Construction Engineering ― also decided not to bid for Daewoo E&C, turning the race for the Korean builder into a domestic competition.Hahn & Company and IMM Private Equity dropped out of the race earlier, although the PEFs had reviewed their partici

Jun 25, 2021By Park Jae-hyuk
KDB fails to lure foreign firms into Daewoo E&C takeover bid
Economy

KOSPI ends at fresh high on recovery hopes

A dealear at KEB Hana Bank office in Seoul points to the monitor as the main index KOSPI closed at record-high 3,302.84, June 25. YonhapSouth Korea's stock market reached an all-time high for the second consecutive day Friday, in sync with a global stock rally that stemmed from hopes of a quick economic rebound and a massive U.S. stimulus package. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.74 points, or 0.51 percent, to close at 3,302.84 points.Trading volume was moderate at about 1.2 billion shares worth some 18.4 trillion won (US$16.3 billion), with gainers outnumbering losers 560 to 272.Foreigners bought a net 246 billion won, while retail investors sold 820 billion won. Institutions purchased a net 589 billion won.After a solid start, the KOSPI finished above the psychologically-important 3,300-point mark for the first time. The stock briefly hit an all-time intraday high of 3,292.27 points in the morning session on strong financial and tech advances. Optimism for a global economic rebound ran high following the U.S

Jun 25, 2021
KOSPI ends at fresh high on recovery hopes
Economy

KOSPI hits new record high powered by overnight rally of Nasdaq

An employee smiles as she stands in front of a monitor at the headquarters of Hana Bank in central Seoul, Thursday. YonhapAnalysts expect KOSPI to soar to 3,500 later this yearBy Anna J. ParkThe benchmark KOSPI closed at a new record high after just six trading sessions Thursday, up 0.3 percent to finish at 3,286.10 points, as investor sentiment was lifted by the Nasdaq which also finished at a record high.The index got off to a bullish start, rising to a record intra-day high of 3,292.27 points at 11:44 a.m.Institutional investors net purchased 139.7 billion won ($123 million) worth of shares, while retail and foreign investors were net sellers of a respective 46.5 billion won and 105.2 billion won worth of stock.“The KOSPI index renewed its record high, as semiconductors as well as automobile stocks particularly logged bullish moves, which are linked to surges by similar sector stocks in the U.S. market, including Micron and Tesla on the Nasdaq on Wednesday,” Shinhan Financial Investment's research report stated about KOSPI's upward move on Thursday.Mirae Asset Securiti

Jun 24, 2021By Anna J. Park
KOSPI hits new record high powered by overnight rally of Nasdaq
Economy

Bank of Korea chief signals rate hike within this year

Bank of Korea (BOK) Governor Lee Ju-yeol speaks during a press briefing at the bank's headquarters in Seoul, Thursday. YonhapGovernor Lee expects mid-term inflation woes to deepen By Lee Kyung-min Bank of Korea Governor Lee Ju-yeol said Thursday that the central bank will carry out its first post-pandemic rate hike within this year in a preemptive move to reduce a financial imbalance and keep inflationary pressure under control. “It is necessary to normalize monetary policy in an orderly manner some time not too late this year,” Lee said during a press briefing at the BOK headquarters in Seoul.This is a clearer and stronger signal compared to his previous stance that the pandemic-induced emergency expansionary monetary policy would need an “orderly, gradual drawdown,” with the pace of the policy adjustment to be determined by the degree of economic recovery from the COVID-19 pandemic.Also strengthening the case for the earlier-than-expected rate hike are mid-term inflation woes, as illustrated by a steeper rise in the prices of goods and services that tend not

Jun 24, 2021By Lee Kyung-min
Bank of Korea chief signals rate hike within this year
Economy

Samsung affiliates fined record $206 mil. for 'illicit' internal trading

A senior Fair Trade Commission (FTC) official gives a briefing on the commission's decision against five Samsung affiliates over their allegedly unfair business practices involving an in-house cafeteria business, at the Government Complex Sejong, Thursday. YonhapTech giant finds antitrust watchdog's measure 'regretful'By Yi Whan-wooThe Fair Trade Commission (FTC) fined five major affiliates of Samsung nearly 235 billion won in total, Thursday, for their allegedly unfair internal trading involving an in-house cafeteria business. The country's antitrust regulator said it issued fines adding up to 234.9 billion won ($206.8 million) to Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI and Welstory.This is the highest fine to date to be issued over an unfair cross-affiliate deal. The number includes the 101.2 billion won fine levied on Samsung Electronics, which is also the largest-ever amount imposed on a single company.The four Samsung units are accused of giving special treatment to Welstory, a catering service affiliate, by unfairly allowing it to run its in

Jun 24, 2021By Yi Whan-woo
Samsung affiliates fined record $206 mil. for 'illicit' internal trading
Economy

Pinkfong 'Baby Shark Dance' expected to grab YouTube's Ruby Button

An image capture of Pinkfong's “Baby Shark Dance” song video uploaded on YouTube / Courtesy of PinkongSmartStudy's corporate value surges to one tril. won with Pinkfong's global popularityBy Anna J. ParkYouTube channel “Pinkfong Baby Shark ― Kid's Songs & Stories,” standing at 49.7 million subscribers as of Tuesday, is expected to soon surpass 50 million.If the channel succeeds at receiving the Ruby Button, an award given to channels that reach or surpass 50 million subscribers, it will become only the fourth channel run by Korea-based creators, following Black Pink, HYBE Labels and BANGTANTV. Given that these three channels are all K-pop related, Pinkfong's global popularity as a kids' entertainment and education channel is impressive.Pinkfong channel's two-minute song, “Baby Shark Dance,” is still the most viewed YouTube video in history, with the number of views reaching 8.8 billion as of Tuesday. The number of views has increased by nearly one billion since February this year. The number of subscribers also rose by another 3.7 million durin

Jun 24, 2021By Anna J. Park
Pinkfong 'Baby Shark Dance' expected to grab YouTube's Ruby Button
Economy

Korea Exchange provides investors with information on ESG

Seen is the Korea Exchange (KRX) building in Seoul. Courtesy of KRXBy Park Jae-hyukAmid growing interest in environmental, social and corporate governance (ESG) and sustainability among participants in the Korean capital market, the Korea Exchange (KRX) said it has made various efforts to provide investors with useful information about ESG to offer them better opportunities.“We will do our best to create an environment for ESG investments which have become a core paradigm in the capital market,” KRX Chairman Sohn Byung-doo said in a press conference in March.The Seoul bourse operator organized an ESG advisory committee including outside experts last November to establish policies and systems for ESG investments.Given that all companies listed on the benchmark KOSPI market will be obliged to disclose their governance structures starting 2026, the KRX also plans to establish an ESG information portal and open lectures on ESG for listed firms, so as to raise awareness about the necessity of disclosures regarding ESG standards.In January, a guidance on ESG disclosure was anno

Jun 24, 2021By Park Jae-hyuk
Korea Exchange provides investors with information on ESG
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