my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • Others

    Labor unions seek 16.3% minimum wage hike, employers push for freeze

    Labor and management began a fierce tug-of-war over next year's minimum wage Tuesday, with labor representatives seeking an increase of more than 16 percent and management representatives pushing for a freeze. The stark differences between the two sides are expected to complicate discussions in the coming months. The Minimum Wage Commission held its eighth plenary meeting at Government Complex Sejong, kicking off deliberations on next year's minimum wage, with labor and management representatives presenting their respective proposals. The commission consists of 27 members — nine representatives each from labor, management and the public interest sector. Ahead of formal negotiations, labor representatives submitted an opening proposal calling for the hourly minimum wage to be raised to 12,000 won ($7.8), up 16.3 percent from the current 10,320 won. “The minimum wage plays a critical role in protecting low-income workers and reflects the level of social equity in the country,” the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions, the nation’s two larges

    2 MIN READBy Jun Ji-hye
    Labor unions seek 16.3% minimum wage hike, employers push for freeze
  • 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
  • Others

    Foreign sell-off in Samsung Electronics, SK hynix drags KOSPI down 10%

    2 MIN READBy Jun Ji-hye
    Foreign sell-off in Samsung Electronics, SK hynix drags KOSPI down 10%
  • Economy

    Mirae Asset likely to face fines, disciplinary action over SpaceX allocation fallout: experts

    3 MIN READBy Park Han-sol
    Mirae Asset likely to face fines, disciplinary action over SpaceX allocation fallout: experts
  • Economy

    Bourse operator issues circuit breaker for KOSPI on sharp fall

    1 MIN READBy Yonhap
    Bourse operator issues circuit breaker for KOSPI on sharp fall
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

US Treasury proposes tax on cryptocurrency transfers

A representation of virtual currency bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken Jan. 8. The U.S. Treasury Department on Thursday called for a tax on transfers of cryptocurrencies between businesses as it looks to raise revenue to pay for a $1.6 trillion spending proposal aimed at expanding education and social protection. Reuters-YonhapThe US Treasury Department on Thursday called for a tax on transfers of cryptocurrencies between businesses as it looks to raise revenue to pay for a $1.6 trillion spending proposal aimed at expanding education and social protection.The idea, part of a larger effort to fund the American Families Plan including through increased taxes on the wealthy, would require "businesses that receive cryptoassets with a fair market value of more than $10,000" be reported to the Internal Revenue Service (IRS) tax authority.Accounts or payment services that use cryptocurrencies like bitcoin would also be covered by new reporting requirements, Treasury said."Despite constituting a relatively small portion of bus

May 21, 2021
US Treasury proposes tax on cryptocurrency transfers
Economy

Recovery rally takes bitcoin back above $40,000

A small toy figure and representations of the virtual currency bitcoin stand on a motherboard in this picture illustration taken May 20. Reuters-YonhapA rebound in bitcoin held strong on Thursday, even as the U.S. Treasury Department called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.The comments from U.S. officials come one day after a brutal sell-off on concerns over tighter regulation in China and unease over the extent of leveraged positions among investors sank the world's biggest cryptocurrency to its lowest level since late January.Bitcoin was recently up more than 4 percent at around $40,000, after earlier jumping more than 10 percent. Thursday's gains brought the currency's price to approximately where it traded in early February. Smaller rival ether was up around 14 percent after Wednesday's 28 percent tumble.The rally in cryptocurrencies Thursday came after prominent backers such as Ark Invest's Cathie Wood and carmaker

May 21, 2021
Recovery rally takes bitcoin back above $40,000
  • Cryptocurrencies' extreme volatility rekindles uncertainty of digital rally
Economy

Cryptocurrencies' extreme volatility rekindles uncertainty of digital rally

GettyimagesbankBy Anna J. ParkIs this the end of the cryptocurrency rally or is it simply another of the frequent volatile correction periods? No one seems to know, as the prices of major cryptocurrencies have shown an extreme level of volatility during the past 24 hours, tumbling 30 percent to 40 percent at around 10 p.m. Wednesday, (KST), before moving upward in the following hours.According to trading records from Coindesk, bitcoin's trading price stood at $39,698.80, a 1.08 percent increase from the day before, as of 2:40 p.m. Thursday (KST). The price went as low as $31,926.37 at 10:14 p.m. the previous day, the lowest price the cryptocurrency has marked this year. Yet the price recovered from its sudden loss in just several hours. The price of Ethereum hasn't recovered all of its daily loss, as it was traded at $2,644.42, a 10.16 percent loss, as of 2:40 p.m. Korea time. The price plunged to $2,089.32 at around 10 p.m. the previous day, more than a 30 percent drop in a few hours. However, the price of the world's most heavily traded digital coin moved upward again in just half

May 20, 2021By Anna J. Park
Cryptocurrencies' extreme volatility rekindles uncertainty of digital rally
  • Bitcoin plunges: A bust or a buy?
  • Recovery rally takes bitcoin back above $40,000
Economy

Reporter's Notebook Morgan Stanley's remarks on short-selling raises doubts

A man enters the Morgan Stanley building in New York in this 2007 file photo. AP-YonhapBy Park Jae-hyukMorgan Stanley's recent remarks on the lifting of the short-selling ban here is raising doubts about a possible “hidden intention,” as its analysis, that could threaten those investing in the healthcare and software sectors, may bring some benefits to the U.S. investment bank itself.In its report on the Korean market titled, “Climbing the Wall of Expectations,” Morgan Stanley wrote in bold letters that healthcare and software, which were among the sub-sectors to “avoid,” have been hit hard by the lifting of the ban on the investment method that bets on the falling price of a stock.Although the financial firm added that the measure has not impacted the market at the “index level” and that the proportion of short-selling trading volume in the first two weeks after the lifting of the ban was lower than the historical average, the overall tone of the report was quite skeptical.Projecting short-selling trading volume to rise gradually, Morg

May 20, 2021By Park Jae-hyuk
[Reporter's Notebook] Morgan Stanley's remarks on short-selling raises doubts
Economy

Older people more likely to have lost income due to COVID-19: survey

gettyimagesbankOlder people were more likely to have suffered a decrease in income due to the coronavirus pandemic, a survey showed Thursday. In the survey conducted on 16,244 workers in 537 professions from August to November, 35.8 percent said they earned less in 2020 due to the economic fallout from the pandemic, according to the Korea Employment Information Service (KEIS). Only 2.9 percent said they saw their income increase. The survey showed that the proportion of people who suffered income loss grew almost in line with age.Those in their 60s or above were affected the most at 50.5 percent, followed by those in their 50s at 41.6 percent, 40s at 35.7 percent, 20s and below at 34.5 percent and 30s at 32 percent.The correlation with age is attributable to the fact that older generations tend to work in industries hit hard by the pandemic, such as in-person services, according to the KEIS.By level of education, those who had received a high school education or less were the most vulnerable to income loss at 46 percent. Those with bachelor's degrees and master's degrees were less af

May 20, 2021
Older people more likely to have lost income due to COVID-19: survey
Economy

Bitcoin plunges: A bust or a buy?

A representations of virtual currency bitcoin is seen in front of a stock graph in this illustration taken May 19. Reuters-YonhapChina to ban financial and payment institutions from providing cryptocurrency servicesCryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments.The two main digital currencies, bitcoin and ether, fell as much as 30% and 45% respectively, but significantly pared losses after two of their biggest backers ― Tesla chief Elon Musk and Ark Invest's Chief Executive Cathie Wood ― indicated their support for bitcoin.While many analysts thought the explosion in crypto interest this year was not sustainable, the trigger for the shake-out was China's move on Tuesday to ban financial and payment institutions from providing cryptocurrency services. It also warned investors against speculative crypto trading.At one point on Wednesday nearly $1 trillion was wiped off the market capitalization of the entire crypto sector. In ea

May 20, 2021
Bitcoin plunges: A bust or a buy?
  • Banking industry moving to curb crypto craze
  • Cryptocurrencies' extreme volatility rekindles uncertainty of digital rally
Economy

Oil prices fall on rising COVID-19 infections in Asia, inflation fears

Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, United States, May 3. Reuters-YonhapOil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth.Brent crude futures fell $1.08, or 1.5 percent, to $67.63 a barrel at 1100. It settled 1.1 percent lower on Tuesday after briefly climbing above $70 earlier in the session.U.S. West Texas Intermediate (WTI) crude futures dropped $1.05 cents, or 1.6 percent, to $64.44 a barrel, following a 1.2 percent fall on Tuesday.Brent's rise to $70 was driven by optimism over the reopening of the U.S. and European economies, among the world's biggest oil consumers.But it later retreated on fears of slowing fuel demand in Asia as COVID-19 cases surge in India, Taiwan, Vietnam and Thailand, prompting a new wave of movement restrictions.“Yesterday's trade proved again that $70 si

May 19, 2021
Oil prices fall on rising COVID-19 infections in Asia, inflation fears
Economy

Brokerages, banks poles apart in post-virus hiring

gettyimagesbankBy Lee Kyung-min Brokerages are rushing to hire new employees to better prepare for a series of upcoming initial public offerings (IPOs) and soaring demand in stock trading, a move to strengthen corporate manpower sharply contrasted by commercial banks seeking only IT specialties.Large brokerages are expected to meet demands for expanded, in-depth coverage of environmental, social and corporate governance (ESG) drives, and consumer protection, a step crucial to continue the record-high profits of the past year.But the need to enhance consumer services is not an immediate priority for commercial lenders, most of which have seen deteriorated business conditions due to reduced interest margins amid record-low borrowing rates.Also pressuring the banks is digitization, an industry-wide trend defined by a drastic reduction in the number of bank branches and subsequent reduction in the number of employees. Not many people with IT expertise are willing to work for commercial lenders that are seen as slow to embrace new technologies and consumer demand for fast, more convenient

May 19, 2021By Lee Kyung-min
Brokerages, banks poles apart in post-virus hiring
Economy

Gold prices rising amid inflation concerns

gettyimagesbankBy Lee Kyung-min Gold prices are rebounding on the back of a combined decline in treasury yields and the value of the U.S. dollar, coupled with investment sentiment seeking to hedge against inflation, a growing concern amid the global economy showing signs of recovery from the COVID-19 pandemic.The case for inflation has strengthened as ample liquidity in the market pumped in by governments around the world to cope with the health crisis led to a fall in the dollar's value, with pent-up demand for consumption highly likely to recover.Gold bears no yield, a reason why its price sinks if interest rates rise. The price of the yellow metal, a safe-haven asset alongside the dollar, also falls when the global reserve currency appreciates.Data from the Korea Exchange (KRX) showed the price of 1 gram of gold rose to 68,200 won ($60), Wednesday, up 0.56 percent from the previous day.This is nearly a 10 percent increase from an annual low of 62,300 won March 5, and is inching upwards to the 2021 peak of 69,230 won seen Jan.8.The price of gold continued to drop from the end of l

May 19, 2021By Lee Kyung-min
Gold prices rising amid inflation concerns
Economy

Korea Investment Corporation's new chief pledges flexible investment

Korea Investment Corporation (KIC) CEO Jin Seung-ho delivers a speech at his appointment ceremony in the KIC's headquarters in Seoul, Tuesday. YonhapBy Lee Min-hyungJin Seung-ho, the new CEO of Korea Investment Corporation (KIC), has pledged to push for “flexible and innovative” investment to tackle financial uncertainties in the wake of the pandemic.“It is difficult for us to generate excellent investment returns amid widening uncertainties in the global financial market and investment environment,” he said during his appointment ceremony Tuesday. “But we will deal with the challenges with agile, flexible and innovative investments.”Under his three-year term at the state-run company, Jin also expressed his firm determination to carry out advanced and responsible investments by establishing balanced investment portfolios. Jin spent most of his career at the Ministry of Economy and Finance before joining the KIC as its new chief.“The importance of responsible management is ever-growing, with a number of countries putting green new deals and cl

May 19, 2021By Lee Min-hyung
Korea Investment Corporation's new chief pledges flexible investment
previous page
830831832833834
next page

Most Read in Economy