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    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
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Economy

Rising consumer prices fan inflation concerns

By Lee Kyung-min Consumer prices rose 2.3 percent in April, mostly due to a spike in agricultural produce prices triggered by the H5N8 bird flu epidemic, as well as a jump in industrial product prices, sparked by rising oil prices, data showed Tuesday.The rapid year-on-year increase in consumer prices, especially for food products and daily necessities closely related to household spending, is fanning concerns over inflation. These rising living costs translate into reduced disposable income for many low-income earners struggling to cope with the fallout of the COVID-19 pandemic.The government acknowledges that consumer price growth is expected to surpass 2 percent in the near term. But it maintains that the figure will inch down in the latter half of this year, driven by a variety of efforts to keep the prices of key goods under control.Statistics Korea data showed the consumer price index in April at 107.39, up 2.3 percent from a year earlier and up 0.2 percent from a month earlier.The year-on-year figure is the highest since August 2017, when it stood at 2.5 percent.“A rise

May 4, 2021By Lee Kyung-min
Rising consumer prices fan inflation concerns
Economy

Consumer price growth at near 4-year high in April

gettyimagesbankSouth Korea's consumer prices grew at the fastest pace in almost four years in April on higher prices of farm and oil goods, data showed Tuesday, indicating that Asia's fourth-largest economy may face increasingly inflationary pressure.The consumer price index rose 2.3 percent on-year in April, accelerating from a 1.5 percent gain the previous month, according to the data compiled by Statistics Korea.It marked the fastest on-year gain since August 2017, when the price index climbed 2.5 percent. Compared with a month earlier, the index grew 0.2 percent last month, following a 0.1 percent on-month rise in March. Core inflation, which excludes volatile food and oil prices, rose 1.1 percent on-year last month."Consumer prices have continued to rise amid a short supply of agricultural products and the outbreak of bird flu. Prices of petroleum products also jumped as oil prices picked up," Eo Woon-sun, a senior Statistics Korea official, told reporters.The country's inflationary pressure remained low last year due to the fallout of the COVID-19 pandemic.But consumer inflatio

May 4, 2021
Consumer price growth at near 4-year high in April
Economy

Logen Logistics considering IPO again

Logen Logistics' logoBy Anna J. ParkLogen Logistics is considering going public again thanks to the steady rise of both its corporate valuation and net profits, amid the boom in the logistics and delivery business during the global pandemic. According to the investment banking industry, Monday, the parcel delivery company is pursuing an initial public offering (IPO) again, after two previous failed attempts in 2016 and 2019. Since then, the delivery company has been put up for sale several times by its majority stakeholder, the Hong Kong-based Baring Private Equity Asia (BPEA), but efforts to sell the company were unrealized due to the huge difference in price.BPEA, which had purchased Logen Logistics back in 2013 from Mirae Asset for around 158 billion won ($141 million), tried to sell its stake in the company and exit. Since it had difficulty unloading its stake, the PEF is said to have  recapitalized the firm in order to recover its original invested principle. However, it has not yet been able to sell the company for a high price and exit. But the ongoing pandemic is benefit

May 3, 2021By Anna J. Park
Logen Logistics considering IPO again
Economy

Yogiyo sale deal loses luster

Logo of YogiyoBy Anna J. ParkAhead of the imminent selection of a preferred bidder for Yogiyo, attention is now on who will take over Korea's second-largest food delivery application. However, it is said that none of the participating bidders seem to show strong interest in purchasing the company, the sale of which will be managed by Morgan Stanley.According to the investment banking industry, various companies, ranging from conglomerates and unicorn companies to large private equity firms (PEFs), including Lotte, Shinsegae, Yanolja and Affinity Equity Partners, have shown interest in purchasing Yogiyo, as signaled through receipt of an information memorandum regarding the company.Yet with concerns over the already-heated competition with the country's top food delivery platform Baedal Minjok, the sale seems to be losing its luster in terms of potential profitability. Parties interested in the deal expressed concerns over possible structural changes in the app's fee-based business model, further marketing costs, as well as future full-on competition against Baedal Minjok. Currently,

May 3, 2021By Anna J. Park
Yogiyo sale deal loses luster
Economy

Stock indices fall on short-selling resumption

Stock prices on the KOSPI 200 and Kosdaq 150 are displayed on an electronic board set up at Yonhap Infomax, a financial arm of Yonhap News Agency, in Seoul, Monday, when the Financial Services Commission lifted a ban on short-selling of shares. The KOSPI 200 closed at 420.36 points, down 0.47 percent from the previous trading day, and the Kosdaq 150 closed at 1,361.61, down 3.12 percent. Yonhap

May 3, 2021By Lee Min-hyung
Stock indices fall on short-selling resumption
Economy

Bio, battery stocks plunge on short-selling resumption

Financial Services Commission (FSC) Vice Chairman Do Kyu-sang, left, speaks while attending a National Assembly meeting on Yeouido in Seoul, April 26. YonhapWatchdogs pledge 'toughest punishment' for illegal short-sellingBy Lee Min-hyungThe partial resumption of the short-selling of shares on the local stock market Monday did not cause much confusion, even though some in the overvalued sectors, such as biotechnology and electric vehicle batteries, plunged.According to data from the Korea Exchange, the benchmark KOPSI did not fluctuate by a huge margin despite concerns that the partial resumption would derail investor sentiment. The main bourse closed Monday at 3,127.20, down 20.66 points or 0.66 percent, from the last trading day.Market analysts voiced a consensus that the market was unlikely to be shaken by the impact of short-selling from the short- to mid-term.“The KOSPI experienced only a slight adjustment Monday, and this proves that fears surrounding short-selling are not so much of an issue,” Hwang Sei-woon, an economist at the Korea Capital Market Institute, said.

May 3, 2021By Lee Min-hyung
Bio, battery stocks plunge on short-selling resumption
Economy

Over half agree to taxing income from crypto investments

gettyimagesbankBy Lee Kyung-min More than half of all Koreans agree that investment income from cryptocurrency should be taxed, according to a local poll, Monday.However, of those aged between 20 and 29, people against the much-debated idea slightly outnumbered those in favor of it. They remain the only age group voicing opposition to the tax burden on the new investment vehicle that is emerging increasingly as an alternative to assets held in equity or real estate.The poll came amid the government's unwavering push to tax virtual assets starting January next year, with debate continuing over whether digital coins should be legally recognized as assets at all.Whether the financial authorities should put in place consumer protection measures is another sticking point, mostly due to calls from young crypto investors ― mostly those in their 20s and 30s. They claim they are left out of the rare opportunity to increase their assets on the back of “overflowing liquidity” in the financial market.The survey was conducted April 30 by Realmeter of 500 men and women aged 18 and olde

May 3, 2021By Lee Kyung-min
Over half agree to taxing income from crypto investments
Economy

Majority of Koreans support taxing gains from cryptocurrencies: poll

Ugur Hakan Cakan, co-founder of Cointral, holds a representation of virtual currency bitcoin at his cryptocurrency exchange shop in Istanbul, Turkey, April 27. More than half of Koreans support taxing capital gains from the trading of cryptocurrencies, a poll showed Monday. ReutersMore than half of South Koreans support taxing capital gains from the trading of cryptocurrencies, a poll showed Monday. The government plans to impose taxes on gains from investment in virtual assets starting next year. A poll by Realmeter showed 53.7 percent of respondents back the plan while 38.3 percent are opposed. The survey, commissioned by the news channel YTN, was conducted on 500 people aged 18 or older across the country Friday. Among women, 60 percent agreed with the plan and 31 percent objected to it, while 47.3 percent of men supported while 45.7 percent were against.By age, only among those in their 20s did opponents slightly outnumber supporters, by 47.8 percent to 47.5 percent.The percentage of approval was the highest among those in their 40s (62.1 percent), followed by those in their 50s

May 3, 2021
Majority of Koreans support taxing gains from cryptocurrencies: poll
Economy

VIG Partners mulling investment in K bank

By Lee Kyung-min VIG Partners, a Seoul-based private equity firm, is reportedly considering between 70 billion won ($62.6 million) and 100 billion won in equity financing for Korea's internet-only bank, K bank, according to industry sources, Sunday.This development is the latest in the months-long effort towards a capital increase of 670 billion won by the internet-only bank whose market competitiveness has fallen behind that of its rival Kakao Bank, mostly due to a failure to draw in enough capital investment.The addition of K bank to VIG's investment portfolio will help the private equity firm diversify its earnings, given the surging demand for online transactions brought on and prolonged by the COVID-19 pandemic.The deadlocked discussion on the financing picked up after K bank became open to granting new investors drag-along rights, whereby majority shareholders are able to force minority shareholders to join in the sale of a company. However, the agreement requires the majority owner doing the “dragging” to give the minority shareholders the same price, terms and con

May 2, 2021By Lee Kyung-min
VIG Partners mulling investment in K bank
Economy

Partial lifting of short-selling ban to affect bio stocks

Financial Services Commission Chairman Eun Sung-soo attends a meeting with CEOs from financial institutions and securities firms here, at the Korea Exchange's Seoul office on April 15. YonhapBy Lee Min-hyungWith the country set to resume some forms of short-selling after a 14-month ban, investors and stock market analysts said biotechnology stocks could be affected by the resumption.From May 3, retail investors on either the KOSPI or the tech-savvy Kosdaq will be allowed to “borrow” shares. Despite the partial resumption, the financial authorities will decide later whether to allow the short-selling of other listed stocks.The overall consensus is that the partial lifting will not have a noticeable impact on the stock market, and the intensity of the partial resumption will not be enough to derail its current bullish run. But market analysts said electric vehicle (EV) and biotech shares could be the primary targets of short-selling.“Targets of short-selling could be focused on EV shares and bio stocks as I believe these are the shares that may be overvalued compared

May 2, 2021By Lee Min-hyung
Partial lifting of short-selling ban to affect bio stocks
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