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  • Economy

    Seoul to continue push for MSCI developed market status bid after remaining in emerging category

    South Korea will continue its push for inclusion in the developed-market category under the Morgan Stanley Capital International (MSCI) index after the provider decided to keep Asia's No. 4 economy in the emerging-market category, the finance ministry said Wednesday. Overnight, MSCI said South Korea will remain in the emerging-market category despite Seoul's efforts to be placed on the watch list for inclusion in the developed-market category, citing the limited convertibility of the Korean won in offshore currency markets. "MSCI acknowledged the government's efforts to advance the foreign exchange and capital markets, but for some of the remaining tasks, efforts to improve the system are still under way," the Ministry of Finance and Economy said in a statement in response to the announcement. The finance ministry added that South Korea was not included in the developed-market category this year as the market also needed time to fully reflect the impact of the completed reforms. "If we continue to implement reforms in the foreign exchange and capital markets on our own schedule, we belie

    2 MIN READBy Yonhap
    Seoul to continue push for MSCI developed market status bid after remaining in emerging category
  • Economy

    Retail sales rise 9% in May amid improving consumer sentiment

    1 MIN READBy Yonhap
    Retail sales rise 9% in May amid improving consumer sentiment
  • 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
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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

SIGNET EV's stock price soars on news of SK acquisition

Image captured from the website of SIGNET EV / Courtesy of SIGNET EVBy Anna J. ParkSIGNET EV, a Korean manufacturer of electric vehicle (EV) chargers, saw its stock price continue to rise, reaching a 52-week record high Friday, on news that SK Inc. had decided to acquire the firm. SIGNET EV is listed on the Korea New Exchange or KONEX, a securities exchange exclusively for small and medium-sized companies as well as venture startup firms.SIGNET EV's stock price closed at 49,200 won ($44), Friday, up 0.72 percent from the previous day. The stock price had earlier reached an all-time high of 56,100 won at the start of the trading session.Despite fluctuating daily, the charger company's stock has been on a bullish trajectory this year ― its share price has more than doubled from 24,000 won at the end of last year. During the last three-and-a-half months, the price has increased 105 percent.The bullish trend accelerated even more about a month ago, prior to the acquisition deal with the investment arm of SK. It closed at 30,000 won March 16, but has since risen 64 percent.Behind the rece

Apr 17, 2021By Anna J. Park
SIGNET EV's stock price soars on news of SK acquisition
Economy

Seoul stocks up for 5th session on economic rebound hope

An electronic signboard at a Hana Bank dealing room in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,198.62, Friday, up 4.29 points or 0.13 percent from the previous session's close. YonhapKorean shares advanced for the fifth day Friday, finishing just shy of the 3,200-point mark, as expectations of a global economic rebound and sound corporate earnings boosted investor sentiment. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.29 points, or 0.13 percent, to close at 3,198.62 points.Trading volume was moderate at about 961 million shares worth some 14.6 trillion won ($13.1 billion), with gainers outnumbering losers 530 to 310.Foreigners sold a net 213 billion won, while retail investors purchased 672 billion won. Institutions offloaded a net 479 billion won.The KOSPI started higher, tracking the overnight Wall Street rally that drove up the SP 500 and the Dow Jones Industrial Average to all-time highs. Steep improvement in U.S. jobs and sales data raised hopes of a global economic rebound.Bu

Apr 16, 2021
Seoul stocks up for 5th session on economic rebound hope
Economy

Cryptocurrency turnover in Korea doubles over past month

An electronic signboard at Bithumb headquarters in Seoul shows the prices of cryptocurrencies, Friday. YonhapThe cryptocurrency turnover in Korea has more than doubled over the past month, a market tracker said Friday, as retail investors scramble to the virtual currency amid the fallout of the coronavirus pandemic.The combined turnover of 14 cryptocurrency exchanges in Asia's fourth-largest economy came to $21.63 billion as of 4 p.m. Thursday, according to CoinMarketCap.In particular, the top four exchanges ― Bithumb, Upbit, Corbit and Coinone ― had a combined turnover of $18.85 billion, or 21.1 trillion won, accounting for 83 percent of the total.The amount was more than double the 11.7 trillion won recorded on the four virtual currency exchanges as of 8 p.m. on March 14.Industry watchers said the jump in cryptocurrency turnover comes as investors view the virtual currency as a relatively safe asset amid the new coronavirus pandemic.In contrast to their scramble to cryptocurrencies, individual investors' investment in domestic and overseas equities has dwindled in recent months.Ret

Apr 16, 2021
Cryptocurrency turnover in Korea doubles over past month
Economy

Kakao's lucrative affiliate, Kakao Commerce, yet to go public

Screenshot from Kakao Commerce's website / Courtesy of Kakao Commerce By Anna J. ParkWhile Kakao's various affiliates have announced plans to go public within a couple of years, the big tech giant's most lucrative subsidiary, Kakao Commerce, has yet to reveal any plans for an IPO.The e-commerce affiliate of the country's largest mobile chat provider logged annual revenue of 573.5 billion won ($513 million) last year, a 94 percent increase from 2019. Its operational profit stood at 159.5 billion won, a year-on-year increase of 110 percent. With the impressive performance, the firm has logged two consecutive years of net profits since it was split off from its parent company in late 2018. Despite the solid growth and profitable performance, the firm hasn't yet revealed any plans for an IPO. The firm's official stance regarding this is that “nothing has been decided.” This stance is pretty much contrary to other Kakao affiliates that are known to be preparing for IPOs

Apr 16, 2021By Anna J. Park
Kakao's lucrative affiliate, Kakao Commerce, yet to go public
Economy

KT considers acquiring Banksalad

Banksalad office in Seoul / Courtesy of Banksalad By Park Jae-hyukKT's next acquisition target could be a popular asset-management app called “Banksalad.” The telecom firm is in the process of revamping its financial businesses to attain a leading position in Korea's burgeoning data-driven financial industry. According to industry sources and media reports, Friday, KT is in talks with the asset management app operator to acquire a controlling stake, hoping to create synergy with its existing financial services affiliates ― K bank and BC Card.KT already decided to invest 25 billion won ($22 million) in Banksalad earlier this week. The two companies have maintained a cooperative relationship since 2015, when the telecom giant developed a mobile wallet called CLiP in collaboration with the fintech startup.KT CEO Ku Hyeon-mo has emphasized that his company will cut its reliance on the saturated telecommunications business, saying acquisition deals in various sectors wil

Apr 16, 2021By Park Jae-hyuk
KT considers acquiring Banksalad
Economy

Korean crypto exchanges Upbit and Bithum shine after Coinbase's Nasdaq debut

gettyimagesbankBy Anna J. ParkMajor cryptocurrency exchanges based in Korea, including Upbit and Bithumb, are in the spotlight following the successful Nasdaq debut Wednesday of U.S.-based cryptocurrency exchange Coinbase, which closed up 31.3 percent at $328.28 on its first day of trading.Given that Coinbase's market cap was valued at over $87 billion based on the first day's closing price, expectations are mounting over the growth potential and possible increased market valuation of Korea's largest cryptocurrency exchange operator, Dunamu.According to the CoinMarketCap site, Upbit's 24-hour transaction amount stood at $14.5 billion as of 2:10 p.m. Korea time, which is 2.8 times higher than Coinbase's $5.1 billion. Upbit's 24-hour trading volume has constantly ranked among the world's top three lately, far exceeding the U.S.-headquartered crypto exchange.Bithumb is right behind Upbit in terms of its 24-hour transaction amount at $3.4 billion. Coinone took the third spot among the country's local cryptocurrency exchanges with $1.3 billion traded.The total trading volume of these top

Apr 15, 2021By Anna J. Park
Korean crypto exchanges Upbit and Bithum shine after Coinbase's Nasdaq debut
Economy

Bank of Korea revises up Korea's growth target

By Kim Yoo-chulThe central bank revised up its growth outlook for the country's economy this year, reflecting expectations that demand for IT products will remain strong with investments in related facilities growing.Bank of Korea (BOK) Governor Lee Ju-yeol told reporters, Thursday, he views a lot of quite favorable “external factors” in terms of helping the country's economy, Asia's fourth-largest, beat the earlier market forecast.Specifically, the central bank chief said South Korea's economy could reach the “mid-3 percent” level this year from an earlier projection of 3 percent it presented back in February. As widely expected, the BOK left its benchmark rate unchanged at a record 0.5 percent this month.“When it comes to the growth rate curve during the first three months of this year, the growth pace of the country's economy will run faster than expected earlier. Thus, it seems achievable for the economy to reach a mid-3 percent level in terms of annual growth rate this year,” Lee told reporters in a briefing after holding its policy rate stead

Apr 15, 2021By Kim Yoo-chul
Bank of Korea revises up Korea's growth target
Economy

Kakao shares soar after 5-for-1 stock split

Kakao headquarters on Jeju Island / YonhapBy Lee Min-hyungKakao shares finished sharply higher, Thursday, when trading resumed of stocks issued by the nation's leading mobile platform operator after its 5-for-1 stock split.The stock price of Kakao closed at 120,500 won ($107.82), up 8,500 won or 7.59 percent from the previous session. Trading of Kakao shares was suspended for three days from Monday due to its stock split.Kakao's stock value remained in the doldrums for years until early 2020. But it has since been on a steep rise throughout last year when big tech stocks here and abroad flourished amid pandemic-sparked changes, such as telecommuting and online purchases.The strong investor response following the stock split enabled Kakao to become Korea's fifth-largest company by market capitalization as of Thursday, surpassing Hyundai Motor and Samsung Biologics.In February, Kakao decided to divide existing stocks into multiple new ones as part of efforts to keep boosting share volume in the local stock market. Kakao shares set a new high by closing at 558,000 won on April 9, the la

Apr 15, 2021By Lee Min-hyung
Kakao shares soar after 5-for-1 stock split
Economy

Food authorities accuse Namyang over irregularities

Namyang Dairy Products' Bulgaris drinking yogurt is on display at a supermarket in Seoul, Wednesday. YonhapKorea Exchange investigates dairy firm over stock price irregularitiesBy Park Jae-hyukThe Ministry of Food and Drug Safety accused Namyang Dairy Products of breaching the Act on Labeling and Advertising of Foods, Thursday, by announcing Bulgaris yogurt drinks were supposedly effective against COVID-19.“Without animal experiments or clinical trials, Namyang announced Bulgaris was effective against COVID-19,” the ministry said in a press release.This came after the Korea Exchange (KRX) started an investigation into the dairy firm for alleged insider trading, following a momentary hike in its stock price which came following the announcement.“Regarding the company's press release about the announcement, we are looking into the trading of its stocks to find out whether there were any unfair transactions based on undisclosed information,” KRX market oversight department head Nam Seung-min said. “If we discover any suspicious conduct, we will request the

Apr 15, 2021By Park Jae-hyuk
Food authorities accuse Namyang over irregularities
Economy

Bank of Korea stands pat on fragile recovery as 4th wave of infections looms

Bank of Korea Gov. Lee Ju-yeol / YonhapSouth Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent, as an economic recovery remained patchy and the country is at risk of being hit with another wave of COVID-19 infections. As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's third rate-setting meeting.Low inflationary pressure and rising home prices also appeared to prod the BOK board to stand pat, analysts said.In February, the BOK froze the key rate as economic uncertainty heightened amid a flare-up in new coronavirus cases. To bolster the pandemic-hit economy, the BOK slashed the key rate to the all-time low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point. Despite signs of a recovery in exports, weaker consumption has weighed on employment and increased pressure on policymakers. This week, the nation's daily virus tally hit the highest level in more than three months as cluster infections continued to emerge in t

Apr 15, 2021
Bank of Korea stands pat on fragile recovery as 4th wave of infections looms
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