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South Korea's exports to US jump 26 percent since FTA kick-off

Busan Port / Korera Times fileSouth Korea's exports to the United States have jumped a whopping 26 percent since the implementation of their bilateral trade agreement in 2012, data showed Sunday, expanding at a faster pace compared with other global counterparts. Asia's No. 4 economy's exports to the U.S. reached US$74.1 billion in 2020, compared with $58.5 billion posted in 2012, according to the data compiled by the Ministry of Trade, Industry and Energy. The two countries' free trade agreement (FTA) went into effect in 2012.Over the period, South Korea's combined outbound shipments edged up 6.4 percent.Around 84 percent of products traded with the U.S. enjoyed benefits from the FTA, which also marked a sharp rise from 79 percent posted in 2015, the latest available data.Exports to the United States advanced 1.1 percent on-year in 2020, while South Korea's overall exports dipped 5.5 percent amid the COVID-19 pandemic, led mostly by chips and computer products.Outbound shipments of chips to the U.S. jumped 25.3 percent on-year in 2020, while that of computers doubled as more people

Mar 14, 2021
South Korea's exports to US jump 26 percent since FTA kick-off
Economy

Bitcoin passes $60,000 for first time

A Bitcoin ATM sign is pictured in a bodega in the Manhattan borough of New York City, New York, U.S., February 9, 2021. REUTERS-YonhapBitcoin passed the $60,000 mark for the first time on Saturday, with analysts saying the giant US stimulus package helped boost the world's most popular virtual currency on its record-breaking run.The cryptocurrency hit $60,197 at 1234 GMT and continued to hover around $60,000, according to the website CoinMarketCap.Bitcoin has tripled in value over the last three months ― it was worth $20,000 in December ― bolstered by increasing backing from corporate heavyweights.Markets.com analyst Neil Wilson said that in recent days "Bitcoin went up as investors looked to the imminent arrival of stimulus cheques".Individuals in the US earning up to $75,000 will receive a cheque for $1,400 from this weekend, after President Joe Biden signed his $1.9 trillion Covid-19 rescue plan into law this week.Bitcoin has been on a meteoric rise since March last year, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use

Mar 14, 2021
Bitcoin passes $60,000 for first time
Economy

Korea urged to spur ESG efforts for sustainable growth

This article is the first in a four-part series highlighting the importance of ESG criteria in management and making suggestions for Korea's financial, industrial and public sectors to come up with better ESG strategies for sustainable growth. ― ED.Concerns remain over greenwashing, poor corporate governanceBy Park Jae-hyukIt looks quite obvious that the term “ESG” has become indispensable for Korean businesses to represent their management strategies for this year and beyond.Standing for the environmental, social and corporate governance standards used to measure sustainability and the societal impact of investments, these values-based principles are now considered essential to attracting global institutional investors. Domestic firms in the financial, industrial and public sectors have therefore been busy lately issuing press releases on every single ESG effort and going after exemplary global investors.Those who have studied the criteria for many years before it became the hottest issue here, however, point out that Korea still has a long way to go to catch up with thi

Mar 14, 2021By Park Jae-hyuk
Korea urged to spur ESG efforts for sustainable growth
Economy

Credit loans surge more than 3.5 trillion won in just 2 days

SK bioscience CEO Ahn Jae-yong By Lee Kyung-minCredit loans surged by over 3.5 trillion won ($3 billion) in a span of only two days this week, driven by increased borrowing by retail investors for subscriptions of SK bioscience shares, data showed Friday. The sharp jump was also explained in part by financial authorities' moves to tighten lending rules to be measured by debt service ratio (DSR), as part of efforts to curb snowballing household debt. The ratio is calculated based on outstanding mortgage balance plus interest on non-mortgage borrowing to be paid, divided by the borrower's annual salary. The Financial Services Commission (FSC) plans to maintain the ratio under 40 percent, a drastic reduction from the current 70 percent. SK bioscience CI Data from the country's top five commercial lenders ― KB Kookmin, Shinhan, Hana, Woori and NH NongHyup

Mar 12, 2021By Lee Kyung-min
Credit loans surge more than 3.5 trillion won in just 2 days
Economy

Kyobo in advanced talks to acquire AXA with digital partner

By Lee Min-hyungKyobo Life Insurance is in the midst of “advanced talks” to acquire AXA General Insurance by joining hands with an unconfirmed digital partner, the insurer said Friday.Kyobo and the potential fintech player are set to move forward with a split acquisition of AXA and turn it into a digital-only non-life insurer, according to Kyobo.“Negotiations are still underway over the sale price of the company,” a spokesperson at Kyobo said. “We will consider a joint acquisition with a digital partner once detailed terms and other specifics are finalized.”The French multinational insurance group put its Korean non-life insurance affiliate up for sale last year after sales and profitability suffered a continued deterioration. The decision was mostly aimed at realigning the group's Asian business portfolio before the implementation of the new IFRS 17 accounting standard slated for 2023. IFRS 17 aims to standardize insurance accounting globally in order to enhance comparability and transparency.AXA holds a 99.71 percent stake in AXA General Insuranc

Mar 12, 2021By Lee Min-hyung
Kyobo in advanced talks to acquire AXA with digital partner
Economy

Hyundai MOVEX lists on Kosdaq market

Hyundai MOVEX CEO Hyun Ki-bong, front row fifth from left, applauds with the company's employees and officials from the Korea Exchange and NongHyup Investment and Securities celebrating the listing of the firm on the Kosdaq market at the Korea Exchange in Yeouido, Seoul, Friday. Courtesy of Hyundai MOVEXBy Lee Kyung-min Hyundai MOVEX, an IT and logistics affiliate of Hyundai Group, was listed on the tech-heavy Kosdaq market, Friday.The firm held a ceremony at the Korea Exchange (KRX) in Yeouido, Seoul, attended by CEO Hyun Ki-bong, as well as the head of Kosdaq's market division and the chief of NH Investment & Securities' investment banking (IB) division.Hyundai MOVEX operates a logistics automation system, platform safety door (PSD) and IT services. It was launched in 2017 after merging with Hyundai U&I, which provided IT services as an automated logistics business before being spun off from Hyundai Elevator.“Hyundai MOVEX has been transformed into a logistics automation company that provides smart logistics total solutions by adding advanced IT technology to its logi

Mar 12, 2021By Lee Kyung-min
Hyundai MOVEX lists on Kosdaq market
Economy

Korean e-commerce giant Coupang makes landmark US debut at NYSE

In this photo provided by the New York Stock Exchange, Coupang Founder and CEO Kim Bom-suk, third left, and his colleagues, joined by John Tuttle, NYSE Vice Chairman, second from right, rings the NYSE opening before his company's IPO, Thursday, March 11, 2021. APSouth Korean e-commerce giant Coupang Inc. made a splash in its landmark debut on the New York Stock Exchange on Thursday at an initial public offering price of US$35 each.The IPO price is higher than an earlier proposed range of $32 to $34.With 130 million shares offered, the initial price was expected to raise $4.6 billion and put the company's value at around $60 billion, making it one of the most valuable startups in the United States.Coupang shares began trading at $63.5 per share, up 81.4 percent from the IPO price, and closed up 40.71 percent at $49.25. Overnight, the Dow Jones Industrial Average gained 0.58 percent."The industry and creativity that Koreans have created the 'Miracle of the Han River.' And we are just so excited to be just a small part of that incredible story," Coupang founder and CEO Kim Bom-suk said

Mar 12, 2021
Korean e-commerce giant Coupang makes landmark US debut at NYSE
Economy

Coupang raises $4.6 billion in US IPO

Coupang Founder Kim Bom-suk speaks during an interview with CNBC's "Squawk Box" before the bell Thursday to discuss.  Screen shot of the CNBC internet websiteCoupang, Korea's largest e-commerce company, raised $4.6 billion in the biggest share offering in the United States this year after selling stocks in IPO above its deal target range, the company said on Thursday.Coupang said in a statement that it had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving Seoul-headquartered e-commerce giant, which is backed by Japan's SoftBank Group, a market value of $60 billion.Founded in 2010 by Korean-American billionaire Kiim Bom-suk, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank's $100 billion Vision Fund owns 35.1% of Coupang.Achieving a $60 billion valuation would add to good news for the Vision Fund, which is bouncing back from an annual loss in March. Last month, it announced record quarterly profit.Coupang operates an online marketp

Mar 12, 2021
Coupang raises $4.6 billion in US IPO
Economy

IMM faces calls to talk with Hanatour union about layoffs

Hanatour Service union members hold a rally in front of the tour agency's headquarters building in Seoul, March 3, calling for the company to withdraw its plan for layoffs. YonhapQuestions arise over co-CEO from Boston Consulting GroupBy Park Jae-hyukIMM Private Equity (PE), which became the biggest shareholder of Hanatour Service in February last year, is facing criticism from the tour agency's union members, who allege the private equity firm (PEF) is trying to avoid responsibility for a planned large-scale workforce reduction.Asking for a conversation with the management about the ongoing restructuring, the union also raised questions on the latest reform measures pursued by Hanatour Co-CEO Song Mi-sun, whom IMM PE hired in March last year from the Boston Consulting Group.According to the union, management is seeking to dismiss up to 1,000 of the company's 2,300 employees by the end of this month.The union claimed the management hired law firm Kim & Chang to instruct team leaders on the specifics of the layoffs and order them to tell their team members about the plans. This ha

Mar 11, 2021By Park Jae-hyuk
IMM faces calls to talk with Hanatour union about layoffs
Economy

Korean YouTubers hope to avoid double taxation under new Google policy

Seen above is an updated YouTube tax policy posted on its help center. Screen capture from GoogleBy Lee Min-hyungWith Google set to deduct a withholding tax of up to 10 percent from Korean YouTubers' earnings in the U.S. to comply with local government regulations, attention is growing over issues around double taxation in the two countries.Following the announcement from the world's largest video streaming platform operator, non-U.S.-based YouTube creators could be subject to payment of U.S. taxes from June 2021. Google urged YouTubers across the globe to submit their tax information by the end of May. The policy is raising concerns that Korean YouTubers might end up being hit for more taxes, as Korea's National Tax Service (NTS) started collecting tax from them in September 2019 when it created a new code for content creator taxation.The NTS said it would discuss the issue with the Ministry of Economy and Finance. “It has not been confirmed as to whether we will offer a tax deduction for YouTubers here facing an additional tax burden in the U.S.,” a spokesman from the s

Mar 11, 2021By Lee Min-hyung
Korean YouTubers hope to avoid double taxation under new Google policy
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