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    KOSPI reclaims 9,000 intraday as chip stocks surge on Micron earnings

    KOSPI jumped more than 6 percent intraday Thursday to reclaim the 9,000 level, led by a surge in semiconductor stocks after U.S. memory chipmaker Micron Technology reported stronger-than-expected earnings. The benchmark index opened at 8,703.42, up 232.40 points, or 2.74 percent, from the previous day's close, and extended its gains to 9,000.88 by 2:24 p.m., rising 529.86 points, or 6.25 percent, from the previous session to reclaim the 9,000 mark. The index later surrendered part of its gains and closed at 8,930.30, up 459.28 points, or 5.42 percent, from the previous session. Reflecting strong buying momentum, a buy-side sidecar was triggered at 9:07 a.m., temporarily suspending program buy orders. The benchmark index drew support from Micron's better-than-expected quarterly results and upbeat guidance. Investor optimism toward the semiconductor sector further intensified ahead of second-quarter earnings announcements from Samsung Electronics and SK hynix. SK hynix's planned Nasdaq listing through American depositary receipts, tentatively scheduled for July 10, provided an additional ta

    2 MIN READBy Jun Ji-hye
    KOSPI reclaims 9,000 intraday as chip stocks surge on Micron earnings
  • Economy

    Deglobalization calls for shift toward financial cooperation in East Asia: experts

    2 MIN READBy Yulu Ao
    Deglobalization calls for shift toward financial cooperation in East Asia: experts
  • Policy

    Mixed messages on leveraged ETFs fuel investor confusion

    3 MIN READBy Jun Ji-hye
    Mixed messages on leveraged ETFs fuel investor confusion
  • Economy

    S. Korea's financial assets in US hit fresh all-time high in 2025: BOK

    1 MIN READBy Yonhap
    S. Korea's financial assets in US hit fresh all-time high in 2025: BOK
  • Economy

    Contribution'Korea discount' still persists despite chip-driven rallies

    3 MIN READBy Lee Chang-hwan
    'Korea discount' still persists despite chip-driven rallies
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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

Foreign investors seek greater say in Shinhan

Shinhan Financial Group Chairman Cho Yong-byoungBy Lee Kyung-min Shinhan Financial Group will appoint two outside directors recommended by foreign investors, in a move to better reflect concerns voiced by large shareholders seeking greater representation in the lender's decision-making.They are Seoul National University Law School professor Lee Yong-guk, an attorney at Cleary Gottlieb Steen & Hamilton; and Sungkyunkwan University professor of mechanical engineering, Choi Jae-boong.Choi Jae-boongThe two are among four that made a shortlist put forward at a regular board meeting March 3. Their appointments will increase the number of outside directors to 12 from 10. The board's decision will be finalized at a regular shareholders' meeting scheduled March 25.Lee, a financial and legal expert, was recommended by Affinity Equity Partners, a pan-Asian private equity firm (PEF), and Choi, an ICT expert, by Baring Private Equity Asia, its Hong Kong-based peer.The two firms were foreign PEFs involved in the group's paid-in capital increase of 1.2 trillion won ($1 billion) in 2020.Lee Yong

Mar 5, 2021By Lee Kyung-min
Foreign investors seek greater say in Shinhan
Economy

Rising US treasury yields pushing exchange rate higher

Dealers at Hana Bank in Seoul, Wednesday / YonhapBy Lee Min-hyungRising U.S. 10-year treasury yields are putting the brakes on the dollar's weakening valuation amid hopes of an economic recovery here and abroad.The prevailing view was that safe assets ― such as the U.S. dollar ― will depreciate from a medium- to long-term viewpoint as the global economy emerges gradually from the coronavirus pandemic.The yield on 10-year U.S. treasuries rose to 1.47 percent as of Wednesday, while the yield on 30-year bonds climbed to over 2.2 percent.This led to a strengthening of the U.S. dollar against the Korean won on the local foreign exchange market. On Thursday, the Korean won weakened 6.7 won per dollar to 1,127 won.Market analysts argued that rising U.S. treasury yields will slow down a longer-term depreciation of the dollar in the global economy after the pandemic ends.“On the economic front, an economic recovery here and abroad is a factor to boost the dollar's depreciation,” Hyundai Motor Securities economist Oh Chang-sup said. After the pandemic shock comes to an end and the

Mar 4, 2021By Lee Min-hyung
Rising US treasury yields pushing exchange rate higher
Economy

State-run organizations to strengthen ESG values

Deputy Prime Minister and Finance Minister Hong Nam-ki / Korea Times fileBy Lee Kyung-min The government plans to require state-run entities to increase the number of environmental, social and governance (ESG) criteria in organizational governance plan subject to public disclosure, in a move to pave way for private firms to follow suit to advance sustainable growth initiative.This is in line with similar efforts by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), oversight authorities that are increasingly being mindful of the importance of the implications of ESG values in the financial market.The Ministry of Economy and Finance said that the organizations will have to submit specifics to meet four new overarching criteria created to place greater emphasis on EGS values. They are safety and eco-friendliness, mutual growth and cooperation, work-life-balance and social responsibility.Their plans will be disclosed on All Public Information in One (ALIO), a ministry-operated website where management information on Korea's 350 state-run, quasi-governmental

Mar 4, 2021By Lee Kyung-min
State-run organizations to strengthen ESG values
Economy

Angry investors

Members of Korea Stockholders Alliance, a group of individual investors, hold banners and signs criticizing the National Pension Service's (NPS) excessive sell position in the stock market which they claim is damaging individual investors, during a rally in front of the pension operator's office in Jeonju, North Jeolla Province, Thursday. The NPS sold shares worth 13 trillion won ($11.55 billion) during 44 consecutive trading sessions from Dec. 24 to March 3. Yonhap

Mar 4, 2021By Nam Hyun-woo
Angry investors
Economy

Korea's GNI drops amid pandemic shock

Shin Seung-cheol, director of the national accounts division at the Bank of Korea's, speaks during a press conference at the central bank's headquarters in Seoul, Thursday. Courtesy of Bank of KoreaBy Lee Min-hyungKorea's per capita gross national income (GNI) dropped in 2020, declining for the second-straight year, in the face of an overall economic contraction amid the pandemic shock, the Bank of Korea (BOK) said Thursday.The GNI per capita stood at $31,755 (37.47 million won) in 2020, down 1.1 percent from the previous year, according to BOK data.This was attributable to the economic slowdown induced by the COVID-19 spread and the local currency's depreciation against the U.S. dollar, the central bank said. The coronavirus pandemic also resulted in a 1 percent contraction of the economy in 2020, according to the BOK.“Three economic indices affect the GNI per capita, including real GDP growth, GDP deflator and exchange rates,” Shin Seung-cheol, director of the central bank's national accounts division, told reporters during a press conference. The GDP deflator indicates

Mar 4, 2021By Lee Min-hyung
Korea's GNI drops amid pandemic shock
Economy

SK Group seeks IPO for REIT within this year

SK Group's building located in central Seoul / Korea Times fileBy Anna J. Park SK Group plans to list its real estate investment trust (REIT) on the Korean stock market sometime within this year, drawing investors' attention whether the initial public offering (IPO) of the energy-telecom conglomerate's REIT could reignite the market's interest in real estate funds.According to industry officials, SK selected Korea Investment & Securities recently as the lead manager for the IPO, aiming to complete the process this year. The land ministry is expected to give the green light to the move later this month. SK Group's REIT includes the conglomerate's major assets such as Seorin Building in central Seoul. The 38-story building has been used as the group's headquarters for the past 20 years since opening in 1999. It was sold to Bank of America-Merrill Lynch in 2005 for 450 billion won ($400 million) to raise capital to acquire what became now SK Incheon Petrochem. The building was later sold to Hana Alternative Asset Management in 2011 for 550 billion won, and SK plans to repurchase it

Mar 4, 2021By Anna J. Park
SK Group seeks IPO for REIT within this year
Economy

eBay Korea CEO to lead Korea Online Shopping Association

Chun Hang-ilBy Lee Kyung-min eBay Korea CEO Chun Hang-ill has been named chairman of the Korea Online Shopping Association, the organization said Thursday.Chun will be the association's 11th chairman. The decision was reached at a general meeting on Feb. 26, it said.The former CEO of eBay Japan will represent the interests of e-commerce companies to help them respond more effectively to what the association considers the government's “excessive” regulatory drive that hampers the growth of the burgeoning industry amid explosive demand for contactless commercial and consumer transactions.The association plans to set up a monitoring center to help members pursue secure commercial transactions and continue building trust between service providers and consumers before increasing its calls to ease regulations.Chun was quoted by the association as saying he will “try to make the association take the lead in the development and growth of the fast-growing domestic online shopping market.”His work will include laying the groundwork for members to put greater emphasis on

Mar 4, 2021By Lee Kyung-min
eBay Korea CEO to lead Korea Online Shopping Association
Economy

US hedge fund pressuring Daishin Securities to increase dividend payments

Daishin Securities headquarters / Courtesy of Daishin SecuritiesBy Anna J. ParkKnown as one of the dividend kings among Korean stocks, Daishin Securities has been paying out cash dividends for the past 23 years. Keeping with the tradition, the brokerage firm has decided to pay out 80.4 billion ($72 million) in dividends for its 2020 earnings. The firm's board meeting decided earlier this week that the securities company will pay out 1,200 won per common stock and 1,250 per preferred stock, or about an 8.6 percent dividend rate for common stocks and a 10.9 percent rate for preferred stocks.However, according to the firm's recent public announcement, a shareholder proposal has been submitted to the brokerage firm to raise the dividend to 1,500 won per ordinary stock or a 10.7 percent dividend rate, and 1,550 for preferred stocks or a 13.5 percent dividend rate.The securities firm did not disclose any details about which shareholder submitted the proposal.“Any shareholders who hold more than a 0.1 percent stake in the firm have the right to submit a shareholder proposal. And the f

Mar 4, 2021By Anna J. Park
US hedge fund pressuring Daishin Securities to increase dividend payments
Economy

Consumer price growth at 1-year high in February

GettyimagesbankSouth Korea's consumer prices grew at the fastest pace in one year in February due largely to a sharp rise in prices of agricultural and livestock products, data showed Thursday.The consumer price index rose 1.1 percent on-year in February, compared with a 0.6 percent on-year gain the previous month, according to the data compiled by Statistics Korea.It marked the fastest on-year gain since February last year, when the price index rose 1.1 percent.Consumer inflation also rose above 1 percent for the first time since September last year.Compared with a month earlier, the index grew 0.5 percent last month, compared with a 0.8 percent on-month gain in January.Core inflation, which excludes volatile food and oil prices, rose 0.3 percent on-year last month.The country's overall inflationary pressure has remained subdued amid the COVID-19 pandemic. But recent hikes in food and oil prices are spawning concerns that inflation may pick up amid an economic slowdown.Last month, prices of agricultural, livestock and fisheries products advanced 16.2 percent on-year, the fastest gai

Mar 4, 2021
Consumer price growth at 1-year high in February
Economy

Gov't under fire for lax screening of ailing companies receiving support

Financial Services Commission Chairman Eun Sung-soo attends an emergency economic meeting at the Government Complex in Seoul, Feb. 24. Yonhap By Lee Min-hyungKorean banks are criticizing the government's allegedly lax screening of ailing companies that are selected to be recipients of state support.They are urging financial authorities to adopt stricter screening procedures when deciding whether to extend financial benefits to small- and medium-sized enterprises (SME) hit hard by the COVID-19 pandemic.The complaints follow Financial Services Commission (FSC) Chairman Eun Sung-soo's recent remarks focusing on support for financially troubled companies in the aftermath of the pandemic.“We cannot come to the conclusion that companies suffering from temporary financial shortages due to the COVID-19 pandemic are zombie companies,” Eun said in a recent statement.A zombie company is a company that needs bailouts in order to operate, or an indebted company that is able to p

Mar 4, 2021By Lee Min-hyung
Gov't under fire for lax screening of ailing companies receiving support
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