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  • Policy

    Korea cuts fuel price cap by 150 won per liter as oil prices retreat

    Korea will lower its fuel price cap by 150 won ($0.09) per liter starting Saturday, reflecting the recent decline in global crude oil prices and easing tensions in the Middle East, the government said Friday. The Ministry of Trade, Industry and Resources announced that the seventh round of the country's fuel price cap system will take effect at midnight Saturday, lowering the ceiling for gasoline, diesel and kerosene by 150 won per liter from the previous level. The move came after Finance Minister Koo Yun-cheol said earlier Friday that the government would adjust the cap system while maintaining emergency measures aimed at stabilizing consumer prices. "The government will adjust the emergency measures currently in place in phases by closely monitoring developments in the Middle East and the Korean economy," Koo said during a meeting of economy-related ministers. Under the new cap, refiners will be allowed to supply gasoline at up to 1,784 won per liter, diesel at 1,773 won and kerosene at 1,380 won. The government expects retail fuel prices at gas stations to fall from the low-2,000 won

    2 MIN READBy Lee Gyu-lee
    Korea cuts fuel price cap by 150 won per liter as oil prices retreat
  • Others

    KOSPI slides nearly 6% amid profit-taking in chips

    2 MIN READBy Jun Ji-hye
    KOSPI slides nearly 6% amid profit-taking in chips
  • Others

    SK hynix Nasdaq ADR listing seen as potential support for won amid prolonged weakness

    3 MIN READBy Jun Ji-hye
    SK hynix Nasdaq ADR listing seen as potential support for won amid prolonged weakness
  • 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
  • Economy

    KRX activates sell-side sidecar for KOSPI on sharp fall

    1 MIN READBy Yonhap
    KRX activates sell-side sidecar for KOSPI on sharp fall
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Economy

Kakao Bank may suffer from overhang issues

Kakao Bank headquarters located in Pangyo / Korea Times file /2021-01-28(코리아타임스)By Anna J. ParkAs Kakao Bank prepares for its initial public offering (IPO) to take place sometime this year, market watchers are eyeing whether the company's large shareholders would sell their stakes in the internet bank before the IPO, causing a stock overhang.A stock overhang happens when a massive amount of shares are offloaded by shareholders who hold a large stake, depressing the share price as the amount dilutes the stock's value. Concerns about overhanging stocks are being voiced because market insiders suspect that internet-based bookstore YES24 ― one of the large shareholders of the mobile bank ― might further sell its shares to venture capital companies. YES24 announced that it sold around 1.93 million shares of Kakao Bank for 48.4 billion won ($43.4 million) to a private equity firm (PEF). With the sales, YES24 currently holds 1.4 percent of the bank's shares, or 5.68 million shares. Given the online-based bookstore company's deteriorated finance situation, venture capital companies are said

Feb 10, 2021By Anna J. Park
Kakao Bank may suffer from overhang issues
Economy

Coupang to go public on NASDAQ as early as H1

Coupang headquarters located in southern Seoul / Korea Times fileBy Anna J. ParkCoupang's long-held dream of getting listed on the NASDAQ market seems to be one step closer to realization. The Korean e-commerce giant has been outspoken since its 2010 launch that it would pursue a NASDAQ listing to advance into overseas markets.Coupang's specific listing timeline on the U.S. stock market is expected to be determined sometime around March; if things go well, its initial public offering (IPO) process could be completed within the first half of this year. Coupang's parent company, Coupang LLC ― the e-commerce firm's U.S.-registered corporation which owns 100 percent of Coupang's shares ― is expected to be the subject of the IPO. SoftBank's Vision Fund holds a 37 percent stake in Coupang. According to industry sources, Coupang reportedly passed a preliminary review last month, a process necessary for its NASDAQ listing. Its main IPO underwriter Goldman Sachs is currently known to be holding a series of investor relations presentations to attract investors from both within and outside of t

Feb 10, 2021By Anna J. Park
Coupang to go public on NASDAQ as early as H1
Economy

Korea's pandemic containment, economic support measures lauded by OECD

OECD logoWide disparities between regular and non-regular workers a major sticking point By Lee Kyung-min Korea's balanced response to the COVID-19 pandemic limited the damage to the economy and people's livelihoods, underpinned by early and decisive testing, tracking and treatment, which helped the country avoid a full lockdown, a report jointly released by the OECD and Korea Development Institute (KDI) said Tuesday. The OECD is short for Organization for Economic Cooperation and Development, a group of 37 high-income countries.Korea's export-reliant economy has played an important role for other peers around the world as a leading producer of medical test kits, despite its vulnerabilities to disruption in the global value chain (GVC).Strong and rapidly implemented fiscal and monetary policy measures designed to support households and businesses helped the Korean economy suffer far less contraction compared to other OECD economies in 2020.Yet the labor market being disrupted by reduced working hours, job losses and the enforced shutdown of some businesses remain key challenges to be

Feb 10, 2021By Lee Kyung-min
Korea's pandemic containment, economic support measures lauded by OECD
Economy

Institutional investors urged to embrace ESG: BlackRock

By Lee Min-hyungBlackRock Managing Director Henny SenderA senior official from BlackRock has urged institutional investors here and abroad to embrace environmental, social and corporate governance (ESG) factors as part of their risk management efforts.BlackRock Managing Director Henny Sender said the COVID-19 pandemic increased momentum for the eco-friendly drive in the investment industry. She said investors from both the private and public sectors should realize the importance of ESG and make concrete efforts to embrace it for their sustainable growth.“On an objective level, to not think about ESG is a big risk,” she said during a webinar hosted by the Institute for Global Economics, Tuesday.“So in a way, it's all about risk management as an institutional firm who is a fiduciary for our clients' money. It's a kind of risk management and a smart policy when you invest. Capitalists and companies cannot just take a short-term view about maximizing shareholder benefits.”Starting from March last year when the global economy was hit hard by the coronavirus pandemi

Feb 9, 2021By Lee Min-hyung
Institutional investors urged to embrace ESG: BlackRock
Economy

Tesla CEO Musk to facilitate crypto demand in Korea

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles, June 13, 2019. / Reuters-Yonhap Financial giants invest in crypto custody market amid larger acceptance of bitcoinBy Anna J. Park Since Tesla made an announcement in an SEC filing on Monday that the global electric vehicle (EV) maker not only bought $1.5 billion worth of bitcoin but also will accept the cryptocurrency as payment for its vehicle purchases, bitcoin's price jumped by more than 10 percent a few hours after the filing. Bitcoin continued to soar to its record-high level, at one point topping $47,000 on Tuesday.With bitcoin solidifying its presence through acknowledgements by moguls like Elon Musk, more and more companies are expected to take a similar path as Tesla, having the crypto token be part of their diversified asset portfolios or using it in their business expansion models. As more institutional or

Feb 9, 2021By Anna J. Park
Tesla CEO Musk to facilitate crypto demand in Korea
  • Tesla buys $1.5 billion in Bitcoin, will accept as payment soon
Economy

Seegene vows to prevent recurrence of accounting fraud

Prime Minister Chung Sye-kyun, left, listens to a researcher at Seegene Medical Foundation's laboratory in Seoul, Jan. 6. / Joint press corpsCOVID-19 test kit maker fined for cooking the booksBy Park Jae-hyukSeegene, a local molecular diagnosis company that has drawn attention for its COVID-19 test kits, vowed to practice transparent management to prevent the recurrence of accounting fraud, a day after the financial regulator decided to fine the company for exaggerating its earnings.The Securities and Futures Commission (SFC), under the Financial Services Commission (FSC), said Monday evening that the fifth-largest company on the tech-heavy Kosdaq market by market capitalization was found to have overstated its sales between 2011 and 2019, by dumping its oversupplied products on its agencies.The SFC agreed to levy a fine on the firm and to advise it to dismiss the executive who handled it.The company could be fined more than 500 million won ($450,000), as the SFC said the specific amount of the fine would be finalized in the following FSC meeting. If a fine is to exceed 500 million w

Feb 9, 2021By Park Jae-hyuk
Seegene vows to prevent recurrence of accounting fraud
Economy

Tesla buys $1.5 billion in Bitcoin, will accept as payment soon

SpaceX owner and Tesla CEO Elon Musk grimaces after arriving on the red carpet for the Axel Springer award in Berlin, Dec. 1, 2020. ReutersHolders of Bitcoin may be able to cash in some of their investment in the digital currency for a brand new electric car.Electric automaker Tesla said Monday that it has invested around $1.5 billion in Bitcoin and it plans to begin accepting the digital currency as payment for its high-end vehicles soon. The price of Bitcoin soared 15.4% to around $44,500 Monday in reaction to Tesla's announcement, according to CoinBase. The California-based electric car maker headed by Elon Musk revealed the new strategy in a filing with the U.S. Securities and Exchange Commission, saying its investment in digital currency and other ``alternative reserve assets'' may grow. Bitcoin has drawn enthusiasts for its scarcity and security, but the volatile digital currency still is not widely used to pay for goods and services. It's mostly been a store of value, like gold, with some limited merchants like Overstock accepting bitcoin for payment. It's also used by those d

Feb 9, 2021
Tesla buys $1.5 billion in Bitcoin, will accept as payment soon
  • Tesla CEO Musk to facilitate crypto demand in Korea
Economy

Home supply plan infringement on property rights?

gettyimagesbank By Lee Kyung-minConcern is mounting that the latest real estate policy could escalate into full-blown property rights disputes, as residents in redevelopment zones would have fewer options to be heard after the government eased related rules.At issue will be whether eminent domain, the action by the state of taking property from a private owner for public use or benefit, will infringe on the individual property rights of residents in areas designated by the government for redevelopment projects.Experts say the supply-bolstering measure of providing 836,000 new homes nationwide by 2025 could be thwarted by legal battles that could drag on for years, with the prompt improvement in housing for a large number of the public becoming more elusive.They also say state-run redevelopment projects to increase housing supply should be equally pursued with proper resettlement plans for “evicted” residents, who are sometimes left with few options but to move far a

Feb 8, 2021By Lee Kyung-min
Home supply plan infringement on property rights?
Economy

Despite 'no' Apple talks, Kia still considered as 'iCar' partner

Discussions could resume at any timeBy Anna J. ParkHyundai Motor and Kia have officially said that they are not currently holding talks with Apple on co-developing self-driving electric vehicles (EVs). In both companies' public announcements Monday morning, they released almost identical statements with slightly different wording. “Hyundai Motor has had requests for the joint development of autonomous electric vehicles from various companies, but nothing's been decided at this early stage. We are not holding talks with Apple on autonomous EVs,” Hyundai Motor's statement read.“Kia is reviewing joint cooperation projects on autonomous EVs with various overseas companies, yet nothing's been decided. The firm is not holding talks with Apple on autonomous EVs,” read Kia's. With the denials by the two companies about the media-hyped joint development deal with Apple, the firms' share prices fell sharply. Hyundai Motor's stock fell 6.21 percent to 234,000 won at the close; while Kia's share price nosedived 14.98 percent to end at 86,300 won.Shares of other Hyundai af

Feb 8, 2021By Anna J. Park
Despite 'no' Apple talks, Kia still considered as 'iCar' partner
Economy

Sanctions to put brakes on Shinhan's portfolio expansion

Shinhan Financial Group Chairman Cho Yong-byoung speaks during an event celebrating a partnership between the car industry and financial sector in Seoul on Feb. 4. YonhapBy Lee Min-hyungShinhan Financial Group could be forced to suspend its plans to expand its portfolio into the non-life insurance sector in the face of possible heavy sanctions from the Financial Supervisory Service (FSS).The regulator delivered a prior notification recently informing the financial holding firm that it will receive an institutional warning for its involvement in the mis-selling of Lime Asset Management funds last year. The final decision is scheduled to be made on Feb. 25 during the authority's sanctions committee meeting.The sanction is considered a “heavy” penalty out of the five-tier sanction system. Any financial firms slapped with the sanction are barred for a year from tapping into new businesses or engaging in any M&A activities.This will put the brakes on Shinhan's years-long efforts to expand into the non-life insurance sector. Even if Shinhan is one of the top-tier financial

Feb 8, 2021By Lee Min-hyung
Sanctions to put brakes on Shinhan's portfolio expansion
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