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  • Economy

    Gas prices fall under 2,000 won for 1st time in nearly 2 months

    The average gasoline price at Korea's gas stations again fell from a day earlier on Sunday after dropping under the 2,000-won ($1.3) mark for the first time in nearly two months the previous day, industry data showed. The average gasoline price came to 1,991.1 won per liter as of 9 a.m., down 5 won from the previous day's average, according to the data from the Korea National Oil Corp. (KNOC). It marked the second consecutive day for the average gas price to remain under 2,000 won, after it fell below the threshold for the first time in around two months. Prices of diesel fell to 1,982.3 won per liter, the data showed. The drop in energy prices comes amid the government's decision to lower the price ceiling on fuel prices to reflect the recent decline in global crude prices. Under the adjustment, maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refiners have been lowered by 150 won to 1,784 won, 1,773 won and 1,380 won per liter, respectively, starting Saturday. Global oil prices are also on the decline, with Dubai Crude falling by 34.3 percent

    2 MIN READBy Yonhap
    Gas prices fall under 2,000 won for 1st time in nearly 2 months
  • Policy

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

    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
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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

Hanwha's Dunamu equity acquisition gets chilling reaction

Hanwha Investment & Securities headquarters on Yeouido, Seoul. / Courtesy of Hanwha Investment & SecuritiesBy Anna J. ParkThe stock price of Hanwha Investment & Securities remains bearish since the brokerage firm announced Wednesday afternoon that it acquired about 207 million shares, or a six percent stake, in Korean crypto fintech Dunamu. Hanwha Investment's stock price finished at 2,790 won ($2.49) at Wednesday's closing, a 9.12 percent fall from the previous session. Despite the stock price's steep rise earlier this week, seeing 4.58 percent and 12.04 percent jumps respectively on Monday and Tuesday's closings, the stock price plummeted immediately after the equity acquisition announcement was made on Wednesday afternoon. The stock price, that rose as high as 3,370 won at 1:45 p.m. Wednesday, nosedived after the announcement, to less than 2,800 won in just a minute. On Thursday's session, the stock price of the brokerage firm continued its bearish moves, losing another 3.76 percent, finishing at 2,685 won at closing. Such discouraging moves of the price seem to reflec

Feb 4, 2021By Anna J. Park
Hanwha's Dunamu equity acquisition gets chilling reaction
Economy

CEOs of Shinhan, Woori face punishment over fund fiasco

Woori Financial Group Chairman Son Tae-seung, left, and Shinhan Bank CEO Jin Ok-dong / Courtesy of each firmBy Lee Min-hyungThe leaders of Woori Financial Group and Shinhan Bank are facing a serious problem as they could receive harsh punishments for their role in the mishandling of fund sales last year. This is raising concern that a final decision by the state regulatory agency may end their plans to extend their terms.The Financial Supervisory Service (FSS) said Thursday that it had sent prior notice of tough sanctions to Woori Financial Group Chairman Son Tae-seung and Shinhan Bank CEO Jin Ok-dong ahead of its sanctions committee meeting slated for Feb. 25.The FSS is holding them responsible for poor supervision of the lenders' sales of troubled funds linked to Lime Asset Management. Woori “sold” Lime funds worth 357.7 billion won, while those from Shinhan reached 276.9 billion won.Both leaders received the notification that their punishment would be heavy in consideration of the gravity of the incident ― the FSS is known to be going to suspend Son and reprimand Jin.

Feb 4, 2021By Lee Min-hyung
CEOs of Shinhan, Woori face punishment over fund fiasco
Economy

Gov't unveils massive home supply plan to curb prices

Apartment buildings in Seoul / YonhapThe South Korean government said Thursday it will ease building regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years.The latest housing policy focuses on increasing the home supply in the Seoul metropolitan area and other major cities to stabilize the heated real estate market, in what could be a drastic shift from imposing a series of tougher regulations.The Ministry of Land, Infrastructure and Transport said the supply plan is aimed at providing affordable housing in big cities, which are convenient to live in thanks to their proximity to jobs, and quelling concerns among potential first-time buyers. "Housing demand increased amid low interest rates and ample liquidity, coupled with rise in household income and single-person households," Land Minister Byun Chang-heum said in an online briefing. "Despite a series of supply plans, more properties are needed to ease people's concerns. Massive supply plans are especially needed in big cities like Seoul, w

Feb 4, 2021
Gov't unveils massive home supply plan to curb prices
Economy

Korea to extend short-selling ban until May 2

Financial Services Commission Chairman Eun Sung-soo, speaks during a press briefing at the Seoul Government Complex in Gwanghwamun, Wednesday. Yonhap'Outright abolishment not an option given foreign, institutional investors make up 80% of the market'By Lee Kyung-min The Financial Services Commission (FSC) said Wednesday that it will extend a ban on short-selling until May 2, 90 days longer than its scheduled expiration date of March 15. The move is seen as a much-rushed measure designed to placate retail investors seeking collective action to vote in non-ruling party figures in the upcoming April mayoral by-election. Starting May 3, short-selling will be allowed for shares of the top 200 companies on the benchmark KOSPI and those of the top 150 firms on the secondary Kosdaq. They account for a respective 22 percent of 917 KOSPI-listed companies and 10 percent of 1,470 KOSDQ-listed ones. Shares of other less frequently traded companies will be permanently banned for short-selling. The financial regulator made it clear that an outright abolishment demanded by many retail investors was

Feb 3, 2021By Lee Kyung-min
Korea to extend short-selling ban until May 2
Economy

Hana Financial under fire over anti-green biz

Hana Financial Group Chairman Kim Jung-tai Korea Times fileHana Bank's W200 bil. coal investment in Indonesia violates IFC's green principles By Lee Kyung-min Hana Financial Group is coming under mounting criticism for making a hefty investment in coal power plants in Indonesia, financed by its flagship affiliate, Hana Bank. Hana is the only one among Korea's top five financial groups that has yet to renounce investing in fossil fuels.According to Solutions for Our Climate, a Seoul-based climate change advocacy group, Recourse, its Amsterdam-based non-profit peer organization (NGO), filed a petition with International Financial Corp. (IFC), claiming the Korean lender violated the Green Equity Approach (GEA), a key IFC principle of green investments. The GEA calls for financial services firms to outline a low-carbon initiative in return for IFC investments, with the long-term goal of reducing coal-related assets to zero by 2030. The petition was to contest a 200 billion won ($179 million) investment made through the lender's Singapore and Indonesian subsidiaries to finance the Jawa 9

Feb 3, 2021By Lee Kyung-min
Hana Financial under fire over anti-green biz
Economy

Cyworld new owner's plan for cryptocurrency business causes concerns

Seen above is the entrance of an empty office of Cyworld in Seoul on June 4. The company has suspended its once-dominant social media service since October 2019 amid worsening financial conditions. YonhapBy Lee Min-hyungWith Cyworld set to resume its social media service under new management, concerns are growing that the new management may seek “speculative” profits by issuing a new cryptocurrency and repeat its past mistakes.Cyworld Z, which recently took over the once most popular social media site here back in the 2000s, recently shared the plan to list its Ethereum-based cryptocurrency on one of the nation's big three exchanges soon.But investors are urged to remain wary of the newly issued virtual asset amid concerns that Cyworld Z may also end up following its predecessor which also issued and sold a cryptocurrency called Cling in 2019.Earlier, Cyworld attracted capital worth 484 million won during the initial exchange offering of Cling. But its value nose dived by more than 96 percent within about five months of its listing in May, 2019.The firm's financial condit

Feb 3, 2021By Lee Min-hyung
Cyworld new owner's plan for cryptocurrency business causes concerns
Economy

Toss Securities targets millennial investors

Toss Securities CEO Park Jae-min speaks during an online press conference broadcast through YouTube Wednesday. / Courtesy of Toss SecuritiesBy Anna J. ParkToss Securities, the first brokerage to open in Korea in 12 years, will be making its debut later this month. The securities firm is aiming to target millennial investors by including functions on its mobile trading system (MTS) that are easier to use than existing ones.“Toss Securities intends to advance the stagnant mobile trading market, as it suggests a new mobile-centric investment model,” Park Jae-min, CEO of Toss Securities, said during an online press conference Wednesday.The CEO explained that most MTS applications offer too many functions, making it harder for novice investors to use them. “Toss Securities' applications plans provide trading systems with easy, safe and comfortable access,” the CEO added. Toss' MTS application, which was demonstrated during the conference, helps retail investors explore company stocks by typing in any search word, such as electronic vehicles or secondary batteries.

Feb 3, 2021By Anna J. Park
Toss Securities targets millennial investors
Economy

ANALYSIS Could GameStop saga happen in Korea?

GameStop logoRetail investors have limited power due to systemic difference in financial market By Lee Kyung-min The U.S. GameStop saga is unlikely to materialize in Korea, due largely to a tighter financial market system where small retail investors have limited influence in spiking up share prices through short-selling, according to market watchers, Wednesday.The much-politicized investment method is widely used by foreign and institutional investors seeking profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.Melvin Capital Management, a New York-based hedge fund that bet against the American consumer electronics and gaming merchandise retailer, lost over half its assets after the shares skyrocketed 2,000 percent in January, driven by organized purchases from small retail investors seeking to dry up short-selling funds. The firm's assets dipped to $8 billion as of January, from $12.5 billion in early 2000. Unfazed by naysayers, the Korea Stockholders Alliance representing some 21,000 stock investors said it would continue &ldquo

Feb 3, 2021By Lee Kyung-min
[ANALYSIS] Could GameStop saga happen in Korea?
  • GameStop shares drop 60% as frenzied rally loses steam
Economy

McKinsey expects Korea to normalize in Q2 next year

McKinsey & Company Managing Partner for Korea Andre Andonian speaks during a press conference at his company in Seoul, Monday. / Courtesy of McKinsey & CompanyAndonian concerned about lingering Seoul-Tokyo trade warBy Park Jae-hyukThe Korean economy is unlikely to climb back to pre-pandemic levels until the second quarter of 2022, despite the government's ambitious plan to achieve a return to normal during the first half of this year, according to McKinsey & Company's managing partner for Korea.Andre Andonian, who became the new head of the global management consulting firm's Seoul office earlier this year, said in a recent press conference that there is little likelihood of a simple U-shaped recovery at this moment, so an economic recovery will take a bit longer.“The emergence of new virus strains and the slower start of the vaccine rollout may pose additional risks,” he told reporters at his company, Monday.Last December, Deputy Prime Minister and Finance Minister Hong Nam-ki said the government would ensure a full economic recovery from the coronavirus cris

Feb 3, 2021By Park Jae-hyuk
McKinsey expects Korea to normalize in Q2 next year
Economy

GameStop shares drop 60% as frenzied rally loses steam

GameStop stock graph is seen in front of the company's logo in this illustration taken Feb. 2, 2021. ReutersGameStop shares plunged 60% Tuesday in a further reversal of the recent blockbuster gains that grabbed people's attention far beyond Wall Street. The video game retailer's stock shot up an eye-popping 1,600% in January following a social-media led campaign to boost the price at the expense of big Wall Street funds who were betting on a decline. The dramatic increase, with little connection to investing fundamentals, spurred warnings that things could turn around just as quickly. GameStop shares fell $135 to $90. The 60% drop was the worst yet for the stock and follows a 31% decline a day earlier. The stock had risen as high as $483 last Thursday, far above the $17 it fetched at the beginning of the year. The sudden swoon this week could dash some investors' hopes of cashing in big. ``These things can last longer than people expect, but when they unwind, they can unwind pretty fast,'' said Ross Mayfield, investment strategist at Baird. ``When it's complete speculation mania and

Feb 3, 2021
GameStop shares drop 60% as frenzied rally loses steam
  • ANALYSIS Could GameStop saga happen in Korea?
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