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  • Economy

    DWS Group bullish on Korea logistics, upbeat on stock market reforms

    DWS Group said Monday that European real estate is expected to deliver annual returns of 9 percent over the next five years, offering fresh investment opportunities for Korean investors despite their recent caution toward alternative assets. Speaking during a press meeting at the International Finance Center in Seoul, officials from the German asset manager noted that European real estate has become increasingly attractive as supply remains tight across major sectors, while demand continues to be supported by structural factors. Clemens Schaefer, global head of real estate for the Asia-Pacific, Europe, Middle East and Africa at DWS Group, said vacancy rates in Europe's residential, logistics and office sectors are significantly lower than those in the U.S. But new supply is expected to remain limited, as high development costs and relatively low expected returns have discouraged developers from launching new projects. The company forecast that European real estate will generate annual returns of 9 percent over the next five years, compared with 7.2 percent for the U.S. and 7 percent for

    2 MIN READBy Lee Yeon-woo
    DWS Group bullish on Korea logistics, upbeat on stock market reforms
  • Economy

    Korea's $519 bil. chip megaproject sparks Kosdaq rally, fails to lift KOSPI

    2 MIN READBy Park Han-sol
    Korea's $519 bil. chip megaproject sparks Kosdaq rally, fails to lift KOSPI
  • Economy

    Korean won tumbles to fresh 17-year low on foreign stock selloff

    1 MIN READBy Yonhap
    Korean won tumbles to fresh 17-year low on foreign stock selloff
  • Economy

    Seoul shares down 2% late Monday morning on tech losses, Iran uncertainty

    1 MIN READBy Yonhap
    Seoul shares down 2% late Monday morning on tech losses, Iran uncertainty
  • Economy

    Korea's ETF market overtakes Kosdaq for 1st time

    2 MIN READBy Lee Yeon-woo
    Korea's ETF market overtakes Kosdaq for 1st time
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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

'Overcoming crisis, inclusive growth will define 2021'

Deputy Prime Minister and Finance Minister Hong Nam-ki speaks during a meeting with senior officials at the Sejong Government Complex, Monday.Finance minister promises real estate market stabilizationBy Lee Kyung-min The COVID-19 pandemic should be weathered through bolstering consumption, investment, exports and job creation ― key objectives that must be pursued and underpinned by thorough containment of the disease, Deputy Prime Minister and Finance Minister Hong Nam-ki said Monday.Greater emphasis will be placed on stabilizing the real estate market, he reiterated, but whether the years-long failed policies for this will yield a tangible result remains to be seen since two-dozen botched measures led to an almost 60 percent rise in apartment prices in Seoul over the past three years. Also to be monitored is whether the plight of “jeonse” tenants increasingly being forced out of their current places of residence without a new place to go, an inevitable result as home owners demand higher jeonse deposits to offset the higher taxes imposed by the government to stem propert

Jan 4, 2021By Lee Kyung-min
'Overcoming crisis, inclusive growth will define 2021'
  • 'Korean economy to show quickest recovery in 2021'
Economy

Hyundai's battery push boosting SK, LG, Dongwha

The heads of Korea's top four conglomerates are seen ahead of a New Year's meeting of business leaders and representatives from various fields, hosted by President Moon Jae-in in Seoul on Jan. 2, 2020. Third from left is SK Group Chairman Chey Tae-won, followed by LG Group chief Koo Kwang-mo, Chung Eui-sun, then executive vice chairman of Hyundai Motor Group, and Samsung Electronics Vice Chairman Lee Jae-yong. YonhapBy Kim Yoo-chulHyundai Motor Group's aggressive push to float an all-new vehicle production platform ― E-GMP ― looks set to boost share prices of Samsung SDI, SK Innovation (SKI) and LG Chem as the country's top-three battery producers are set to supply each of their tailored products for the vehicle.According to local reports, Samsung SDI and SKI could be chosen as the primary battery suppliers for Hyundai's dedicated electric vehicle E-GMP platform. If the deal is completed, then this would mark the opening of the “strategic collaboration” between Hyundai Motor Group and Samsung in the futuristic EV business.Samsung SDI ended with 671,000 won, up 6.85 percen

Jan 4, 2021By Kim Yoo-chul
Hyundai's battery push boosting SK, LG, Dongwha
Economy

KOSPI topping 2,900 for 1st time

Dealers at Hana Bank work in a dealing room at the bank's headquarters in Seoul, Monday when the benchmark KOSPI closed at an all-time high of 2,944.45 points, up 2.47 percent from the previous trading day. Korea Times photo by Shim Hyun-chul

Jan 4, 2021By Lee Min-hyung
KOSPI topping 2,900 for 1st time
Economy

Seoul stocks at another record high; index inching closer to 3,000 points

Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index and the foreign exchange rate between U.S. dollar and Korean won at the head office of Hana Bank in Seoul, Monday. Korea Times photo by Shim Hyun-chulAfter finishing 2020 with a stellar 30.75 percent gain, South Korean stocks pierced the 2,900-point mark for the first time on Monday, backed by hopes of a quick recovery from the pandemic. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 70.98 points, or 2.47 percent, to close at 2,944.45, extending its winning streak to a sixth day.Trading volume was high at about 1 billion shares worth some 24.7 trillion won (US$22.8 billion), the most ever, with gainers outnumbering losers 500 to 376.Individuals bought a net 1 trillion won, while institutions sold a net 1.2 trillion won. Foreigners purchased a net 90 billion won."Today's session rallied particularly on strong retail buying and expectations of further stock price hikes," Hana Financial Investment analyst Lee Young-gon said.Sev

Jan 4, 2021
Seoul stocks at another record high; index inching closer to 3,000 points
Economy

'Korean economy to show quickest recovery in 2021'

gettyimagesbankBetter virus containment, strong demand for IT goods to bolster growthJeremy Zook, Asia Sovereign Ratings Director at Fitch RatingsBy Lee Kyung-min The Korean economy is expected to recover much faster than those of many advanced countries in 2021, due to its fast response to the COVID-19 pandemic and the solid demand for information technology goods as businesses increasingly go contactless, according to global economists. They point out that the coronavirus will pose a serious threat to Korea's export-reliant economy, but it will rebound to its pre-pandemic level faster compared to global peers reeling from the fallout from poor disease containment measures.These are views shared among global economic experts The Korea Times interviewed to see how the economic landscape is expected to unfold in the coming year.On the bright side, the adoption of disruptive technologies, in their view, may mitigate the longstanding downside risk of rapid population aging amid a low birthrate, an inevitable trend many advanced economies are grappling with and becoming more accepting of

Jan 4, 2021By Lee Kyung-min
'Korean economy to show quickest recovery in 2021'
  • 'Overcoming crisis, inclusive growth will define 2021'
Economy

Questions remain over KDB Life normalization

KDB Life Insurance headquarters in Seoul / Courtesy of KDB Life Insurance By Park Jae-hyukJC Partners is facing questions over its ability to normalize KDB Life Insurance, after the local private equity firm (PEF) signed a share purchase agreement with Korea Development Bank (KDB) last Thursday to buy the life insurer.KDB said JC Partners agreed to take over a 92.7 percent stake in KDB Life for 200 billion won ($184 million) and inject 150 billion won into the insurer to issue new shares. The PEF has reportedly sought to inject an additional 200 billion won, but this was not stated in KDB's press release.According to industry sources, JC Partners has attracted 100 billion won from Woori Bank and another 100 billion won from KDB to complete the deal.Some market observers said the PEF will face difficulties in repaying the 200 billion won debt because its initial plan to transform KDB Life into a “co-insurance” company is unclear. Co-insurance is a type of reinsurance

Jan 4, 2021By Park Jae-hyuk
Questions remain over KDB Life normalization
Economy

Bithumb's valuation soars amid bitcoin craze

Bitcoin price information is displayed on a mobile phone held up in front of Bithumb Korea's headquarters in Seoul, Dec. 27. / YonhapBy Park Jae-hyukThe recent dramatic hike in the bitcoin price appears to have raised the valuation of Bithumb Korea, whose largest shareholder is attempting to sell its controlling stake on the local equity market, according to industry officials, Sunday.Bithumb Holdings, which owns the largest stake in the nation's top cryptocurrency exchange's operator, has been looking for a potential buyer since August last year, after it hired Samjong KPMG as the underwriter. Bithumb Korea was once valued at around 500 billion won ($460 million).Blockchain industry officials said the months-long cryptocurrency price rally helped Bithumb Korea's valuation see a steep rise of at least billions of won.According to its regulatory filing, Bithumb Korea owned 27 types of cryptocurrencies as of December 2019. They were collectively priced at around 17.4 billion won at that time as bitcoin and ethereum had accounted for a collective 54.3 percent of the cryptocurrencies the

Jan 3, 2021By Park Jae-hyuk
Bithumb's valuation soars amid bitcoin craze
Economy

Bitcoin passes $30,000 for the first time

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken on Nov. 19, 2020. ReutersBitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time, according to data compiled by the Bloomberg news agency.The first decentralized cryptocurrency passed $30,823.30 at 1313 GMT, after breaking $20,000 on Dec. 16. (AFP)

Jan 2, 2021
Bitcoin passes $30,000 for the first time
Economy

FSS head vows tighter rules for PEFs in 2021

Yoon Suk-heunBy Lee Kyung-minPrivate equity funds (PEFs) will be subject to tightened rules this year, as indicated by the New Year speech made by Financial Supervisory Service (FSS) Governor Yoon Suk-heun.The vocal resolve was part of a rebuke against the Financial Services Commission (FSC), the FSS' supervisory organization supposedly in charge of financial market regulations and monitoring as well as implementation and creation of related rules, the key failed functions Yun believes have led to the mis-selling of derivative-linked funds (DLFs) and redemption failures involving hedge funds.The immense investor losses and consumer protection failures will be repeated, he stressed, unless there is a fundamental change in the mindset of financial market participants ― especially those who design and sell the highly structured and complicated products ― who are incentivized and numbed by the reward for selling the possibly highly defective products which far outweighs risk management costs.The year-long fiasco led to around 2 trillion won ($1.8 billion) in investors' losses, with a far

Jan 2, 2021By Lee Kyung-min
FSS head vows tighter rules for PEFs in 2021
Economy

Hanwha, SKC, EcoPro BM set to rise amid Biden era

LG Chem researchers hold an electric vehicle battery module at the company's plant in North Chungcheong Province in this undated file photo. Courtesy of LG Chem By Kim Yoo-chulWith President-elect Joe Biden vowing to take on climate change-related issues, stock market analysts named LG Chem, Hanwha Solution, Samsung SDI, SKC and EcoPro BM as their “top picks” for 2021.A set of Biden's promises include plans to explore green energy, infrastructure projects and detailed suggestions to address environmental racism. Plus, a large portion of his signature “Build Back Better” economic agenda is also closely related to climate-related policies.The United States will re-enter the Paris Climate Agreement under Biden and he will prioritize undoing dozens of environmental regulatory rollbacks put into place by incumbent President Donald Trump via executive orders, according to reports and political analysts.“I would say the hardest part of Biden's green growth policies will be

Jan 1, 2021By Kim Yoo-chul
Hanwha, SKC, EcoPro BM set to rise amid Biden era
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