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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

Bitcoin investment gaining traction

gettyimagesbank By Lee Kyung-min Bitcoin has quadrupled in value over the past year, increasingly emerging as a new vehicle of investment on the back of continued global uncertainty concerning the COVID-19 pandemic and volatile oil prices.The uptrend is driven in part by institutional investors seeking to diversify their asset portfolios, a robust move sustained by individual retail investors who believe the digital currency would not be embraced by the large group of global market participants known to prioritize long-term stability over short-term profit unless they have a solid earnings prospect.The year-long price spike in the once-frowned-upon method of investment is considered largely a vindication by many investors long criticized for engaging in digital transactions that some deem unsafe, akin to gambling and even morally questionable.Yet still dominant are critical voices that cast doubts over the legitimacy of the digital currency claiming it is not a

Dec 31, 2020By Lee Kyung-min
Bitcoin investment gaining traction
Economy

Bank of Korea to continue monetary easing amid fears of K-shaped recovery

Bank of Korea Governor Lee Ju-yeol speaks during a year-end online press conference at its headquarters in Seoul on Dec. 17. YonhapBy Lee Min-hyungBank of Korea (BOK) Governor Lee Ju-yeol has reiterated its position to maintain monetary easing in 2021, amid fears the economy could undergo a “K-shaped recovery."“The economy is forecast to be on track for a gradual recovery, but as uncertainties remain in place, the central bank will keep the accommodative monetary drive until the economy gets back on the stable recovery path,” Lee said in a New Year address, Thursday.Responding to the economic shock and social impacts of COVID-19 and addressing the country's financing challenges, the country's central bank slashed its benchmark policy rate to a record low of 0.5 percent. With the U.S. Federal Reserve also clarifying its intention to maintain a near-zero interest rate for more years, the BOK is continuing its current rate policy until the coronavirus pandemic ends.The central bank chief said economic polarization would deepen in the aftermath of the virus outbreak.&ld

Dec 31, 2020By Lee Min-hyung
Bank of Korea to continue monetary easing amid fears of K-shaped recovery
Economy

Lina Korea names new CEO

By Lee Min-hyungLina Korea CEO Cho Jee-eunLina Korea's new CEO Cho Jee-eun took office on Thursday as the leader of the Korean unit of the U.S.-based life insurer.Cho served as the former chief operating officer of the company before taking up the post by succeeding Benjamin Hong who led the firm for a decade.“Cho has been recognized for her strong communication skills and leadership, and Lina's U.S. headquarters identified her as the most qualified person for the position at a time when Korea's insurance industry is faced with mounting challenges,” an official from the company said.Lina Korea said Cho has a strong sense of understanding of the firm's insurance business and this will help the company achieve a major leap forward to become a more advanced health service provider here. Cho also has a good command of Korean and English.Benjamin Hong has become a chairman of the firm's board of directors and plans to keep partnering with Cho on the overall management of Lina Korea.Cho moved to Lina Korea in 2011 after ending her career at MetLife Korea. She has since been pro

Dec 31, 2020By Lee Min-hyung
Lina Korea names new CEO
Economy

Korea's consumer prices grow less than 1% for 3rd straight month in December

In this Dec. 7, 2020, file photo, an outdoor shopping street remains vacant amid fears of the coronavirus in Seoul. APSouth Korea's consumer prices grew less than 1 percent for the third straight month in December, data showed Thursday, indicating low inflationary pressure in Asia's fourth-largest economy amid the new coronavirus outbreak.The consumer price index rose 0.5 percent on-year in December, slowing from a 0.6 percent on-year gain the previous month, according to the data by Statistics Korea.It marked the third consecutive month that the on-year growth rate of the consumer inflation stayed in the zero range.Compared with a month earlier, the country's consumer inflation rose 0.2 percent last month, following a 0.1 percent on-month fall in November.For the whole year, the consumer prices grew 0.5 percent on-year, marking the second straight year of the inflation growing less than 1 percent. In 2019, the consumer price index rose 0.4 percent.It marked the first time that the annual inflation grew less than 1 percent for the second consecutive year since the statistics agency b

Dec 31, 2020
Korea's consumer prices grow less than 1% for 3rd straight month in December
Economy

Vaccine delay to take heavy toll on Korean economy

A health worker holds some Pfizer coronavirus vaccines to vaccinate health workers, in Pamplona, northern Spain, Tuesday. AP-YonhapBy Kim Yoo-chulA delay in the initiation of a public vaccination program will end up forcing the Korean economy to contract in 2021 as it will likely drag down consumer spending and business activities, a local think tank said in a report, Wednesday.According to an analysis conducted by the Korea Economic Research Institute (KERI), the country's economy could continue to shrink next year if a prompt rollout of the coronavirus vaccine is delayed. Both the Bank of Korea (BOK) and the Ministry of Economy and Finance have forecast that Asia's fourth-largest economy will shrink 1.1 percent this year.“If the vaccine rollout campaign is delayed until the second quarter of next year, the country's economy will shrink for the second consecutive year,” the KERI said in the report.“Depending on the number of confirmed COVID-19 patients, the economic contraction could be between 2.7 percent and 8.3 percent.”It also expected that the vaccine ro

Dec 30, 2020By Kim Yoo-chul
Vaccine delay to take heavy toll on Korean economy
Economy

Seoul stocks close final session of 2020 at all-time high

A currency trader walks by the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room in Seoul, Tuesday, Dec. 29, 2020. APSouth Korean stocks finished the final session of 2020 with a Santa rally Wednesday, hitting an all-time high for a fourth straight day. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 52.96 points, or 1.88 percent, to close at 2,873.47.Trading volume was high at about 1.1 billion shares worth some 17.7 trillion won (US$16.3 billion), with gainers outnumbering losers 651 to 191.Foreigners bought a net 245 billion won, while retail investors sold a net 492 billion won. Institutions purchased a net 197 billion won.Stocks widened gains after a weak start on profit-taking, helped by strong advances on chips and battery heavyweights. Analysts largely attributed the gains to expectations of speedy recovery from the pandemic next year."The KOSPI rallied despite the absence of concrete events (to influence the markets)," Shinhan Financial Investment analyst Choi Yoo-joon said."Year

Dec 30, 2020
Seoul stocks close final session of 2020 at all-time high
Economy

SK Bioscience grabs investors' attention as next year's No.1 bio IPO

A researcher at SK Bioscience conducts R&D on vaccine development. / Courtesy of SK BioscienceBy Anna J. ParkAs the year 2020 draws to a close, investors are closely eyeing SK Bioscience ― a subsidiary of SK Chemicals focused on developing and manufacturing vaccines and treatments ― as it could be the largest bio initial public offering of next year.Earlier this month, the contract development and manufacturing organization (CDMO) affiliate of SK turned in the necessary documents to the Korea Exchange (KRX) for its upcoming IPO. Normally, it takes the bourse operator two months to give the green-light for a company to go public. Given the usual timeline, SK Bioscience is expected to make its debut on the benchmark KOSPI market during the first half of 2021. Considering the company is one of the most active biopharmaceutical companies in Korea regarding manufacturing and developing various types of vaccines, market watchers say the company's IPO timeline schedule couldn't be better than this.In addition to its SKY Cellflu, SKY Zoster, and SKY Varicella vaccines, SK Bioscience is t

Dec 30, 2020By Anna J. Park
SK Bioscience grabs investors' attention as next year's No.1 bio IPO
Economy

Reporter's Notebook Who really is real winner amid 2020 IPO craze

Gettyimagesbank By Anna J. ParkThe year 2020 has witnessed overheated investor interest in initial public offerings (IPO), setting a number of records.Up until spring, when local stock markets were slowly recovering from the plunge in mid-March due to the COVID-19 outbreak, experts worried that IPOs would not be as lucrative as last year after many companies withdrew or delayed their schedule for going public. The initial rather depressed atmosphere showed signs of turnaround in June with SK Biopharmaceuticals' successful debut on the benchmark KOSPI. Based on historically-low interest rates and ample liquidity amid the pandemic, the stock of the biopharma SK affiliate attracted about 31 trillion won ($28.5 billion) in its subscription process, a record high for an IPO here. But this was just the start of the IPO craze. Kakao Games attracted 58.5 trillion won in September, while Big Hit Entertainment saw 58.4 trillion won in subscriptions the following month. In tot

Dec 30, 2020By Anna J. Park
[Reporter's Notebook] Who really is real winner amid 2020 IPO craze
Economy

Industrial output rises, but consumption falls for 2nd month in November

Pedestrians walk past Christmas lights next to a wall of Gyeongbok Palace in Seoul on Dec. 23, 2020. AFPSouth Korea's industrial output rose in November from a month earlier on improving exports, but consumption declined for the second straight month amid a resurgence in new coronavirus cases, data showed Wednesday.The nation's overall industrial production increased 0.7 percent in November from the previous month, compared with a 0.1 percent on-month fall in October, according to the data compiled by Statistics Korea.Compared with a year earlier, the industrial output fell 0.6 percent in November.Production in the mining, manufacturing, gas and electricity industries gained 0.3 percent on-month, as production of chips and display panels increased, helping the country post robust exports.But retail sales dropped for the second straight month in November as people refrained from visiting offline stores amid tougher virus curbs.Retail sales fell 0.9 percent from a month earlier, compared with a 1 percent on-month decline in October, the data showed. From a year earlier, they fell 1.5 p

Dec 30, 2020
Industrial output rises, but consumption falls for 2nd month in November
Economy

SillaJen in talks with PEFs to issue new shares

SillaJen logoSillaJen aims to raise capital through third-party allocation by early next yearBy Anna J. ParkKorean biopharmaceutical company SillaJen is aiming to attract strategic investors to overcome the firm's current crisis. According to industry sources, negotiations are underway between SillaJen and interested strategic investors, as the firm plans to raise capital by issuing new stocks accounting for around 15 percent of its current shares for third-party allocation. A few pharmaceutical companies and private equity firms (PEFs) are said to have shown interest in becoming the firm's major shareholders by acquiring the new stocks. The company is facing the looming possibility of delisting from the tech-heavy Kosdaq market as its stock trading had been halted since early May this year on the grounds that the firm's former executives were arrested on charges of embezzlement and breach of duty. After months of deliberation, the nation's bourse operator Korea Exchange (KRX) decided at the end of November to give the firm another one-year grace period to improve its management inst

Dec 29, 2020By Anna J. Park
SillaJen in talks with PEFs to issue new shares
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