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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

Brexit deal relieves global stock markets

GettyimagesbankPound sterling strengthens amid lifted investment sentiment on final deal on BrexitBy Anna J. ParkAs news of the United Kingdom and the European Union finally reaching a post-Brexit trade deal broke Christmas Eve, global stock markets responded with signs of relief.With the UK government and the EU finally seeing eye-to-eye on how to apply new trade rules before the expiration of the transition period, U.S. stock markets reacted with a slightly lifted investment sentiment. Celebrating the Christmas holidays, the markets ended a few hours earlier than usual ― 1 p.m. Eastern time ― with the Nasdaq closing up 0.26 percent, the S&P 500 up 0.35 percent and the Dow Jones, 0.23 percent. The moves came despite the continually soaring numbers of confirmed patients and deaths due to COVID-19 there.Hours before the news of the deal hitting the media, the UK's FTSE 250 index also closed at a 10-month high on positive expectations, up 1.15 percent in the Christmas Eve trading session. With the Brexit trade deal being finalized ― the UK will maintain zero-tariff status with Euro

Dec 25, 2020By Anna J. Park
Brexit deal relieves global stock markets
  • EU and Britain seal post-Brexit trade deal
  • Does Brexit free Europe to seek closer union?
Economy

Chinese-owned firms continue to hurt Korean stock investors

LIS headquarters in Anyang, Gyeonggi Province / Courtesy of LISBy Park Jae-hyukLIS, a Kosdaq-listed laser equipment and face mask machine maker, has become the latest example of a Chinese-owned company in Korea causing severe damage to local investors as a result of poor management.On Wednesday, the small manufacturer abruptly withdrew its Dec. 16 announcement of a $900 million contract to supply KF94 face masks to Thailand's Double A Group. This came a day after the pulp and paper manufacturer's Korean subsidiary denied this deal.Following the withdrawal, the LIS share price, which peaked at 13,550 won ($12), the day of the announcement, plunged 26.3 percent during the trading session. Its share price closed at 6,050 won the following day, down 23.99 percent from the previous session's closing price.LIS apologized to its shareholders, admitting it did not sign an agreement with Double A.Given several Chinese-owned firms were previously delisted from the Seoul bourse for alleged accounting fraud and false financial statements, local retail investors attributed this unusual incident t

Dec 25, 2020By Park Jae-hyuk
Chinese-owned firms continue to hurt Korean stock investors
Economy

Bank of Korea to keep monetary easing in 2021 to support economic recovery

Bank of Korea headquarters in Seoul. YonhapThe Bank of Korea (BOK) said Friday it will maintain an accommodative monetary policy next year to help the nation's economic recovery from the pandemic, but it will closely watch the side-effects of monetary easing. "Under the direction of its monetary policy in 2021, the Bank of Korea will maintain the easing stance of its monetary policy to support the recovery in growth and to ensure the rise in consumer prices will be stabilized at around the target level," the BOK said in a statement. Next year, the BOK said it will "effectively" operate its loan program to support small- and medium-sized firms hit by the pandemic. The BOK will also take its "market stabilization measures" in foreign exchange and financial markets in a timely manner, while seeking to sign currency swap deals with central banks of other countries, according to the statement.The global economy is expected to show a "modest recovery" next year, helped by progress in vaccine developments and stimulus measures by advanced economies, the BOK said. South Korea's economy is li

Dec 25, 2020
Bank of Korea to keep monetary easing in 2021 to support economic recovery
Economy

2021: COVID-19 still pivotal to growth, policies and sector performance

JPMorgan Asset Management Asia Chief Market Strategist Tai Hui By Tai Hui The year 2020 has been an exceptional one, largely due to the onset of the COVID-19 pandemic and the resulting global economic fallout. Central banks and governments reacted quickly and aggressively, devising strategies as they learnt more about the virus.These policies have helped markets recover from one of the sharpest bear markets in modern history. Still, they have also created challenges for investors going forward.As we look forward to 2021, not only are we hoping for a better year with a gradual return to some normality, but we are also contemplating the investment advice that would be appropriate for such an unusual economic and policy environment. In the spirit of our weekly publication, “On the minds of investors,” we address nine questions that our clients are asking, or should be asking, regarding 2021.What will economic recovery in 2021 look like? Is inflation a problem? Are we li

Dec 25, 2020By Lee Kyung-min
2021: COVID-19 still pivotal to growth, policies and sector performance
Economy

Active ETF to thrive in Korea?

GettyimagesbankBy Anna J. ParkKorea's very first stock-based active exchange-traded fund (ETF) operated by human fund managers made its listing at the benchmark KOSPI market on Thursday. Samsung Asset Management's KODEX K-Innovation Active ETF is a hybrid of passive ETF and active fund products; 70 percent of its assets follow indices ― just as passive ETF products do ― while 30 percent of its investment items are freely picked up by fund managers.According to Samsung Asset Management, the ETF invests 70 percent of its asset by tracking FnGuide's K-innovation index, and the remaining 30 percent is invested in dozens of stock items selected by its research center and fund managers. “The company hopes our ETF product becomes a forerunner in the nation's active ETF market,” an official from the firm said.Unlike the U.S. where active ETF products are enjoying huge popularity and high profit returns, Korea is still very much unfamiliar with the financial products due to many layers of regulations that existed until recently. While bonds-based active ETFs began to be allowed in

Dec 24, 2020By Anna J. Park
Active ETF to thrive in Korea?
Economy

Bank of Korea to expand purchase of bonds for companies with low credit

Min Jwa-hong, center, director general at the Bank of Korea's financial stability department, speaks during an online press conference at its headquarters in Seoul, Thursday. Courtesy of Bank of KoreaBy Lee Min-hyungThe Bank of Korea (BOK) decided Thursday to extend its financing to a special purpose vehicle (SPV) for another six months to July 2021, a move to relieve companies with low credit from a liquidity squeeze induced by the prolonged coronavirus pandemic.The central bank set up the SPV in July 2020 with the Korean Development Bank (KDB) and the Ministry of Economy and Finance. The central bank provided loans worth 1.78 trillion won for the SPV to purchase commercial papers and corporate bonds and help companies tackle the virus shock.Under the latest decision by the BOK's monetary policy board, the SPV will increase the portion of its purchase for low-credit bonds rated as A to BBB from the previous 70 percent to 75 percent. It also cut down the purchase of AA-rated bonds to 25 percent from the earlier 30 percent.The authorities said in a joint statement that the move is aim

Dec 24, 2020By Lee Min-hyung
Bank of Korea to expand purchase of bonds for companies with low credit
Economy

KOSPI surpasses 2,800 mark

A dealer passes a monitor at Hana Bank's headquarters in central Seoul, Thursday, after the benchmark KOSPI surpassed the 2,800 mark for the first time, closing at an all-time high of 2,806.86, up 1.7 percent from the previous day's close. The rally was backed by Korea securing additional COVID-19 vaccine supply deals. / Yonhap

Dec 24, 2020By Kim Bo-eun
KOSPI surpasses 2,800 mark
Economy

South Korean stocks break 2,800 ceiling on vaccine deals

KOSPI index on a rising curve is shown on traded stocks display at a dealing room in Hana Bank's main branch in Seoul's Jung District, Thursday. YonhapSouth Korean stocks broke the 2,800 mark for the first time Thursday to close at an all-time high, as the country's additional deals to purchase COVID-19 vaccines boosted hopes for a faster-than-expected economic recovery. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.04 points, or 1.7 percent, to close at 2,806.86.Trading volume was moderate at about 1 billion shares worth some 20 trillion won (US$18.1 billion), with gainers outnumbering losers 593 to 246.Foreigners bought a net 111 billion won, while retail investors sold a net 750 billion won. Institutions purchased a net 631 billion won.The key index started off firm after Prime Minister Chung Sye-kyun said the country signed deals to buy COVID-19 vaccines from U.S. pharmaceutical giant Pfizer and Johnson & Johnson's Janssen.South Korea struck a deal for AstraZeneca's COVID-19 vaccine last month.The government plans

Dec 24, 2020
South Korean stocks break 2,800 ceiling on vaccine deals
  • Opposition lashes out at Cheong Wa Dae's reassurance of vaccine readiness
  • Korea shows little progress in vaccine development
  • Seoul on alert over new COVID variant from UK
  • South Korea signs deals to purchase vaccines from Janssen, Pfizer
  • New virus cases under 1,000, tougher distancing rules in place
  • Where are we with COVID-19 treatments, vaccines?
  • Government struggling to quell outcry over late, insufficient vaccine procurement
Economy

Celltrion to boycott JPMorgan healthcare conference

Celltrion Chairman Seo Jung-jin, left, and JPMorgan Chase & Co. CEO Jamie Dimon / Korea Times fileUS investment bank also loses pension fund's trustBy Park Jae-hyukCelltrion has decided not to attend JPMorgan Chase & Co.'s annual healthcare conference scheduled for next month, after coming into conflict with the U.S. investment bank over a series of recent controversial reports accentuating its negative outlook for the Korean pharmaceutical firmOn Thursday, Celltrion said it recently informed the host of its decision. The company added it will instead focus on the development of its COVID-19 treatment. Celltrion completed Phase 2 trials for its CT-P59 antibody treatment last month and will likely ask the health authorities for conditional approval for use before the end of the year.“Our company's top priority at this moment is the development of CT-P59,” a Celltrion spokesman said. “We have no time to spare to attend the conference.”The decision came as a “surprise” to many in the industry as the world's largest healthcare investment sympos

Dec 24, 2020By Park Jae-hyuk
Celltrion to boycott JPMorgan healthcare conference
Economy

Moody's, S&P still doubt future of Korean Air, Asiana

Korean Air and Asiana Airlines planes are parked at Incheon International Airport, Dec. 8. / YonhapBy Park Jae-hyukCredit rating agencies here and overseas are still maintaining a cautious stance regarding their ratings for Korean Air and its affiliates, saying there remain uncertainties over the air carrier's owner Hanjin Group's plan to acquire Asiana Airlines.Moody's Investors Service said Thursday its review for upgrading Hanjin International's ratings will focus on the completion of Korean Air's proposed equity issuance scheduled for March next year, the progress in its proposed acquisition of Asiana and the company's plans to address the near-term debt maturities.The U.S. rating agency began to consider upgrading the credit rating of the wholly owned Korean Air subsidiary which manages the Wilshire Grand Center building in Los Angeles, after the announcement of the historic aviation deal last month.“The review for upgrade reflects our expectation that the proposed acquisition, if completed, will significantly improve Korean Air's scale and competitive position,” Moo

Dec 24, 2020By Park Jae-hyuk
Moody's, S&P still doubt future of Korean Air, Asiana
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