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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

Carbon-aware policies to take shape

gettyimagesbankBy Lee Kyung-min The government will commission a study to gauge how much economic policies would contribute to its zero-carbon drive, in an early step to reduce carbon emissions to zero by 2050.The Ministry of Economy and Finance said Sunday that a feasibility study would be initiated as early as 2021, mostly on how to measure, deter and manage greenhouse emissions.The approach is part of a carbon-neutral policy initiative outlined by President Moon Jae-in who declared Oct. 28 that Korea would seek to reduce greenhouses gas emissions to net zero by 2050.This will materialize through 8 trillion won ($7.1 billion) in government spending on its Green New Deal, a key part of the Korean New Deal, defined by a five-year investment of 160 trillion won.This is to reduce reliance on coal, the largest source of energy for Korea's key industries. According to ministry data, coal accounted for 40.4 percent of the country's energy sources as of 2019, followed by nuclear power (25.9 percent) and liquefied natural gas (25.6 percent).The ministry's plan follows a similar bill propose

Dec 13, 2020By Lee Kyung-min
Carbon-aware policies to take shape
  • LG Chem to purchase renewable energy from China for carbon neutrality
Economy

Foreign professionals leaving Korea due to hefty taxes

gettyimagesbankGreater tax incentives needed to attract more skilled foreignersBy Lee Kyung-min A growing number of foreign professionals are leaving Korea due to hefty taxes on their income and capital gains, which are much higher than in Hong Kong or Singapore.Heavy taxation aside, frequent policy changes and arbitrary implementation of tax codes are among many reasons why foreigners find Korea increasingly unattractive to work.The failure to draw and retain competitive foreign human resources adds to the country's “brain drain” concerns, a decades-long problem in high-tech, research-intensive sectors where success is determined by a highly educated workforce. “Many top executive and foreign employees should make a significant decision after staying here for five years,” American Chamber of Commerce in Korea (AMCHAM) Chairman and CEO James Kim told The Korea Times.The tax rate on earned income for foreigners stays at 19 percent for the first five years of employment here, a form of tax incentive put in place to attract skilled foreigners.If they are under co

Dec 11, 2020By Lee Kyung-min
Foreign professionals leaving Korea due to hefty taxes
Economy

Kim & Chang, Mirae Asset may turn to allies from enemies

HDC considers hiring top-tier law firm to fight Kumho, AsianaBy Park Jae-hyukThe saying, “Yesterday's enemy is today's friend,” could be an appropriate way to describe the recent relationship between Kim & Chang and Mirae Asset Daewoo.The two were on opposite sides when the former represented China's Anbang Insurance Group in its legal dispute with Mirae Asset subsidiaries over a disrupted $5.8 billion deal for 15 luxury hotels in the United States, a battle which virtually ended in the victory of the Korean financial firm earlier this month.However, the nation's leading law firm is now mentioned as a potential legal counsel of a consortium with HDC Hyundai Development Company and Mirae Asset Daewoo in its lawsuit against Kumho E&C and Asiana Airlines over a 251.5 billion won ($231 million) deposit paid before the rupture of the takeover bid for the air carrier.According to media reports and industry sources, Thursday, HDC will soon hire its legal counsel through a public tender to counteract the litigation filed by Kumho and Asiana in November.The firm has reques

Dec 10, 2020By Park Jae-hyuk
Kim & Chang, Mirae Asset may turn to allies from enemies
Economy

Korean business owners concerned about expanded union powers

The Environment and Labor Committee is in session at the National Assembly on Yeouido, Seoul, Dec. 1. Korea Times fileBy Lee Kyung-minKorea is expected to see growing labor influence, after a standing committee passed a bill that will allow expanded membership of a company union to include dismissed workers as well as those not employed by the firm. The bill also extends legal recognition for the Korea Teachers' and Education Workers' Union (KTU), a group of left-leaning educators outlawed in 2013 for including nine dismissed teachers in its membership.The National Assembly Environment and Labor Committee passed a bill, Wednesday, revised after combining bills submitted by the government in June and ones proposed by ruling and opposition lawmakers.Most of the government-pushed revisions were put through. In addition to the revision granting union membership to dismissed workers or non-employees, firms must also give a monthly paycheck to the union members whose job description only concerns union work and not company work.Specifics outlined and finalized following a collective bargai

Dec 10, 2020By Lee Kyung-min
Korean business owners concerned about expanded union powers
Economy

JPMorgan remains skeptical about Celltrion

JPMorgan's headquarters in New York. / AFP-YonhapBy Park Jae-hyukJPMorgan has enraged Celltrion shareholders again with another report accentuating its negative outlook for Korea's leading pharmaceutical company.Retail investors suspect JPMorgan is trying to pull down Celltrion's stock price to cover its losses from a massive amount of short selling before the financial authority imposed a temporary ban on the controversial investment method. Short selling is essentially a bet on a stock-price drop.The U.S. investment bank identified Celltrion and Celltrion Healthcare as two of four stocks to avoid in its latest report that forecast the benchmark KOSPI index would hit 3,200 by the end of next year.“We are cautious on stocks with overstretched valuations ― Celltrion and Celltrion Healthcare,” JPMorgan said in the report.It set its target for Celltrion ordinary shares at 210,000 won and for Celltrion Healthcare at 78,000 won, almost half their current prices. After publication of the report, Tuesday, the stock prices of Celltrion affiliates dropped significantly. On Wednesd

Dec 9, 2020By Park Jae-hyuk
JPMorgan remains skeptical about Celltrion
Economy

Contribution Innovation procurement, a robust stepping stone for growth

Public Procurement Service Administrator Kim Chung-wooBy Kim Chung-woo In the era of digitization and the Fourth Industrial Revolution which usher in new values created by technological convergence, we are constantly nudged to replace the old and familiar with a totally different paradigm as a new economic engine. Thus, attention is now increasingly revolving around innovative solutions. Economic players including the government, businesses and the public are all seeking out fitful solutions to adapt to the new economic system in which boundaries between online and offline are vague. So, in that sense, public procurement furnished with inventive solutions is becoming ever more significant, in that it can bolster the industry fueled by innovative ideas and technologies by making strategic use of the government's purchasing power, and it can also encourage technological novelty to lead the rapidly transforming economy. Riding this trend, the Public Procurement Service (PPS) has been committed to policies of innovation procurement, as a bridge between supply and demand in the area for m

Dec 8, 2020By Lee Kyung-min
[Contribution] Innovation procurement, a robust stepping stone for growth
Economy

Will Korean stock markets continue rally throughout next year?

A monitor located in the lobby of the Seoul office building of the Korea Exchange (KRX) shows the KOSPI's closing price of 2,700.93, Tuesday. / Courtesy of KRX AAADespite diverged views, market watchers generally have positive outlook on stock marketsBy Anna J. ParkDespite a resurging number of COVID-19 patients, the country's stock markets continued their strong rallies in recent trading sessions. The KOSPI kept breaking its record highs for five consecutive days, reaching 2,745.44 points at Monday's closing. However, the five-day winning streak by Korea's benchmark index ended on Tuesday, as the stock market fell to 2,700.93 at its closing, down by 1.62 percent from the previous session. The tech-heavy Kosdaq also shrank to 906.84 points at Monday's closing, a fall by 2.16 percent from Monday's closing, which wrapped up an eight-day winning streak at the Kosdaq. The won-dollar exchange, meanwhile, stood at 1,085.4, up by 3.3 won from the previous session. Tuesday's fall is attributed to net selling worth 845.7 billion won ($778 million) by foreign investors and 270.2 billion won by

Dec 8, 2020By Anna J. Park
Will Korean stock markets continue rally throughout next year?
Economy

US investment bank Jefferies chooses KB over Mirae Asset

Jefferies Group headquarters in New York / Courtesy of Jefferies GroupBy Park Jae-hyukJefferies Group has selected KB Securities as its new Korean partner this week, ending its seven-year alliance with Mirae Asset Daewoo.Market insiders are paying keen attention to the U.S. investment bank's latest decision, expecting that competition will heat up between the two Korean securities firms in the Asian investment banking industry.According to the brokerage arm of KB Financial Group, Monday, Jefferies will distribute equity research on Korean companies produced by KB Securities to its global clients, under their latest arrangement establishing a co-brand alliance for equity research, sales and trading. KB Securities will also provide local equity brokerage services to Jefferies and its international clients.In addition, they plan to host various events for their clients, such as conferences overseas and non-deal roadshows.KB Securities said it will enhance its competitiveness in the global market by improving its sales and trading processes and utilizing the global networks and platforms

Dec 8, 2020By Park Jae-hyuk
US investment bank Jefferies chooses KB over Mirae Asset
Economy

Korea considers joining CPTPP to expand its free trade network: Moon

President Moon Jae-in speaks during the 57th Trade Day ceremony at the COEX convention center in southern Seoul, Tuesday. YonhapPresident Moon Jae-in said Tuesday that South Korea is considering becoming a member of a major Asia-Pacific free trade agreement, known as the CPTPP, as part of efforts to diversify its export market.He also stressed the need to build up the strength of the country's trade in preparation for the post-coronavirus era, addressing a 57th Trade Day ceremony."Diversifying the market is a task that (we) should achieve," he said during the event held at the COEX convention center in southern Seoul. "(The government) will continue to review joining the CPTPP."He was referring to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade agreement (FTA) involving 11 nations. It's a renegotiated version of the Trans-Pacific Partnership (TPP) led by the Obama administration but abandoned by President Donald Trump. The U.S. may join the CPTPP under the upcoming Biden leadership.It's the first time that Moon has talked in public about the po

Dec 8, 2020
Korea considers joining CPTPP to expand its free trade network: Moon
Economy

219 Korean firms seek to enter global procurement market

A TV screen shows Public Procurement Service (PPS) Administrator Kim Chung-woo speak at the beginning of a public procurement fair held online, Nov. 23. Courtesy of PPSPublic Procurement Service (PPS) Administrator Kim Chung-wooBy Lee Kyung-min Over 200 Korean firms sought procurement opportunities around the world at a public procurement fair held online, organizers of the event said Monday.Local manufacturers of personal protective equipment (PPE) including facial masks were able to give presentations about their firms and their products with the authorities from bodies such as the United Nations (U.N.) and World Health Organization (WHO) as well as interested parties from the U.S., Canada and Ethiopia.Apart from virus containment-related products, the demand for which have soared amid the COVID-19 pandemic, other items presented included construction equipment needed for road safety, electronic goods needed for live broadcasting and malaria treatment.Among the participants were the U.S. General Services Administration (GSA), an independent agency that helps manage and support the

Dec 7, 2020By Lee Kyung-min
219 Korean firms seek to enter global procurement market
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