my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • Policy

    What's left to curb weak won?

    Market attention is increasingly focused on what, if anything, can reverse the won’s slide as the won-dollar exchange rate has remained above the psychologically important 1,500 won level for more than a month despite easing geopolitical tensions, according to industry analysts, Monday. With heavy foreign selling of Korean equities and a stronger U.S. dollar continuing to weigh on the won, concerns are growing that the currency’s weakness may be becoming structural rather than merely reflecting a temporary external shock. The analysts said the key variables that will determine the won’s direction in the second half include whether the pressure of foreign investors’ selling eases, whether the Bank of Korea (BOK) raises its benchmark interest rate and whether an expected influx of U.S. dollars from SK hynix’s $30 billion American depositary receipt (ADR) listing on the Nasdaq next month materializes. The government has also stepped up microlevel measures, including closer monitoring of the offshore non-deliverable forward (NDF) market and illegal foreign exchange transactions. I

    4 MIN READBy Jun Ji-hye
    What's left to curb weak won?
  • Economy

    Tax revenue up 19% in May on higher income, bullish stock market

    1 MIN READBy Yonhap
    Tax revenue up 19% in May on higher income, bullish stock market
  • Economy

    Korean won slides further against US dollar as foreigners continue to sell local stocks

    1 MIN READBy Yonhap
    Korean won slides further against US dollar as foreigners continue to sell local stocks
  • Policy

    Gov't newly designates 3 areas in Gyeonggi as speculative zones

    1 MIN READBy Yonhap
    Gov't newly designates 3 areas in Gyeonggi as speculative zones
  • Economy

    Seoul shares edge up late Tue. morning on Wall Street gains

    1 MIN READBy Yonhap
    Seoul shares edge up late Tue. morning on Wall Street gains
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

Economy

Market expects Hahn & Co. to exit Hanon Systems soon

Hanon Systems factory in Pyeongtaek, Gyeonggi Province / Korea Times photo by Shim Hyun-chulUS firm's takeover considered best-case scenarioBy Park Jae-hyukStock investors are betting more on Hanon Systems with expectation that its largest shareholder Hahn & Company will unload its stake in the near future.Hanon Systems shares closed at 16,550 won, Thursday, up from 11,550 won a month earlier.The stock price hiked after the company was identified as one of the beneficiaries of the government's recent attempts to foster eco-friendly industries through the Green New Deal. Hanon Systems is an eco-friendly auto parts supplier for various carmakers, including Tesla and Volkswagen.Some market analysts, however, attributed a steep rise in the price of the automotive thermal and energy management components to a potential M&A it will likely face soon.“It has been five years since Hahn & Co. and Hankook Tire & Technology took over the company, so there is likelihood of an M&A,” Samsung Securities analyst Lim Eun-young said, raising his target price to 19,000 wo

Dec 4, 2020By Park Jae-hyuk
Market expects Hahn & Co. to exit Hanon Systems soon
Economy

Korea braces for drastic shift in US economic polices

U.S. President-elect Joe Biden speaks during a cabinet announcement event in Wilmington, Delaware, Nov. 24. AFP-YonhapBiden set to adopt more stimulus, tougher regulationsBy Lee Kyung-min Korea should prepare for a drastic shift in U.S. economic policies as President-elect Joe Biden is set to reverse many of the Trump administration's policies by employing more stimulus, tougher regulations and large tax increases, according to experts. They believe that the presidency of Biden, who has vowed to pursue stricter rules to control big tech firms and to fight climate change, can bring both opportunities and challenges for the Korean economy, suggesting that the government and Korean firms keep a close watch on the development of U.S. policies.Korea is expected to have greater room to maneuver over fiscal policy as economic advisers to Biden seek to push for quick stimulus packages amid growing concerns that the world's largest economy is headed for a double-dip recession as early as next year.$2 trillion expected stimulus will spur the economy of not only the U.S. but economies around th

Dec 3, 2020By Lee Kyung-min
Korea braces for drastic shift in US economic polices
Economy

Strongest won in 30 months

An employee stands in front of a monitor set up in the dealing room of the headquarters of Hana Bank, Thursday. The won-dollar exchange rate ended at 1,097 won Thursday, down 3.8 won from the previous day's trading. This is the lowest level in two-and-a-half years since June 15, 2018, as the won strengthens against the dollar amid market expectations on the U.S. government's additional stimulus package spending. / Yonhap

Dec 3, 2020By Anna J. Park
Strongest won in 30 months
Economy

Foreigners granted equal housing tax incentives

Apartment complexes in Seoul. Korea Times fileBy Lee Kyung-min Foreigners with income earned in Korea will be able to seek greater deductions for monthly interest paid on mortgages, a measure that will help reduce housing costs for long-term residents and their families, a ruling party lawmaker said Thursday.This is in line with a previous ruling made by the Tax Tribunal which found that the law not granting foreigners who have lived in Korea for over five years the same benefits granted to Koreans undermines principles of equality, a decision that essentially recommended a revision to the relevant tax code.Under the bill proposed by Rep. Kim Ju-young of the ruling Democratic Party of Korea, which passed the National Assembly Wednesday, foreigners with long-term mortgages will be able to receive a tax deduction based on a variety of conditions including the period of ownership and the value of the house at the year-end tax settlements.Currently the benefit is granted to Koreans if they have paid interest on a mortgage for over 15 years, and if the loan was inked within three months o

Dec 3, 2020By Lee Kyung-min
Foreigners granted equal housing tax incentives
  • Foreign ownership of Korean land rises 1.2% in H1
Economy

Genome & Company awaits upcoming listing at KOSDAQ

Genome & Company CEO Pae Ji-soo speaks during an IR press conference held at the 63 Building in Yeouido, Thursday. / Courtesy of Genome & CompanyBy Anna J. ParkAhead of its initial public offering (IPO) on the tech-heavy KOSDAQ later this year, Genome & Company laid out the biotech firm's various business models and future visions centering on its microbiome-based immuno-oncology expertise at an investor relations event Thursday.Founded in 2015, the bio company discovers and develops innovative therapeutics in immuno-oncology, mainly utilizing microbiomes. The company aims for its microbiome therapeutics to be used in cancer, diabetes, atopic dermatitis and autism treatments. The firm also plans to develop other business models using microbes and probiotics, advancing into the cosmetics and dietary supplements markets. Top microbiome biotech company in Asia What distinguishes the firm is that it has already established partnerships with big global pharma companies such as Merck, Pfizer and LG Chem based on its strong R&D capabilities, with various phases of clinical t

Dec 3, 2020By Anna J. Park
Genome & Company awaits upcoming listing at KOSDAQ
Economy

Korea's currency surges to 30-month high

GettyimagesbankSouth Korea's won currency surged to a 30-month high against the U.S. dollar Thursday and broke a key psychological level, buoyed by optimism over U.S. stimulus talks and developments of coronavirus vaccines. The won was quoted at 1,097.00 won per U.S. dollar at Thursday's closing, up 3.8 won from the previous session's close. It was the strongest level since June 14, 2018, when the risk-sensitive currency closed at 1,083.10 won against the U.S. dollar.The won also broke the key psychological level of 1,100 won in its closing price for the first time in about 30 months. The won, along with other peers, has strengthened against the U.S. dollar due to optimism over vaccine developments, with U.S. President-elect Joe Biden promising to swiftly deal with stimulus packages. The U.S. dollar has also been weakening since the U.S. Federal Reserve said in its September rate-setting meeting that it will keep interest rates near zero until inflation is on track to meet its 2 percent target. Last month, Finance Minister Hong Nam-ki said financial authorities have been closely moni

Dec 3, 2020
Korea's currency surges to 30-month high
Economy

Ex-lawmaker to lead life insurance association

By Lee Min-hyungJeong Hee-soo, president of Korea Insurance InstituteJeong Hee-soo, president of Korea Insurance Institute, will start his three-year term as chairman of the Korea Life Insurance Association (KLIA) next week amid hopes that he can enhance communication with financial authorities to cope with growing uncertainties in the local insurance industry.The former third-term lawmaker will take office Dec. 9 after the association appoints him as the 35th chairman of the KLIA during a general meeting slated for Friday.Jeong is an economic expert with a doctoral degree in economics from the University of Illinois. He was chief of the National Assembly Strategy and Finance Committee between 2014 and 2016 while serving his third term as a lawmaker. After ending his political career, he was appointed as leader of the institute in December 2018.The insurance industry expects Jeong to communicate with financial authorities better than his predecessors due to his political experiences. Incumbent KLIA Chariman Shin Yong-kil is from the private insurance sector, working as the head of so

Dec 3, 2020By Lee Min-hyung
Ex-lawmaker to lead life insurance association
Economy

Major banks' home rental loans grow at record pace this year

Apartment buildings in Seoul / YonhapMajor banks in South Korea saw their "jeonse" home rental loans increase at a record pace this year amid soaring jeonse rates, industry data showed Thursday.Outstanding jeonse loans extended by the country's five major lenders ― KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup ― came to 103.3 trillion won (US$94 billion) as of end-November, up nearly 23 trillion won from last year.It marks the first time that the amount of yearly jeonse loans has exceeded the 20 trillion-won level.Outstanding jeonse loans surpassed 80 trillion won in December 2019 before passing 90 trillion won in May this year and 100 trillion won in October.Jeonse is a home rental system unique to South Korea, where tenants pay a large sum of money as a deposit instead of paying monthly fees. Landlords profit off of the large deposits before returning the entire amount when the rental contract expires.The surge was attributed to a sharp increase in jeonse fees in the wake of government measures to curb soaring home prices, including tougher mortgage rules, which resulted in risi

Dec 3, 2020
Major banks' home rental loans grow at record pace this year
  • Koreans feel pinch of rising housing costs amid economic downturn
Economy

Seoul stocks set another record high; Korean won surges

A currency trader walks with documents at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, Tuesday, Dec. 1, 2020. APSouth Korean stocks hit another all-time high Wednesday for the second consecutive session on the back of optimism surrounding COVID-19 vaccines and U.S. stimulus. The Korean won sharply rose to an over 29-month high against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 41.65 points, or 1.58 percent, to close at 2,675.9.Trading volume was high at 1.05 billion shares worth around 16.9 trillion won (US$15.3 billion), with gainers outnumbering losers 475 to 353.Foreigners bought a net 514.1 billion won, while retail investors sold a net 243.6 billion won. Institutions offloaded a net 248.1 billion won.The benchmark index got off to a strong start, reaching as high as 2,677.26 on hopes of COVID-19 vaccines becoming available soon. The European Medicines Agency said Tuesday it received applications for emergency approval of vaccines developed by Pfizer with BioNTech and Moderna.A bipartisan group of U.S. lawmakers a

Dec 2, 2020
Seoul stocks set another record high; Korean won surges
Economy

'Too early to talk about economic recovery'

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from right, speaks during a ministerial meeting at the Seoul Government Complex in Gwanghwamum, Wednesday. YonhapBy Lee Kyung-min Consumer prices jumped 0.6 percent in November, the second consecutive month of an increase below 1 percent, increasing concerns that the COVID-19 pandemic-triggered slowdown in local demand will not recover any time soon.The data released Wednesday, and indicative of sagging economic activity, undercut the confidence expressed by Deputy Prime Minister and Finance Minister Hong Nam-ki who played up an economic forecast released by the Organization for Economic Cooperation and Development (OECD) a day earlier, which said the Korean economy sustained the least contraction in gross domestic product (GDP) among the group of economically well-to-do countries.The top policymaker's optimism was further dented by a spike in the number of bankruptcy filings, mostly by low-income earners and small- and medium-sized enterprises (SMEs).Experts say painting a rosy picture is premature since the OECD project

Dec 2, 2020By Lee Kyung-min
'Too early to talk about economic recovery'
previous page
893894895896897
next page

Most Read in Economy