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  • 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
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Economy

For carbon-free growth

Finance Minister Hong Nam-ki, second from left, speaks during a ministerial-level meeting at the Government Complex in Seoul, Wednesday. He discussed measures for the nation to achieve sustainable low-carbon growth with ministers and ranking officials from relevant authorities. Courtesy of Ministry of Economy and Finance

Nov 25, 2020By Lee Min-hyung
For carbon-free growth
Economy

Is Lone Star trying to settle 8-year-long case with Korea?

The lobby of Star Tower, the office building in Gangnam district, where Lone Star's Korea unit used to be located. / Korea Times fileBy Anna J. ParkThe U.S.-based private equity fund Lone Star, which has been in a years-long legal dispute with the Korean government over its allegation that a previous administration sabotaged its attempt to sell its stake in the now-defunct Korea Exchange Bank (KEB) to HSBC in the fall of 2008, is offering a deal to settle the case, asking the current government to pay $870 million in a settlement. Justice Party lawmaker Bae Jin-gyo alleged this at a press conference at the National Assembly earlier this week, maintaining that the government should not accept the offer. Bae said Lone Star suggested the settlement in order for it to drop the case it has filed with the International Centre for the Settlement of Investment Disputes (ICSID).“What the Korean government needs to do is to fact-check whether the documents sent by Lone Star are correct or not. Other than that, it's not worth taking any time to consider the offer,” the lawmaker asse

Nov 25, 2020By Anna J. Park
Is Lone Star trying to settle 8-year-long case with Korea?
Economy

Major law firms hit jackpot with KAL-Asiana deal

Controversial acquisition creates huge demand for legal adviceBy Park Jae-hyukKorean Air owner Hanjin Group's plan to take over Asiana Airlines with financial support from the Korea Development Bank (KDB) has created a stir nationwide since its announcement. But the move is certainly regarded as good news by one of the major beneficiaries of the proposed deal ― law firms.In addition to getting paid by both buyer and seller for offering legal advice on the acquisition, they are expected to make huge amounts of money from follow-up litigation filed in the aftermath of the high-profile aviation deal.The most significant could be legal action taken by the Korea Corporate Governance Improvement (KCGI) against Hanjin and the KDB. The local activist fund holding a major stake in the group's holding company, Hanjin KAL, has collaborated with two other major shareholders ― former Korean Air Vice President Cho Hyun-ah and Bando Group ― to block Hanjin Chairman Cho Won-tae from taking over control of the group. The coalition has argued the Asiana acquisition is aimed at defending the managerial

Nov 25, 2020By Park Jae-hyuk
Major law firms hit jackpot with KAL-Asiana deal
  • Card firms in dilemma over Korean Air-Asiana integration
Economy

KOSPI rewrites all-time record on foreign investors' strong net-buying

An employee at the headquarters of Hana Bank in central Seoul passes by monitors set at the bank's dealing room, Tuesday. KOSPI hits all-time high of 2,617.76 at Tuesday's closing. / YonhapBy Anna J. ParkThe benchmark KOSPI continued its rally Tuesday, rewriting its all-time record high of the past 45 years, both in intra-day trading and at the close.The index began trading at 2,616.28 points, up 13.69 points from Monday's close of 2,602.59, which was the new all-time high. It briefly touched 2,628.52 at around 12:40 p.m., replacing the index's previous all-time high for intra-day trading of 2,607.10 set in January 2018. The KOSPI then finished the day at 2,617.76, up 0.58 percent from the previous day, again setting a new record-high. Attracted by a weak dollar with expectations of a profit recovery at top-tier Korean companies, foreign investors continued purchasing top listed stocks, according to market analysts. They net purchased shares worth 725.8 billion won ― having turned to net-buying throughout November with six trillion won worth of shares to date ― while retail investors

Nov 24, 2020By Anna J. Park
KOSPI rewrites all-time record on foreign investors' strong net-buying
Economy

Consumer sentiment on housing prices hike hits record high

An apartment complex in Seoul. Korea Times fileBy Lee Kyung-min Korean consumers showed record-high expectations of a hike in housing prices in November, indicating the failure of the dozens of government real estate policies put in place since President Moon Jae-in took office, central bank data showed Tuesday.According to data from the Citizens' Coalition for Economic Justice (CCEJ), a left-leaning civic group, prices of apartments in Seoul climbed 58 percent over the past three years.The Bank of Korea (BOK) data showed that the Consumer Sentiment Index (CSI) for future housing prices spiked to 130, up 8 points from the month before.This is the highest figure the central bank has observed in its time compiling related data, which it started in January 2013. A reading above 100 means people expecting price increases outnumber those who think prices will drop. The result came from the central bank's poll of 2,366 respondents between Nov. 10 and 16, which asked participants whether they expected housing prices to jump in a year. “Jeonse prices have been on a rapid hike over the

Nov 24, 2020By Lee Kyung-min
Consumer sentiment on housing prices hike hits record high
  • Will Moon replace controversial housing minister?
Economy

Korea-Uzbekistan statistics meeting

Statistics Korea Commissioner Kang Shin-Wook holds an online conference with officials from his Uzbekistan counterpart's organization at the Government Complex in Daejeon, Tuesday. The Uzbekistan authority asked Statistics Korea to share and exchange experiences with producing statistical data. Courtesy of Statistics Korea

Nov 24, 2020By Lee Min-hyung
Korea-Uzbekistan statistics meeting
Economy

'Alone in the dark': Small businesses reel from new virus clampdown

Social distancing signs are seen on a restaurant street in Seoul, Tuesday, Nov. 24, 2020. APA new round of social distancing rules took effect on Tuesday in the South Korean capital of Seoul, dealing a blow to small business owners despite brighter hopes for economic recovery after earlier success in battling the coronavirus.The measures range from closures of nightclubs and karaoke bars and curbs on eating in cafes and restaurants to fewer nighttime public transit services and limits on religious services, weddings and funerals for the next two weeks."I feel like I've been left alone in the dark," said Jung Gong-dan, who runs a pub near the capital's Itaewon district, saying she has lost hope after a ban on dining in restaurants after 9 p.m.The "emergency pause" in activity in the densely-populated capital and surrounding areas aims to damp a resurgence in outbreaks in offices, schools and small gatherings that have combined to drive a third wave of infections.Asia's fourth-largest economy returned to growth in the third quarter, reversing its sharpest contraction in more than a dec

Nov 24, 2020
'Alone in the dark': Small businesses reel from new virus clampdown
  • Main opposition to push for third round of emergency relief funds
  • Talks on third relief fund begin
Economy

Main opposition to push for third round of emergency relief funds

Posters on precautions against the coronavirus are displayed at a subway station in Seoul, Tuesday, Nov. 24, 2020. APThe main opposition People Power Party (PPP) will push to include funds for an additional third round of coronavirus-related emergency handouts in next year's state budget, a senior party official said Tuesday."To help out the damaged sectors of taxi services, indoor gyms, private learning institutes and PC cafes hit by the third wave of COVID-19 and provide emergency livelihood support to households, we will provide emergency funds worth some 3.6 trillion won (US$3.23 billion) to places in need at the right time," Rep. Lee Jong-bae, head of PPP's policy committee, said during a party meeting.The government first handed out virus-related relief funds totaling 14.3 trillion won to all households from May 4 to Aug. 24 to help people cope with the economic impact of the pandemic. A second round was handed out selectively and in phases mostly to the self-employed and small business owners from last September.Lee also said the party will push to increase state budgets in si

Nov 24, 2020
Main opposition to push for third round of emergency relief funds
  • 'Alone in the dark': Small businesses reel from new virus clampdown
Economy

Foreign buying spree drives KOSPI's rally

A large monitor located in the lobby of the Korea Exchange (KRX) building on Yeoudio, Seoul, shows Monday's closing levels for the KOSPI and KOSDAQ. / Courtesy of KRXBy Anna J. ParkThe KOSPI continued its rally Monday, reaching an all-time high of 2,602.59 points at the close of trading, up 1.92 percent from the previous day's session. The index's market capitalization also reached an all-time high of 1,787 trillion won ($1,608 billion). The tech-heavy KOSDAQ also rose 0.36 percent, to close at 873.29 points. Although the KOSPI topped the 2,600 mark in January 2018 during intra-day trading, this is the first time in its 45 year history to reach such a milestone ― the previous record-high close was 2,598.19 on Jan. 29, 2018. Earlier this month, the KOSPI remained around the 2,280 mark, but then began a continuous rise ― by about 15 percent so far. Market watchers say that strong buying from foreign investors, based on a weak dollar and expectations of Korean companies continuing to solidly perform during the COVID-19 pandemic, has stoked the index to its all-time high.On Monday alone,

Nov 24, 2020By Anna J. Park
Foreign buying spree drives KOSPI's rally
Economy

Foreign investors snapping up Hugel stocks

Hugel is the first Korean company to enter into the Chinese market with Letybo, its botulinum toxin product line. / Courtesy of HugelForeign investors' buying spree of Hugel spurred by earning sales approval in China By Anna J. ParkForeign investors have been net purchasing Hugel stocks for 24 consecutive trading days since Oct. 21, over the company's bullish growth outlook in the Chinese market. Hugel is Korea's largest botulinum toxin manufacturer.They have amassed Hugel shares worth around 127.8 billion won ($114.8 million), raising the stock's price by 13.5 percent from 187,200 won on Oct. 20 to 212,500 won on Nov. 20. Foreign investors' 24-day buying spree began with Hugel's Oct. 20 announcement that its botulinum toxin product line Letybo received approval from the Chinese government to be sold in the country. The approval came 18 months after the company applied for a sales license there. With the approval, Hugel has become the first Korean company selling the neurotoxic product used for cosmetic and medical purposes to be granted official sales approval from the Chinese autho

Nov 23, 2020By Anna J. Park
Foreign investors snapping up Hugel stocks
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