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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
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
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
Economy

Seoul stocks near all-time high on foreigners' buying spree

South Korean stocks rose for a fourth consecutive day to near an all-time high Monday on massive foreign buying, backed by hopes for a quick economic recovery, shrugging off concerns over a resurgence of the new coronavirus. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.09 points, or 1.92 percent, to close at 2,602.59 points, after reaching as high as 2,605.58 points at one point.Monday's closing price is just shy of the index's all-time high of 2,607.10 points recorded on Jan. 29, 2018.Trading volume was high at about 1.6 billion shares worth around 15.5 trillion won (US$14 billion), with gainers outnumbering losers 536 to 305.Foreigners led the gain by raking in a net 983 billion won, extending their buying spree to a 13th session, while retail investors sold a net 543 billion won. Investor sentiment was boosted by improving export data and hopes for vaccines.South Korea's exports jumped 11.1 percent on-year in the first 20 days of November, with outbound shipments of memory chips soaring 21.9 percent over the cited per

Nov 23, 2020
Seoul stocks near all-time high on foreigners' buying spree
Economy

Will Bank of Korea start discussing rate hike in 2021?

Bank of Korea Governor Lee Ju-yeol speaks during the National Assembly's annual audit on Yeouido in Seoul, Oct. 16. YonhapBy Lee Min-hyungThe Bank of Korea (BOK) will start discussions next year as to whether it should raise the benchmark rate, amid growing hopes that the Fed might consider a rate hike following the inauguration of U.S. president-elect Joe Biden.Biden is in favor of a strong pump-priming stimulus to help the virus-hit U.S. economy achieve a rapid rebound. This has sparked expectations that the Fed could increase the current near-zero rate earlier than its pledge to maintain the status quo until 2023.As Korea's central bank follows the Fed in determining the key rate, the external political factor is also leading expectations that the BOK's monetary policy board will soon start in-depth talks over increasing the rate, even if a hike is unlikely at least until the end of next year.The BOK cut the rate to the record low of 0.5 percent this year amid economic downfall induced by the global spread of the coronavirus. With the COVID-19 shock showing little sign of coming t

Nov 23, 2020By Lee Min-hyung
Will Bank of Korea start discussing rate hike in 2021?
Economy

Exports rise 11.1% in first 20 days of November

GettyimagesbankSouth Korea's exports rose 11.1 percent on-year in the first 20 days of November, customs data showed Monday, raising cautious hopes of an economic recovery from the coronavirus pandemic. The country's outbound shipments stood at US$31.3 billion in the Nov. 1-20 period, compared with $28.1 billion a year earlier, according to the data from the Korea Customs Service.Per-day exports also increased 7.6 percent on-year in the Nov. 1-20 period, the data showed. Imports gained 1.3 percent on-year to $27.9 billion in the 20-day period, according to the data. Exports, which account for half of the South Korean economy, were battered by the fallout of the COVID-19 pandemic this year. But the pace of the slump has eased since June, as major economies slowly began resuming business activities and lifting border lockdowns. By sector, outbound shipments of memory chips, a key export item, jumped 21.9 percent from a year earlier in the first 20 days of November, while those of automobiles rose 11.9 percent.Semiconductors account for about 20 percent of exports by South Korea, home t

Nov 23, 2020
Exports rise 11.1% in first 20 days of November
Economy

PEFs reinforcing in-house operations teams

gettyimagesbankBy Park Jae-hyukDomestic and foreign private equity firms (PEFs) doing businesses in Korea are reinforcing their in-house operations teams for better management of their portfolio companies.This came as more participants in the private equity industry have seen the necessity of operations professionals over investment experts, after PEFs have increased assets under their management and diversified their investment portfolios.The latest example is home-grown IMM Private Equity, which is pushing ahead with the establishment of a separate operations entity to be completed by early next year.According to industry sources, the new subsidiary will be led by executive director Eugene Kim, who returned to the firm after successfully selling Hollys F&B to KG Group. She is expected to devise strategies to enhance the value of IMM's portfolio companies, collaborating with experts in IT, finance, human resources management and marketing. “For Korean PEFs to become competitive in the global market beyond the domestic one, they need to establish in-house operation teams,&r

Nov 23, 2020By Park Jae-hyuk
PEFs reinforcing in-house operations teams
Economy

KIC joins One Planet Sovereign Wealth Fund

Korea Investment Corp. (KIC) CEO Choi Hee-nam, left, holds a video conference with Task Force on Climate-related Financial Disclosures (TCFD) Chairman Michael Bloomberg, top right, along with 32 other global financial leaders on Saturday, Korea time, at an online annual meeting of the One Planet Sovereign Wealth Fund (OPSWF). Korea's sovereign fund joined OPSWF, launched in December 2017 with sovereign funds of several major countries including France, Italy, Spain and India, in an attempt to discover investment opportunities in line with the climate change agenda. / Courtesy of KIC

Nov 22, 2020By Anna J. Park
KIC joins One Planet Sovereign Wealth Fund
Economy

SillaJen's fate at KOSDAQ to be decided Nov. 30

The headquarters of SillaJen located in Yeouido, Seoul. / Korea Times fileBy Anna J. Park Will biopharmaceutical company SillaJen face a delisting from local stock markets or will it revive again with the resumption of its stock trading? The answer to this question is slated to be decided at the end of this month. According to industry sources, the nation's bourse operator Korea Exchange (KRX) will hold its corporate review committee meeting on Nov. 30, voting on whether to resume trading of the now-suspended stock or delist it from the market. Glamorously going public back in 2016, SillaJen became the second-largest market cap company listed at Korea's tech-heavy KOSDAQ market in 2017. That's when the stock price reached its all-time high of 152,300 won ($136.35) over the news that Pexa-Vec ― its treatment for liver cancer ― entered phase 3 trials. Yet the stock price started to plunge in August last year, as the phase 3 trials failed to yield results. Its price plummeted from 44,550 won to 15,300 won in just four days that month. Its price fell until the KRX suspended the stock's t

Nov 22, 2020By Anna J. Park
SillaJen's fate at KOSDAQ to be decided Nov. 30
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