my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • Others

    KOSPI edges higher after volatile session as tech stocks drive gains

    KOSPI ended slightly higher on Tuesday after opening on a positive note, supported by a strong overnight rally in U.S. technology shares, but overall trading was marked by fluctuations. The index began the session up 22.05 points, or 0.26 percent, at 8,416.70, and briefly built on early momentum. However, it soon drifted into a narrow range as fluctuations persisted throughout the day before closing at 8,476.48, up 81.83 points, or 0.97 percent, from the previous session. Persistent foreign selling acted as a drag on broader upside momentum. In the United States, equities finished higher as a rebound in mega-cap tech stocks helped reverse recent weakness tied to valuation concerns. The Dow Jones Industrial Average climbed 0.59 percent, breaking above the 52,000 mark for the first time. The S&P 500 rose 1.18 percent, while the Nasdaq Composite advanced 2.07 percent. Semiconductor names led the advance, with Nvidia, Micron Technology and Broadcom fueling a 3.83 percent gain in the Philadelphia Semiconductor Index. Those positive moves provided some support for Korean chipmakers, though gain

    2 MIN READBy Jun Ji-hye
    KOSPI edges higher after volatile session as tech stocks drive gains
  • Policy

    Market braces for pension fund's stock rebalancing

    2 MIN READBy Jun Ji-hye
    Market braces for pension fund's stock rebalancing
  • Policy

    Korea secures 2.07 mil. ton dedicated EU steel quota under new TRQ

    2 MIN READBy Lee Gyu-lee
    Korea secures 2.07 mil. ton dedicated EU steel quota under new TRQ
  • Economy

    Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market

    1 MIN READBy Yonhap
    Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market
  • Cryptocurrency

    Global crypto exchanges repackage Korean chip stocks as perpetual futures

    2 MIN READBy Lee Yeon-woo
    Global crypto exchanges repackage Korean chip stocks as perpetual futures
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

Bank of Korea criticizes Financial Services Commission's plan to 'steal authority'

Bank of Korea Lee Ju-yeol speaks during a National Assembly audit on Yeouido in Seoul on Oct. 16. YonhapBy Lee Min-hyungThe Bank of Korea (BOK) is stepping up criticism of a plan by the Financial Services Commission (FSC) to “usurp the authority” of the central bank in the area of payment settlements.The BOK is the central authority handling the comprehensive supervision and operation of the nation's payment settlement systems. But the FSC is seeking to revise a relevant law on electronic financial transactions and widen its authority in supervising digital payment settlements here, according to the central bank.It is very rare for the BOK to raise its voice against other authorities, but it decided to do so amid intensifying concerns over losing its authority.The BOK argues that management and supervision of payment settlements should be independently handled by the central bank's monetary policy board according to the Bank of Korea Act, so the FSC's plan will end up creating redundant regulations and both authorities will come into conflict with each other even after th

Nov 18, 2020By Lee Min-hyung
Bank of Korea criticizes Financial Services Commission's plan to 'steal authority'
Economy

Shinhan, KB in dilemma over dividend payments

By Kim Bo-eunShinhan Financial Group Chairman Cho Yong-byoung, left, and KB Financial Group Chairman Yoon Jong-kyoo / Korea Times fileMajor financial groups are weighing up whether to boost shareholder value after making record profits in this year's third quarter.But the authorities have warned the groups against the move amid uncertainties due to COVID-19.Shinhan and KB Financial Groups reported over 1 trillion won in quarterly earnings ― a first for both. Shinhan posted 1.14 trillion won in net profit, up 16.6 percent on the same quarter last year, while KB recorded 1.17 trillion won (up 24.1 percent).Shinhan and KB groups' accumulated net profit was 2.88 trillion won and 2.96 trillion won, respectively, up 3.5 percent and 1.9 percent from the same period of 2019.Given the boost in earnings and the groups' inclination to increase shareholder value, they have been preparing to expand dividend payments.With the exception of Hana Financial Group, the other three major groups only pay dividends to shareholders annually, at the end of the year. Hana makes its interim payments in July.S

Nov 18, 2020By Kim Bo-eun
Shinhan, KB in dilemma over dividend payments
Economy

Samsung Electronics' stock gets bullish with strengthened won

Foreign investors lead Samsung Electronics stock's soaring move By Anna J. ParkSamsung Electronics' stock price has been on a strong upward trend this month, after foreign investors turned to net buying. As of Wednesday, the company's share price has increased by 12.8 percent this month alone, reaching a new record high of 66,300 won on Nov. 16. With the strong gains, Samsung Electronics' market cap reached 386.84 trillion won, Wednesday.Market watchers said that foreign investors' aggressive buying of the shares led the stock's recent rally. They bought the stock for nine straight trading days from Nov. 5 to Nov. 17, their longest buying streak of the year, buying 1.7 trillion won worth of shares this month, and making them the number one choice for foreign investors. There are various reasons behind their recent net-buying position ― one being the company's solid performance proved by its earnings surprises recorded in the second and third quarters of the year. Rosy expectations for the semi-conductor sector in 2021 also played a part. Samsung Electronics' operating profit for the

Nov 18, 2020By Anna J. Park
Samsung Electronics' stock gets bullish with strengthened won
Economy

Big companies' investments gain 10% despite weaker sales

Samsung Electronics building in southern Seoul / YonhapCapital spending by large South Korean firms rose more than 10 percent in the first nine months of the year despite lower sales due to the coronavirus pandemic, data showed Wednesday.Combined investments by 362 big businesses in Asia's fourth-largest economy came to 63.2 trillion won (US$57.1 billion) in the January-September period, up 10.3 percent from a year earlier, according to the data from corporate tracker CEO Score.The solid increase came as their total sales fell 4.5 percent on-year to 969.7 trillion won due mainly to the pandemic fallout, with operating income dipping 3.9 percent to 53.5 trillion won.Samsung Electronics Co., the world's top smartphone and memory chip manufacturer, led the overall increase in big business investments.During the nine-month period, Samsung Electronics poured 20.9 trillion won to expand its chip production capacity, accounting for 33 percent of the total.Excluding Samsung Electronics, total investments by large companies stood at 42.4 trillion won in the first three quarters, down 4.5 perc

Nov 18, 2020
Big companies' investments gain 10% despite weaker sales
Economy

Is Macquarie downsizing Korean operation?

Macquarie Group headquarters in Sydney / YonhapBy Park Jae-hyukMacquarie Group has been mentioned as the latest example of foreign financial companies taking steps to downsize their operations in the Korean market.According to sources and media reports, Tuesday, the Australian financial group is set to sell Macquarie Investment Management (MIM) Korea to a local private equity fund (PEF). This decision came just a year after Macquarie Bank's departure from the Korean market.MIM Korea specializes in investments in stocks and bonds. Macquarie bought the asset management company from ING Group in 2013, when the Dutch financial group unloaded its insurance and asset management businesses in Korea.After changing its name from ING Investment Management Korea, MIM Korea focused mainly on managing assets of ING Life Insurance which later turned into Orange Life Insurance, following its takeover by the local buyout firm MBK Partners. Orange Life, however, terminated its contract with MIM Korea after MBK sold the life insurer to Shinhan Financial Group. As a result, assets under MIM Korea's man

Nov 17, 2020By Park Jae-hyuk
Is Macquarie downsizing Korean operation?
Economy

Korean Air-Asiana integration draws backlash

Korean Air and Asiana Airlines passenger jets are parked at Incheon International Airport, Nov. 17, a day after the Korea Development Bank announced its plan to support Korean Air's acquisition of Asiana. YonhapBy Lee Min-hyungA high-profile aviation deal between Korean Air and Asiana Airlines is facing a continuing strong backlash from a coalition of the former's shareholders who argue the decision is aimed at defending the managerial rights of Cho Won-tae, the chairman of Hanjin Group, the airline's parent corporation.The opposition is centered on the Korea Development Bank's (KDB) participation in Korean Air's takeover of Asiana. The coalition ― consisting of former Korean Air Vice President Cho Hyun-ah, the Korea Corporate Governance Improvement (KCGI) private equity fund (PEF) and Bando Group ― is stepping up criticism of the state-run lender and Hanjin Group for pushing ahead with the deal that they argue will end up securing the leadership of Chairman Cho through the use of taxpayers' money.Following the KDB announcement Monday, the KCGI started legal consultations with its ad

Nov 17, 2020By Lee Min-hyung
Korean Air-Asiana integration draws backlash
Economy

Maximum interest rate cut to deal blow to savings banks

Democratic Party of Korea floor leader Kim Tae-nyeon, center, speaks during a meeting with government officials at the National Assembly on lowering the maximum interest rate, Monday. / YonhapBy Kim Bo-eunLocal savings banks are set to bear the brunt of the government's decision, Monday, to lower the maximum interest rate to 20 percent from 24 percent."We decided to lower the interest rate amid an era of low interest rates and to alleviate the burden on low-income households," the Financial Services Commission stated, following a meeting between government officials and members of the ruling Democratic Party of Korea (DPK)."The era of low interest rates is continuing, with the Bank of Korea's key rate down to 0.5 percent. Keeping the maximum interest rate at 24 percent is not aligned with the latest developments," DPK floor leader Kim Tae-nyeon said at the meeting.Revised regulations containing the changes will go effect in the latter half of next year. The FSC said the government has allowed for some time until regulations on the lowered interest rate go into effect, given the time

Nov 16, 2020By Kim Bo-eun
Maximum interest rate cut to deal blow to savings banks
Economy

Asiana Airlines stock hit daily limit over possible takeover by Korean Air

By Anna J. ParkWith the Korea Development Bank's rather controversial guidance to move forward with its plan for Korean Air's takeover of Asiana Airlines, stocks of Korean Air, Asiana Airlines and Hanjin KAL all remained bullish throughout the day, ending at Monday's closing with a rise of 12.53 percent, 29.84 percent and 5.66 percent, respectively.Korean Air, the nation's largest carrier, started strong as the stock once reached 30,150 won ($27.19) at 13:25 p.m. during intraday trading; yet it fell during the rest of the trading session, finishing at 26,950.Hanjin KAL, the holdings company of the nation's biggest carrier, started weak over infighting among major shareholders regarding ongoing strife related to control of Korean Air, falling to 75,900 won at 9:45 a.m. in the day. But the stock soared high, with strong buys from both retail and foreign investors, stoking the price up to 95,500 won ― about a 23 percent jump ― at 1:25 p.m. Yet as institutional investors also sold stocks, it ended with a 5.66 percent jump, finishing at 82,200 won.Asiana Airlines, which has long been on a

Nov 16, 2020By Anna J. Park
Asiana Airlines stock hit daily limit over possible takeover by Korean Air
  • Korea Development Bank to inject W800 bil. for Korean Air's takeover of Asiana
Economy

NEWS ANALYSIS 'RCEP could be a boon to export-reliant Korea'

Carmakers, steelmakers to benefit, but competition with Japan to be fiercer By Lee Kyung-min The newly signed Regional Comprehensive Economic Partnership (RCEP), a tariff-removing trade agreement among 15 countries, will provide an impetus for the much-awaited economic recovery for export-reliant Korea, experts said Monday.Yet caution is needed because this may not be all good news, as competition is certain to become fiercer between Korea and Japan, inevitably bringing about a price war to sharpen their respective competitive edge in the new, large market, they warned. Most of Korea's key growth driver industries ― notably carmakers and steelmakers ― will be granted substantial growth opportunities, with the impact set to extend further to benefit other key industries such as petrochemical firms, equipment and facilities builders and consumer goods makers.Beside large firms, further aggressive global market expansion will be possible for small- and medium-sized enterprises (SMEs) as well as budding tech firms such as online games and filmmakers.Also included will be entertainment in

Nov 16, 2020By Lee Kyung-min
[NEWS ANALYSIS] 'RCEP could be a boon to export-reliant Korea'
  • Korea forced to walk fine line between RCEP and CPTPP
Economy

IMM faces greater dilemma over cash-strapped Hanatour

Hanatour Service's introduction on the IMM Private Equity website / Captured from IMM Private Equity website By Park Jae-hyukHanatour Service is becoming a bigger headache to its largest shareholder IMM Private Equity.Starting next month, the nation's leading travel agency will stop paying salaries to its employees because it will no longer be eligible for the government subsidy that has been given to industries hit by the COVID-19 pandemic.With the financial assistance, the company paid its 2,000 workers 50 percent of their wages, but the workers were recently asked to take unpaid leave until March next year. This has raised concerns over massive layoffs as has been seen in other mid-size travel agencies, such as NHN DoctorTour, JauTour and Lotte Tour Development. IMM has already faced growing calls for downsizing at Hanatour, since the spread of the coronavirus dealt a severe blow to the tourism industry worldwide.“Without a large-scale restructuring of the headqu

Nov 16, 2020By Park Jae-hyuk
IMM faces greater dilemma over cash-strapped Hanatour
previous page
900901902903904
next page

Most Read in Economy