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    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
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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

Korea Development Bank to inject W800 bil. for Korean Air's takeover of Asiana

Korea Development Bank Chairman Lee Dong-gull speaks during an online press conference at its headquarters in Seoul, Monday. Courtesy of Korea Development BankBy Lee Min-hyungThe Korea Development Bank (KDB) will invest 800 billion won ($721.3 million) to help Korean Air acquire Asiana Airlines, despite fierce opposition from a coalition of shareholders in the country's largest domestic airline ― led by former Vice President Cho Hyun-ah.The state-run lender and main creditor of the cash-strapped Asiana also vowed Monday to finalize the investment by the end of the year amid deepening concerns in the local aviation industry as major carriers have failed to recover from the aftermath of the COVID-19 pandemic.Under the decision, the KDB will inject the capital into Hanjin KAL, the holding company of Korean Air's parent Hanjin Group. Korean Air will increase its capital of 2.5 trillion won through a new shares issuance next year. Hanjin KAL will purchase these shares worth 730 billion won using the KDB capital.Korean Air also plans to purchase Asiana shares and bonds worth 1.8 trillion w

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

Big Hit Entertainment Q3 net nearly doubles on album sales

BTS / Courtesy of Big Hit EntertainmentBig Hit Entertainment Co., the management agency behind global boy band BTS, said Monday its net profit rose 92 percent from the previous year on the back of strong album and merchandise sales.Net profit stood at 27.2 billion won (US$24.4 million) in the July-September, compared with 14.2 billion won the previous year, the company said in a regulatory filing.Operating profit jumped 73 percent on-year to 40.1 billion won, while sales rose 54 percent to 190 billion won over the cited period.Big Hit's third-quarter earnings report is its first since the company went public last month.Big Hit said in a statement that it recorded strong album sales and continued growth in its official merchandise sales.BTS made history this year by becoming the first K-pop act to top the Billboard 100 with its single "Dynamite."Big Hit added that its acquisition of talent agency PLEDIS Co. also contributed to strong sales in the third quarter.The company acquired PLEDIS, which is behind major K-pop groups, including boy band Seventeen, in May this year. (Yonhap)

Nov 16, 2020
Big Hit Entertainment Q3 net nearly doubles on album sales
Economy

Demographic crisis looming large over Korea

Embracing foreign talent, raising birthrate key to tackling challengesBy Kim Bo-eunKorea often refers to the course Japan's economy has taken, as the slowdown in growth and diminishing population that preceded in the neighboring country is currently taking place here as well. Japan's population has been shrinking for over a decade, and the world's third-largest economy is the most-aged society, with the highest percentage of elderly people among countries around the world.Its population of people aged 65 and above comprised a record 28.41 percent of Japan's population last year, and the birthrate stood at 1.42 in 2019, in a fourth consecutive year of decline.Korea's situation is not much different. While the people aged 65 and above account for 15.7 percent of the population, as of this year, the figure is forecasted to rise to 20 percent in five years. Korea's total birthrate, the total number of children that would be born to a woman if she were subject to the prevailing rate of age-specific fertility in the population, however, is lower than that of Japan. The figure stood at 0.92

Nov 15, 2020By Kim Bo-eun
Demographic crisis looming large over Korea
Economy

Land ministry organizes drone displays to ease pandemic fatigue

A woman takes a picture of an image of the Korean Peninsula created by drones at the Olympic Park Peace Square in Songpa, Seoul, Nov. 13. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-min The Ministry of Land, Infrastructure and Transport said Sunday that it held a drone display, Nov. 13, as part of efforts to express gratitude for the months-long cooperation and support in following government mandates to better tackle the COVID-19 pandemic.The ministry sought to help the public have a moment of rest, peace and hope; values that have come under pressure amid the longer-than-expected pandemic, the ministry added.The event was held near the Olympic Park Peace Square in Bangi-dong, Songpa-gu, Seoul, at 6 p.m Friday.Three hundred and fifteen drones flew in coordinated formations to produce a variety of images under the theme of “Korean New Deal” and “Memories and Feelings of Victory.”The drones created a sequence of images ― related to the 1988 Seoul Olympics, 2002 World Cup, people wearing masks and a person running and leaping ― to help

Nov 15, 2020By Lee Kyung-min
Land ministry organizes drone displays to ease pandemic fatigue
Economy

KDB's support for Hanjin boss to reignite family feud

Korea Development Bank Chairman Lee Dong-gull, right, speaks during a National Assembly session in this file photo. From left are former Korean Air vice president and heiress Cho Hyun-ah and Hanjin Group Chairman Cho Won-tae. YonhapBy Lee Min-hyungWith the Korea Development Bank (KDB) pushing for Korean Air to acquire Asiana Airlines, the high-stakes deal will “definitely reignite” a years-long family feud among family members of the Hanjin Group, the airline's parent company.On Monday, the KDB will discuss details over the ambitious plan to have Korean Air acquire the ailing Asiana during a ministerial meeting. The state-run lender is the main creditor of Asiana, and is in charge of its sale.After Hyundai Development Company (HDC) abandoned its earlier plan to acquire the country's second-largest carrier, the KDB was pushing Korean Air both directly and indirectly to take over the struggling airline.KDB Chairman Lee Dong-gull is standing at the forefront of the mega deal between the nation's two largest carriers after his term was extended in September, amid Cheong Wa Da

Nov 15, 2020By Lee Min-hyung
KDB's support for Hanjin boss to reignite family feud
Economy

Japanese PM eyeing short-term achievements: Bank of Korea

Japanese Prime Minister Yoshihide Suga speaks to the media after he held a telephone call with U.S. President-elect Joe Biden, at the prime minister's official residence in Tokyo, last week. AP-YonhapBy Kim Yoo-chulAs new Japanese Prime Minister Yoshihide Suga will only be serving out the remainder of former prime Minister Shinzo Abe's term, he is expected to pursue policies that only achieve short-term goals, the Bank of Korea (BOK) said Sunday.In a weekly publication released by its international economy bureau, the central bank said while Suga has unveiled his top policy objectives, featuring “bold” regulatory reforms mainly to spur a faster coronavirus support response, it will be quite tough for him to achieve any “visible and meaningful outcomes” given his short term. “Plus, Suga's various reform plans will also face opposition from lots of interested parties. Therefore, Suga is expected to focus more on shortlisted polices that will help him achieve short-term achievements. The establishment of a government body that will handle Japan's digital po

Nov 15, 2020By Kim Yoo-chul
Japanese PM eyeing short-term achievements: Bank of Korea
Economy

Finance minister calls for trade multilateralism, support for debt-ridden economies

Finance Minister Hong Nam-ki highlighted the need to promote free trade under multilateral regimes, while expressing support for assistance to debt-ridden developing economies during a G-20 meeting, his ministry said Saturday. Courtesy of Ministry of Economy and Finance, YonhapFinance Minister Hong Nam-ki highlighted the need to promote free trade under multilateral regimes, while expressing support for assistance to debt-ridden developing economies during a G-20 meeting, his ministry said Saturday."We need to revitalize global trade through multilateral trade systems," Hong said during the Extraordinary G-20 Finance Ministers and Central Bank Governors' Meeting held virtually, Friday."Trade regulations can hurt the global supply chain and weigh down investment among countries," Hong added. "The G-20 nations should actively join hands to build a free, fair and predictable trade environment."During the meeting, the member countries approved plans to support virus-hit low-income nations."Given the scale of the COVID-19 crisis, the significant debt vulnerabilities and deteriorating outl

Nov 14, 2020
Finance minister calls for trade multilateralism, support for debt-ridden economies
Economy

Rules tightened to curb rising household debt

Doh Kyu-sang, Vice Chairman of the Financial Services Commission (FSC), speaks at a financial risk meeting held at the headquarters of the Korea Federation of Banks located in central Seoul, Friday afternoon. / Courtesy of FSCBy Anna J. ParkAmid growing concerns that rising household debt could pose a serious risk to a stable economic recovery, the nation's financial watchdog has come up with a set of measures to tighten rules regarding excessive lending to homeowners.“It seems inevitable that household debt is increasing as people whose livelihoods have been impacted by the COVID-19 pandemic try to make ends meet. However, the FSC regards the excessive leverage created by credit (non-collateralized) loans flowing into the real estate market as undesirable,” Lee Se-hoon, director general of the financial policy bureau at the Financial Services Commission (FSC), said during a press conference Friday. According to the FSC, the increase in household debt was slowing between the fourth quarter of 2016 and the first quarter of 2020. However it began to increase in the second q

Nov 13, 2020By Anna J. Park
Rules tightened to curb rising household debt
Economy

Seoul stocks rebound on chip rally despite global virus resurgence

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark KOSPI closed at 2,493.87, Friday, up 18.25 points or 0.74 percent from the previous session's close. YonhapKorean stocks closed at a nearly two-year high Friday on advances in chipmakers, backed by massive foreign buying amid the resurgence of the new coronavirus around the globe. The Korean won fell against the U.S. dollar.The benchmark KOSPI rose 18.25 points, or 0.74 percent, to close at 2,493.87 points.Trading volume was high at about 1.1 billion shares worth some 16.8 trillion won (US$15.1 billion), with losers outnumbering gainers 530 to 299."Today's trading started off weak from the global resurgence of the COVID-19 pandemic, but finished in positive terrain on strong foreign buying," said Daeshin Securities analyst Lee Kyung-min."Foreigners' top picks included top cap stocks such as Samsung Electronics, Hyundai Motor, SK hynix and LG Chem," he added.Foreigners raked in a net 523 billion won, extending their buying streak to a seventh consecutive session. Institutions bought 94 billion won, while ret

Nov 13, 2020
Seoul stocks rebound on chip rally despite global virus resurgence
Economy

Financial watchdog's independence wins support

Financial Services Commission Chairman Eun Sung-soo, left, and Financial Supervisory Service Governor Yoon Suk-heun walk into the meeting room at the Government Complex Seoul in this September file photo. / YonhapBy Park Jae-hyukFinancial Supervisory Service (FSS) Governor Yoon Suk-heun's long-awaited plan to separate the financial watchdog from the Financial Services Commission's (FSC) control will likely gain momentum because a National Assembly think tank has sided with him.The National Assembly Research Service (NARS) said Friday that the FSS should be independent from the FSC to supervise financial companies more efficiently.“There is a trade-off between policies for the financial industry and for financial supervision, so there is a need for checks and balances,” the NARS said in its report. “The IMF has continued to advise Korea to enhance the independence of its financial supervisory agency.”Since 2008, the FSC has taken charge of making and revising regulatory policies as a ministry, while the FSS has supervised and inspected financial companies. The

Nov 13, 2020By Park Jae-hyuk
Financial watchdog's independence wins support
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