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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

Lawmaker seeks to prohibit Chinese from buying land

An apartment complex in Seoul. Korea Times fileBy Lee Kyung-minAn opposition lawmaker is seeking to prohibit land purchases by Chinese citizens, whose presence is increasing rapidly in the real estate market here.Rep. Hong Seok-joon of the main opposition People Power Party said the ban is needed since Koreans cannot buy land in China, yet Chinese investors are raking in profits from property speculation, a key culprit behind the rapid increase of housing prices in Korea. This in his view violates the rule of reciprocity that governs international relations and treaties, whereby favors, benefits or penalties that are granted by one state to the citizens or legal entities of another, should be returned in kind.“Chinese people continue to make hefty investments and net subsequent capital gains in the Korean real estate market, with their market presence soaring at an alarming rate. Measures should be taken to limit the purchases given Korean people are not allowed to do the same in China, and the level will be determined following a review of similar cases overseas,” Hong s

Nov 12, 2020By Lee Kyung-min
Lawmaker seeks to prohibit Chinese from buying land
Economy

Shinhan standing at forefront of financial ESG

By Lee Min-hyungShinhan Financial Group is at the forefront of the environmental, social and governance (ESG) drive in the financial sector, as part of its group-wide strategy for sustainable growth.Under the leadership of Chairman Cho Yong-byoung, the nation's top-tier financial holding company is adopting multilateral ESG strategies that focus on eco-friendly management and sustainable co-prosperity in the global community, the company said Thursday.In 2018, the company announced its green management vision of “eco-transformation 2020,” under which it pledged to invest 20 trillion won in eco-friendly industries, and cut greenhouse gas emissions by 20 percent by 2030.Since 2017, Shinhan Financial has provided 16 trillion won in financial backing to the nation's eco-friendly industry through loans and direct investment. In particular, Shinhan is on track to strengthen its eco-friendly energy investments.The company invested 1.08 trillion won in the sector ― including ESG funds and green building projects ― during the third quarter of 2020. In the past two-and-a-half years

Nov 12, 2020By Lee Min-hyung
Shinhan standing at forefront of financial ESG
Economy

Improving working conditions for delivery workers

Minister of Land, Infrastructure and Transport Kim Hyun-mee, left, and Minister of Employment and Labor Lee Jae-kap give a press briefing at the Seoul Government Complex in Gwanghwamun, Thursday, on how they will improve working conditions for delivery workers. Yonhap

Nov 12, 2020By Lee Kyung-min
Improving working conditions for delivery workers
Economy

Financial regulator not to extend ban on short-selling

Financial Services Commission (FSC) Chairman Eun Sung-soo speaks at a meeting held at the government complex in central Seoul, last Friday. / YonhapBy Anna J. ParkFollowing Chairman Eun Sung-soo's comments at the National Assembly earlier this week that the Financial Services Commission (FSC) will lift its ban on short-selling next March as planned, the financial regulator once again reaffirmed its position that it would not extend the restriction when the ban of one year ends next March 15In a phone conversation with The Korea Times, FSC spokesman Seo Jung-a said the financial authority had no plans to extend the short-selling ban. “Just as Chairman Eun said about the issue at the National Assembly earlier this week, the short-selling rule ends next March 15 as announced previously. Although the resumption presupposes the passage of bills ― that are currently under review at the Assembly ― about strengthening punishments for illegal short-selling practices,” the spokesman said, stressing that the financial regulator aims to level the playing field by scrutinizing any ill

Nov 12, 2020By Anna J. Park
Financial regulator not to extend ban on short-selling
Economy

Samsung's financial affiliates declare end to coal investments

Samsung Life Insurance's headquarters in southern Seoul. Samsung's financial units announced Thursday that they would phase out coal-related investments. / Korea Times fileBy Kim Bo-eunSamsung's financial affiliates have declared an end to new coal-related investments amid growing criticism from environmental groups. In a joint statement released Thursday, the affiliates said that they would phase out coal-related investments. This is the first time for a collective statement to be issued by the chaebol's financial units indicating an end to their investments in coal-related projectsSamsung has two insurance units ― Samsung Life and Samsung Fire & Marine Insurance ― which had been singled out by environmental groups as having invested the largest amount in local coal-fired power plants. Other financial affiliates are Samsung's brokerage, asset management unit and card firm.Samsung Life, which had decided to stop such investments in 2018, said the affiliates will draw up ESG management strategies, which will be finalized at a board meeting in December.The insurance units stated th

Nov 12, 2020By Kim Bo-eun
Samsung's financial affiliates declare end to coal investments
Economy

Biden's victory to positively impact Korean economy: minister

Finance Minister Hong Nam-ki speaks during a meeting on the government's emergency response for the economy at the government complex in Seoul, Thursday. YonhapJoe Biden's victory in last week's U.S. presidential election is expected to positively impact the South Korean economy, as it will help ease economic uncertainty and improve global trade environments, Seoul's finance minister said Thursday.Finance Minister Hong Nam-ki also said Biden's environment-friendly policies and a trade row between the U.S. and China are likely to serve as downside risks to Asia's fourth-largest economy."(Biden's election) is expected to ease global (economic) uncertainty, bolster the fallout of the U.S. fiscal policy and improve trade environments, thus having positive impacts on the global economy," Hong said at a meeting on the government's emergency response for the economy.The minister said Biden's victory will serve as an "upside" factor that will help the South Korean economy as the U.S. fiscal stimulus is expected to boost global trade.Hong said Biden's stricter stance on climate change and a p

Nov 12, 2020
Biden's victory to positively impact Korean economy: minister
  • Moon, Biden reaffirm commitment to robust alliance, peaceful Korea
Economy

Pfizer CEO sold $5.6 million in stock on day of vaccine announcement

In this file photo taken on Nov. 9, 2020, people walk by the Pfizer world headquarters in New York. Pfizer CEO Albert Bourla sold $5.6 million of his stock in the U.S. pharmaceutical company on the same day it announced promising results for its COVID-19 vaccine candidate, filings showed Nov. 11. AFPPfizer CEO Albert Bourla sold $5.6 million of his stock in the US pharmaceutical company on the same day it announced promising results for its Covid-19 vaccine candidate, filings showed Wednesday.The company, however, has reportedly said the sale was part of a pre-arranged periodic divestment plan when the stock reaches a certain price.According to a disclosure with US market regulator SEC, Bourla sold 132,508 shares at $41.94 each on Monday.An executive vice president at the company, Sally Susman, also sold around $1.8 million in stock, or 43,662 shares.Pfizer shares rose by more than seven percent after peaking at over 15 percent on Monday, when the drugmaker announced that trials so far had shown its vaccine candidate being developed with German company BioNTech was 90 percent effecti

Nov 12, 2020
Pfizer CEO sold $5.6 million in stock on day of vaccine announcement
Economy

Brokerage firms take cautious stance over Lime fiasco sanctions

Employees of local brokerage firms enter into the headquarters of the Financial Supervisory Service (FSS) on Yeouido in Seoul, Tuesday, to attend the financial watchdog's sanctions committee held on that day. / Yonhap By Anna J. ParkThe Financial Supervisory Service (FSS) sanctions committee decided on various sanctions Tuesday night against three local brokerage firms ― Shinhan Financial Investment, Daishin Securities and KB Securities ― for the mis-selling of scandal-ridden Lime fund products, punishing them with penalties, branch operation suspensions and dismissals of company chiefs. The firms responded Wednesday that it's still too early to make specific comments regarding the penalties, yet they seemed to share caution over the financial watchdog's sanctions for the time being. “For now, the firm has not much to comment about, as there still are more procedures at the Securities and Futures Commission and the Financial Supervisory Commission for the sanctions

Nov 11, 2020By Anna J. Park
Brokerage firms take cautious stance over Lime fiasco sanctions
Economy

Virus resurgence deepens job market woes

By Lee Kyung-minKorea lost 421,000 jobs in October due to the COVID-19 pandemic, the sharpest year-on-year drop since April's contraction of 476,000, Statistics Korea data showed Wednesday.The loss extending for the eighth consecutive month is a record-long continuation, tied along with the period in 2009 from January to August in the aftermath of the global financial crisis. The troubling record may be broken given next month's job report is unlikely to see improvements.People of all age groups except those over 60 years old lost jobs, with the pinch being felt sharpest by temporary workers, day laborers and the self-employed in the service, retail and wholesale industries.The virus-triggered loss that began in March will continue in the coming months, given the continued spread of the virus is highly likely to surge in winter, according to Yonsei University economist Sung Tae-yoon.“Those in their 30s and 40s lost their jobs, meaning the age groups that usually retain quality jobs are losing their way of making a living. The backbone of the economy is taking a major hit, and t

Nov 11, 2020By Lee Kyung-min
Virus resurgence deepens job market woes
Economy

KDB's 'controversial' capital reduction plan for Asiana

From left are Kumho Petrochemical Chairman Park Chan-koo, his older brother former Kumho Asiana Group Chairman Park Sam-koo and KDB Chairman Lee Dong-gull. YonhapBy Lee Min-hyungKorea Development Bank (KDB) is in the hot seat over its decision to undertake an equal reduction in share capital for cash-strapped Asiana Airlines.For corporate restructuring, creditors often adopt a differential capital reduction drive and apply steeper reduction for major shareholders than minority shareholders. This is because large shareholders should be held responsible for poor management.But the main creditor of Asiana decided not to follow the typical restructuring process to keep its earlier promise to Kumho Industrial, the major shareholder of Asiana.The state-run lender offered to sell Asiana shares obtained by Kumho at a “reasonable price” without taking steps for the differential capital reduction in 2019 when Asiana's restructuring was in its infancy. At that time, this raised controversy that the creditor was giving preferential treatment to the management of Kumho Industrial.Even

Nov 11, 2020By Lee Min-hyung
KDB's 'controversial' capital reduction plan for Asiana
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