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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

Local market on alert against worst-case scenario

A dealer reads an article on the U.S. presidential election at KB Kookmin Bank main branch in Seoul, Thursday. The benchmark KOSPI closed at 2,413.79, up 2.4 percent from the previous session's close. / Yonhap By Park Jae-hyukMarket participants are keeping a close eye on the U.S. presidential election, with Democratic presidential candidate Joe Biden inching closer to the magic figure of 270 electoral college votes while President Donald Trump moves ahead with his plan for a massive legal battle.Not surprisingly, the local financial market is prepared for any “worst-case scenario.” Wall Street had been warming to the possibility of a “Blue Wave,” in which Democrats take control of both the White House and the Senate as this is expected to lead to a large-scale stimulus plan which can lead a stock market rally with expectations for economic growth.However, the Democrats seem unlikely to dominate the Senate as of 5 p.m., Thursday (KST). What would be worse is Trump's

Nov 5, 2020By Park Jae-hyuk
Local market on alert against worst-case scenario
  • Biden will be better for Korean economy
Economy

'Public health capability will be tied to economic success'

Former World Bank President Jim Yong Kim delivers a keynote speech via video to the Seoul International Finance Conference at the Conrad Hotel on Yeouido, Thursday. / Korea Times photo by Kim Bo-eunBy Kim Bo-eunAs countries around the globe battle the devastating economic effects of COVID-19, former World Bank chief Jim Yong Kim said government capabilities in containing infectious diseases will be crucial in determining future economic success.“Public health capabilities will be intimately tied to economic success for many years to come,” Kim said in an online speech to the Seoul International Finance Conference at the Conrad Hotel on Yeouido, Thursday. Kim said this is based on forecasts that the pandemic will not come to a complete end anytime soon.“If you listen to predictions of how effective vaccines may be, experts are saying 70 percent efficacy will be a wonderful accomplishment,” Kim said. “But this is nowhere near enough to reach herd immunity, a level large enough so that the overall population is protected. It is possible we won't even have a

Nov 5, 2020By Kim Bo-eun
'Public health capability will be tied to economic success'
Economy

Korea needs to walk tightrope between US and China

'US-first' policy to see minimal changeBy Lee Kyung-min The government will have to seek a continued balance between the U.S. and China regardless of who wins the American presidential election, because many of its policies will be crafted in response to the world's two-largest economies struggle for hegemony, experts said Wednesday.Economic ties will become more important given a prompt, near-term resolution of political and diplomatic issues is unlikely among many countries with varying vested interests.The Korean won is likely to strengthen for the time being, driven both by the Chinese yuan gaining strength as the U.S. dollar weakens - a highly concerning scenario for export-oriented Korea, which needs to identify sources for an economic recovery amid the COVID-19 pandemic. New Northern PolicyLocal pundits are paying keen attention as to how much of a change will be in store concerning Korea's “New Northern Policy,” a key initiative of President Moon Jae-in to identify new sources of economic growth overseas and to diversify energy, supply and logistics bases. The po

Nov 4, 2020By Lee Kyung-min
Korea needs to walk tightrope between US and China
Economy

Will BC Card's move to launch 'stock loan' biz reap fruit?

By Lee Min-hyungBC Card's plan to launch a so-called “stock loan” business here is drawing attention from the card industry amid a prolonged structural slowdown.The payment processing firm is set to start the business upon receiving approval from regulators. The company is known to have recently started recruiting staff to handle the tasks.A stock loan business offers loans to individuals using their stock as security. The interest rate for the loan is around 4 percent to 6 percent. This is the first time that BC Card has started a loan business targeting individuals.The move is seen as part of the firm's efforts to find new growth engines at a crucial time when its earnings have been declining over the past few quarters. The company said it would turn the business into a stable source of income from the mid- to long-term perspective.“We are going to diversify our portfolio by operating this business and continuing to fulfill our primary role as a financial player,” a spokesman at the company said.The stock loan sector has been primarily handled by capital lea

Nov 4, 2020By Lee Min-hyung
Economy

Economic circle paying keen attention to US election results

U.S. Democratic presidential candidate Joe Biden makes a speech at the Chase Center in Wilmington, Delaware, Wednesday. AFP-YonhapBy Lee Min-hyungThe 2020 U.S. presidential election remained too close to call until Wednesday afternoon, with Democratic presidential nominee Joe Biden and incumbent President Donald Trump running a neck-and-neck race for more electoral votes for the country's next leadership.As of 11:10 p.m. Wednesday (KST), Biden won 238 electoral votes, while Trump secured 213, with 270 needed for victory.Korea's financial and industry circles are also paying keen attention to the outcome of the U.S. election, as it has been one of the biggest external uncertainties casting significant impacts on the future of the Korean economy.Local economists and reports said Biden's possible election win will bode well for the economy here, as his multilateralism will help diminish trade uncertainties here and abroad.According to a report by Hyundai Research Institute (HRI), Biden's victory will put an upward pressure on the Korean economy's GDP growth of 0.1 to 0.4 percentage poin

Nov 4, 2020By Lee Min-hyung
Economic circle paying keen attention to US election results
  • World markets rise as investors eye US election
  • Korean firms brace for challenges from US election
Economy

MSCI urges Korea to brace for climate risks

MSCI head of climate policy and strategy David Lunsford, left, and MSCI head of Korea client coverage Kim Tae-hee / Courtesy of MSCIBy Park Jae-hyukMSCI has advised market participants here to be better aware of the importance of climate risk management, saying it is crucial to align investment strategies and seize new opportunities.David Lunsford, executive director and head of climate policy and strategy at MSCI ESG research, told Korean reporters in an online media briefing Wednesday that climate change is reshaping the global economy, and highlighted that climate risks are changing the risk-return profiles of organizations.“There is a continuing need to integrate climate issues into the investment process,” he said. “Institutional investors are urged to identify climate vulnerability and measure the financial impact that specific scenarios would have on each portfolio.”During the briefing, Lunsford introduced the Task Force on Climate-related Financial Disclosures (TCFD), established in June 2017 by the Financial Stability Board, an international body that

Nov 4, 2020By Park Jae-hyuk
MSCI urges Korea to brace for climate risks
Economy

World markets rise as investors eye US election

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, Wednesday, Nov. 4, 2020. Asia markets posted gains as investors worldwide await the results from the U.S. presidential election. APU.S. futures rose and Asia markets were mostly higher on Wednesday as investors worldwide awaited the results from the U.S. presidential election. Just after 10 p.m. Eastern time, President Donald Trump and Democratic challenger Joe Biden were locked in tight races in battleground states. Most polls have predicted a Biden victory. Many investors took forecasts of a so-called ``blue wave`` of Democratic Party wins as a signal that the U.S. economy might soon get a big, fresh infusion of help. But with the race too close to call, analysts said they also might be reassured by the prospect for a continuation of Trump's pro-market stance. ``Markets seem to be pricing in better chances for Trump, or at least a smaller chance of a blue wave,`` Stephen Innes of Axi said in a commentary.``On the one hand with the fiscal implications of a Biden win/blue

Nov 4, 2020
World markets rise as investors eye US election
  • Economic circle paying keen attention to US election results
Economy

Ant Group's shock IPO suspension hammers Alibaba shares

An Alipay logo is seen next to Shanghai office building of Ant Group in Shanghai on Nov. 3, 2020. AFPChina's shock, last-minute decision to suspend the record-breaking IPO of fintech giant Ant Group hammered shares of founder Jack Ma's e-commerce titan Alibaba on Wednesday and left investors reeling.Shanghai's stock exchange announced the suspension late on Tuesday, less than 48 hours before shares were to begin trading and one day after Ma was summoned by regulators amid growing official pushback against the company.The Shanghai exchange cited "major issues such as changes in the fintech supervisory environment" that it said raised concerns over whether Ant Group could now meet listing requirements.Hong Kong's exchange, where Ant Group shares also were to be listed, said the issue would be postponed there as well. Thursday's planned listings would have been the world's biggest IPO, with both legs worth $34 billion. Alibaba's Hong Kong-listed shares plunged 9.6 percent at the start of trading on Wednesday, after its New York-listed stocks closed 8.13 percent lower Tuesday following t

Nov 4, 2020
Ant Group's shock IPO suspension hammers Alibaba shares
Economy

VIG challenges Hahn & Co. in used-car business

The AJ Sellcar Auction in Anseong, Gyeonggi Province / Courtesy of AJ SellcarBy Park Jae-hyukVIG Partners has begun to speed up efforts to keep up with Hahn & Company (Hahn & Co.) in the nation's used-car trading platform market which is likely to face intensifying competition after Hyundai Motor and SK hinted they may enter the sector.The fierce rivalry between the two domestic private equity firms (PEFs) is considered to have resulted from their ongoing attempts to enhance the value of their portfolio companies, intended for smoother exits in the future.According to a recent regulatory filing by AJ Networks, AutoPlus was selected as the preferred bidder to buy a 77.29 percent stake in AJ Sellcar, the third-largest used-car trading platform here. The sale price was estimated at below 100 billion won ($88 million).AutoPlus is the second-largest platform, which VIG acquired in 2017 for 60 billion won ($52 million). It is expected to pursue an expansion using the AJ Sellcar Auction in Anseong, Gyeonggi Province.Market observers are paying attention to the PEF's latest decision,

Nov 4, 2020By Park Jae-hyuk
VIG challenges Hahn & Co. in used-car business
Economy

Finance minister offers to resign

Deputy Prime Minister and Finance Minister Hong Nam-ki looks at documents inside the National Assembly building on Yeouido, Seoul, Oct. 3 Yonhap Gov't struggle continues over 'major shareholder'By Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki offered to resign Tuesday, in apparent frustration at attempts to hamper the ministry's move to impose a heavier tax on financial investment gains and the owners of multiple homes. President Moon Jae-in refused to accept the resignation.The move was seen as part of rising criticism that Cheong Wa Dae is micromanaging government policies, reducing ministers to “mere briefers” on related policies while dismissing their opinion in the decision-making process.The offer came amid the ministry's weeks-long efforts to seek the middle ground on a revision of taxes on capital gains, and stock and real estate transactions, so as to not completely cave in to political parties playing to their voter bases ahead of by

Nov 3, 2020By Lee Kyung-min
Finance minister offers to resign
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