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  • Economy

    Won nears 1,560 on strong dollar, foreign stock selling

    The Korean won weakened to 1,559 per dollar in intraday trading Wednesday, showing little sign of stabilizing despite suspected intervention by currency authorities. The won-dollar exchange rate closed at 1,554.9 in Seoul's onshore trading, up 5.5 won from the previous session, marking the local currency's weakest close since March 2009 during the global financial crisis. The rate opened at 1,549.8 and breached the closely watched 1,550 level during the session, climbing as high as 1,559 before paring gains amid dollar-selling by exporters and caution over possible official intervention. Foreign exchange authorities spent a record $22.4 billion in the fourth quarter of 2025 and another $13.6 billion in the first quarter of this year to help support the won. Still, broad dollar strength driven by the Federal Reserve’s hawkish outlook, coupled with the won’s tendency to track weakness in the yen, is putting renewed upward pressure on the exchange rate. Foreign selling in Korean equities is adding to pressure on the currency. Overseas investors net sold 148 trillion won of KOSPI-listed

    2 MIN READBy Lee Yeon-woo
    Won nears 1,560 on strong dollar, foreign stock selling
  • Economy

    30 years on, Kosdaq struggles to regain investors' trust

    2 MIN READBy Lee Yeon-woo
    30 years on, Kosdaq struggles to regain investors' trust
  • Economy

    Korea's monthly exports hit $100 bil. for 1st time in June

    2 MIN READBy Yonhap
    Korea's monthly exports hit $100 bil. for 1st time in June
  • Economy

    Seoul shares return gains late Wednesday morning on tech sell-off

    1 MIN READBy Yonhap
    Seoul shares return gains late Wednesday morning on tech sell-off
  • Policy

    Market braces for pension fund's stock rebalancing

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

Will FSS be run by state again?

Financial Supervisory Service Governor Yoon Suk-heun center, arrives at Seoul Government Complex in Gwanghwamun, Oct 28. YonhapBy Lee Kyung-min The scandal-ridden Financial Supervisory Service is highly likely to become a state-run organization, a disgrace largely expected due to incompetence associated with a slew of oversights, failures and employee misconduct allegations.The Ministry of Economy and Finance said Tuesday that a necessary process is underway to determine whether the supervisory organization should be among the state-run entities subject to ministry oversight over personnel management and budget. Spending for employee benefits among other discretionary expenditures must then be disclosed for audit.The discussion seeking to revert the organization to its previous status is gaining momentum, a much-needed measure given its overall mismanagement as illustrated by fiascos involving derivative-linked funds (DLFs) that led to many people losing part of or the entirety of their investments.Other damning allegations include that former and current FSS workers were offered bri

Nov 3, 2020By Lee Kyung-min
Will FSS be run by state again?
Economy

Korea's cryptocurrency policy drives industry into corner

By Lee Min-hyungWith the Financial Services Commission (FSC) announcing a revision to a special finance information act here, concerns are resurfacing that this could hurt the vitality of Korea's virtual currency industry.The virtual asset industry is taking issue with the regulator's decision allowing financial firms such as banks to independently monitor for potential risks related to cryptocurrency operators' anti-money laundering measures. The central point is that no specific guidelines have yet to be made on how banks can monitor and evaluate potential outstanding risks of the industry players.Under the act, cryptocurrency business owners should systematically verify real-name bank accounts issued from financial firms when making transactions with their customers. When the operators fail to receive the accounts from banks, they cannot operate the business, so their fates are determined by banks' decision following the law revision.Industry players were expressing concerns over the “ambiguity” of the act, saying regulators need to specify possible measures to help ba

Nov 3, 2020By Lee Min-hyung
Korea's cryptocurrency policy drives industry into corner
Economy

Will Woori privatization make progress this year?

Woori Financial Group's headquarters in central Seoul. / Korea Times fileBy Kim Bo-eunThe government's sale of shares in Woori Financial Holdings ― enabling the full privatization of the group ― has remained pending for the past year.The Financial Services Commission's plan unveiled last year was to start selling Woori shares held by the government via the Korea Deposit Insurance Corp. this year and complete the sale by 2022.But the Public Funds Management Committee (PFMC) meeting on Oct. 26 did not decide on any action plan for the immediate future.The government had sought to push forward with the plan as soon as circumstances allowed, but Woori's share price has stopped authorities from acting.Government shares in Woori represent funds that were poured in to keep the bank afloat during the Asian Financial Crisis of 1997. The government injected 12.8 trillion won, of which 11 trillion won has been recouped.Woori's share price needs to be at least 12,350 won for the government to recoup the remainder.It exceeded 10,000 won in January, but has showed a downtrend over the year and has

Nov 3, 2020By Kim Bo-eun
Will Woori privatization make progress this year?
Economy

Conflict deepens between ISS, Sustinvest

The KB Financial Group union submits a shareholder proposal at the group headquarters in Seoul, Oct. 29, to recommend Sustinvest CEO Ryu Young-jae and Seoul National University professor Yun Sun-jin as candidates for nonexecutive directors. / Courtesy of KB Financial Group unionProxy advisers clash over KB, LG Chem, HanjinBy Park Jae-hyukThe Institutional Shareholder Services (ISS) is apparently facing an intensifying conflict with Sustinvest, the two have been giving differing advice to shareholders of listed companies in Korea.Although a majority of domestic and foreign shareholders are still following the recommendations of ISS, the world's largest proxy adviser, the small local player Sustinvest pointed out the institution, owned by U.S. private equity firm (PEF) Genstar Capital, has “colonized” the Korean capital market using its powerful status.Their latest quarrel started during the KB Financial Group union's recent attempt to appoint Sustinvest CEO Ryu Young-jae as one of the group's new nonexecutive directors.The union is trying to obtain a board seat again, foll

Nov 3, 2020By Park Jae-hyuk
Conflict deepens between ISS, Sustinvest
Economy

Korea's inflation grows at slowest pace in 4 months in October

GettyimagesbankSouth Korea's consumer prices grew at the slowest pace in four months in October due largely to state subsidies for mobile phone bills, data showed Tuesday.The consumer price index inched up 0.1 percent on-year last month, sharply slowing from a 1 percent on-year gain in the previous month, according to the data by Statistics Korea.The sharp slowdown in inflation was mainly attributed to the government's move to provide 20,000 won (US$17.62) to cover communication fees to some people as part of its fourth extra budget designed to cope with the COVID-19 pandemic.It marked the slowest growth since June when the price index stayed flat and the fourth straight month of increase.Compared with a month earlier, the country's consumer inflation declined 0.6 percent last month, after posting a 0.7 percent on-month gain in September.Core inflation, which excluded volatile food and oil prices, declined 0.3 percent on-year in October, compared with a 0.6 percent on-year gain in September. It marked the largest monthly fall since September 1999. The country's inflationary pressure

Nov 3, 2020
Korea's inflation grows at slowest pace in 4 months in October
Economy

Investors favoring venture startups

GettyimagesbankBy Anna J. ParkLocal markets' ample liquidity now seems to be flowing into venture companies that haven't listed yet. Market watchers say strengthening government regulations on real estate markets has pushed the money flow into promising business ventures.According to Korea Business Angels Association ― an association of individual investors that mainly invest money into venture companies in their early stages ― Monday, the number of individual investment associations formed this year has exceeded 1,170 so far, which is more than all of last year's 980. In general, individual investment associations are groups of retail investors of less than 49 people that jointly pool capital resources of at least 100 million won ($89,000) each, to invest in burgeoning stages of venture businesses. The total amount of investments made by these associations has expanded from last year; this year the aggregated sum of the associations' money stands at 781.3 billion won, much greater than the 126 billion won invested by the associations for all of last year. When compared to 2016, the

Nov 2, 2020By Anna J. Park
Investors favoring venture startups
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