May 16, 2021

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EDITOR'S PICKS

• Markets 
  

  BOK seeks authority to monitor crypto transactions

  　The Bank of Korea is seeking the authority to monitor cryptocurrency transactions made through users’ real-name bank accounts, a document recently submitted to a lawmaker here by the central bank showed. 　“We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts,” the document submitted to Rep. Choo Kyung-ho of the main opposition People Power Party on

• Markets 
  

  Samsung heir becomes richest Korean

  　Lee Jae-yong, the only son of the late Samsung Group Chairman Lee Kun-hee, has become the wealthiest entrepreneur in South Korea, according to Bloomberg Billionaires Index on May 13. 　The index shows a ranking of 500 richest people around the world. The list of the world’s top billionaires, compiled by media firm Bloomberg, showed the junior Lee owns $12.6 billion of assets as of May 12 to take the 170th spot among the 500 richest people. 　He inherited shares of Samsung Group affiliat

• Markets 
  

  Real estate investors drift away from Seoul, toward logistics

  　Real estate investors searching for deals in South Korea were seen shifting their attention away from the capital city of Seoul in the first quarter of 2021 as demand for logistics assets rose, data showed on May 13. 　Commercial property deals that closed in Seoul during the first quarter with tickets of over $10 million added up to $2.2 billion, down 25.8 percent on-year, while investment in other parts of Korea rose 3 percent to $2.6 billion, according to data from New York-based capital ma

• Markets 
  

  Moody’s maintains S. Korea’s credit rating at Aa2

  　Global ratings firm Moody’s has kept the credit rating of South Korea at Aa2, affirming the outlook at stable, according to the Ministry of Economy and Finance on May 12. 　The US rating firm holds discussions with the ministry and the state-run Bank of Korea on a regular basis before announcing a credit rating report for the nation. 　The rating agency cited the nation’s strong economic fundamentals, and quick economic recovery from the coronavirus pandemic as some of the reasons

• Markets 
  

  HMM, Hybe, SKC, GC Pharma join MSCI Korea index

  　Morgan Stanley Capital International announced on May 12 that it has added four South Korean stocks -- HMM, Hybe, SKC and GC Pharma -- to its global and regional equity index, as part of May rebalancing. 　The US company also removed seven listed firms -- Hyundai Marine & Fire Insurance, Hanwha, GS Retail, Samsung Card, Lotte Corp., Korea Gas Corporation and Ottogi -- from the MSCI Korea Index. 　As a result, the regional equity index’s constituents of large- and mid-cap stocks fell

• Markets 
  

  Mirae Asset gets approval for entry into short-term financing market

  　South Korea’s financial regulator Financial Services Commission has allowed Mirae Asset Securities to issue short-term financing bills after a rigorous review, according to sources on May 12. 　With the final approval, the brokerage firm will have more financial leeway to manage bigger funds than a regular securities firm, launching it one step forward to becoming a so-called mega investment bank. 　A mega investment bank can issue promissory notes with a maximum limit of 200 percent of i

• Markets 
  

  Nonfungible token of historic human-AI Go battle up for auction

  　A nonfungible token of the historic match between between South Korean Go master Lee Se-dol and Google’s artificial intelligence Go player AlphaGo has been auctioned off as a digital content on OpenSea, the world’s largest marketplace for NFTs, officials said May 10. 　A nonfungible token is a digital recreation of media contents such as videos and photos that is traded via the blockchain. Upon purchase through the internet auction site, investors can declare ownership of NFTs, whi

• Markets 
  

  Korean banks brace for India’s COVID crisis

  　South Korean banks have launched emergency safety measures for their business units in India, as the country grapples with the world’s worst COVID-19 outbreak. 　The spiking coronavirus infections and deaths in the world’s second-most-populous nation present yet another major hurdle for the banks’ overseas expansion goals, after Myanmar’s military coup in February. 　According to the watchdog Financial Supervisory Service, eight Korean banks had entered the Indian mark