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Kim Bo-eun

Korea Times Digital Content Reporter

Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.

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Economy

Extra budget feared to lead to rate hikes, inflation, burdening vulnerable

Business owners set to be affected by rising lending rates, consumer pricesBy Kim Bo-eunFinance Minister Hong Nam-ki speaks about the government's 14-trillion-won ($11.7 billion) extra budget plan at the Seoul Government Complex, Jan. 21. NewsisThe government is drawing up another 14 trillion won ($11.7 billion) budget to support small business owners afflicted by the COVID-19 pandemic, but ironically, it is feared that the extra budget will add yet more of a burden to affected households and businesses, as the situation is set to trigger a rise in lending rates as well as consumer prices.The extra budget will be used to provide 3 million won to 3.2 million small business owners who have been hit by the effects of the COVID-19 pandemic and ongoing social distancing measures on businesses. The government is seeking to issue 11.3 trillion won in debt to finance the 14-trillion-won budget, which will be done by issuing government bonds.The situation has led to a rise in treasury bond yields. The three-year treasury bond yield rose 0.091 of a percentage point on Jan.14, when the governme

Jan 24, 2022By Kim Bo-eun
Extra budget feared to lead to rate hikes, inflation, burdening vulnerable
Politics

Presidential candidates hesitant to push for Jeonju financial center

An artist's impression of Jeonju Financial Center / Korea Times file By Kim Bo-eunKorea has often been criticized for a populist approach to policies in key industries. Previous administrations claimed the relocation of state-run institutions, once concentrated in Seoul, to across the country was a means to drive the growth of provincial areas.But this has led to questionable outcomes such as having the state pension fund moving to Jeonju, 240 kilometers south of Seoul, which has little related infrastructure. This in turn has resulted in a brain drain at the world's third-largest pension fund.Following the National Pension Service's (NPS) relocation in February 2017, then-presidential candidate Moon Jae-in pledged to designate Jeonju as Korea's third financial center after Seoul and Busan. But government feasibility studies conducted in 2019 after Moon's election concluded the city lacked the infrastructure needed for the plan.The plan appeared to have derailed, bu

Jan 21, 2022By Kim Bo-eun
Presidential candidates hesitant to push for Jeonju financial center
Banking & Finance

Korean banks expand presence in Asia

Woori Bank China's newest branch in the southern tech city of Shenzen / Courtesy of Woori Bank Lenders switch to targeting local companies, retail customersBy Kim Bo-eunLocal banks are expanding their operations in Asia as they increasingly turn to overseas markets for new business opportunities.In the past, the overseas operations of Korean lenders mainly involved the provision of services for Korean companies stationed abroad. But lenders are now targeting overseas customers in wholesale and retail banking.Woori Bank's subsidiary in China recently opened a new branch in the southern tech city of Shenzhen. This is Woori's third bank branch to open in Shenzhen, backed by growth in demand for its banking services there.The Shenzhen Special Economic Zone is one of China's three major cities along with Beijing and Shanghai and its per capita GDP exceeds $27,000.The newest branch is comprised entirely of local employees, including the branch head, as part of Woori's att

Jan 21, 2022By Kim Bo-eun
Korean banks expand presence in Asia
Banking & Finance

KB could serve as benchmark for labor-backed board member system

KB Kookmin Bank's head branch on Yeouido, Seoul / Courtesy of KB Kookmin BankBy Kim Bo-eunPrivate companies have been on alert since the National Assembly passed a bill to introduce a system at state-run firms, via which unions will be able to be represented by a member at the board level.The pro-labor policy has not yet been extended to the private sector, but businesses are keenly observing movements that could possibly lead to that possibility.One such move is taking place at KB Financial Group. The financial firm's union has been suggesting for several years that the company's board make room for a union-backed member.In its fifth year, KB's union proposed former Export-Import Bank of Korea (Eximbank) Vice President Kim Young-soo to be a member of the company's board.The union has failed so far in getting its demand accepted, but financial firms are watching closely as this year's recommendation comes after the introduction of the union-backed board member system earlier this month.The union held a conference in front of KB Kookmin Bank's head office on Yeouido, Seoul, Tuesday, s

Jan 20, 2022By Kim Bo-eun
KB could serve as benchmark for labor-backed board member system
Banking & Finance

Samsung Life Insurance weighed down by legal disputes

Samsung Life Insurance's headquarters in southern Seoul / YonhapCourt rules in favor of policyholders of insurer's immediate annuity contractBy Kim Bo-eunSamsung Life Insurance has been mired in a number of legal battles in the past few years, which have weighed on the insurer as a major burden.The Seoul Central District Court on Wednesday ruled in favor of policyholders of Samsung Life's immediate annuity, in a class action suit against the insurer over insufficient payments.An immediate annuity is an insurance contract funded by a lump sum payment, such as money in a savings account. Policyholders are able to receive payments each month, which come from profits from investing the policyholders' lump sums of money.A total of 18 holders of Samsung's immediate annuity policy filed the suit. The policyholders claim that Samsung did not properly notify them of deductions that would be made to their monthly payments, and are demanding the insurer  pay up on the unpaid amounts.Samsung has appealed the lower courts ruling, and it is expected that it will take over a year for the final

Jan 20, 2022By Kim Bo-eun
Samsung Life Insurance weighed down by legal disputes
Companies

SillaJen investors likely to take legal action

SillaJen shareholders call for the trading of the biotech company's stocks to be resumed in front of the Korea Exchange's building on Yeouido, Seoul, Tuesday. YonhapFinal decision for biotech firm to be made next monthBy Kim Bo-eunRetail investors of SillaJen are seeking to take legal action following the Korea Exchange's preliminary decision on Tuesday to delist the troubled biotech company. While the final decision is set to be made next month, with SillaJen pledging to appeal, the prevailing view is that there is little chance of the company's relisting on the secondary Kosdaq bourse. It appears some 17,000 retail investors will sustain major losses in the delisting. According to data from the company, minority shareholders hold a 92.6 percent stake in the firm as of the end of 2020. SillaJen's stock price peaked over 150,000 won in late 2017, but dived to the 12,000 won level ahead of the trading ban.Investors continued their protest in front of the Korea Exchange on Yeouido, Wednesday, urging trading to be resumed. They are represented by a 4,000-member group."I bought shares at

Jan 19, 2022By Kim Bo-eun
SillaJen investors likely to take legal action
Banking & Finance

Companies desperate for female board members

gettyimagesbankRelated regulations to go into effect in AugustBy Kim Bo-eunA deadline is looming for Korean companies to add female members to their boards, but about half of the firms subject to the regulation still fall short of the requirement, data shows.The revised Capital Markets Act going into effect in August applies to listed companies with at least 2 trillion won ($1.67 billion) in assets. According to corporate tracker Leaders Index, among the 168 companies subject to the regulation, 68 firms, or 46 percent, did not have any female board members as of the third quarter of last year. This is still a significant improvement, however, from the same quarter of 2020 when 116 companies did not have any female members on their boards.However, data shows that most of the women on company boards are outside members. Among the 102 female board members at 90 companies, only nine were from their respective firms. Companies with female board members from within their organization include Naver, CJ CheilJedang, Hotel Shilla, Samsung SDI, Daesang, Netmarble, Lotte Chilsung, Kumho Tire an

Jan 19, 2022By Kim Bo-eun
Companies desperate for female board members
Banking & Finance

Kyobo-Affinity feud deepening ahead of IPO

By Kim Bo-eunKyobo Life Insurance Chairman Shin Chang-jae / Courtesy of Kyobo Life InsuranceKyobo Life Insurance is seeking to settle its years-long conflict with financial investors, as its initial public offering (IPO) is only months away, but the feud is instead escalating, posing uncertainties for the company's stock market debut.A local court handed a provisional attachment order for Kyobo Life Insurance Chairman Shin Chang-jae's real estate assets last week, upholding a filing by the consortium of financial investors led by Affinity Equity Partners. A provisional attachment order is a judicial measure available to those who have a monetary claim to freeze certain assets to restrain a debtor from dissipating their assets in an attempt to frustrate a potential judgment. Affinity stated the court order recognized that the investors could exercise their put option, and that because Shin had duties he was not executing, investors had the right to withdraw their investments through the put option via a second arbitration. A put option gives a shareholder the right to sell an asset at

Jan 18, 2022By Kim Bo-eun
Kyobo-Affinity feud deepening ahead of IPO
Economy

Yoon-related stocks spike after clearing 'Kim phone call risk'

The main opposition People Power Party's presidential candidate Yoon Suk-yeol is seen with his wife Kim Keon-hee on MBC's program airing contents of phone calls between Kim and a YouTuber, Sunday. YonhapBy Kim Bo-eunStocks related to main opposition People Power Party's presidential candidate Yoon Suk-yeol surged Monday, after a local broadcaster's airing of personal phone calls between Yoon's wife Kim Keon-hee and a YouTube channel reporter turned out not to be as damaging as expected to Yoon, maintaining his chances of being elected.The reporter for a liberal YouTube channel named Voice of Seoul submitted recorded phone calls with Kim to broadcaster MBC, which aired a program releasing the content late Sunday. Concerns had mounted within the main opposition party, but little of Kim's remarks were considered controversial enough to affect Yoon's rating.The latest polls on support rates of presidential candidates are also seen to have helped push up Yoon-related stocks. Yoon's support rate stands at 40.6 percent according to Realmeter's data released Monday, up 6.5 percentage points

Jan 17, 2022By Kim Bo-eun
Yoon-related stocks spike after clearing 'Kim phone call risk'
  • Wife risk emerges as double-edged sword for PPP presidential candidate
Economy

Cryptocurrency exchange operators face audit amid money laundering concerns

Cryptocurrency exchange operator Bithumb's logo is seen in this photo. YonhapFinancial authority to also examine digital finance businessesBy Kim Bo-eunThe country's major cryptocurrency exchange operators will come under inspection by the financial regulator for the first time, amid growing concern that the exchanges might have been used for money laundering.Beginning next month, the Korea Financial Intelligence Unit (FIU) under the Financial Services Commission will be auditing Bithumb, Upbit, Coinone and Korbit, which are the top four operators in the cryptocurrency exchange market, examining whether they have anti-money laundering systems and other necessary measures in place.With the Financial Supervisory Service, the FIU will look into whether the operators have made the improvements that it had demanded when they were registering as cryptocurrency businesses. The inspection will also verify whether the companies have adopted mandatory systems such as the "Know Your Customer (KYC)" process of identifying and verifying client identity when opening an account and maintaining this

Jan 17, 2022By Kim Bo-eun
Cryptocurrency exchange operators face audit amid money laundering concerns
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