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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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Companies

Korean businesses pressure gov't to lower inheritance tax

Korean business groups often cite the fact that Korea's inheritance tax rate is one of the highest among the OECD member states. Korea Times fileCountry's inheritance tax rate stands at 50%, second-highest among OECD statesBy Kim Bo-eunKorea's inheritance tax rate is drawing attention as business groups have stepped up their calls for the rate to be lowered. Local business groups often cite the fact that Korea's inheritance tax rate is one of the highest among the OECD member states.Korea's rate is 50 percent, the second-highest among OECD states, after Japan, which levies 55 percent. Korea's inheritance tax generated a buzz after the death of Samsung Electronics Chairman Lee Kun-hee, as the bereaved family became subject to 12 trillion won ($9.15 billion) in inheritance taxes. The rationale for levying inheritance tax is to reduce the wealth gap. Business groups have continued to lobby the government to ease the rate.“It would not be right to make simple comparisons of rates levied among countries, but the rate levied on large Korean businesses handing down assets worth more t

Aug 18, 2022By Kim Bo-eun
Korean businesses pressure gov't to lower inheritance tax
Economy

Korea urged to overhaul pension, tax systems to cope with rapidly-aging population

An elderly man is seen at Tapgol Park in central Seoul in this file photo. Korea Times fileExperts also recommend greater integration of highly-educated women into workforce By Kim Bo-eunKorea faces substantial tasks as the country grapples with one of the fastest rates of population aging around the globe that is set to make it the world's most aged society in 2045.The number of people aged 65 and over in Korea increased by 4.4 percent on average on an annual basis from 2011 to 2020, according to data from the Korea Economic Research Institute. That rate is 1.7 times that of the OECD average of 2.6 percent.To reverse this trend, policymakers until recently focused mainly on encouraging more births through various monetary incentives and support for childcare. But the government has now begun acknowledging the trend of declining births, while preparations are being made to adapt to the demographic change.One way to shore up the working-age population and boost productivity is to increase female participation, Oh Il-sun, the director of Korea CXO Institute, a corporate tracker, noted.

Aug 17, 2022By Kim Bo-eun
Korea urged to overhaul pension, tax systems to cope with rapidly-aging population
Banking & Finance

Korean insurers seek to capitalize on China's growing online market

Korean insurers are increasingly setting up joint ventures with Chinese entities to tap into the market for online insurance products there. gettyimagesbankBy Kim Bo-eunKorean insurers are on track to capture opportunities in China's fast-growing online market for insurance products.Samsung Fire & Marine Insurance last week secured approval from Chinese authorities to set up a joint venture with local entities including China's bigtech company Tencent.Accordingly, the Samsung affiliate's subsidiary in China will be converted into a joint venture, under which the insurer will own 37 percent of shares and Tencent 32 percent. The remaining shares will be held by a number of Chinese investors.Samsung's non-life insurer plans to offer its products utilizing Tencent's platform, which millennials and Gen Z consumers access on a daily basis.The Samsung insurance affiliate is not the first among Korean players in the same industry to set up a joint entity with local companies in China.Hyundai Marine & Fire Insurance set up a joint venture on the mainland in April 2020, with Chinese in

Aug 16, 2022By Kim Bo-eun
Korean insurers seek to capitalize on China's growing online market
Economy

Concerns grow over Korea's pension fund

The National Pension Service's headquarters in Jeonju, North Jeolla Province / YonhapBy Kim Bo-eunKorea's public pension fund is the world's third largest, with close to 1,000 trillion won ($763.3 billion) of assets under management, but there are concerns over the agency's ability to manage the fund.The National Pension Service (NPS) faces the daunting task of reforming its pension system, as the fund is set to be depleted in the coming decades, with Korea's population aging rapidly. The pension fund had initially been estimated to become depleted in 2057, but more recent projections have indicated that it could end up depleted sooner.The Federation of Korean Industries' research unit projects that the percentage of people aged 65 and older will rise from the current 17.3 percent to 37 percent in 2045, making South Korea the most aged country in the world. The federation forecasts that the pension fund will enter a deficit in 2039 and be depleted in 2055 under the current scheme.The Ministry of Health and Welfare has initiated a process to calculate a more accurate estimate by March

Aug 16, 2022By Kim Bo-eun
Concerns grow over Korea's pension fund
Banking & Finance

Why has Apple Pay been unavailable in Korea?

Apple Pay uses Near Field Communication (NFC) technology to enable contactless payment between a device and payment terminal. But Korea has yet to set up an NFC payment network. gettyimagesbank By Kim Bo-eunTalk of Apple Pay launching in Korea in partnership with a local credit card company is drawing interest to just what has prevented the entry of the tech giant's payment service here, since its introduction in 2014. In Asia, Apple Pay is available in mainland China, Japan, Taiwan, Hong Kong, Singapore and Malaysia. Questions have been raised over why Korea, where iPhones account for about 20 to 30 percent of the smartphone market, has not yet launched Apple's payment service.Apple Pay uses Near Field Communication (NFC) technology to enable contactless payment between a mobile phone or watch and a payment terminal.Most stores here, however, are not equipped with NFC payment terminals, as they mostly use IC card terminals used to make payments with credit cards. A

Aug 13, 2022By Kim Bo-eun
Why has Apple Pay been unavailable in Korea?
Banking & Finance

Exclusive KDB accelerates drive to set up new hub in EU

The Korea Development Bank's flag is seen at its headquarters on Yeouido, Seoul. Yonhap By Kim Bo-eunThe Korea Development Bank (KDB) has initiated steps to set up a branch in Germany in order to establish a new base within the European Union (EU). The state-run lender has drawn up a task force for the purpose, and dispatched personnel to Frankfurt last month, a senior KDB official said. The task force will take steps to switch the KDB's office there into a branch to conduct business operations in the 27-member economic bloc, with a base in the EU's largest economy.The KDB's plan was developed after the U.K. left the EU in 2020. The bank has a branch in London that offers services in corporate finance, trade finance, derivatives, security investment and treasuries. In Europe, aside from this unit, the KDB has subsidiaries in Ireland and Hungary.”The London unit has served as the bank's Europe hub, but Brexit gave rise to the need for a business hub within the EU, to

Aug 12, 2022By Kim Bo-eun
[Exclusive] KDB accelerates drive to set up new hub in EU
Economy

China, S. Korea can both benefit from service sector pact: experts

Lee Kyung-sik, left, director general at South Korea's Ministry of Trade, Industry and Energy, talks with Yu Benlin, director general at China's Ministry of Commerce, during the meeting via video link, July 13, to discuss negotiations for the second phase of the Korea-China FTA. Courtesy of Ministry of Trade, Industry and Energy But Yoon administration's policy shift away from China adds to uncertaintyBy Kim Bo-eunHONG KONG ― Renewed talks between South Korea and China to further open their service sectors could represent a “win-win situation for both economies,” analysts said.The positive outlook came after the chief negotiators from the two nations agreed to resume discussions on strengthening cooperation in the opening of services and investment markets at a follow-up negotiation to the Korea-China free trade agreement (FTA) on July 13.The discussions over the second phase of the FTA, which went into effect in December 2015, began in 2018, with nine working-level

Jul 30, 2022By Kim Bo-eun
China, S. Korea can both benefit from service sector pact: experts
Economy

What's Hong Kong's future as global financial hub?

A view of downtown Hong Kong / gettyimagesbank Industry expects city to maintain status thanks to role as entry point into ChinaBy Kim Bo-eunHONG KONG ― Hong Kong has been engulfed by a series of major events in recent years, which have continuously raised questions about the city's future as an international financial center.Months of intense protests took place in 2019 against a now-shelved extradition bill, which extended into 2020 as controversy continues over the Beijing-backed national security law. Hong Kong's electoral system also became subject to greater control by the mainland. The COVID-19 pandemic then unfolded, to which the city introduced relentless measures such as flight bans and weeks of mandatory hotel quarantine upon arrival.Hanscom Smith, the U.S.' outgoing consul general to Hong Kong, said earlier this month the policies of the governments of Beijing and Hong Kong have changed to the "detriment of Hong Kong's status as a financial hub.” "Attemp

Jul 25, 2022By Kim Bo-eun
What's Hong Kong's future as global financial hub?
Economy

Economic initiatives involving Russia, China derailed under Yoon administration

President Yoon Suk-yeol and first lady Kim Keon-hee arrive in Madrid, Spain, on June 27 for the NATO Summit. Korea Times photo by Seo Jae-hoonS. Korea looks to Europe in bid to cut dependency on ChinaBy Kim Bo-eunHONG KONG ― An apparent shift in the external economic policy of South Korea's new government has put the brakes on a number of efforts in Russia and China that were initiated under the previous administration.And while the shift also reflects developing situations such as Russia's invasion of Ukraine, the abrupt sea change that has occurred with the leadership change has come at the cost of government funds, time and effort.Under the previous administration of Moon Jae-in, an ambitious plan was drawn up to build a power grid spanning South Korea, China, Japan, Russia and Mongolia. The idea was for countries in northeast Asia with high energy demand to be able to access wind and solar power, along with natural gas, from the resource-abundant easternmost parts of Siberia and Mongolia.Possibilities were discussed at the 2017 Eastern Economic Forum in Vladivostok, Russia, which

Jul 17, 2022By Kim Bo-eun
Economic initiatives involving Russia, China derailed under Yoon administration
Economy

Specter of recession looms large over Korea

Bank of Korea (BOK) Governor Rhee Chang-yong pauses before answering a question at a press briefing, after the central bank hiked its key interest rate by a quarter percentage point to 1.75 percent, May 26. It was the BOK's first back-to-back rate increase in 15 years. YonhapRecord-high inflation rate, sagging exports back pessimistic views for growthBy Kim Bo-eunHONG KONG ― Korea's export-oriented economy faces an approaching global recession, experts warned Wednesday. The dire projection comes at a time when Korea is witnessing the highest level of inflation in decades, amid weak export growth.The consumer price index for June was up 6 percent year-on-year, which is the highest seen since November 1998 at the height of the Asian financial crisis.Korea also suffered a $10.3 billion trade deficit in the first half of this year, which was the highest level in 25 years.Korea managed to achieve 0.7 percent quarter-on-quarter growth in the first three months of this year, but the following quarters are projected to display significantly weaker growth."Growth for the second quarter will b

Jul 10, 2022By Kim Bo-eun
Specter of recession looms large over Korea
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