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Kim Jae-kyoung

Korea Times Business Planning Reporter

I’m currently managing director of Content and Business Planning at The Korea Times. Before I took the current position in early 2024, I served as managing editor in charge of both paper and online for over three and a half years. In 2015-2018, I worked as Singapore correspondent covering ASEAN nations.

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Companies

Hana, Lone Star to conclude KEB contract soon

By Kim Jae-kyoung Hana Financial Group will sign a share purchase agreement with Lone Star Funds to take over a controlling 51.02 percent stake in Korea Exchange Bank to finalize the acquisition as ongoing due diligence will be completed next week, according to a U.S.-based source close to the transaction, Thursday. The source said that Hana and Lone Star already signed a binding memorandum of understanding (MOU) with only a few strings attached over the weekend. Lone Star Chairman John Grayken and Hana Chairman Kim Seung-yu met in Singapore on Saturday to reach the agreement, according to the source. “Chairman Kim said that it was a non-binding agreement and that he will make a final decision on Nov. 26. But actually, it was binding and the two parties reached agreements on many details, including price,” the source said on condition of anonymity. “Hana has agreed to buy the controlling stake at the current market value plus a 10 percent premium on managerial rights. The MOU leaves room for Hana to adjust the price after the due diligence but it also contains an adjustme

Nov 18, 2010By Kim Jae-kyoung
Companies

Ireland’s debt woes renew fears of capital flight

By Kim Jae-kyoung With Ireland’s debt trouble showing signs of spilling over into other European countries, shares in Europe and the U.S. plunged sharply, sending a shudder through emerging markets. The local financial markets have also turned highly volatile on renewed fears of another debt crisis in Europe, raising concerns that the country may face a sudden capital flight. The benchmark KOSPI lost more than 80 points over the last five days, closing at 1,897.11 Wednesday, down 2.02 points from the previous day, while the Korean won lost 15.40 won to end at 1,144.9 won. U.S. stocks plummeted Tuesday as investors turned attention to Ireland’s debt troubles and China’s inflation concerns. The Dow dipped 178.47 points to close at 11,023.50, after falling below the 11,000 mark for the first time in more than a month. The dollar gained against the euro. “Chances are that the debt trouble in Ireland will have repercussions for the local financial market and economy,” LG Economic Research Institute Managing Director Oh Moon-seok told The Korea Times. “It is premature to wo

Nov 17, 2010By Kim Jae-kyoung
Companies

How will G20 summit credit go where it is due?

By Kim Jae-kyoung The G20 Seoul Summit ended Friday. Despite detractors’ claim that it was a conditional success, the first summit of its kind hosted by a non-G7 member country offered a great deal of progress on many thorny issues of global significance. President Lee Myung-bak was spotlighted by the media for his performance as a mediator among major economies. He also received praise from heads of state at the Asia-Pacific Economic Cooperation (APEC) Summit held in Japan over the weekend. Lee surely deserves some of the compliments but his four key aides deserve more of the success. They are Yoon Jeung-hyun, minister of strategy and finance; Sakong Il, chairman for the G20 Summit Preparation Committee; Rhee Chang-yong; vice-chief of the G20 Summit Preparation Committee; and Shin Je-yoon, deputy finance minister for international affairs. “Most of the agreements reached at the Seoul summit were actually made at the Gyeongju meeting attended by the G20 finance ministers and central bank governors last month,” said a ranking government official, asking not to be named.

Nov 15, 2010By Kim Jae-kyoung
Companies

BOK likely to raise key rate this month

By Kim Jae-kyoung The nation’s central bank is expected to raise its key rate at the November monetary policy committee meeting Tuesday, with concerns over currencies easing after leaders of the G20 agreed to avoid a devaluation race over the weekend. Despite a build-up in inflationary pressure here, the Bank of Korea (BOK) froze the benchmark interest rate in October for the third consecutive month due to rapid strengthening of the local currency against the dollar amid lingering uncertainties surrounding the global economic recovery. However, the G20 agreements are expected to give more leeway for the central bank to tighten its monetary policy, as the accords are likely to clear away uncertainties created by the volatility of currencies ― at least for now. In the joint statement, the leaders promised to refrain from any competitive devaluation of currencies. Now the tallest task for the BOK is to curb inflation. Consumer prices soared 4.1 percent in October year-on-year, above the central bank’s upper inflation target of 4 percent. Producer prices grew 5 percent in

Nov 14, 2010By Kim Jae-kyoung
Others

G20 to set imbalance guidelines by 2011

Leaders agree to avert worst of currency war for now By Kim Jae-kyoung Leaders of the Group of 20 (G20) member nations reached a vague compromise Friday on currency and trade issues, calling for a workable resolution for the next G20 summit in France, slated for November next year. In the Seoul Declaration released following the two-day G20 Seoul Summit, the participating heads of state agreed that “indicative guidelines” on current account balances will be initiated and undertaken in due course. The declaration calls for an action plan under which they will call on their framework working group, with technical support from the IMF, to develop numerical guidelines, with the progress to be discussed by finance ministers in the first half of 2011, according to the communique. Although the agreement is seen as progress as they set imbalance guidelines, many still doubt the feasibility of the communique as it is too vague and unbinding with no numerical targets. The U.S., supported by Korea, has called for a numerical limit ― but this move has met a strong backlash fro

Nov 12, 2010By Kim Jae-kyoung
  • Moving toward more market-determined exchange rate systems
  • Lee shines at G20, but challenges lie ahead
  • G20 is not magic bullet but still effective
Others

G20 Summit begins amid deep division

Leaders may seek compromise on currencies By Kim Jae-kyoung, Kim Tong-hyung Leaders of the Group of 20 (G20) member nations are expected to reach a compromise today on trade and currency issues that have so far marred the cooperative spirit of the global gathering, in a bid to make headway in the G20 process and keep the two-year-old global policy forum afloat. The G20 Summit began Thursday amid deep divisions among member economies, with currency tensions simmering as world leaders gathered in Seoul for the two-day summit. They started the summit with a two-hour working dinner at 7:00 p.m. at the National Museum of Korea following President Lee Myung-bak’s welcoming remarks, with the focus on the global economic framework. U.S. President Barack Obama was late for the dinner. The Seoul Declaration to be signed Friday by the heads of 19 states and the EU may include a couple of sensible measures to prevent currency feuds, a “standstill declaration” to avoid protectionism, and the Korea Initiative, which addresses a global financial safety net and development issues.

Nov 11, 2010By Kim Jae-kyoung
Others

Financial gurus recognize Korea’s leadership in G20

By Kim Jae-kyoung Korea has been in the limelight in the global community over the past year, after it was named as the first non-G7 country to host the G20 summit. President Lee Myung-bak and many policymakers are trying to promote the event, citing it as the country’s best-ever opportunity to join the league of advanced economies. Some critics say that Korea should not be too excited as it is one of many international events and that it was only able to become the host country as a result of a global feud between the United States and Europe. However, the heads of two global financial giants dismissed such criticism, sharing the view that South Korea deserves the chair of the G20 summit as it has successfully transformed itself into a developed country from a developing one. On the occasion of the G20 Seoul Summit, The Korea Times had an interview with Standard Chartered CEO Peter Sands and Citi CEO Vikram Pandit. “South Korea has all the right qualities and past experience to make it an excellent chair country for the G20 summit. Financial organizations, including the

Nov 10, 2010By Kim Jae-kyoung
Others

Risk of protectionism growing

On the occasion of the G20 Seoul Summit and Business Summit, The Korea Times held an email interview with two financial gurus ― Standard Chartered CEO Peter Sands and Citi CEO Vikram Pandit ― to share their insights about the global financial market and economy in the post-crisis world. ― ED. By Kim Jae-kyoung The Group of 20 (G20) nations have successfully pulled the world economy back from the brink by their coordinated policy response. However, with the global crisis phasing out, major countries are focusing more on their own interest rather than overhauling the global financial system. In an interview with The Korea Times, Standard Chartered CEO Peter Sands said that the specter of protectionism and

Nov 10, 2010By Kim Jae-kyoung
Others

Excess reform may mar recovery

By Kim Jae-kyoung Citi has been the symbol of globalization and advanced financial services provider. The global financial crisis triggered by the U.S. subprime mortage meltdown has tarnished its image but it is now bouncing back fast and regaining its reputation as a leading global player. In this regard, the head of the U.S.-based banking giant is the best person to provide insights about where the global financial market is heading and what measures should be taken to prevent another financial crisis. Following the crisis, the Group of 20 (G20) member nations have put their heads

Nov 10, 2010By Kim Jae-kyoung
Others

Euh takes new path for banking industry

By Kim Jae-kyoung For Euh Yoon-dae, the “KB Financial Group chairman” title does not simply mean the top post of the nation’s leading financial services provider. Actually, the position is rather symbolic to him. He believes his ultimate goal is to usher the banking industry to the global stage by successfully reforming KB and turning it into a globally-competitive player. “I take the job very seriously and will do my best. I believe that transforming KB into a prominent company can offer a good chance for the nation’s financial industry to leap forward,” Euh said in a recent interview with The Korea Times. “There are concerns that the nation’s credit worthiness and competitiveness have been falling. Particularly, university, labor and finance sectors are way behind. If we improve these areas, our creditworthiness will increase accordingly,” he added. As the former chairman of the Presidential Council on Nation Branding, his remarks indicate that he aims to go down a new path not only for KB but also for the local banking industry to help them reach a par with global play

Nov 9, 2010By Kim Jae-kyoung
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