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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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Companies

BOK Raises Growth Outlook to 5.2%

By Lee Hyo-sik Staff Reporter The Bank of Korea (BOK) upgraded its 2010 growth projection for the Korean economy to 5.2 percent, Monday, from an earlier estimate of 4.6 percent made in December last year, citing a stronger-than-expected global economic rebound. The figure is even higher than the government's 5-percent growth forecast. The upward revision is seen as an indicator that the central bank's analysis of the economy has been more growth-oriented than before since BOK Governor Kim Choong-soo took the helm on April 1. It reported that Asia's fourth largest economy will expand 6.6 percent in the first half of the year from a year earlier, up from an earlier forecast of 5.9 percent, with the second-half growth rate reaching 4 percent, up from the expected gain of 3.4 percent. It has maintained its growth outlook for 2011 at 4.8 percent. In 2009, the nation's gross domestic product (GDP) expanded by 0.2 percent, down sharply from a 2.3 percent increase in 2008, in the aftermath of the worldwide economic slump. But Korea was one of the three OECD member economies, al

Apr 12, 2010By Lee Hyo-sik
Companies

Trade With Latin America Grows 4-Fold in 15 Years

By Lee Hyo-sik Staff Reporter Korea's trade with Central and South American countries has jumped nearly four-fold over the past 15 years in line with growing bilateral economic ties, the Korea Customs Service (KCS) reported Friday. In particular, the two-way commerce volume has been expanding significantly since the Korea-Chile free trade agreement (FTA) went into effect in 2004. The Asian nation exports mostly electronics, automobiles and other industrial goods, while importing minerals, wine, and other agricultural products from Chile and other Latin American countries. Additionally, many local companies have moved into the resources-rich continent, building plants and sales networks, to take advantage of one of the world's fastest growing emerging markets. With Korea getting closer to signing a free trade pact with Peru and Colombia, the two-way trade is expected to surge even further in the coming years, providing domestic firms with lucrative business opportunities. The customs agency stated that the bilateral trade volume between Korea and Latin America had rea

Apr 9, 2010By Lee Hyo-sik
Companies

Deficits at 22 Public Firms Surpass 200 Tril. Won

By Lee Hyo-sik Staff Reporter The combined debts of 22 public enterprises here surpassed 200 trillion won last year, raising concerns over deteriorating financial soundness in the public sector. Inefficient management and excessively generous compensation packages for executives and some employees, despite suffering huge financial losses, have been blamed for the elevated debt levels of public firms. Additionally, many state-run companies were mobilized to prop up the sagging economy in the aftermath of the global economic slump. Some of them borrowed money to implement large-scale infrastructure development projects on behalf of the government to create jobs in the public sector. Others have been forced to refrain from raising electricity and other utility service charges, chipping away at their bottom line, as part of the government campaign to help stabilize the livelihoods of the low-income bracket. According to sources Thursday, the outstanding debts of 22 publicly-run enterprises reached 211.7 trillion won as of the end of 2009, up 20.6 percent from 175.6 trill

Apr 8, 2010By Lee Hyo-sik
Companies

National Debt Smaller Than Expected

By Lee Hyo-sik Staff Reporter The nation's fiscal soundness is expected to improve this year, as state debt is estimated to be smaller than previously anticipated due to a faster-than-expected economic rebound. This is good news for Seoul policymakers. They are now putting their heads together to come up with measures to prevent the country from a "debt trap," which many European countries are falling into. The Ministry of Strategy and Finance said Thursday that with rising fiscal income and falling state expenditure, the government is projected to post about a 30 trillion won deficit this year, much smaller than the over 40 trillion won shortfall in 2009. It is estimated that state debt will likely reach around 390 trillion won this year, smaller than its earlier forecast of 407.1 trillion won. The nation's liabilities totaled 359.6 trillion won in 2009, down from the government's earlier estimate of 366 trillion won. The downward debt projection is largely attributed to stronger-than-expected economic expansion, fewer bond issuances, and growing tax revenue. The

Apr 8, 2010By Lee Hyo-sik
Companies

Yuan Revaluation 2-Edged Sword for Korea

By Lee Hyo-sik Staff Reporter A time bomb is ticking: the yuan revaluation. The Chinese currency appreciation is looming larger with growing international pressure on the Chinese government. The problem is that the currency adjustment will come more as a threat to South Korea than an opportunity. However, Seoul policymakers are sitting idle in dealing with possible negative fallout from the imminent strengthening of the Chinese yuan, merely commenting that they will increase the monitoring of the yuan's movement and its impact on the Korean won. According to analysts, it is urgent for Korea to take all the preparatory steps necessary to make sure that a yuan revaluation does not undermine Korea's growth potential, as it is feared to spell more harm to the economy than good. They said that a yuan revaluation will slow the world's third largest economy, affecting Korea's exports to China, the nation's largest export market. They added the revaluation will make the Chinese currency and other financial sectors more market friendly, but at the same time, more volatile, which

Apr 8, 2010By Lee Hyo-sik
Companies

KDIC to Sell 7% Stake of Woori Financial

By Lee Hyo-sik Staff Reporter The state-run Korea Deposit Insurance Corp. (KDIC) plans to dispose of its 7 percent stake in Woori Financial Group on a block sale this week, sources said. It currently holds a 65.97 percent stake in the nation's third largest financial group. In November last year, KDIC sold a 7 percent stake, or 54.62 million shares, at 15,350 won per share, discounted 4.36 percent from the closing price. On April 7, the share price closed at 16,050 won, down 2.13 percent from the previous trading session. Market analysts here say that now is the right time for the state deposit insurer to unload its Woori stakes at high prices when the local bourse has been on a bullish run, fueled largely by foreign investors. In May, Samsung Life Insurance is expected to go public, attracting huge funds from equity investors, which could drag down prices of other stocks. A KDIC official said it is weighing the timing of selling its Woori shares to maximize the retrieval of public funds injected into the financial firm, saying four sales managers ― Samsung Securities, U

Apr 7, 2010By Lee Hyo-sik
Companies

KDI Strengthens Case for Exit Strategy

By Lee Hyo-sik Staff Reporter The Korean economy has been on a solid recovery path on the back of a continuous run of strong exports and reviving private consumption, the state-run Korea Development Institute (KDI) said Tuesday. However, it is another question whether the government and the Bank of Korea (BOK) are taking it as a sign to withdraw the extraordinary expansionary policy steps. The think tank has been calling on the central bank to hike its key policy rate in a bid to curb a possible real estate bubble and other side effects from its accommodative policy stance, while urging the government to slash fiscal spending aimed at bolstering domestic demand. However, Strategy and Finance Minister Yoon Jeung-hyun and other senior policymakers have vowed to maintain expansionary policies for the time being to facilitate an ongoing economic rebound. In a meeting with Yoon Monday, new BOK Governor Kim Choong-soo pledged to increase policy cooperation with the finance ministry, hinting that he will keep the key interest rate at its record-low level for some time. On Thurs

Apr 6, 2010By Lee Hyo-sik
Companies

State Debt to GDP Ratio Surged to 33.8% in 2009

By Lee Hyo-sik Staff Reporter Korea's national debts soared to nearly 360 trillion won last year as the government outspent its earnings to prop up the sagging economy against the unprecedented worldwide economic crisis. The Ministry of Strategy and Finance said Tuesday that the state debts surged by 50.6 trillion won to 359.6 trillion won in 2009 from the previous year, accounting for 33.8 percent of the nation's gross domestic product (GDP). The 33.8 percent debt to GDP ratio was much higher than the 30.1 percent recorded in 2008, with the government borrowing money through bond issuance to finance a range of expansionary fiscal policies and other pump-priming measures. The ministry said its debt-to-GDP ratio is much lower than the G-20 average of 75.1 percent and it will lower it to below 30 percent in the near future. But the ratio is projected to increase further to 35.2 percent this year, raising concerns over Korea's worsening fiscal health. With the aging population and falling birthrates, the nation will likely spend more in the future to boost its social sa

Apr 6, 2010By Lee Hyo-sik
Companies

Growth Projection to Be Readjusted to 5%

By Lee Hyo-sik Staff Reporter The Bank of Korea (BOK) is widely expected to revise upward its 2010 growth projection for Korea to possibly above 5 percent from the current 4.6 percent, as the nation's economy is gaining momentum on the back of continuous strong exports and reviving private consumption. A senior BOK official said Monday that the nation's gross domestic product (GDP) will expand by more than 4.6 percent this year compared to 2009, hinting that the central bank will likely raise its official growth forecast for 2010 on April 12, when it releases a revised economic outlook. The government has said that the Korean economy will grow 5 percent from the previous year, saying its continued expansionary fiscal policies will facilitate the ongoing economic rebound and encourage private sector activities ― corporate investment and consumer spending ― to pick up toward the year's end. In December last year, the BOK said the economy will expand 5.9 percent in the first half of the year from a year earlier, with the second-half growth rate slowing to 3.4 percent. For t

Apr 5, 2010By Lee Hyo-sik
Companies

Korea Faces Massive Inflow of Foreigners

By Lee Hyo-sik Staff Reporter South Korea has become an increasingly multicultural society with currently more than 1 million foreigners ― from diverse ethnic and cultural backgrounds now residing here either to work or study. Additionally, a growing number of women from China and Southeast Asian countries have come here over the past decade to marry Korean men and settle down for a better quality of life, constituting a large segment of the non-Korean community. The number of migrant workers, English teachers, foreign women married to Koreans, and international students enrolled in local schools has increased at a much faster pace than previously expected over the past five years, forcing the government to revise predictions about the nation's population upward. Coupled with a higher birthrate and lower death rate, the larger influx of foreign nationals into the country has pushed up the Korean population by 550,000 more than previously projected. It was widely expected to begin shrinking in 2019, but with more foreigners coming into the country, the population dec

Apr 5, 2010By Lee Hyo-sik
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