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Lee Kyung-min

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Companies

Businesses welcome Han's nomination as PM

Prime Minister-designate Han Duck-soo. Korea Times fileBy Lee Kyung-min Businesses are welcoming President-elect Yoon Suk-yeol's decision to nominate former Prime Minister Han Duck-soo to have him serve in the same capacity of prime minister for the Yoon administration, business lobbies said Monday.They say the 73-year-old career bureaucrat is suited to balance national interests and economic growth in the rapidly changing trade environment, underpinned by his decades of experience encompassing diplomacy, trade and economic policymaking. The Korea International Trade Association (KITA) said that Han will play a pivotal role in navigating the drawn-out U.S.-China trade feud, complicated further by the ongoing pandemic-triggered global supply chain disruptions.“The prime minister-designate has a deep understanding of the inner workings of the global trade partnerships and the harsh reality of the international competition and Korean firms' struggle in it,” a KITA spokesperson said.“We are hopeful that he will help mobilize support for the trade industry in the years

Apr 4, 2022By Lee Kyung-min
Businesses welcome Han's nomination as PM
Companies

Small textile, paper, metal firms to be hit by rate hikes

gettyimagesbankBy Lee Kyung-min Key rate hikes by the Bank of Korea will lead to higher insolvency risks for small and medium-sized firms (SMEs) in the textile, paper and metal industries, which rely on clients other than the country's top business conglomerates for 65 percent of their total sales, a state-run think tank said Sunday. SMEs account for about 37 percent of the Korean manufacturing sector's total revenue and contribute over 39 percent in added value. Small firms with limited means of issuing stocks and corporate bonds will have to bear higher borrowing costs from a smaller number of lenders, compared to their larger counterparts that have greater access to financing, according to the Korea Institute for Industrial Economics & Trade (KIET).Policy measures including extending repayment deadlines for borrowers and fixing their borrowing rates should be able to help offset the central bank's highly probable hiking of the rate by up to 75 basis points, it added.The state-run think tank said the key rate will be raised to at least 2 percent this year, up from the current

Apr 4, 2022By Lee Kyung-min
Small textile, paper, metal firms to be hit by rate hikes
Economy

Samsung owner family is 3 trillion won short in inheritance tax payment

Owner family expected to sell Samsung affiliates' shares over next 5 years By Lee Kyung-min The family of late Samsung Group Chairman Lee Kun-hee is expected to continue selling its shares in the group's affiliates over the next few years to cover a 2.9 trillion won ($2.3 billion) shortfall in inheritance taxes that total around 10 trillion won, according to market watchers. They say the family can increase dividends or take out securities-backed loans, two highly viable options along with selling shares that would have a limited impact on the group's overall cross-shareholding structure.The family members are Hong Ra-hee, the director of Leeum, Samsung Museum of Art, Samsung Electronics Vice Chairman Lee Jae-yong, Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation Chairwoman Lee Seo-hyun. The wife and three children of the late Samsung chairman paid around a sixth of a total of 12 trillion won in inheritance taxes last April. The remaining 10 trillion won will be paid in installments over the nex

Apr 3, 2022By Lee Kyung-min
Samsung owner family is 3 trillion won short in inheritance tax payment
Companies

Can Sejong become administrative capital under new president?

An aerial view of Sejong Government Complex. Korea Times fileBy Lee Kyung-min The incoming administration of President-elect Yoon Suk-yeol is moving to elevate the status of Sejong City, an administrative town 144 kilometers south of Seoul, as illustrated by the transition committee's plan to transfer major components of the National Assembly to Sejong and set up a second presidential office there by 2027, according to government officials Thursday. Setting up the second presidential office and a legislative building in Sejong was a key campaign pledge of Yoon, a vision he said would cement the sparsely populated city as the administrative capital where a number of central government ministries and state-run organizations will be relocated.The city houses 47 central administrative organizations, 16 state think tanks and 24 government-affiliated institutions. About 20 key government organizations remain in Seoul including the foreign, defense, unification and gender equality ministries.The transition committee and the National Agency for Administrative City Construction said Tues

Mar 31, 2022By Lee Kyung-min
Can Sejong become administrative capital under new president?
Companies

EU's ESG drive to hit Korean firms

A G20 summit on the recovery of global supply chains in session in Rome, last Oct. 31. Korea Times fileBy Lee Kyung-min Korea's key export industries will face increased challenges in Europe following the legislation of a due diligence law on the environmental, social and corporate governance (ESG) of supply chains led by the European Commission, the administrative arm of the European Union, according to Korea's trade ministry and market watchers, Thursday.The law will diminish the competitiveness of up to 110 manufacturers of cars, automotive parts, semiconductors and biopharmaceutical products, weakened further by higher costs needed to comply with the European Commission's guidelines with greater emphasis on human rights and environmental awareness, according to market watchers.Experts say the government should help firms better prepare for the strengthened guidelines, mostly concerning drafting ESG reports and disclosing ESG-related information. Timely and flexible adaptation will turn the risk into growth opportunities in the long term, they added. The EU law seeks to foster su

Mar 31, 2022By Lee Kyung-min
EU's ESG drive to hit Korean firms
Companies

Allink, Lamma team up to enter Middle East mobile market

Allink founder and CEO Kim Kyung-dong, left, and GFT CEO Abdulaziz Al Rawahi hold digital copies of a signed memorandum of understanding, Wednesday. Courtesy of AllinkBy Lee Kyung-min The local data transfer solution firm Allink said Wednesday that it has signed a memorandum of understanding (MOU) with Global Financial Technology (GFT), the operator of Oman's super app Lamma, to enter the Middle East's mobile services market.Allink, which specializes in near-field communication (NFC) tag-based information transfer services, said the MOU with GFT, the subsidiary of Oman's largest telecommunications company, Omantel, will help expand its business in the Middle East mobile services market. The agreement comes two weeks after the two met at MWC 2022 in Barcelona.Allink said the two will collaborate on in-store mobile NFC payments for Lamma users, driven by the strong expertise of GFT, the leading payment service provider in Oman. Also helpful will be its experience in operating Lamma, a unified communication platform and eWallet service. “We instantly recognized the value of Allink

Mar 30, 2022By Lee Kyung-min
Allink, Lamma team up to enter Middle East mobile market
Companies

CHA Medical & Bio Group to build high-tech biobank

CHA Medical & Bio Group officials celebrate the construction of its cell gene biobank (CGB) in Seongnam, Gyeonggi Province, Wednesday. Courtesy of CHA Medical & Bio GroupBy Lee Kyung-min CHA Medical & Bio Group has begun construction on its cell gene biobank (CGB), housing a variety of high-tech pharmaceutical treatments, manufacturing and research facilities at Pangyo in Seongnam, Gyeonggi Province, the firm said, Wednesday.The construction is part of the firm's efforts to establish a strategy to build a strong, global contract development and manufacturing organization (CDMO) network, alongside Matica Biotechnology, its U.S. cell and gene therapy affiliate with CDMO expertise. Over $250 million (302 billion won) will be invested to build a 14-story building by 2024 including facilities for a number of CDMOs, as well as partner firms that will take the lead in the development of current good manufacturing practices (cGMP). The practices are required to conform to related guidelines recommended by pharmaceutical products authorization agencies. The firm said the facility

Mar 30, 2022By Lee Kyung-min
CHA Medical & Bio Group to build high-tech biobank
Companies

GS establishes charter to bolster ESG management

GS Group Chairman Huh Tae-sooBy Lee Kyung-min GS, the holding firm of GS Group, said Tuesday that it established a charter to strengthen environmental, social and governance (ESG) management.GS said its ESG committee under the company's board of directors approved the enactment of the charter. The group-wide effort will advance GS Group's ESG management-related policies, backed by the current governance charter, ethical management and social contribution policies. The environmental management policy, for example, recognizes the heightened importance of sustainability not only for customers but also from a wider global perspective. It helps GS affiliates pursue sustainable management through strengthened environmental awareness.Human rights will be valued and defended in the process of corporate growth. Partnerships with smaller firms will be bolstered by recognizing their autonomy and independence. The independence and diversity of outside directors will be guaranteed for effective and efficient decision-making.The ESG committee was launched in March last year, and has since held six

Mar 29, 2022By Lee Kyung-min
GS establishes charter to bolster ESG management
Companies

Safety protocols, not punishment needed to prevent accidents: construction firms

Land ministry officials conduct an on-site inspection at a collapsed apartment building in Gwangju, Feb. 9. Korea Times fileBy Lee Kyung-min Concerns are growing over the government's recent move to revoke a builder's construction license for on-site accidents as it adversely affects the entire industry, according to businesses and economists, Tuesday. They said that policymakers should make more efforts to help companies prevent industrial accidents, rather than simply punish violators of the industrial accident law after the fact.Firms should never be easily excused for on-site accidents, they add, but that policy guidance should be about whether and how well safety protocols are established and continually followed, not merely about criminally punishing company heads.The collective sense of unease has been amplified by the criminal punishment of CEOs for critical industrial accidents that took effect in January. A minimum prison term of one year, or a fine of up to 1 billion won ($843,000), if they are found liable for any fatal industrial accident that occurs under their leadersh

Mar 29, 2022By Lee Kyung-min
Safety protocols, not punishment needed to prevent accidents: construction firms
Society

Farmers, fishermen strongly oppose Korea joining CPTPP

A coalition of farmers and fishermen clashes with police in a building at the Sejong Government Complex, March 25. YonhapBy Lee Kyung-min A coalition of farmers and fishermen are against the government's move to join a trade agreement with 11 countries in the trans-Pacific area, saying their livelihoods will be threatened greatly if Korea opens its market to global sellers of cheaper agricultural and marine products, according to industry analysts, Monday.The agreement, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is widely considered a critical step to bolstering the global standing of Korea's manufacturing-centered, export-reliant economy. This is why some state think tanks, including the Korea Institute for International Economic Policy (KIEP), and policymakers have been seeking to join the mega trade deal, saying that it could lead to annual GDP growth of between 0.33 and 0.35 percent, with about 3.6 trillion won ($2.9 billion) in benefits anticipated for Korea's consumers. The combined trade volume of CPTPP member countries accounts

Mar 29, 2022By Lee Kyung-min
Farmers, fishermen strongly oppose Korea joining CPTPP
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