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Lee Kyung-min

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Economy

Presidential candidates desperate to court agricultural voters ahead of CPTPP

gettyimagesbankBy Lee Kyung-min The two leading presidential candidates called for the government to buy rice to reduce the market supply, Friday, a discretionary measure to limit sharp falls in the price for the staple crop.The unified move ahead of the presidential election next year seeks to court the agricultural industry set to experience a significant threat to their livelihoods, a predicament increasingly becoming a reality following the government push to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).The trade deal among 11 members is certain to tank the profitability of the traditional industry, whose products will not survive a heated competition among producers of cheaper rice in Vietnam, Japan and Singapore ― key signatories of the mega trade agreement.The country's 2.5 million farmers will organize a protest demanding the government halt moves to join the agreement, claiming they will not be sidelined in what they have characterized as a highly problematic move forfeiting food sovereignty at the expense of an industry neglecting t

Dec 17, 2021By Lee Kyung-min
Presidential candidates desperate to court agricultural voters ahead of CPTPP
Economy

Salaried workers frustrated by inflation

gettyimagesbankBy Lee Kyung-min Inflation is no longer a term used only by scholars to describe the economy, as illustrated by salaried workers clearly experiencing a surge in prices of nearly all frequently purchased goods and services as well as borrowing costs while their monthly paycheck see little growth.The shortage-oriented supply shock brought on by the COVID-19 pandemic led to sustained price increases for consumer goods, with the prospect of further hikes highly likely due to soaring commodity prices, notably global oil and raw material prices.This further reduces the purchasing power of Korean salaried workers, whose wages are not rising fast enough to match up to double-digit increases in food and agricultural produce prices over the past few months. Experts say inflation will continue through and beyond next year, propped up by supply bottlenecks and a recovery in the global economy and the resulting partial growth in consumer sentiment, but overall reduced spending power will shave off the country's gross domestic product (GDP) closely tied to household income.The price

Dec 17, 2021By Lee Kyung-min
Salaried workers frustrated by inflation
Economy

Korea closer to joining CPTPP

Trade Minister Yeo Han-koo attends a meeting with global experts on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the Korea Chamber of Commerce and Industry in Seoul, Oct. 22. Korea Times fileBy Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki said Monday the country has officially initiated steps to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).But the minister stressed Korea's joining the CPTPP will be decided on after reaching social consensus and thorough discussions, as there could be opposition from the agriculture industry.The plan was announced during a ministerial-level meeting. Right after reporting to the National Assembly, the government will submit its application for the CPTPP. “The CPTPP will strengthen Korea's presence on the global stage and become a source of future growth for the export-reliant economy,” Hong said during a meeting at the Seoul Government Complex. But the government is expected to see continued pushback from agricultural busi

Dec 13, 2021By Lee Kyung-min
Korea closer to joining CPTPP
Economy

Korea to raise inflation target to above 2% next year

Deputy Prime Minister and Finance Minister Hong Nam-ki. Korea Times file By Lee Kyung-min The government is expected to raise its annual inflation target for next year to above 2 percent, in an unprecedented revision reflecting the rapid, sustained price rises for goods and services.The 2 percent target has not been increased (or exceeded) since 2016 when the Bank of Korea (BOK) first set the figure as part of a medium-term price stabilization mandate. Korea registered a year-on-year inflation high of 1.9 percent in 2017. The finance ministry is set to announce the significant upward revision from an earlier target of 1.4 percent at a press briefing for the 2022 government policy directives next Monday. The possible revision follows the country's headline consumer price inflation staying at the psychologically significant over 3 percent level for the past two months, up from the 2 percent range maintained in the first nine months of the year. Statistics Korea data

Dec 13, 2021By Lee Kyung-min
Korea to raise inflation target to above 2% next year
  • Bank of Korea to address need to tame inflation
Economy

Cash handout promises spark debate over effects on economy

A street in Myeong-dong, Seoul. Korea Times fileBy Lee Kyung-minThe government has continued to adjust social distancing rules as the country grapples with responding to new waves of COVID-19, with the latest threat coming from the new Omicron variant. In the wake of the recent surge in cases, discussions have arisen again on the necessity of providing financial assistance to small- and medium-sized enterprises (SMEs).The ruling Democratic Party of Korea (DPK) is widely expected to move forward with its new round of cash-provision plans, ahead of next year's presidential election. But if another round of across-the-board cash-equivalent payouts or an emergency policy of similar financial magnitude will come at the expense of the country's financial soundness, said economists, Sunday.The need for broader government support for those subject to the upcoming, unavoidable stricter distancing rules will increase, as cemented by the COVID-19 pandemic taking a new turn due to the Omicron variant.The government debt-to-GDP ratio remains relatively low compared to advanced OECD peers, but the

Dec 12, 2021By Lee Kyung-min
Cash handout promises spark debate over effects on economy
Banking & Finance

Woori diversifying portfolio into securities, insurance

Woori Bank headquarters in downtown Seoul / Korea Times fileBy Lee Kyung-min Woori Bank signed a business agreement with Hanwha Group's insurance, securities and asset management arms to promote digital business, it said Sunday. They will jointly promote new digital businesses and cooperate in fine-tuning strategies for joint marketing and securities partnership services.Woori Bank, for example, is hoping to expand its global cooperation with Hanwha subsidiaries and affiliates in Vietnam and introduce joint marketing campaigns for their new insurance products and services. Pension products will be also promoted in partnership with Hanwha's asset management subsidiary.Officials of Woori and Hanwha will set up a joint council composed of working-level officials for close and efficient cooperation.The first joint project will be providing an online securities trading service launched by Hanwha on a platform operated by Woori. With the app, Woori WON Banking, the two sides expect timely cooperation amid sustained popularity of the stock market since the beginning of the COVID-19 pandemic

Dec 12, 2021By Lee Kyung-min
Woori diversifying portfolio into securities, insurance
Economy

Korea's working population to more than halve in 50 years

Country set to rank top in elderly dependency among OECD membersBy Lee Kyung-minKorea's working population will more than halve over the next 50 years, vastly increasing the burden of supporting pension recipients in its fast-aging society, statistics agency data showed Thursday. According to forecasts by Statistics Korea, the number of people aged between 15 and 64 could be slashed to 17.37 million by 2070, or 46.5 percent of the current 37.38 million. The year-on-year decrease is projected to be 360,000 in the 2020s, and 530,000 in the 2030s. Accordingly, the population total will shrink to 37 million, down over 14 million from the current 51.8 millionThe rapid decline will place the country at the top of the elderly dependency list of the Organization for Economic Cooperation and Development (OECD), as measured by people aged over 65 divided by the working population. The figure is expected to stand at 46.4 percent in 2070.The bleak assessment is fueling concerns over an earlier-than-expected depletion of the country's social safety net, notably the National Pension Fund run by th

Dec 9, 2021By Lee Kyung-min
Korea's working population to more than halve in 50 years
Banking & Finance

Standard Chartered Bank Korea appointed as Shinhan Life's custodian for offshore bonds

A branch of Standard Charted Bank Korea in Seoul / Korea Times fileBy Lee Kyung-min Standard Chartered (SC) Bank Korea announced Thursday that it was appointed as the “custodian” for the international assets of Shinhan Life Insurance. Custody services are provided by financial institutions for the safekeeping and administration of financial assets on behalf of investors, when the investors trade bonds or equities. The bank has been providing custody services for the onshore and offshore assets of Orange Life Insurance, formerly ING Life Insurance, since 2006. Shinhan Life has requested financial institutions to participate in the selection process of the custodian for its offshore bonds since August. It appointed the bank after a two-month, meticulous screening process. Through close collaboration with the global network of parent company Standard Chartered Group, which has a presence in 59 markets and provides custody in over 100 markets, the bank's employees dedicated to the custody business in Korea are able to provide world-class, one-stop corporate banking services.

Dec 9, 2021By Lee Kyung-min
Standard Chartered Bank Korea appointed as Shinhan Life's custodian for offshore bonds
Economy

Tighter lending rules lead to increase of corporate loans

A branch of Hana Bank in Seoul. Korea Times fileBy Lee Kyung-min The growth of household borrowing fell sharply in November, due to a combination of tightening lending rules and the central bank's key rate hike, central bank data showed Wednesday.The continued high demand for housing, including mortgages and jeonse deposits, is serviced by non-bank financial institutions, notably insurers, card issuers and savings banks. This situation has created a ballooning effect, brought on by major commercial lenders that nearly severed the lines of credit to retail borrowers, following the guidelines of the Financial Services Commission. Unique to Korea, jeonse is a home renting system whereby tenants pay a refundable lump sum deposit ― usually equivalent to between 30 and 60 percent of the property value ― instead of a monthly non-refundable rent. Corporate lending soared, due in large part to continued demand for business expansion by small- and medium-sized enterprises. Data from the Bank of Korea showed that the household loan balance stood at 1,060 trillion won ($900 billion) in November,

Dec 8, 2021By Lee Kyung-min
Tighter lending rules lead to increase of corporate loans
  • Household debt, inflation cited as biggest risks to financial system: BOK survey
Economy

Trade ministry eases rules for export firms

gettyimagesbankBy Lee Kyung-min The government will simplify the administrative procedures for exporters of Korea's key goods, as part of an expanded compliance program (CP), whereby 156 businesses abide by expedited, self-regulated export control measures, the trade ministry said Wednesday.The Ministry of Trade, Industry and Energy said that relevant ordinances have been revised to accommodate manufacturers of the country's key export items, mostly via expedited and simplified inspections and paperwork submissions for export permission after the fact. This government effort is the latest to strengthen the competitiveness of local exporters, the prime growth driver of the country reeling from the COVID-19 pandemic. The ministry held its first meeting with top-rated exporters and experts from academia, including from universities and think tanks, in Samseong-dong, southern Seoul. Ministry officials and participants at the event shared concerns about the status quo and discussed ways to improve the system. Businesses that export the same item on more than four separate occasions within

Dec 8, 2021By Lee Kyung-min
Trade ministry eases rules for export firms
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