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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

BOK head hints at another rate hike in 1st quarter of 2022

Bank of Korea Governor Lee Ju-yeol speaks during an online press briefing held at the bank's headquarters in Seoul, Thursday. YonhapCentral bank raises key interest rate by 25 basis points to 1%By Lee Kyung-min Bank of Korea Governor Lee Ju-yeol hinted at another key rate hike in the first quarter of next year, Thursday, in a clear show of determination in monetary policy normalization from emergency, ultra-low easing brought on by COVID-19 pandemic. Most factored in was elevated concerns over inflation and soaring household debt.His remarks came less than an hour after the BOK monetary policy board voted to hike the key rate by 25 basis points to 1 percent, a widely expected move brought on by rising inflation but buttressed by the country's solid economic recovery. The effect of monetary policy could be undermined, in the governor's view, as outpaced significantly by the stronger-than-expected recovery in the real economy, a reason why Lee considers a prompt drawdown in easing as inevitable.Korea relative to its emerging market peers in his view is insulated from financial mar

Nov 25, 2021By Lee Kyung-min
BOK head hints at another rate hike in 1st quarter of 2022
Economy

For inclusive growth

Shinhan Bank CEO Jin Ok-dong, second from left, participates in a ribbon-cutting ceremony at a branch of 'S with,' a coffeehouse chain set up by the bank to foster job training and employment opportunities for the hearing-impaired, in Seoul, Thursday. Courtesy of Shinhan Bank

Nov 25, 2021By Lee Kyung-min
For inclusive growth
Economy

Korea closer to legislating criminal punishment for crypto irregularities

Financial Services Commission Chairman Koh Seung-beom. Korea Times fileBy Lee Kyung-min Financial authorities are seeking to punish criminally those involved in illicit cryptocurrency trading, in a move to rein in the thriving digital asset market that remains tax-free, despite investors' hefty gains over the past few years.The first step toward legislation is expected to expedite the discussion on the need for prompt recognition of digital currencies as valid financial assets, establishing grounds for the government to impose a tax on gains from crypto trading as scheduled. According to a report submitted by the Financial Services Commission (FSC) to the National Assembly National Policy Committee, a minimum prison term of one year and a fine of up to five times the amount illicitly gained will be in store for those engaged in crypto market manipulation. The report will be used as a basis for the establishment of a law that governs the crypto market. Illicit gains are defined as those made from price manipulation schemes and the use of undisclosed information orchestrated and

Nov 24, 2021By Lee Kyung-min
Korea closer to legislating criminal punishment for crypto irregularities
Economy

Korea to extend tax incentive for non-Middle East crude oil importers for 3 years

A driver fills up his car at a gas station in Seoul. Korea Times fileBy Lee Kyung-min The government has decided to extend tax incentives for importers of crude oil produced in non-Middle Eastern countries, in a measure to diversity procurement of the key import item, the energy ministry said Monday.The hastily arranged move was put in place due in large part to an acute shortage of diesel exhaust fluid (DEF), a solution critical to operating diesel vehicles. Also known as “urea water,” it is a nontoxic solution of 67.5 percent purified water and 32.5 percent ultra-pure automotive-grade urea. Korea experienced the shortage after China imposed a ban on Australia-produced coal ― from which it extracted urea ― in retaliation for Australia blaming China for the COVID-19 pandemic. Korea which almost exclusively relies on China for the cheap urea and the solution narrowly missed a full-fledged transport, logistics and public services crisis.The Ministry of Trade, Industry and Energy said the tax incentive granted to the importers set to expire this year will be extended fo

Nov 22, 2021By Lee Kyung-min
Korea to extend tax incentive for non-Middle East crude oil importers for 3 years
Economy

Korea asks US for immediate talks on steel tariffs

Trade Minister Yeo Han-koo speaks during a press briefing at the ministry in the Sejong Government Complex, Monday. Courtesy of Ministry of Trade, Industry and Energy.Quota-marred competitive edge of local steelmakers top concern By Lee Kyung-min The government has officially asked the U.S. to start talks on steel tariffs, as recent developments on the matter involving the European Union (EU) and Japan could hurt Korean steel companies' business interests in the world's largest economy, the country's top trade negotiator said Monday.“I have strongly raised the necessity of tariff negotiations with the U.S. over the EU and Japan, two major competitors of Korea in the global market," the country's top trade negotiator, Trade Minister Yeo Han-koo, said during a press briefing at the ministry in the Sejong Government Complex.Behind the rare statement was the U.S. and the EU recently reaching an agreement on Section 232 of national security tariffs the Trump administration placed on U.S. imports of steel, and Washington announcing ongoing talks on tariffs with Japan and the Uni

Nov 22, 2021By Lee Kyung-min
Korea asks US for immediate talks on steel tariffs
Economy

Statistics Korea head shares knowledge of civil registration data

Statistics Korea Commissioner Ryu Keun-kwan participates virtually in the Second Ministerial Conference on Civil Registration and Vital Statistics in Asia and the Pacific, Nov. 19. Courtesy of Statistics KoreaBy Lee Kyung-min Statistics Korea Commissioner Ryu Keun-kwan attended the Second Ministerial Conference on Civil Registration and Vital Statistics in Asia and the Pacific, the agency said Monday.Ryu shared his knowledge of Korea's experience in managing registration data such as births, deaths and marriages, which was welcomed by other countries keen to learn through additional technological assistance, the agency said. He took part in the conference virtually on the last day of the four-day event held from Nov. 16 to 19 in Bangkok, Thailand, organized by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).Participants of the conference renewed their commitment to the vision “Get Every One in the Picture” declared at the previous conference in 2014 and ensured that all people in the region will benefit from universal and responsive ci

Nov 22, 2021By Lee Kyung-min
Statistics Korea head shares knowledge of civil registration data
Economy

Over 1 in 4 foreign investors concerned over 'Korea risk'

gettyimagesbankLabor issues single-highest risk factor, biz environment not improved under Moon administration By Lee Kyung-min More than one in four foreign-invested firms said Korea has particularly high risks compared to other countries, as best characterized by rigidity in the labor market and unresolved challenges in the business environment, a survey showed Friday. According to the survey conducted by the Korea Enterprises Federation on 220 foreign-investor firms with at least 50 employees, 27.7 percent said there were Korea-specific risks that hamper their businesses. Overregulation by legislation that lacks transparency topped the list at 31.1 percent.Inconsistency and unpredictability in administrative regulation ranked second (27.9 percent), followed by rigidity in labor laws and conflict-oriented management-labor relations (24.6 percent), and negative perceptions of foreign investors (16.4 percent).Those who agreed that the business environment has not improved outnumbered those who didn't, 52.3 to 42.3 percent.Almost a third, or 29.2 percent, of firms with at least 300 em

Nov 19, 2021By Lee Kyung-min
Over 1 in 4 foreign investors concerned over 'Korea risk'
Economy

Reporter's Notebook Self-serving excuse of FSC for borrowing rate hike

FSC Chairman Koh Seung-beom. Korea Times fileBy Lee Kyung-min It is incredibly hard to be a person of principle, especially when circumstances are unfavorable. It is all the more so, if you are the top policymaker or regulator in testing times with pressure mounting from those in power whose only priority ahead of the presidential election next year is to dispel the groundswell of public outcry brought on by a steep increase in housing prices. Despite ― and precisely because of ― the context, the recent series of explanations by Financial Services Commission (FSC) show how a combination of a lack of logic and desperation can end up becoming a source of embarrassment and derision. FSC Chairman Koh Seung-beom said early this month that the recent sharp increases in borrowing rates offered by commercial lenders are explained by market principles and therefore do not warrant government intervention. “How the banks set profit margins from the difference in interest between deposit and loan remains corporate policy. It is inappropriate for me to comment on private activities,”

Nov 19, 2021By Lee Kyung-min
[Reporter's Notebook] Self-serving excuse of FSC for borrowing rate hike
Economy

ANALYSIS Finance ministry's reluctance towards inheritance tax revision criticized

Deputy Prime Minister and Finance Minister Hong Nam-ki. Korea Times file State think tank says 'archaic' nominal 50% tax rate out of touch with inflation By Lee Kyung-min Criticism is mounting against the finance ministry over its deliberate omission of measures to reduce the inheritance tax rate that is currently up to 50 percent, in a report submitted to the National Assembly for its tax policy revision session.The move to altogether avoid discussion on the politically charged issue ahead of the presidential election next year follows brewing public frustration over the socioeconomic inequality between the haves and have-nots, an endemic problem exacerbated further by the COVID-19 pandemic. Deputy Prime Minister and Finance Minister Hong Nam-ki reiterated at the National Assembly audit of the government in October that revisions to the highly divisive tax policy will be “among the ministry's policy reviews.” However, the comment was apparently no more than a tac

Nov 19, 2021By Lee Kyung-min
[ANALYSIS] Finance ministry's reluctance towards inheritance tax revision criticized
Banking & Finance

Shinhan Financial chair elected as UNEP FI leadership council member

Shinhan Financial Group Chairman Cho Yong-byoung speaks during the Marrakech Partnership, an event held on the sidelines of COP26 in Glasgow, Scotland, Nov. 3. Courtesy of Shinhan Financial GroupBy Lee Kyung-min Shinhan Financial Group Chairman Cho Yong-byoung has been elected as a member of the Leadership Council under the United Nations Environment Programme Finance Initiative (UNEP FI), the group said Thursday. Cho is the first Asian member of the council, an official partnership organization established by UNEP FI for global financial firms to better fulfill their responsibilities and address environmental issues, following the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland.UNEP FI is a public-private partnership between UNEP and the financial sector participated in by 450 global financial services firms and organizations. Their shared objective is to respond to climate change and expand environmental, social and corporate governance (ESG) management.The council is chaired by Inger Andersen, the under-secretary-general of the United Nations and execut

Nov 18, 2021By Lee Kyung-min
Shinhan Financial chair elected as UNEP FI leadership council member
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