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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

ANALYSIS Real estate tax policy bordering on populism stunt

An apartment complex in Seoul. Korea Times fileThe politically divisive issue to polarize public opinion By Lee Kyung-min Korea's two leading presidential contenders are reducing real estate tax policy to a populism stunt, in calculated moves fully aware of the political value of the highly divisive issue ― the chief failure of and cause for voter discontent with the Moon Jae-in administration.Ways to raise or cut taxes on the rich are taking center stage in the discussion, whereas little attention is being paid to how best to increase the housing supply in areas highly sought after for safe and healthy living environments or to improve the quality of state-built public housing. Voters galvanized by the emotionally charged issue of socioeconomic inequality between the haves and the have-nots are likely to be confused into thinking that electing either of the two will bring justice. Yet, the years of policy failures are certain to repeat themselves, unless the candidates understand that market expectations cannot be managed. Lee Jae-myung, the ruling party's presidential candidat

Nov 16, 2021By Lee Kyung-min
[ANALYSIS] Real estate tax policy bordering on populism stunt
  • Rival presidential candidates differ on housing policy
Economy

Finance subcommittee discusses delay of crypto tax

Rep. Kim Young-jin of the ruling Democratic Party of Korea, front left, bangs the gavel at the beginning of a subcommittee meeting under the Strategy and Finance Committee at the National Assembly in Yeouido, Seoul, Monday. YonhapRevision to minimum amount deductible, date of tax imposition on agenda By Lee Kyung-min A subcommittee under the National Assembly Strategy and Finance Committee discussed whether to delay taxing gains from cryptocurrency trading, Monday.High-ranking officials at the finance ministry and lawmakers of the ruling Democratic Party of Korea (DPK) and opposition parties sitting on the committee exchanged heated opinions during the much-anticipated government-legislative committee session, amid mounting public calls to postpone the taxation set to take effect next year.At issue is whether to delay the date of imposition by at least one year and increase the minimum amount deductible significantly from the current 2.5 million won ($2,125). Most adamant are people in their 20s and 30s who have invested heavily in digital assets. Both the ruling and opposition parti

Nov 15, 2021By Lee Kyung-min
Finance subcommittee discusses delay of crypto tax
Economy

Retail investors dump Samsung Electronics shares

A trader points at an electronic board inside a dealing room at Hana Bank, Seoul, Friday. YonhapBy Lee Kyung-min Retail investors are offloading Samsung Electronics shares, frustrated by the continued price downtrend over the past year and signs of a further decline despite record-high profits achieved in the third quarter. The collective impatience is further compounded by an uncertain growth outlook of Samsung Electronics' foundry business, after U.S. rival Intel announced a $20 billion (23 trillion won) investment in two new chip-making facilities in March.Apple, Amazon, Qualcomm and Microsoft were among the key Samsung Electronics clients contacted by the U.S. firm for a change in business partnerships.“Samsung Electronics' operating profit is expected to fall through the second quarter of next year, but a further plunge in price is not likely given a low valuation and high dividend payout,” a report by Eugene Investment said.Data from the Korea Exchange showed that retail investors net-sold 259.4 billion won worth of Samsung Electronics shares over 10 consecutive tra

Nov 14, 2021By Lee Kyung-min
Retail investors dump Samsung Electronics shares
Economy

Borrowers hit hardest by loan interest hikes

The outer wall of a commercial bank in Seoul Korea Times fileBy Lee Kyung-min An increasing number of borrowers are expressing frustration over the sharp rise in loan rates, a result of lenders raising surcharge rates amid the government tightens lending rules put in place to curb household debt. A petition filed on the Cheong Wa Dae website demanding the government rein in the spiking surcharge rates has accumulated over 12,000 signatures in only less than a week after it was posted Nov. 5. The annual fixed mortgage rates offered by Korea's top four lenders ― KB Kookmin, Shinhan, Hana Bank and Woori ― had been between 3.97 and 5.38 percent as of Aug. 1. The figures are up almost a full percentage point, or 0.96 percent, as of last week compared to a range of between 2.92 and 4.42 percent in August. The average figure for variable mortgage rates during the same period rose 0.62 percentage points, while unsecured loans increased 0.51 percentage points.This means a lender who borrowed 200 million won ($169,500) at a fixed annual rate has to pay about 10.76 million won in annual interes

Nov 14, 2021By Lee Kyung-min
Borrowers hit hardest by loan interest hikes
Economy

Securities firms pay more attention to OTC market

gettyimagesbankBy Lee Kyung-min A growing number of securities firms are paying more attention to Korea's over-the-counter (OTC) market, where shares of unlisted firms are traded, invigorated by the soaring popularity of the equity market amid the COVID-19 pandemic, coupled with a rapid saturation of the brokerage business.Also driving the growth of the OTC market are heavy regulations on financial investment vehicles such as real estate project financing, prompting brokerages to diversify sources of stable income.The rush is explained in part by their efforts to seek more initial public offering (IPO) opportunities involving soon-to-be listed firms with high growth potential. KB Securities plans to issue in-depth reports on the growth prospects of promising firms, mostly privately held startups in the e-commerce, mobility, fintech, bio and green energy businesses. It issued a report on Musinsa, a fashion goods platform, early this month.Up to 70 unlisted firms were analyzed by Samsung Securities this year, a growth strategy backed further by monthly forums since January for investor

Nov 11, 2021By Lee Kyung-min
Securities firms pay more attention to OTC market
Economy

KB Financial chairman attends high-level meeting at COP26

KB Financial Group Chairman Yoon Jong-kyoo speaks during the High-Level Meeting of Caring for Climate Change, an event held virtually as part of the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Nov. 10 (local time). Courtesy of KB Financial GroupBy Lee Kyung-min KB Financial Group Chairman Yoon Jong-kyoo attended a high-level meeting at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Nov. 10 (local time) to discuss ways to overcome climate challenges.During the “High-Level Meeting of Caring for Climate Change” event at the global conference, Yoon outlined his group's strategy to reorient its investment and growth portfolio to better navigate the climate crisis. “The strategy to exclude financing for heavy-carbon businesses will not be an effective and desirable way to meet the net-zero emissions goal by 2050,” he said. “The approach of granting larger and more efficient financing opportunities for businesses seeking to transition to green and sustainable business models therefore is the right

Nov 11, 2021By Lee Kyung-min
KB Financial chairman attends high-level meeting at COP26
Economy

Shinhan Financial chief calls for joint efforts to achieve carbon neutrality at COP 26

Shinhan Financial Group Chairman Cho Yong-byoung speaks during a presentation at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland. Courtesy of Shinhan Financial GroupBy Lee Kyung-min Shinhan Financial Group Chairman Cho Yong-byoung stressed the importance of the financial industry playing a bigger role together to advance green initiatives to meet the government's goal of achieving carbon neutrality by 2050. Cho, the first figure in the private sector invited to speak at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, gave a presentation on the group's measures put in place to reduce carbon emissions, Nov. 9 (local time).Cho introduced the “Zero Carbon Drive,” the first concrete de-carbonization strategy outlined among financial services firms in East Asia, including ways to measure carbon emissions caused by investment activities among firms in its asset portfolios.The drive announced last November maps out the group's investment strategies, including the revision of lending rules to offer greater financial as

Nov 10, 2021By Lee Kyung-min
Shinhan Financial chief calls for joint efforts to achieve carbon neutrality at COP 26
Society

No immediate end in sight for diesel exhaust fluid shortage in Korea

People wait in line to buy diesel exhaust fluid in Iksan, North Jeolla Province, Tuesday, YonhapPresident Moon vows all-out diplomatic efforts to secure overseas supply By Lee Kyung-min The continued shortage of diesel exhaust fluid (DEF), also known as “urea water,” is wreaking havoc on the Korean economy, developing into a full-fledged transport, logistics and public service crisis. DEF, a key agent needed for operation of diesel freight and passenger vehicles, is in acutely short supply since China banned the import of Australian coal, from which urea is extracted. The ban was a retaliatory move against Australia for faulting China for the COVID-19 pandemic. Most of Korea's large DEF manufacturers shut down around 2013 and Korea has since relied almost exclusively on China for the cheap urea.The government is scrambling to come up with measures, mostly through imports from other countries including Australia, while clamping down on hoarding and also upgrading lower-quality DEF for industrial purposes to make it suitable for vehicles. But businesses say the slew of sto

Nov 9, 2021By Lee Kyung-min
No immediate end in sight for diesel exhaust fluid shortage in Korea
  • False information rampant online over 'urea water' solution
Banking & Finance

Reporter's notebook The shrimp will end up being crushed - again

Vice Minister of Environment Hong Jeong-kee speaks during a press briefing attended by officials of trade ministry, Fair Trade Commission, National Tax Service, Korea Customs Service, National Police Agency at the ministry in Sejong, Monday. YonhapGov't measures lack self-sufficiency, foreshadowing repeat of import item shortage By Lee Kyung-min Shrimp are small and weak, especially compared to whales ― the largest animal on the planet that is far larger in size and immeasurably more powerful. No wonder Koreans have a saying: “It is shrimp that end up getting crushed in the fight between whales.” Not until now have I thought the common old saying would hit me so close to home, especially because I never thought there would come a day where I feel so deeply for the poor shrimp in a situation where there is no way out and being crushed is all it can expect. But here it is. I can't help but feel that Korea is the shrimp in the fight between China and Australia over the recent fiasco concerning the acute shortage of diesel exhaust fluid (DEF) solution, a fight in which Korea

Nov 8, 2021By Lee Kyung-min
[Reporter's notebook] The shrimp will end up being crushed - again
Banking & Finance

IMM Investment strengthens 'Agritech' biz portfolio

gettyimagesbankBy Lee Kyung-min IMM Investment Corp, a local venture capital investment firm, is strengthening its “Agritech” business portfolio by investing in a smart technology-enabled tomato producer in the United Arab Emirates (UAE) called Pure Harvest, widely known for its competitive product prices and stable distribution channels. A combination of agriculture and technology, the term “Agritech” refers to businesses run by firms that utilize advanced technologies in agriculture. The entire production process ― from cultivation to harvest, processing and distribution ― is part of the Agritech industry.The Korean investment firm is expected to model a value creation plan after Farm8, a Korean industry leader whose annual sales increased seven-fold from 10 billion won ($8 million) to 70 billion won in just seven years with an initial investment of 3 billion won.IMM decided to invest $50 million in Pure Harvest, a producer of locally grown tomatoes using high-tech greenhouses overcoming challenges unsuitable to a year-round harvest of tomatoes due to weathe

Nov 5, 2021By Lee Kyung-min
IMM Investment strengthens 'Agritech' biz portfolio
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