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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Finance minister apologizes for real estate policy failure

Deputy Prime Minister and Finance Minister Hong Nam-ki attends the parliamentary audit of the Ministry of Economy and Finance at the National Assembly in Yeouido, Seoul, Tuesday. YonhapBy Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki said Tuesday that instability in the real estate market has continued despite government policies over the past few years, essentially acknowledging the failure of policies to ameliorate the high cost of real estate here.“It is regretful that the real estate market shows no sign of stabilization, despite the fact that the government has exhausted all policy measures,” he said at the parliamentary audit of the Ministry of Economy and Finance at the National Assembly. However, he made it clear that no policy course correction will follow under the broad policy objective to stem speculation and provide stable housing arrangements via an increase in the housing supply. Data from KB Kookmin Bank states that the sales price of an apartment in Seoul averaged 1.19 billion won ($943,000) last month, up 22 million won from August

Oct 5, 2021By Lee Kyung-min
Finance minister apologizes for real estate policy failure
  • Policy failure to tame soaring home prices brings social mobility crisis
Economy

Retail investors crying foul over Samsung stock falls

A bus purchased by a group of investors seeking abolishment of short-selling turns in a street in downtown Seoul. Korea Times fileBy Lee Kyung-min Over 4.5 million Samsung Electronics shareholders are blaming short-selling for the lackluster performance of the shares over the past few months.As of the first half of this year, the electronics giant's shares are held by 4,546,497 retail investors, accounting for 64.9 percent of the total. Short-selling is widely used by foreign and institutional investors seeking to profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.Market experts say the shares will gain upward momentum buoyed by an impressive third-quarter performance, a claim dismissed by many retail investors as unlikely given the continued rise in shorting by institutional and foreign investors. Retail investors bought a combined 32.93 trillion won ($27.74 billion) worth of Samsung shares this year partly because of various research notes, most of which presented 100,000 won per share. But the share continues to hover closer t

Oct 4, 2021By Lee Kyung-min
Retail investors crying foul over Samsung stock falls
Economy

Rate hike to push up small-cap shares

A trader works on the floor of a dealing room at a branch of Hana Bank in Seoul, Sept. 29. Korea Times fileBy Lee Kyung-minInvestors seeking greater per-share profit are expected to increase their holdings of small- and mid-cap stocks in anticipation of growth momentum to be backed by an expected drawdown in monetary policy amid a gradual economic recovery. Behind the judgement is that many investors facing tightening borrowing conditions will be more inclined to choose shares of small and medium-sized companies that have reported double-digit profit increases over the past 10 months, compared to larger ones that registered only about 1 percent growth in earnings over the same period. Market consensus is that the Bank of Korea will raise its key rate this month.Korea Exchange (KRX) said the benchmark KOSPI index rose 5.07 percent from Jan. 4 to Oct. 1 The top 100 large-cap stocks rose only 1.61 percent during the same period, while mid-cap shares, ranging from the 101st to 300th in rank, rose 17.74 percent. Small-cap stocks, or those in the 301st rank or lower, jumped 22.7 percent.Th

Oct 4, 2021By Lee Kyung-min
Rate hike to push up small-cap shares
Economy

Korea's top crypto exchange to implement stringent ID checks

A man passes by the headquarters of UPbit in Seoul. Korea Times fileBy Lee Kyung-min Upbit, a cryptocurrency exchange in Korea, will be rejecting won-based transactions of over 1 million won ($842), starting Wednesday, unless the users have verified their identities, according to Dunamu, operator of Upbit, Sunday.Those who fail to undergo an ID check will be denied service altogether starting Oct. 13. Pending orders of 1 million won or less in volume submitted between Oct. 6 and 12 will be canceled. The measure is part of the exchange's efforts to comply with a new regulation on digital assets by the Financial Services Commission (FSC), intended to enhance the transparency of the new investment vehicle in a market long been unbridled and volatile due to speculators.“We will fulfill our customer identity confirmation requirement in accordance with the new law,” Dunamu said. The requirement, whereby operators are to confirm the identity of users, purpose of transactions, source of funds and whether the accounts are borrowed, seeks to prevent fraud and money laundering.The I

Oct 3, 2021By Lee Kyung-min
Korea's top crypto exchange to implement stringent ID checks
  • Watchdogs pressed on crypto tax plans
Economy

'Greenflation' concerns mount amid ESG drive

gettyimagesbankCommodity price volatility to hinder economic recovery By Lee Kyung-min The specter of “greenflation,” as defined by surging commodity prices due to rising demand amid production cuts during a green transition phase, is weighing on the economy, already crippled significantly by COVID-19-oriented inflation woes over the past year.The recent price increase in raw materials for green energy including aluminum, a crucial material for electric vehicle (EV) batteries, will be sustained for months to come, anchored by a global wave of carbon neutrality regulations, coupled with the ever expanding environmental, social and governance (ESG) drive. The prospect of a much-awaited global economic recovery in turn will be dampened by fresh price volatility, flattened further by a sharp reduction both in household purchasing power and business sentiment amid soaring costs for goods and services, and of production. Some experts point out the paradox of green energy, as illustrated by a spike in prices for industrial production, compounded by supply chain disruptions due t

Oct 1, 2021By Lee Kyung-min
'Greenflation' concerns mount amid ESG drive
Banking & Finance

Promoting Paralympics

Hana Financial Group Vice Chairman Ham Young-joo, third from right, raises his fist with participants of the 2020 Tokyo Paralympics at the group's headquarters in Seoul, Wednesday. Courtesy of Hana Financial Group

Sep 30, 2021By Lee Kyung-min
Promoting Paralympics
Economy

Public Procurement Service helps 450 local firms seek global biz opportunities at expo

Public Procurement Service (PPS) Administrator Kim Chung-woo, second from left, listens to a local manufacturing company representative talk about his firm's products, Wednesday, at the Korea Public Procurement Expo 2021, currently being held at the Korea International Exhibition Center (KINTEX) in Goyang, Gyeonggi Province. / Courtesy of Public Procurement ServiceBy Lee Kyung-min A record-high 450 firms were provided with government assistance in seeking a greater domestic market presence and overseas business opportunities at the Korea Public Procurement Expo 2021. The expo is being held at the Korea International Exhibition Center (KINTEX) in Goyang, Gyeonggi Province from Wednesday to Friday.The three-day annual event, organized by the Public Procurement Service (PPS), is the only public procurement fair where support for the expansion of excellent small- and medium-sized enterprises (SMEs) is provided.This year's event seeks to create public demand for new high-tech products by incorporating public inquiries on the use of artificial intelligence technology, research-intensive pr

Sep 30, 2021By Lee Kyung-min
Public Procurement Service helps 450 local firms seek global biz opportunities at expo
Economy

Looming 'China risk' burdening Korean economy

A Chinese flag is seen on the top of a car near a coal-fired power plant in Harbin. Korea Times fileTightening consumer sentiment in China to hurt Korea's exports By Lee Kyung-min The prospect of a much-awaited economic recovery is feared to be weighed down by recent risks brought on by electricity shortages in China, the largest trading partner of export-reliant Korea. China's economic growth is expected to slow down sooner than expected due partly to a slowdown in construction and stringent new curbs on travel due to outbreak of the coronavirus Delta variant.The grim assessment bodes ill for manufacturers in Korea where the fallout of the COVID-19 pandemic has been offset mostly by robust exports. Over a quarter, or 26.1 percent, of Korea's exports go to China. Semiconductors account for about a quarter of Korea's exports followed by automobiles and petrochemical products. Seoul National University economist Lee In-ho said whether the electricity shortage would continue through the winter remains as the key factor determining how much of a decline in profits Korean firms operating

Sep 29, 2021By Lee Kyung-min
Looming 'China risk' burdening Korean economy
  • Power outages in China to hit supply chains for steel, chips
  • Financial authorities fret over growing volatility on Wall Street
Economy

Contribution Korea is at the vanguard of Asia's reopening as focus shifts toward monetary policy normalization

Vishrut Rana, Asia-Pacific economist at S&P Global Ratings / Courtesy of S&P Global RatingsAsia-Pacific Sets Off On the Winding Path to Economic ReopeningBy Vishrut Rana The Asia-Pacific region had notable success in containing initial waves of COVID-19 last year, which enabled some normalization of activity even as international borders remained closed. However, COVID-19 variants have evaded mitigation measures over the past several months leading to fresh pandemic waves that have had more impact on healthcare systems than those seen last year. These have led to fresh intermittent lockdowns and mitigation measures to contain the spread of the pandemic that had dampened economic activity. But the nature of these mitigation efforts has varied considerably in timing and intensity across the region. More stringent and higher intensity lockdowns may have a higher likelihood of containing new cases but are also more costly for the economy. In addition, the path to normalization is likely more uneven due to the chances of intermittent lockdowns, which delay economic reopening. On t

Sep 29, 2021By Lee Kyung-min
[Contribution] Korea is at the vanguard of Asia's reopening as focus shifts toward monetary policy normalization
Economy

Korea set to delay taxation on gains from crypto trading

Rep. Yoo Dong-soo, head of task force for cryptocurrency under ruling Democratic Party of Korea speaks at the beginning of a meeting at Yeouido, Seoul, June 23. Korea Times fileBy Lee Kyung-minThe ruling Democratic Party of Korea (DPK) has reached a consensus to delay imposing taxes on gains from cryptocurrency transactions, in a move to play to its voter base ― mostly those in their 20s and 30s who have invested heavily in the digital asset ― ahead of the presidential election next year.The Ministry of Economy and Finance is expected to protest the party platform on the grounds of it defeating policy consistency. Yet the politically charged push is backed by the unified stance of ruling party lawmakers, whose popularity is rapidly declining due to a series of government policy failures notably concerning real estate.“The DPK reached a broad consensus in terms of delaying the timing of the taxation of cryptocurrency transactions for another year than earlier planned,” a DPK source told The Korea Times. The move is expected to thwart the ministry's plan to impose a 20 perc

Sep 27, 2021By Lee Kyung-min
Korea set to delay taxation on gains from crypto trading
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