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Lee Kyung-min

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Economy

INTERVIEW Korea to boost standing in global procurement market

Public Procurement Service Administrator Kim Chung-woo / Courtesy of Public Procurement ServiceProcurement agency helps export of virus containment goods By Lee Kyung-min The government will continue assisting local small- and medium-sized enterprises (SMEs) with the export of key goods needed to contain the pandemic, as part of efforts to help the country become a leader in the global procurement market, the head of the state-run procurement service agency said Monday.The pandemic-sparked health crisis has awakened the need for supply of key medical and protective equipment, a task facilitated by Public Procurement Service (PPS) amid its years-long preparedness to create an ecosystem whereby effective organization of purchase and public bidding programs bolster sustainable, innovative growth.The agency places top priority on product quality assurance and by extension competitiveness of the producers, a goal strengthened by a rigorous review of purchase and public bidding records. “We maintain stringent management of innovative products that will help Korea boost standing

Sep 27, 2021By Lee Kyung-min
[INTERVIEW] Korea to boost standing in global procurement market
Economy

Dual Corp. appoints Rha as CEO

Rha Han-ikBy Lee Kyung-minDual Corp., a Seoul-based car parts manufacturer, has appointed global investment banking expert Rha Han-ik as its CEO, according to the firm Monday.Rha worked at Macquarie, an Australian investment bank, and Nomura Securities, before he became CFO at Helixmith, a local biotech firm. He is a graduate of Boston College in Massachusetts and has a master's degree from Ohio State University.Dual Corp. expects Rha to play a key role in outlining the firm's mid- to long-term growth strategy, following a planned merger with a new firm separated from OncoQuest Pharmaceuticals Inc. “The appointment of Rha as a CEO will help boost share values and promote business strategies on stable management,” the firm said.

Sep 27, 2021By Lee Kyung-min
Dual Corp. appoints Rha as CEO
Economy

Banks collaborate with financial authorities on Evergrande risk review

A trader reads news about the Evergrande situation on a computer in a dealing room of a branch of Hana Bank in Seoul, Friday. YonhapBy Lee Kyung-min The financial authorities and commercial lenders are reviewing spillover risk exposures posed by recent debt default fears at Evergrande, the biggest real estate company in China. No immediate problems are expected since Korean lenders have not engaged in directing lending to the Chinese firm, but concerns of delinquency linger due to business transactions between Korea's top five lenders and their counterparts in China. Also advancing the view are corporate financing businesses operated by corporate entities of Korean lenders in China not involved with the Chinese developer. Whether the Xi Jinping-led populism-oriented heavy regulatory drive will expand into other areas of the financial sector remains to be seen, experts say. KB Kookmin, Shinhan, Hana and Woori banks and the Financial Supervisory Service (FSS) are closely monitoring any risks, mostly on whether the debt default would lead to them not being able to recover loans. They ma

Sep 24, 2021By Lee Kyung-min
Banks collaborate with financial authorities on Evergrande risk review
  • From 'controlled demolition' to near-certain default: Money managers outline views on Evergrande's crisis
Economy

Gov't to halt financial assistance for overseas coal power projects

gettyimagesbankBy Lee Kyung-min State-run organizations will no longer provide financial assistance of any kind to new overseas coal-fired power plant projects starting Oct.1, according to four ministries and the financial regulator, Friday. The joint announcement seeks to give a clear signal on decarbonization to both the public and private sectors, thereby pushing them to promptly renounce fossil fuel dependence and to forgo investment into cheap but environmentally unsustainable sources of energy. The four are the Ministries of Economy and Finance; Trade, Industry and Energy; Foreign Affairs; and Environment; alongside the Financial Services Commission. Support for already approved projects including Jawa Units 9 and 10 in Indonesia and Bungang 2 in Vietnam will not altogether be withdrawn considering economic and diplomatic relations. However, the scope of the assistance will be limited to support for the implementation of agreed-upon financial terms and essential business transactions.But the government will halt everything else related to fossil fuel use that has been prov

Sep 24, 2021By Lee Kyung-min
Gov't to halt financial assistance for overseas coal power projects
Economy

Korea unattractive to foreign investors: Ambrosetti report

gettyimagesbankBy Lee Kyung-min Korea ranked eighth out of 148 countries and last out of five major Asian economies this year in terms of global attractiveness, a report by a European think tank showed.Global Attractiveness Index (GAI) 2021 findings released by the boutique management consultancy and private bank, The European House ― Ambrosetti _ showed Korea's GAI stood at 81.26 this year.The index measures the foreign-investment-attraction capabilities and environment of 148 countries surveyed relative to the top-ranked country.Korea ranked eighth in 2016, fell to 11th the following year but then rose back to 8th again in 2018 ― it remained in ninth place in 2019 and 2020.The U.S. (100.00) topped the list, followed by Germany (93.30) which came in second by a narrow margin.China came in third with a score of 91.55. Japan ranked fourth (89.61), while Singapore came in sixth (84.84) and Hong Kong seventh (82.82).Other top countries included the U.K. in fifth place (89.03), the United Arab Emirates in ninth (77.66) and France, 10th (76.19).The composite index compares 148 economies t

Sep 23, 2021By Lee Kyung-min
Korea unattractive to foreign investors: Ambrosetti report
Economy

Rush of withdrawals expected among cryptocurrency owners before stricter rules are applied

Financial Services Commission Chairman Koh Seung-beom / Korea Times fileBy Lee Kyung-min A large number people who own cryptocurrencies issued and traded by small exchanges are expected to withdraw the virtual assets ahead of Friday, the deadline imposed by the Financial Services Commission (FSC) for digital currency trading platforms to apply for authorization as a valid market player.The Korea Financial Intelligence Unit (KoFIU) under the FSC said only four out of more than 60 operators ― UPbit, Bithumb, Coinone, and Korbit ― have met regulatory requirements by obtaining a certification of Information Protection Management System (ISMS) and commercial lender-issued real-name accounts through which the coins are traded transparently.The strengthened rules on cryptocurrency transactions will divide the market into either won-based ones where the coins can be traded in the country's currency or bitcoin-based exchanges. The rest that fail to pass the regulatory bar will no longer be able to operate here.Of more than 30 that failed to obtain ISMS certification, two thirds have already

Sep 22, 2021By Lee Kyung-min
Rush of withdrawals expected among cryptocurrency owners before stricter rules are applied
Economy

ANALYSIS Gov't loan forbearance to burden incoming administration next year

Financial Services Commission Chairman Koh Seung-beom attends a meeting at Korea Federation of Banks in Seoul, Thursday. Korea Times fileBy Lee Kyung-min Concerns are mounting that the recent government decision to extend forbearance, whereby small businesses, self-employed and low-income earners are able to pause principal and interest payments on their loans for a designated period of time, will pose a major threat to the country's fiscal soundness for the incoming administration.The yearlong emergency financial assistance measures to help small businesses cope with the COVID-19 pandemic could result in a faster buildup of non-performing loans, the management of which will become much harder for creditors, or lenders, with their financial soundness facing the possibility of a rapid decline.The lengthening of relief measures is understandable due in large part to stricter government-imposed social distancing rules including gathering bans and shortening of business hours. Yet the difficulty of how to correctly discriminate between businesses in a healthy financial condition from tho

Sep 16, 2021By Lee Kyung-min
[ANALYSIS] Gov't loan forbearance to burden incoming administration next year
Economy

NTS commissioner meets Hungarian, Danish counterparts

National Tax Service (NTS) Commissioner Kim Dae-ji, right, poses for a photo with his Danish counterpart, Merete Agergaard. Courtesy of National Tax ServiceBy Lee Kyung-min National Tax Service (NTS) Commissioner Kim Dae-ji agreed to share experience and knowledge in advancing electronic tax administration and crack down on overseas tax evasion with his Hungarian and Danish counterparts in a recent weeklong trip to Europe, the tax agency said Wednesday.The tax agency head also met with Alix Perrignon de Troyes, executive secretary of the Intra-European Organization of Tax Administrations (IOTA), in Budapest, Sept. 14.Kim held a meeting with his Danish counterpart, Merete Agergaard, from Sept 9 to 10, the first time for the two countries' top tax administrators to hold a bilateral meeting. The two discussed tax policies on welfare, including ways to strengthen the public trust in administrative procedures. The government's role in helping the public see how fairly tax revenue is collected for transparent use of public resources was among areas both were interested in, the tax agency s

Sep 15, 2021By Lee Kyung-min
NTS commissioner meets Hungarian, Danish counterparts
Economy

Statistics Korea launches SDGs data platform in English

Image capture of the main page of SDGs data platform operated by Statistics Korea. Courtesy of Statistics KoreaBy Lee Kyung-minStatistics Korea has launched an open-access platform where data on Korea's efforts in advancing the United Nations (U.N.) Sustainable Development Goals (SDGs) are available in English. Visit https://kostat.go.kr/sdg/en for more information. The platform allows real-time monitoring of progress in SDGs, and is expected to promote data-driven global public policymaking, the statistics agency said.The SDGs include 17 goals announced at the U.N. General Assembly in September 2015, an initiative to be jointly achieved by 2030, for the sustainable development of mankind, as defined by its core principle of inclusiveness, “Leaving No One Behind.”Examples include poverty, inequality, climate crisis and violence, issues on which the New York-headquartered international organization requires a unified response and continued commitment by countries and stakeholder groups around the world.The agency expects the platform to provide easy access to Korea's SDGs

Sep 15, 2021By Lee Kyung-min
Statistics Korea launches SDGs data platform in English
Economy

Fintechs cry foul over stricter rules on product promotion

gettyimagesbankBy Lee Kyung-min Fintech firms are criticizing the financial authorities' recent measures to limit their entry into the insurance sales business, pointing to the absurdity of the hastily arranged requirements to clarify the structure of their business models by Oct. 15. This is the latest development of the financial regulator's efforts to curb the immense influence and market standing of financial services platforms, notably Kakao Pay, the financial subsidiary of Kakao Corp. and Naver, the country's largest portal operator. The Financial Services Commission (FSC) recently ordered that the two halt services whereby their users were able to buy insurance products recommended via the online platform, a promotional activity the regulator said is prohibited under related laws governing financial consumer protection. Kakao Pay has since suspended services recommending car insurance or offering a list of products it expects users would be interested in. The suspension of the service is leading to an increase in complaints by fintechs whose primary business model is to gener

Sep 15, 2021By Lee Kyung-min
Fintechs cry foul over stricter rules on product promotion
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