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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Banking & Finance

KDB, Hana team up for innovation

Korea Development Bank CEO Lee Dong-gull, second from right, Hana Financial Group Chairman Kim Jung-tai, second from left, and Hana Bank CEO Park Sung-ho, right, join hands after signing a strategic partnership, Aug. 30. Courtesy of Hana Bank By Lee Kyung-min Hana Bank will increase cooperation with the state-run Korea Development Bank (KDB), in a move to create synergy in advancing financial services in the form of a public-private partnership. The two signed a strategic partnership agreement Aug. 31 to establish a collaboration model between policy and commercial finance for the joint long-term goals of carbon neutrality, improved access to digital services and the growth of innovative firms. The two will share their knowledge, experience and infrastructure. Hana will learn from the state-run lender how to improve financing for corporate customers including tech startups, whereas KDB customers will be able to use over 3,700 ATMs set up at more than 650 of the co

Sep 14, 2021By Lee Kyung-min
KDB, Hana team up for innovation
Economy

Will China's slumping recovery affect Korea's chip exports?

gettyimagesbankBy Lee Kyung-min Opinions are split over whether recent signs of a slowdown in China's recovery are signaling the beginning of a peak-out of Korea's semiconductor exports, one of the few growth drivers underpinning the economic recovery here amid the COVID-19 pandemic.Some say the sluggish recovery of China's manufacturing will pose a major downside risk for Korea whose key exports items rely heavily on business sentiment in the world's second-largest economy.Others view the concern as overblown, since the demand for chips appears likely to remain strong, as evidenced by the Chinese government's hefty investments into strengthening 5G networks and data centers among other smart technology infrastructure development. Semiconductors account for about a third of Korea's exports to China, where over a quarter, or 26.1 percent, of Korea's export goods arrive. Data from the Korea Customs Service showed Korea's semiconductor exports from Sept. 1 to 10 dipped 2.1 percent, or $3.2 billion (2.7 trillion), from a year earlier. This was the first such year-on-year decrease since

Sep 13, 2021By Lee Kyung-min
Will China's slumping recovery affect Korea's chip exports?
Economy

Delta variant leads to protracted tightening of private consumption

gettyimagesbank Slower-than-expected US growth to affect BOK rate hike By Lee Kyung-min Tightened private spending sparked by an increase in COVID-19 infections by the Delta variant is expected to continue throughout the latter half of the year, adding pressure on the Bank of Korea to refrain from a further key rate hike. The renewed dilemma will be further compounded by slower-than-expected U.S. economic growth as indicated by the assessment in the U.S. Federal Reserve's latest Beige Book report.Korea has been relatively insulated from the health crisis, due chiefly to containment efforts and high public participation as illustrated by the number of people wearing face masks in public places. But the spread of the highly-infectious Delta variant has prompted health officials to retain the highest Level 4 social distancing measures. Small businesses in the services industries, including those subject to gathering bans, meanwhile, are edging closer to bankruptcy and

Sep 10, 2021By Lee Kyung-min
Delta variant leads to protracted tightening of private consumption
Economy

Finance ministry calls for overhaul of educational subsidies

Deputy Prime Minister and Finance Minister Hong Nam-ki. Korea Times file By Lee Kyung-min The Ministry of Strategy and Finance said a program offering educational subsidies should be revised to reduce revenue from taxes allocated to local governments, since the number of students in Korea is on a rapid decline due to the country's persistently-low birthrate.The recommendation coincides with a deterioration of the government's fiscal soundness brought on and exacerbated by the COVID-19 pandemic. The government has drafted 115 trillion won ($98 billion) over the course of six supplementary budgets since the beginning of the pandemic, mostly for emergency policy and cash assistance for low-income earners and small businesses.A ministry official published an opinion in a monthly report on the government's fiscal plan, Thursday, underscoring the urgent need to redesign the overall educational financing grant system in response to changing demographics.This is in line with

Sep 10, 2021By Lee Kyung-min
Finance ministry calls for overhaul of educational subsidies
Economy

Infrastructure ministry to help Paraguay upgrade light rail transit system

Minister of Land, Infrastructure and Transport Noh Hyeong-ouk, right, does a fist bump with his Paraguayan counterpart Arnoldo Wiens Durksen, after signing a memorandum of understanding (MOU) at the Conrad Seoul, Yeouido, Thursday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-min A consortium of public and private companies led by the Ministry of Land, Infrastructure and Transport will help Paraguay renovate its light rail transit system. The ministry said Thursday that the five-year, $500 million (585 billion won) construction project will create seven stations and one rail depot along the 43 kilometer route connecting the country's capital Asuncion and Ypacarai, a nearby suburb. The partnership will undertake the operation of the transit for 30 years. Land Minister Noh Hyeong-ouk signed a memorandum of understanding (MOU) with his Paraguayan counterpart, Arnoldo Wiens Durksen, minister of public works and communications, at the Conrad Seoul on Yeouido. The Asuncion Light Rail Transit Project will be participated in by the Korea Overseas Infrastructure &am

Sep 9, 2021By Lee Kyung-min
Infrastructure ministry to help Paraguay upgrade light rail transit system
Economy

Korea's potential economic growth rate on rapid decline

gettyimagesbankLabor flexibility, deregulation needed for innovationBy Lee Kyung-minKorea's potential economic growth rate is on a steeper-than-feared decline, impacted heavily by a reduction, or outright loss, of employment as well as an overall drop in labor productivity in the services industries due to the COVID-19 pandemic.The fast-aging population has long been a protracted cause for the loss of vitality in the country's labor market, and this is increasing concerns that the public health crisis-driven decrease in both labor input and corporate investment will significantly undermine growth prospects for the economy.Potential economic growth, or potential GDP, is an estimate of the output that would have been produced by the economy with labor and capital at their maximum sustainable rates, without triggering inflation. Factors that determine the year-on-year figure include labor force participation, capital stock and total factor productivity (TFP). Growth in TFP is used to explain output not contributed by labor and capital.Experts say capital and labor input have neared thei

Sep 9, 2021By Lee Kyung-min
Korea's potential economic growth rate on rapid decline
Economy

Reporter's Notebook Finance minister and fiscal soundness

Deputy Prime Minister and Finance Minister Hong Nam-ki attends the National Assembly's Special Committee on Budget and Accounts, Tuesday. YonhapBy Lee Kyung-min No one seems to be in a tighter bind than Deputy Prime Minister and Finance Minister Hong Nam-ki in a country where meddling by politicians in economic policies is increasing immeasurably and shamelessly at the expense of fiscal soundness. Hong said the country's fiscal soundness is in a “robust” condition during a session of the National Assembly Special Committee on Budget and Accounts, Tuesday, less than a day after he expressed concern that the country's treasury was “emptying fast.”Monday's comment came in response to a question from a ruling party lawmaker who criticized the finance ministry's reluctance to increase fiscal spending at a faster pace amid the fourth wave of the COVID-19 pandemic triggered by the Delta variant. “What good is any of the treasury if It cannot be used when people are suffering? Explain why you think the treasury should stockpile. You should reflect on whether the

Sep 8, 2021By Lee Kyung-min
[Reporter's Notebook] Finance minister and fiscal soundness
Economy

Role of procurement agency highlighted amid pandemic

Choi Chan-moBy Lee Kyung-minAs the government is attempting to speed up its COVID-19 vaccination campaign, the intensity of the countrywide initiative has been dogged by vaccine shortages due to shipment delays.Guaranteeing the availability of vaccine stocks, the timing of vaccine deliveries and the number of doses possibly being wasted at each stage of the supply chain are considered top concerns. From that standpoint, efforts by a government official to support the country's vaccination program by procuring a substantial amount of Low Dead Space (LDS) syringes have been highlighted.LDS syringes are customized to minimize the amount of wasted vaccines, allowing them to be administered to more people faster.In a written interview with The Korea Times, Choi Chan-mo, head of the Training Planning Team at the Public Procurement Training Institute, said he was grateful for the opportunity to quickly procure a large number of LDS syringes to help accelerate vaccination efforts amid the COVID-19 pandemic.“Project LDS,” led by Choi and an eight-member taskforce set up at the Nor

Sep 7, 2021By Lee Kyung-min
Role of procurement agency highlighted amid pandemic
Economy

Won strengthens on weaker US job market, delayed tapering concerns

An electric trading board shows the KOSPI lowering to 3,197.20 at a branch of Hana Bank, Monday. The benchmark index closed at 3,203.33, up 2.27 points, or 0.07 percent from the previous session. Yonhap 'Korean currency to continue gain for the time being, unless impeded by sudden external shocks' By Lee Kyung-min The Korean won gained slightly against the U.S. dollar on the back of weaker-than-expected American jobs data, coupled with mitigated tapering risks by the U.S. Federal Reserve (Fed).The currency hovered in the range of 1,155 won and 1,159 won as of mid-Monday, before ending at 1,1560.50 won, up from the previous session.Whether or not the uptrend will be sustained will hinge on foreign investors' demand, the continuation of which will lead to the currency strengthening to a level higher than 1,150 won.Also to be monitored is how the safe global reserve currency will fare against other volatile asset classes recently gaining traction, as indicated by a rec

Sep 6, 2021By Lee Kyung-min
Won strengthens on weaker US job market, delayed tapering concerns
Economy

State pensions face mounting calls for reform

Deputy Prime Minister and Finance Minister Hong Nam-ki, right, speaks at a government meeting, Aug. 25. Korea Times fileSoaring gov't debt to entail 14.7 trillion won in interest this yearBy Lee Kyung-minCalls are expected to grow for the reform of four state-run pension funds, as nearly 60 trillion won ($51 billion) will be allocated for public spending next year, up 6.2 percent from this year's 55.8 trillion won.The year-on-year increase will require a greater amount of taxpayers' money to slow the hemorrhaging of the funds, as a rapidly aging society and overall decrease in labor productivity cause government welfare expenditures to snowball.Mandatory spending by law cannot be curbed unless a revision is proposed, posing a major threat to the fiscal soundness of a country, economists said, Sunday. Also sustaining the rapid increase in public spending is the fact that many retirees are seeking monthly pension payouts instead of receiving a lump sum payment, an inevitable choice since ultra-low interest rates on bank savings have made it impossible for pensioners to make ends meet.D

Sep 5, 2021By Lee Kyung-min
State pensions face mounting calls for reform
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