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Lee Kyung-min

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Economy

Tit-for-tat continues over 'parachuted' nomination

Deputy Prime Minister and Finance Minister Hong Nam-ki, fist-bumps a screen between him and an employee who sold 'New Deal Fund' products at Korea Development Bank April, 1. Korea Times fileBy Lee Kyung-min Korea Growth Investment Corp., a quasi-government investment firm with 22.7 trillion won ($19.6 billion) in publicly-raised funds under management, recently hired a former Cheong Wa Dae official as an investment manager, in what market watchers view as another “unqualified” political figure being parachuted into a high-paying position.The official, Hwang Hyun-sun, has been appointed to lead the firm's department that will be in charge of managing the “New Deal Fund,” the state-raised pool of investment launched as part of a long-term government drive to identify future sources of growth.Many point to his lacking professional skill set as a fund manager, as illustrated by his background as a campaign operator and a political operative for then-opposition party presidential candidate Moon Jae-in.Hwang is a former top official of the ruling Democratic Party o

Sep 5, 2021By Lee Kyung-min
Tit-for-tat continues over 'parachuted' nomination
Economy

Rising inflation biggest threat to economic recovery

gettyimagesbank By Lee Kyung-minInflation has been accelerating fast, as consumer prices grew over 2 percent in August for the fifth consecutive month due to a surge in prices of groceries and oil products. Continuing buildup in inflationary pressure has been emerging as a major stumbling block to the much-anticipated economic recovery, throwing further pressure on the Bank of Korea to deliver another rate hike following one last month. According to Statistics Korea Thursday, consumer prices jumped 2.6 percent in August from a year ago. The prices also rose 2.6 percent in July and May, well above the central bank's inflation target of 2 percent.The consumer price increase has been driven by skyrocketing prices of fruit and vegetables as well as oil products. Egg prices soared by 54.6 percent last month, followed by spinach (35.5 percent), powered red pepper (26.1 percent), rice (13.7 percent) and pork (11 percent). Prices for petroleum products jumped 21.6 percent. Prices of eggs have reported double-digit growth for the eighth consecutive month since January when the year-on-year in

Sep 2, 2021By Lee Kyung-min
Rising inflation biggest threat to economic recovery
Banking & Finance

Hanwha Life's new organizational structure to bolster future growth

Hanwha Life Insurance CEO Yeo Seung-joo / Korea Times fileBy Lee Kyung-minHanwha Life Insurance reorganized its corporate structure, Wednesday, in a bid to identify a future growth engine anchored and strengthened by its existing insurance business models. The move seeks to outline a new strategy for financing and incorporation of non-insurance businesses, a mid- to long-term approach to generate profit despite the full saturation of the local insurance market. Expansion into new territories will be spearheaded by firm CEO Yeo Seung-joo, head of a committee set up for future management goals. Among the top areas of expansion are more detailed and specified coverage for cancer patients. The survival of the country's third-largest life insurer will be threatened, unless it finds a new source of growth. This is why the firm is striving to look beyond strategies introduced and adopted by its market peers. Hanwha has restructured the organization whereby employees will be granted maximum autonomy, a key factor the firm views will create a virtuous cycle of creativity and cooperation, lead

Sep 1, 2021By Lee Kyung-min
Hanwha Life's new organizational structure to bolster future growth
Banking & Finance

Shinhan Financial to prioritize convenience, innovation, ESG values

Shinhan Financial Group Chairman Cho Yong-byoung speaks at the online ceremony for the group's 20th anniversary. Courtesy of Shinhan Financial GroupBy Lee Kyung-min Shinhan Financial Group pledged that it will place greater emphasis on convenience, innovation and safety to enhance customer satisfaction ― a new set of goals outlined on its 20th anniversary, which fell on Wednesday. The group's asset total stands at 626 trillion won ($540 billion) as of June, over a 10-fold increase from the 56 trillion won total assets it had at its launch in September 2001. The group's net profit in the first six months of this year was over 2.49 trillion won, up from 221 billion won 20 years ago. Shinhan Bank Vietnam, the group's most lucrative banking subsidiary set up in the Southeast Asian country, ranked first among foreign banks there for the widest network and best financial performance. Its 41 branches reported a combined 58.4 billion won in net profit in the January-June period, up from 57.7 billion won, year-on-year. The figure for the first half accounts for 48 percent of the 120.6 billion

Sep 1, 2021By Lee Kyung-min
Shinhan Financial to prioritize convenience, innovation, ESG values
Economy

Korea vows to create ecosystem for bio, chips, future vehicles

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from right, speaks during a meeting at the Seoul Government Complex at Gwanghwamun, Monday. YonhapW6.3 tril. to be invested in 'Big 3' growth driversBy Lee Kyung-minThe government will invest over 6.3 trillion won ($5.4 billion) next year to foster the advancement of future vehicles, bio healthcare and semiconductors ― the three key future growth drivers hoped to underpin the economy, the country's top policymaker said Monday.The 43 percent year-on-year increase in investment aims to sharpen the country's competitive edge on the global stage where the three sectors are increasingly emerging as vital, long-term national security interests.Deputy Prime Minister and Finance Minister Hong Nam-ki said that the government will spare no efforts in assisting the three industries, anchoring confidence from businesses to bolster predictability and sustainability in making key investment decisions. “The government will provide support to strengthen fiscal, tax, financial and institutional support for the crucial industries to

Aug 30, 2021By Lee Kyung-min
Korea vows to create ecosystem for bio, chips, future vehicles
Economy

National Pension Service to expand alternative investments

National Pension Service headquarters building in Jeonju, North Jeolla Province / YonhapBy Lee Kyung-min The National Pension Service (NPS), the world's third-largest pension fund with over 900 trillion won ($769 billion) in assets under management, is seeking to diversify its investment channels with private equity funds (PEFs) and alternative investment targets. The NPS is seeking to increase the proportion of its alternative investments to up to 15 percent of its total operating assets by 2024, up from 10.4 percent this year, according to sources familiar with the issue, Friday. Its gradual shift towards new asset classes reflects growing demands for joint equity financing, deal sourcing and due diligence from overseas investors, with whom the pension fund's financing and operating capability can be enhanced. The NPS plans to establish a division which will explore the best possible opportunities beyond the fund's conventional investment metrics. The new unit will be launched upon the passage of the revised presidential ordinances governing the pension fund. The new team wil

Aug 27, 2021By Lee Kyung-min
National Pension Service to expand alternative investments
Economy

Rate hike to hit jeonse tenants, young people

A branch of Hana Bank in Seoul / Korea Times fileBy Lee Kyung-minLow-income small- and medium-sized enterprises (SMEs) as well as young people are expected to suffer the most from the central bank's Thursday rate hike decision, economist and analysts said, Friday.Jeonse tenants say their mortgage interest payments will spike in the short term compared to that of homeowners. Unique to Korea, jeonse is a housing rental system whereby tenants pay a refundable lump sum deposit instead of monthly rent. Jeonse tenants often rely on loans to afford the hefty deposits borrowing up to 80 percent of the total deposit amount payable to their landlords. For example, the interest total is 20 million won ($17,000), on a loan of 400 million won at a 5 percent interest rate. A key rate increase of 25 basis points will translate to nearly 4 trillion won in interest for borrowers. Korea Economic Research Institute, a local think tank, says if borrowing rates rise by 1 percentage point, the total defaulted household loans is expected to rise up to 5.4 trillion won, with the delinquency rate soarin

Aug 27, 2021By Lee Kyung-min
Rate hike to hit jeonse tenants, young people
Economy

Compliance expert to strengthen internal control at Bithumb

An electronic board shows the price of bitcoin at Bithumb headquarters in Seoul, July 6. Korea Times fileBy Lee Kyung-min Bithumb, a virtual asset exchange, has appointed Lee Yoo-jung as compliance monitoring officer, it said, Thursday.Lee has over 20 years of experience in compliance monitoring at global financial firms including Goldman Sachs and Nomura Financial Investment. Lee's previous work led to the establishment of corporate culture whereby internal controls were strengthened, Bithumb added. Lee has more than 10 years of experience in anti-money laundering and customer verification, a reason why the cryptocurrency operator considers her criteria would significantly help management in compliance monitoring.She graduated from Korea University with a specialization in business before beginning her professional career at the state-run Export-Import Bank of Korea in 1995. She was in charge of money laundering prevention and internal control at the Seoul branch of Nomura Holdings in 2006. She had a similar role at Goldman Sachs in 2010.Bithumb said it expects Lee to focus on stren

Aug 26, 2021By Lee Kyung-min
Compliance expert to strengthen internal control at Bithumb
Economy

Yoon & Yang benefits from Namyang-Hahn & Co. takeover dispute

Namyang Dairy Chairman Hong Won-sik adjusts his glasses during a press conference at the firm's headquarters in Seoul, May 4. Korea Times fileKim & Chang in awkward position By Lee Kyung-min The months-long dispute over a 53.08 percent stake Namyang Dairy Chairman Hong Won-sik sought to sell for 310.7 billion won ($265 million) to local private equity fund (PEF) Hahn & Co. is expected to morph into a protracted legal battle, as the PEF hired Yoon & Yang, a law firm specializing in finance and tax litigation, Wednesday. Some market watchers say the private equity has more to gain in a civil suit, since the court is likely to recognize that the sale was in progress, as illustrated by a contract drawn up between the two, as well as the Fair Trade Commission's merger approval and corporate funds prepared for payment upon request. Others say the private equity is being pressured for time, since few investors will consider a drawn-out dispute as competent handling of a high-stakes deal.The announcement of the representation by the law firm with expertise in corporate litigatio

Aug 25, 2021By Lee Kyung-min
Yoon & Yang benefits from Namyang-Hahn & Co. takeover dispute
Economy

Listed firms oppose ESG info disclosure

gettyimagesbankBy Lee Kyung-minThe Korea Listed Companies Association said that its members have opposed mandatory disclosure of corporate information on environmental, social and corporate governance (ESG) values.It say making disclosure of ESG a legal requirement of disclosure will unnecessarily increase costs. It also recommended such disclosures be put off until after doing so becomes standard practice.  Currently, firms can include ESG information in ESG reports, and there is no punishment if they do not. Firms with assets of over 2 trillion won ($1.7 billion) will be required to disclose ESG information starting in 2025. All listed firms will have to do this from 2030.The members say mandating these disclosures will lead to decreased corporate competitiveness on the global stage. The association said Korea should instead look to the U.S. and monitor how the same issue shapes that country's commercial law.Korea lacks the motive to push for the mandate, whereas the United Kingdom, France and Hong Kong want to speed up the mandate because they are in competition to becom

Aug 24, 2021By Lee Kyung-min
Listed firms oppose ESG info disclosure
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