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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Economy

ANALYSIS Currency volatility to continue amid virus uncertainty

Dealers work at Hana Bank headquarters in central Seoul, as electric trading board shows the benchmark KOSPI having ended at 3,215.91 points, down 0.52 percent from the previous session, Wednesday. YonhapWon hits a new year-to-date low of 1,154 won By Lee Kyung-min Korea's currency is expected to weaken for the time being, due mostly to reduced investor appetite for risk brought on by the rapid spread of the coronavirus Delta variant, a reason for tumbling bond yields amid sudden high demand for safe assets, according to market analysts and economists, Wednesday.Putting further downward pressure on the local currency against the U.S. dollar is investors seeking to limit losses incurred by unstable exchange rates and cut risk asset exposure, as indicated by foreign traders net selling nearly 3 trillion won ($2.5 billion) of shares on the local stock market in July.The rapid depreciation of the currency will slow once vaccination efforts pick up and the fourth wave of virus spread comes under control. Yet uncertainty will never entirely clear away over how far the virus can exacerbate

Jul 21, 2021By Lee Kyung-min
[ANALYSIS] Currency volatility to continue amid virus uncertainty
Economy

KakaoBank dismisses IPO overvaluation issues

KakaoBank CEO Yun Ho-young, right, attends a virtual press conference, Tuesday. Courtesy of Kakao Bank'Profit model, growth vision of internet-only bank widely different from traditional lenders'By Lee Kyung-min KakaoBank CEO Yun Ho-young said Tuesday that the role and function of innovation-led, internet-only banks are fundamentally different from those of traditional commercial lenders, dismissing concerns over what critics consider a “highly overvalued” initial public offering (IPO) price ahead of the bank's KOSPI listing scheduled for Aug. 6.Critics say the banking affiliate of Kakao Corp. identified itself not in comparison with its local peers but with financial platform operators in advanced countries in assessing its corporate value, in an overreach to justify increasing the price-to-book ratio to up to 7.3, up significantly from 4.3 last year. The ratio measures the market's valuation of a company relative to its book value. The higher the figure, the more likely the shares are overvalued due in part to the greater growth potential attached by investors.For

Jul 20, 2021By Lee Kyung-min
KakaoBank dismisses IPO overvaluation issues
Economy

ESG strategic partnership

Shinhan Bank CEO Jin Ok-dong, second from left, and LX Hausys CEO Kang Gye-woong, second from right, pose after signing a memorandum of understanding at the bank's headquarters in Seoul, Tuesday. Courtesy of Shinhan Bank

Jul 20, 2021By Lee Kyung-min
ESG strategic partnership
Economy

IT, bio Kosdaq shares to benefit from National Pension Service investment

NPS CEO Kim Yong-jin / Korea Times fileBy Lee Kyung-min The portfolio of the National Pension Service (NPS), the world's third-largest pension fund with assets of over 883 trillion won ($769 billion) under management, will be expanded to add 50 companies listed on the Kosdaq, Korea's tech-heavy secondary stock market, industry sources said Monday.This is part of the pension fund's efforts to introduce a new benchmark and diversify an investment portfolio long criticized as placing too much weight on leading, large-cap shares on the benchmark Kospi, despite booming tech industries that are being increasingly recognized by global investors.A benchmark in finance terminology is an index followed by institutional investors when they set a target yield, functioning as a basket of shares to be chosen by fund managers for a certain minimum amount of profit. When the new benchmark will be applied has not been decided yet.The investment in the 50 companies to be added will not be managed by the pension fund, but by asset and fund managers it selects.But the expansion into the small-cap market

Jul 19, 2021By Lee Kyung-min
IT, bio Kosdaq shares to benefit from National Pension Service investment
Economy

Glass ceiling still thick in state-run organizations

gettyimagesbankBy Lee Kyung-min Fewer than one in four director-level positions were held by women at state-run organizations as of March, a study showed Friday.According to a survey conducted by the First CEO Networks of Korea, which analyzed reports uploaded on “All Public Information in One” (commonly known as “ALIO”), a finance ministry-operated website providing management information on Korea's 350 state-run and quasi-governmental entities, of 132 state-run entities, only 22 percent of the high-ranking positions were held by women. This figure is a slight quarter-on-quarter increase of 0.1 percent from 21.9 percent in December of last year. The ratio of men-to-women for low- and entry-level employees was close to 1 to 1, but the figure rapidly rose as they neared promotion opportunities following decades of experience.Out of the 132 state-run organizations, four had not even one high-level female official, including LetsRun Corp., Kangwon Land, Korea National Park and the Korea Press Foundation.In the case of the Korea Press Foundation, 12 of the 20 job

Jul 16, 2021By Lee Kyung-min
Glass ceiling still thick in state-run organizations
Economy

Soaring grocery prices fueling inflation woes

gettyimagesbankEyes on BOK inflation outlook revision in August By Lee Kyung-min Prices of frequently purchased consumer items are on a continual, steep rise due to surging oil and raw material prices, fueling concerns that inflation here may no longer be transitory.The sustained price hike in oil and raw materials lifted by a recovery in demand could lead to across-the-board increases in the prices of key consumer goods, compounded by lingering supply-side uncertainties that have boosted prices of agricultural produce over the past year.Further advancing this is a steady influx of liquidity brought about by emergency fiscal spending put in place to weather the COVID-19 pandemic, as indicated by record-low borrowing costs and extra stimulus packages financed in part by debt.Whether the Bank of Korea will make an upward revision of its consumer prices estimate in August remains to be seen. The central bank said Thursday that inflation for this year would be at the low- to mid- 2 percent range, up from 1.8 percent projected in May. It is a further jump from 1.3 percent estimated in Feb

Jul 16, 2021By Lee Kyung-min
Soaring grocery prices fueling inflation woes
Economy

Gov't to expand Korean New Deal investments to W220 tril.

President Moon Jae-in speaks during an event to announce the Korean New Deal 2.0 initiative at Cheong Wa Dae, Wednesday. YonhapNew initiative to keep focus on digital, green projects By Lee Kyung-min The government said Wednesday that it will increase its investment in Korean New Deal projects to 220 trillion won ($191 billion) by 2025, up from its earlier plan of 160 trillion won, in a bid to secure new growth engines and better prepare for a post-COVID-19 period. President Moon Jae-in announced the plan as part of the Korean New Deal 2.0 initiative during a meeting with top economic policy advisers at Cheong Wa Dae, Tuesday. It is said to be an improved version of the Korean New Deal put in place last July.The new initiative will focus on fostering digital and green projects, while expanding state-run childcare programs and helping young, low-income earners acquire assets.“The enhanced initiative will prioritize digital, green and balanced growth, and strengthening the social safety net,” President Moon said.“The Korean New Deal will continue evolving to meet the

Jul 14, 2021By Lee Kyung-min
Gov't to expand Korean New Deal investments to W220 tril.
Economy

Banks embrace 'Metaverse' for communication, growth

Woori Bank CEO Kwon Kwang-seok attends an online event titled “Woori-MZ,” Tuesday. Courtesy of Woori BankHana launches virtual employee training instituteBy Lee Kyung-min Commercial lenders are rushing to utilize the “Metaverse” ― a virtual environment where users interact with each other using digital avatars ― as a new communication channel to better attract millennials and Generation Z who are more comfortable with cyberspace than older generations.The latest case is Hana Bank, which announced Monday that it has set up its employee training institute, Hana Global Campus, on Zepeto, an avatar app operated by the country's largest internet service provider Naver. The app is noted for having more than 200 million users.“Hana Global Campus on Zepeto is an excellent example of how Hana Bank can meet challenges and foster innovation,” Hana Bank CEO Park Sung-ho said.Senior employees at other banks ― notably CEOs ― are seeking to familiarize themselves with the new, “fun” culture, a chance for them to reorient the rigid, top-down and hierar

Jul 13, 2021By Lee Kyung-min
Banks embrace 'Metaverse' for communication, growth
Economy

Second extra budget may face revisions amid 4th wave of pandemic

People shop at a nearly empty shopping mall in Seoul, Sunday, YonhapBy Lee Kyung-min Plans for a second extra budget of 33 trillion won ($28.7 billion) may undergo dramatic revisions due to the heightened need for containment amid new COVID-19 caseloads exceeding 1,000 a day for about a week.A strongest-ever two-week social distancing rule effective Monday prohibits the gathering of more than two people after 6 p.m. in Seoul, Gyeonggi Province and Incheon, practically banning all private gatherings after work. Some say measures to boost consumption should be drawn down, since compensating for losses for small businesses and low-income earners take priority as strict distancing rules are likely to continue for at least two weeks. The National Assembly will begin reviewing the extra budget bill submitted by the government this week.The budget includes 10.4 trillion won to be given to the bottom 80 percent of income earners in the form of 250,000 won worth of cash-equivalent vouchers or loyalty points.About 1.1 trillion won will be given to credit card users to spending an amount greate

Jul 12, 2021By Lee Kyung-min
Second extra budget may face revisions amid 4th wave of pandemic
  • Finance chief opposes increasing extra budget
Economy

Korea seeks 20% digital tax to minimize burden on Samsung, SK hynix

Deputy Prime Minister and Finance Minister Hong Nam-ki speaks at the G20 finance ministers' meeting in Venice, Italy, July 10 (local time). Courtesy of Ministry of Economy and FinanceDiscussion to continue through OctoberBy Lee Kyung-min The government asked that a “digital tax” for local firms be set at 20 percent, the lowest rate possible within the range of between 20 percent and 30 percent agreed upon at the G20 finance ministers' meeting, the country's top policymaker said Sunday.This is to reduce the burden for firms that are expected to pay soaring corporate taxes in accordance with an ongoing financial initiative pursued by the OECD and the G20 on countering base erosion and profit shifting (BEPS).The OECD/G20 Inclusive Framework (IF) involving about 130 countries agreed that governments should be able to tax multinationals on profits generated in their countries. They agreed that a digital tax will be imposed on multinational companies with annual sales exceeding 20 billion euros (27.2 trillion won) and profits higher than 10 percent.The tax will be divided

Jul 11, 2021By Lee Kyung-min
Korea seeks 20% digital tax to minimize burden on Samsung, SK hynix
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