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Lee Kyung-min

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Economy

Climate change advocacy group to seek audit of government-owned lenders

gettyimagesbankBy Lee Kyung-min A climate advocacy group filed a request seeking a public audit of seven government-owned lenders and financial services institutions, for what it claims to be irresponsible spending of taxpayer money on a coal-fired power plant in Samcheok, Gangwon Province.The seven lenders include the Korea Development Bank (KDB), the Industrial Bank of Korea (IBK) and the National Agricultural Cooperative Federation.Companies with low credit ratings are required to submit detailed plans on how they intend to repay loans extended by state-run lenders. These lenders should then evaluate the plans before providing the loans. According to Solutions for Our Climate, the lenders did not follow this procedure. Solutions for Our Climate's local chapters in Masan, Changwon and Jinhae called for the Board of Audit and Inspection (BAI) to step in on the matter, asking why the lenders failed to withdraw financing for one of the power plant's investors, Doosan Heavy Industries & Construction, despite the firm's BBB- credit rating as assessed by the Korea Investors Service a

Mar 9, 2021By Lee Kyung-min
Climate change advocacy group to seek audit of government-owned lenders
Economy

Kakao Bank and Citibank slow in digitization drive

Kakaobank CEO Yun Ho-youngBy Lee Kyung-min Kakao Bank and Citibank Korea have yet to offer services whereby customers can add savings accounts to the list of their bank accounts on the Open Banking online platform, a data-driven financial service initiative spearheaded by the Financial Services Commission (FSC).The apparent failure to update the service promptly brings into question whether Kakao, the much-touted internet-only fintech leader, has misplaced priority by paying attention only to the upcoming initial public offering (IPO), with its customer-oriented mindset increasingly being neglected. Kakao Bank plans to complete its planned IPO by the second half of this year. It achieved a net income of 13.7 billion won ($12.1 million) in 2019, only two years after it was launched. The net income for 2020 was 113.6 billion won.Citibank Korea CEO Yoo Myung-soonThis also deals a blow to Citibank Korea, amid speculations that the banking group's Korean business would possibly be sold off as part of the group-wide efforts to streamline corporate retail banking services around the world.U

Mar 8, 2021By Lee Kyung-min
Kakao Bank and Citibank slow in digitization drive
Society

KAIST swears in new president

Korea Advanced Institute of Science and Technology (KAIST) President Lee Kwang-hyung speaks during his inauguration ceremony at the university in Daejeon, Monday. Courtesy of KAISTBy Lee Kyung-min Korea Advanced Institute of Science and Technology (KAIST) President Lee Kwang-hyung was sworn in Monday, beginning his four-year term, according to the university.Lee is a futurologist who pioneered multidisciplinary studies and research, with his work best summarized by continued efforts toward convergence of information, biology and nanotechnology.He said he will spare no efforts in tackling new challenges head-on to transform KAIST into the most relevant research university in the world, fostering talented students who can work with emerging technologies while pushing for innovative research and development initiatives that will benefit all of humanity.“KAIST should focus on finding, defining and solving problems and creating value for the sustainable development and prosperity of the country. Our new vision will help mapping out the growth strategy post-artificial intelligence ov

Mar 8, 2021By Lee Kyung-min
KAIST swears in new president
Economy

Institutional investors betting on bearish turn in stock market

gettyimagesbankBy Lee Kyung-min Institutional investors bought over 120 billion won ($106 million) in the leveraged inverse exchange-traded fund (ETF) that tracks the performance of the local benchmark KOSPI over the past two weeks, in anticipation of a bearish turn in the months-long bullish stock market, data showed Sunday.The derivative financial product is designed to boost returns 2:1 compared to the KOSPI when the market is falling. For example, if the KOSPI dips by 2 percent, a two times-leveraged inverse ETF will deliver a 4 percent return to the investor excluding fees and commissions, without the investors having to conduct shortselling.Data from Korea Exchange (KRX) showed institutional investors bought 120.2 billion won KODEX 200 Futures Inverse 2X from Feb. 22 through March 5, the third-largest amount of products bought by them following shares of POSCO (182.1 billion won) and Lotte Chemical (145 billion won).This far exceeds the amount of major large-cap shares net bought by them including SK Hynix (115 billion won), Shinsegae (86.6 billion won), KT (74.3 billion won) a

Mar 7, 2021By Lee Kyung-min
Institutional investors betting on bearish turn in stock market
Economy

Finance minister pledges unwavering push for housing supply plan

Deputy Prime Minister and Finance Minister Hong Nam-ki, center, Minister of Land Infrastructure and Transport Byeon Chang-heum, second from right, and National Tax Service Commissioner Kim Dae-ji, left, bow their heads in apology at a press conference following a ministerial-level meeting at the Government Complex Seoul, Sunday. YonhapIllicit gains to be seized with heavier punishment for ethical, moral misconduct By Lee Kyung-min The government's plan to boost the capital region's housing supply will go ahead as scheduled, despite a series of damning allegations about employees at the state-run Korea Land and Housing Corporation (LH) having engaged in illegal real estate speculation using insider information, the finance minister said Sunday.Instead, pan-governmental efforts will be initiated to draw up much heavier disciplinary action for moral and ethical misconduct found at such organizations ― a measure to eradicate what many view as “reprehensible behavior” ― long overlooked due to a lack of any established code of conduct.The much-belated measure will do little to

Mar 7, 2021By Lee Kyung-min
Finance minister pledges unwavering push for housing supply plan
Economy

Finance ministry to receive handsome dividends from IBK

IBK logoBy Lee Kyung-min The Industrial Bank of Korea (IBK) will pay 220.8 billion won ($196 million) in dividends to the Ministry of Economy and Finance, the state lender's largest shareholder with a 59.2 percent stake. This is an increase of about 55 billion from 166.2 billion paid out to the ministry in 2019.The amount was set after the lender decided to pay 471 won per share at a board meeting Wednesday; but it will be finalized at a regular shareholders meeting, March 25.The total dividends to be paid out is expected to be 372.9 billion won. Given the lender's net profit was 1.26 trillion won in 2020, the payout ratio measured by dividends total divided by net profit is 29.5 percent.The ratio was 30.8 percent in 2016, 30.9 percent in 2017, 30.1 percent in 2018 and 32.5 in 2019.The figure of 29.5 percent is far higher than the maximum of 20 percent recommended by Financial Services Commission (FSC), in order to get financial institutions to increase their reserves to cushion against any possible financial shock triggered by uncertainties involving the COVID-19 pandemic.Also at p

Mar 5, 2021By Lee Kyung-min
Finance ministry to receive handsome dividends from IBK
Economy

Foreign investors seek greater say in Shinhan

Shinhan Financial Group Chairman Cho Yong-byoungBy Lee Kyung-min Shinhan Financial Group will appoint two outside directors recommended by foreign investors, in a move to better reflect concerns voiced by large shareholders seeking greater representation in the lender's decision-making.They are Seoul National University Law School professor Lee Yong-guk, an attorney at Cleary Gottlieb Steen & Hamilton; and Sungkyunkwan University professor of mechanical engineering, Choi Jae-boong.Choi Jae-boongThe two are among four that made a shortlist put forward at a regular board meeting March 3. Their appointments will increase the number of outside directors to 12 from 10. The board's decision will be finalized at a regular shareholders' meeting scheduled March 25.Lee, a financial and legal expert, was recommended by Affinity Equity Partners, a pan-Asian private equity firm (PEF), and Choi, an ICT expert, by Baring Private Equity Asia, its Hong Kong-based peer.The two firms were foreign PEFs involved in the group's paid-in capital increase of 1.2 trillion won ($1 billion) in 2020.Lee Yong

Mar 5, 2021By Lee Kyung-min
Foreign investors seek greater say in Shinhan
Economy

State-run organizations to strengthen ESG values

Deputy Prime Minister and Finance Minister Hong Nam-ki / Korea Times fileBy Lee Kyung-min The government plans to require state-run entities to increase the number of environmental, social and governance (ESG) criteria in organizational governance plan subject to public disclosure, in a move to pave way for private firms to follow suit to advance sustainable growth initiative.This is in line with similar efforts by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), oversight authorities that are increasingly being mindful of the importance of the implications of ESG values in the financial market.The Ministry of Economy and Finance said that the organizations will have to submit specifics to meet four new overarching criteria created to place greater emphasis on EGS values. They are safety and eco-friendliness, mutual growth and cooperation, work-life-balance and social responsibility.Their plans will be disclosed on All Public Information in One (ALIO), a ministry-operated website where management information on Korea's 350 state-run, quasi-governmental

Mar 4, 2021By Lee Kyung-min
State-run organizations to strengthen ESG values
Economy

eBay Korea CEO to lead Korea Online Shopping Association

Chun Hang-ilBy Lee Kyung-min eBay Korea CEO Chun Hang-ill has been named chairman of the Korea Online Shopping Association, the organization said Thursday.Chun will be the association's 11th chairman. The decision was reached at a general meeting on Feb. 26, it said.The former CEO of eBay Japan will represent the interests of e-commerce companies to help them respond more effectively to what the association considers the government's “excessive” regulatory drive that hampers the growth of the burgeoning industry amid explosive demand for contactless commercial and consumer transactions.The association plans to set up a monitoring center to help members pursue secure commercial transactions and continue building trust between service providers and consumers before increasing its calls to ease regulations.Chun was quoted by the association as saying he will “try to make the association take the lead in the development and growth of the fast-growing domestic online shopping market.”His work will include laying the groundwork for members to put greater emphasis on

Mar 4, 2021By Lee Kyung-min
eBay Korea CEO to lead Korea Online Shopping Association
Economy

Management of foreigners' ID to be strengthened

gettyimagesbankBy Lee Kyung-minForeigners seeking to change their personal information will be required to undergo a more stringent verification process, in a strengthened measure to better prevent identity theft, according to a bill proposed by a ruling party lawmaker, Wednesday.According to a bill put forward by Rep. Jung Sung-ho of the ruling Democratic Party of Korea (DPK), a special committee will be set up to review requests filed by non-Koreans seeking to change their name, date of birth, sex or nationality, a tightened procedure compared to the status quo whereby revision is approved as long as they have a passport.The bill also seeks to allow foreigners to change their foreign registration number, if their stolen ID was used in financial crimes.This reflects criticism that foreigners are not included in personal information protection, unlike Koreans who can change their resident registration number when they fall victim to or even face a possibility of suffering personal damage from infringement of their rights to property, safety or bodily integrity. The measures will subj

Mar 3, 2021By Lee Kyung-min
Management of foreigners' ID to be strengthened
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