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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 ESG responsibility changes financial investment landscape

Profit growing from ESG investment By Lee Kyung-min Korean investors factoring in environmental, social and corporate governance (ESG) criteria is increasingly becoming the “new normal,” as indicated by the global standard rapidly translating into investment portfolio restructuring.The new global initiative advanced by governments, large pension funds, sovereign wealth funds and financial services firms around the world is contributing to creating a social consensus whereby profit and environmental sustainability are two crucial values that can no longer be treated as mutually exclusive.The heightened awareness is spreading rapidly among individual retail investors, something market watchers say bodes well for the overall improvement of financial investments long associated with selfish greed at the expense of, or at least an understandable disregard, for healthy growth values.Also providing cause for large institutional investors seeking a greater say in green, responsible asset management is the stewardship code, principles to be followed by entities that manage other

Mar 3, 2021By Lee Kyung-min
[ANALYSIS] ESG responsibility changes financial investment landscape
Banking & Finance

IBK likely to appoint union-backed outside director

Industrial Bank of Korea CEO Yoon Jong-won / Korea Times fileBy Lee Kyung-min Industrial Bank of Korea (IBK) may end up having at least one outside director recommended by its labor union, an easier task since the state-run lender has greater discretion in the appointment of such figures unlike their commercial counterparts that need approval from shareholders. The labor-backed outside director will be able to serve in the same capacity as executive directors, deeply involved in overall corporate management including budget planning, revisions of rules and discretion over asset transactions.KB Financial Group's union recommended two figures with expertise in environmental, social and corporate governance (ESG) to be appointed as outside directors. But the attempt, which was the union's third, was voted down at the group's shareholders' meeting, Nov. 20, 2020.This was because the recommendation failed to meet the requirement of a majority support following the attendance of holders of over a quarter of the number of the firm's voting shares.The move by IBK's union is in line with atte

Feb 21, 2021By Lee Kyung-min
IBK likely to appoint union-backed outside director
Economy

Korea baffled by continued brain drain

Rep. Lee Joo-hwan of People Power Party speaks during the government audit of the trade and SMEs ministry at the National Assembly, Oct. 7. YonhapBy Lee Kyung-min The decrease in highly educated foreign talent in Korea continues to far outpace the number of their Korean counterparts leaving for advanced countries, fanning concerns that the Asia's fourth-largest economy is increasingly being shunned by the competent workforce crucial to bolster national and corporate competitiveness.The brain drain that is pronounced in the science and information technology (IT) sectors will only accelerate since no immediate improvement is expected concerning administrative inefficiencies defined by time-consuming paperwork compounded by low salaries and poor job security. Experts say research grants should be given and used to help create an environment whereby workers can focus purely on research and not administrative work, thereby helping the efficient use of time and energy needed for high value creation. Data submitted to Rep. Lee Joo-hwan of the People Power Party from the Korea Trade-Invest

Feb 21, 2021By Lee Kyung-min
Korea baffled by continued brain drain
Banking & Finance

Will Citibank Korea be sold off?

Citibank Korea CEO Yoo Myung-soon / Korea TimesBy Lee Kyung-min There is mounting speculation over Citibank Korea being sold off following reports claiming that the new CEO of the lender's head office in the U.S. is considering slimming down its global consumer banking operations. New Citigroup CEO Jane Fraser is known for her focus on retail banking and credit card operations when she managed the firm's business in Latin America.Such prospects could test the leadership and business acumen of Citibank Korea's new CEO, Yoo Myung-soon, whose priorities are “maximizing differentiating qualities” from competitors to become a market leader.Also pressuring Yoo, who began her three-year term in October 2020, is the lender's lackluster earnings performance over the past few months. Citibank Korea saw its net profit during the first nine months of last year decline 38 percent year-on-year to 161.1 billion won ($145.5 million). “As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy, including our mix of bu

Feb 21, 2021By Lee Kyung-min
Will Citibank Korea be sold off?
Economy

Gov't long-term supply measures unlikely to curb housing, jeonse prices

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from right, speaks during a ministerial-level meeting at the Seoul Government Complex in Gwanghwamun, Wednesday. Courtesy of Ministry of Economy and FinanceKorea to pick ‘New Town’ finalists for housing supply By Lee Kyung-min The government will announce the candidates for areas where 250,000 new public housing units will be built as soon as possible, in a swift move to dispel concerns over the efficacy of the large housing supply plan. The list will be announced as early as March or June at the latest.Deputy Prime Minister and Finance Minister Hong Nam-ki said Wednesday that related revision bills will be submitted to the National Assembly this week for enforcement in June following National Assembly approval before April.Builders will be able to seek in-depth, extensive consultation with the government over the next three months to initiate state-led redevelopment and reconstruction plans in June, he added.“The government is aware of market expectations and concerns about how and whether the Feb.

Feb 17, 2021By Lee Kyung-min
Gov't long-term supply measures unlikely to curb housing, jeonse prices
Economy

ANALYSIS Banks rushing to reduce no. of apps, integrate digital financial services

gettyimagesbankLenders that neglect consumer convenience lack foresight By Lee Kyung-min Korea's leading commercial banks are introducing new apps with integrated financial services, in a move to better compete with their Internet-only fintech rivals defined by higher user satisfaction due to faster, easier and simpler app operation.Commercial banks' collective efforts toward digitization, however, are set to fall further behind, since less-motivated, traditional lenders lack the technological means to realize speedy app operation, something fintech service providers are bound to excel at via the healthy feedback loops of day-to-day fixes, following constant trial and error.No immediate consumer convenience is expected either through Open Banking or MyData, two key data-driven policy initiatives spearheaded by the Financial Services Commission (FSC). The reason is that while the system supposedly facilitates integration of the services of multiple financial groups, it fails to incentivize cooperation among these market players highly anxious about losing customers to their competitor

Feb 16, 2021By Lee Kyung-min
[ANALYSIS] Banks rushing to reduce no. of apps, integrate digital financial services
Banking & Finance

Hana Financial chair may clinch fourth term

From left are Hana Financial Group Chairman Kim Jung-tai, Hana Financial Group Vice Chairman Ham Young-joo, Hana Financial Group Deputy President Park Sung-ho and former Citibank Korea CEO Park Jin-hei.By Lee Kyung-min Hana Financial Group Chairman Kim Jung-tai, 69, was among four candidates shortlisted for the group's next chairman, the group said Tuesday.The other three are Vice Chairman Ham Young-joo, Deputy President Park Sung-ho and former Citibank Korea CEO Park Jin-hei.The three-term Hana Financial chairman making the list is in line with industry expectations that he would be able to clinch a fourth term, which will be limited to one year due to his age. The group's rule stipulates that its chairman must be under 70 years of age.The financial holding firm's chairman recommendation committee said the four candidates were chosen based on their respective visions, mid- to long-term management strategies, entrepreneurship, experience, expertise, global mindset and networks. “We have confirmed the final candidates fairly and transparently in accordance with the management su

Feb 16, 2021By Lee Kyung-min
Hana Financial chair may clinch fourth term
Economy

'Heavier tax on homeowners exacerbates polarization'

Rep. Yoo Gyeong-joon of the main opposition People Power Party speaks during a finance committee meeting at the National Assembly, Oct. 14, 2020. Korea Times fileKorea's real estate-related tax 3rd-highest among OECD By Lee Kyung-min Wealth inequality measured by asset values has worsened over the past few years, despite ― or precisely due to ― heavier taxes on owners of expensive homes, a key demand control measure implemented to curb real estate speculation, an opposition party lawmaker said Monday.The Comprehensive Real Estate Tax, imposed on housing with an officially appraised value of over 900 million won ($816,000), along with tightening lending rules, have resulted in a failed real estate policy combination that led to the price of Seoul's apartments to double over the past three years.Rep. Yoo Gyeong-joon of the main opposition People Power Party said a prompt, complete course correction is needed for the floundering policy to achieve the intended objectives of property price stabilization, equitable taxation and balanced and sound development of the national economy.The rec

Feb 15, 2021By Lee Kyung-min
'Heavier tax on homeowners exacerbates polarization'
Banking & Finance

Citi, Standard Chartered pressured to cut dividend payouts

Standard Chartered Bank Korea CEO Park Jong-bok, left, and Citibank Korea CEO Yoo Myung-soonBy Lee Kyung-min Citibank Korea and Standard Chartered (SC) Bank Korea are coming under pressure to significantly cut dividend payouts, in line with earlier steps taken by Korea's major financial groups at the recommendation of financial authorities increasingly influenced by public sentiment.Many Koreans feel that the high net incomes of financial services firms did not result from superior growth strategies, but from an unexpected boom in loans, some of which fueled a stock-investment craze amid the spread of the COVID-19 pandemic.The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) recently recommended financial holding firms as well as foreign banks to cap their dividend payout ratios at 20 percent, citing the need to maintain fiscal soundness. Dividend payout ratios are calculated by the paid dividend total by net income.Of Korea's top five financial groups, KB and Hana complied with the recommendation, while Shinhan, Woori and NongHyup are highly likely to foll

Feb 15, 2021By Lee Kyung-min
Citi, Standard Chartered pressured to cut dividend payouts
Economy

Price check

Deputy Prime Minister and Finance Minister Hong Nam-ki, right, checks the prices of key agricultural produce in high demand ahead of the Lunar New Year, holidays which start Thursday, at a branch of NongHyup Hanaro Mart in Chang-dong, Seoul, Wednesday. Courtesy of Ministry of Economy and Finance

Feb 10, 2021By Lee Kyung-min
Price check
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