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Lee Kyung-min

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Economy

Job market woes deepen in Korea

January figure comparable to 1998 Asian financial crisis By Lee Kyung-min Korea shed 982,000 jobs in January following social distancing measures that were strengthened on Dec. 8 due to a third wave of COVID-19 infections, continuing a rapid decline in jobs seen over the previous 11 months.Data from Statistics Korea showed Wednesday that the year-on-year decline of nearly 1 million jobs amid the pandemic was the sharpest drop, comparable to 1.27 million lost in December 1998 in the aftermath of the Asian financial crisis.Employment data in the forthcoming months is not expected to show a dramatic recovery since small- and medium-sized enterprises (SMEs) remained shut for the final two months of 2020 and have barely resumed operation in January.The 11-consecutive-month decline is the second-longest period of worsening unemployment since the 16 months from January 1998 to April 1999 following the Asian financial crisis. It already surpassed the previous eight consecutive months of decline from January to August in 2009 during the global financial crisis. Seoul National University econo

Feb 10, 2021By Lee Kyung-min
Job market woes deepen in Korea
  • Banks feared to extend 'weak' recruitment practices in 2021
Economy

Korea's pandemic containment, economic support measures lauded by OECD

OECD logoWide disparities between regular and non-regular workers a major sticking point By Lee Kyung-min Korea's balanced response to the COVID-19 pandemic limited the damage to the economy and people's livelihoods, underpinned by early and decisive testing, tracking and treatment, which helped the country avoid a full lockdown, a report jointly released by the OECD and Korea Development Institute (KDI) said Tuesday. The OECD is short for Organization for Economic Cooperation and Development, a group of 37 high-income countries.Korea's export-reliant economy has played an important role for other peers around the world as a leading producer of medical test kits, despite its vulnerabilities to disruption in the global value chain (GVC).Strong and rapidly implemented fiscal and monetary policy measures designed to support households and businesses helped the Korean economy suffer far less contraction compared to other OECD economies in 2020.Yet the labor market being disrupted by reduced working hours, job losses and the enforced shutdown of some businesses remain key challenges to be

Feb 10, 2021By Lee Kyung-min
Korea's pandemic containment, economic support measures lauded by OECD
Economy

Home supply plan infringement on property rights?

gettyimagesbank By Lee Kyung-minConcern is mounting that the latest real estate policy could escalate into full-blown property rights disputes, as residents in redevelopment zones would have fewer options to be heard after the government eased related rules.At issue will be whether eminent domain, the action by the state of taking property from a private owner for public use or benefit, will infringe on the individual property rights of residents in areas designated by the government for redevelopment projects.Experts say the supply-bolstering measure of providing 836,000 new homes nationwide by 2025 could be thwarted by legal battles that could drag on for years, with the prompt improvement in housing for a large number of the public becoming more elusive.They also say state-run redevelopment projects to increase housing supply should be equally pursued with proper resettlement plans for “evicted” residents, who are sometimes left with few options but to move far a

Feb 8, 2021By Lee Kyung-min
Home supply plan infringement on property rights?
Economy

Financial groups pressured to cut dividend payouts

From left are NongHyup Financial Group Chairman Son Byung-hwan, KB Financial Group Chairman Yoon Jong-kyoo, Shinhan Financial Group Chairman Cho Yong-byoung, Woori Financial Group Chairman Son Tae-seung and Hana Financial Group Chairman Kim Jung-tai.By Lee Kyung-min A number of Korea's leading financial groups have reduced dividend payouts for 2020 amid suspicions that they are “caving in” to growing pressure from the financial authorities that are increasingly influenced by public sentiment.Many Koreans feel that the all-time high net incomes of domestic financial groups 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) recommended Jan. 28 that financial holding firms should cap their dividend payout ratios at 20 percent, citing the need to maintain fiscal soundness. Dividend payout ratios are calculated by dividing the paid dividend total by net income.The recommendation

Feb 7, 2021By Lee Kyung-min
Financial groups pressured to cut dividend payouts
Economy

Contribution National Tax Service efforts to assist foreign workers with year-end tax settlement

Mun Hee-chulBy Mun Hee-chulLast year, BTS, the Korean boy band group, brought a K-pop phenomenon to the world as the group ranked top on the U.S.' Billboard Hot 100 Chart. In recent years, hallyu, the Korean Wave initiated by K-drama and K-Pop, has boosted interests and attraction toward Korea, bringing more and more foreign tourists and foreign workers here.Statistics published by the Ministry of Justice show that 17.8 million foreigners visited Korea in 2019 and the number of those staying topped 2.5 million. Although this latter number includes temporary sojourners for travel or language study, those who stay seeking jobs in language tutoring or the service industries amounted to around 560,000. Some 460,000 are staying with their families.Foreign workers pay taxes just as Koreans do as long as they earn income in Korea. If a foreigner is an individual business owner, the person is required to file an annual income tax return in May. On the other hand, if a foreigner is employed by a company, the year-end tax settlement has to be filed through the company. In 2019, the number of i

Feb 5, 2021By Lee Kyung-min
[Contribution] National Tax Service efforts to assist foreign workers with year-end tax settlement
Economy

Experts raise questions over gov't home supply plan

Minister of Land, Infrastructure and Transport Byeon Chang-heum speaks during a press briefing at the Seoul Government Complex in Gwanghwamun, Thursday. Courtesy of Ministry of Land, Infrastructure and TransportGov't to supply 836,000 new homes nationwide for next five yearsBy Lee Kyung-min The government plans to supply 836,000 houses nationwide by 2025 through state-run redevelopment and reconstruction, as part of continued efforts to stabilize housing prices that have nearly doubled over the past few years.This is a notable change from the two dozen previous “botched” real estate policies, defined by demand control including a heavier tax on multiple homeowners and tighter lending rules for mortgage seekers among other measures to curb property speculation.Experts say the long-overdue supply-bolstering measures are welcome. Yet concerns remain since key details were left unclear including where the homes will be built and how to resolve compensation or profit-sharing issues with landowners.According to the measures unveiled by the Ministry of Land Infrastructure and Tr

Feb 4, 2021By Lee Kyung-min
Experts raise questions over gov't home supply plan
Economy

Korea to extend short-selling ban until May 2

Financial Services Commission Chairman Eun Sung-soo, speaks during a press briefing at the Seoul Government Complex in Gwanghwamun, Wednesday. Yonhap'Outright abolishment not an option given foreign, institutional investors make up 80% of the market'By Lee Kyung-min The Financial Services Commission (FSC) said Wednesday that it will extend a ban on short-selling until May 2, 90 days longer than its scheduled expiration date of March 15. The move is seen as a much-rushed measure designed to placate retail investors seeking collective action to vote in non-ruling party figures in the upcoming April mayoral by-election. Starting May 3, short-selling will be allowed for shares of the top 200 companies on the benchmark KOSPI and those of the top 150 firms on the secondary Kosdaq. They account for a respective 22 percent of 917 KOSPI-listed companies and 10 percent of 1,470 KOSDQ-listed ones. Shares of other less frequently traded companies will be permanently banned for short-selling. The financial regulator made it clear that an outright abolishment demanded by many retail investors was

Feb 3, 2021By Lee Kyung-min
Korea to extend short-selling ban until May 2
Economy

Hana Financial under fire over anti-green biz

Hana Financial Group Chairman Kim Jung-tai Korea Times fileHana Bank's W200 bil. coal investment in Indonesia violates IFC's green principles By Lee Kyung-min Hana Financial Group is coming under mounting criticism for making a hefty investment in coal power plants in Indonesia, financed by its flagship affiliate, Hana Bank. Hana is the only one among Korea's top five financial groups that has yet to renounce investing in fossil fuels.According to Solutions for Our Climate, a Seoul-based climate change advocacy group, Recourse, its Amsterdam-based non-profit peer organization (NGO), filed a petition with International Financial Corp. (IFC), claiming the Korean lender violated the Green Equity Approach (GEA), a key IFC principle of green investments. The GEA calls for financial services firms to outline a low-carbon initiative in return for IFC investments, with the long-term goal of reducing coal-related assets to zero by 2030. The petition was to contest a 200 billion won ($179 million) investment made through the lender's Singapore and Indonesian subsidiaries to finance the Jawa 9

Feb 3, 2021By Lee Kyung-min
Hana Financial under fire over anti-green biz
Economy

ANALYSIS Could GameStop saga happen in Korea?

GameStop logoRetail investors have limited power due to systemic difference in financial market By Lee Kyung-min The U.S. GameStop saga is unlikely to materialize in Korea, due largely to a tighter financial market system where small retail investors have limited influence in spiking up share prices through short-selling, according to market watchers, Wednesday.The much-politicized investment method is widely used by foreign and institutional investors seeking profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.Melvin Capital Management, a New York-based hedge fund that bet against the American consumer electronics and gaming merchandise retailer, lost over half its assets after the shares skyrocketed 2,000 percent in January, driven by organized purchases from small retail investors seeking to dry up short-selling funds. The firm's assets dipped to $8 billion as of January, from $12.5 billion in early 2000. Unfazed by naysayers, the Korea Stockholders Alliance representing some 21,000 stock investors said it would continue &ldquo

Feb 3, 2021By Lee Kyung-min
[ANALYSIS] Could GameStop saga happen in Korea?
  • GameStop shares drop 60% as frenzied rally loses steam
Economy

Legislative move to protect virus-hit SMEs politicized

gettyimagesbankFiscal soundness concerns deepen due to lack of financing plan By Lee Kyung-min A legislative move to set up the legal groundwork to protect small- and medium-sized enterprises hit by the COVID-19 pandemic is becoming politicized ahead of April mayoral by-elections, with the issue emerging as a major source of discord among top policymakers. Presidential hopefuls as well as many other politicians are arguing for the highly populist policy in an apparent vote-seeking attempt, whereas the issue has become more of a short-lived power struggle defined by the prime minister overpowering the finance and vice finance ministers.Experts say clearly targeted support for those companies that have experienced a drop in sales would be far better than across-the-board financial assistance, adding the expected budget shortfall can be filled by drastically removing spending plans allocated for repetitive, ineffective state-run projects.Prime Minister Chung Sye-kyun YonhapThe government is seeking to legally establish the measures within the category of state support, not compensation,

Feb 2, 2021By Lee Kyung-min
Legislative move to protect virus-hit SMEs politicized
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