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Lee Kyung-min

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Economy

Contribution Biden to be more favorable on trade

Robert J. Barro By Robert J. Barro The top economic story of 2020 is the second quarter's COVID-19-related world recession. The associated partial economic lockdowns amounted to voluntary adverse supply shocks. These shocks led to unprecedented short-term declines in real GDP, on the order of 30 percent at an annual rate in the U.S. and many other countries. However, this downturn differed from previous recessions, as it did not feature substantial losses in physical or human capital and did not exhibit major dislocations in financial or housing markets. Instead, the situation amounted to everyone deciding simultaneously to take extended, though not enjoyable, vacations. This aspect of the recession created the potential for a sharp, V-shaped recovery, as has already occurred in the U.S. and elsewhere in the record GDP growth in the third quarter. The main sector left out of the U.S. recovery so far is the 20 percent or so concentrated in travel and leisure. These ar

Feb 1, 2021By Lee Kyung-min
[Contribution] Biden to be more favorable on trade
Economy

Virus cements economic polarization, job market woes

gettyimagesbankJob recovery crucial to bolster consumption By Lee Kyung-minKorea is increasingly bogged down by crushing jobs data amid the COVID-19 pandemic, in what many consider a vicious cycle where workers experiencing a reduction or outright loss of income cut spending which in turn tightens consumption further, clouding the prospect of a much-needed economic recovery.Economists say the pandemic stimulus priorities should be about improving the financial conditions for low-income, small and medium-sized enterprises (SMEs) and industries hit hard by the virus, a group of people in direct and continued need of government assistance.Further advancing the need for a targeted approach is the pandemic divide, a socioeconomic polarization among the haves and the have-nots already in significant progress that has exacerbated rapidly over the past year.This is because the well-to-do can increase their financial assets in the form of stocks and real estate enabled by cheap borrowing costs standing at record-low levels due to fiscal and monetary easing, an emergency measure put in place t

Feb 1, 2021By Lee Kyung-min
Virus cements economic polarization, job market woes
Economy

Korea set to extend short-selling ban until June

Financial Services Commission Chairman Eun Sung-soo, second from right, fixes his gaze at Anti-Corruption and Civil Rights Commission Chairperson Jeon Hyun-heui during National Policy Committee meeting at the National Assembly on Yeouido, Seoul, Jan. 29. YonhapOver 60 % retail investors oppose resumption of short sellingBy Lee Kyung-min The government is expected to extend its short-selling ban for another three months until mid-June, in a move to placate retail investors seeking collective action against what they consider an “extremely uneven” playing field on the stock market, according to multiple sources, Monday.The much-politicized financial investment method is being widely used by foreign and institutional investors to make profits after selling borrowed shares at a lowered price in a bear market at the expense of retail investors.“Some necessary groundwork is underway to permit retail investors engage in short-selling. The Financial Services Commission (FSC) plans to change relevant rules to guarantee retail investors better access to short-selling, and enf

Feb 1, 2021By Lee Kyung-min
Korea set to extend short-selling ban until June
Economy

Measures to protect retail investors from short-selling face daunting challenges

gettyimagesbankBy Lee Kyung-min Retail investors are unlikely to level the playing field when it comes to short-selling, despite a growing move by the ruling bloc to increase transparency in the stock market.This is because naked short-selling ― a deeper problem ― cannot be detected in real time under the current operating system and is highly likely to remain so in the future.Short-selling is a much-politicized financial investment method widely used by foreign and institutional investors to profit after selling borrowed shares at a lowered price in a bear market.Naked short-selling involves selling shares without borrowing or ensuring that they can be borrowed later and is illegal.Rep. Park Yong-jin of the ruling Democratic Party of Korea (DPK) is seeking to propose a bill to mandate the electronic processing of short-selling, a move aimed at changing the current practice where borrowing requests are processed by telephone, online messenger services or by hand at brokerages.The National Assembly National Policy Committee member said the longstanding practice is highly problematic,

Jan 29, 2021By Lee Kyung-min
Measures to protect retail investors from short-selling face daunting challenges
Economy

Korea's economic recovery remains 'elusive': economists

gettyimagesbankData for industrial output, consumption and investment rise in December By Lee Kyung-min Data for the country's industrial output, consumption and investment all turned upward in December, raising hopes that the economy has bottomed out and is about to get back on track for recovery amid the COVID-19 pandemic.According to data released Friday by Statistics Korea, industrial output grew 0.5 percent last month from a month earlier, while retail sales edged up 0.2 percent, the first rebound since last September. Facilities investment jumped 0.9 percent during the same period. However, economists say these numbers are not enough to fan optimism since data in the coming months will be grim, an inevitable result given tightened economic activities in the last two months of 2020 will be translated into figures for February and March.Seoul National University economist Lee In-ho said the much-needed momentum for growth remains elusive, given the expected data for the coming months.“Social distancing rules last November and December dealt a severe blow to the economy. Dat

Jan 29, 2021By Lee Kyung-min
Korea's economic recovery remains 'elusive': economists
Economy

Naver to outmatch Kakao in data-driven financial business

By Lee Kyung-min Naver Financial CEo Choi In-hyuk Korea Times fileNaver Financial will be able to gain the upper hand over rival Kakao Pay in data-driven financial services after it was granted a license to run “MyData,” defined as easy, fast and comprehensive viewing of and access to financial services. The Financial Services Commission (FSC) recently announced that requests filed by the Naver subsidiary along with 27 other applicants seeking to become MyData operators were all approved, allowing them to begin operating the new service starting Feb. 5. The final go-ahead clears the way for the financial subsidiary of Korea's largest portal to attract a greater number of customers than the subsidiary of Kakao Corp., which has yet to clear a slew of eligibility issues. My Data is a key policy initiative led by the FSC to foster innovation in the financial market. According to the Ministry of Science and ICT, the size of the domestic data industry market grew to over 19.2 trillion won ($17.3 billion) in 2020, up 14 percent from 16.8 trillion won in 2019. The data sales and

Jan 29, 2021By Lee Kyung-min
Naver to outmatch Kakao in data-driven financial business
Economy

IMF urges Seoul to resume short-selling

Deputy Prime Minister and Finance Minister Hong Nam-ki, left, attends an online meeting with Andreas Bauer, assistant director of the Asia and Pacific Department of the International Monetary Fund, at Government Complex Seoul, Wednesday. Courtesy of the Ministry of Economy and FinanceBy Lee Kyung-min The International Monetary Fund (IMF) has recommended the resumption of short-selling in Korea, Thursday, escalating an ongoing debate over the much-politicized issue ahead of by-elections in April.Retail investors in Korea have been calling on the government to retain a ban on short-selling, imposed in March of 2020 to curb speculative trading amid a widening fallout from the COVID-19 pandemic. They fear that share prices could plunge upon the resumption of the investment method used by institutional and foreign investors to profit after selling borrowed shares at low prices in a bear market. The benchmark Korea Composite Stock Price Index or KOSPI exceeded 3,000 points for the first time, Jan. 6, powered largely by retail investors who have spent the last year purchasing key large

Jan 28, 2021By Lee Kyung-min
IMF urges Seoul to resume short-selling
Economy

Ultra-dovish Fed gives room to Bank of Korea

Jerome Powell Korea Times file'Quantitative easing (QE) tapering premature' By Lee Kyung-min The Bank of Korea will have room for monetary policy easing following the continued ultra-dovish stance expressed by the U.S. Federal Reserve (Fed), last week. The Fed held its top policy-making committee meeting Jan. 26 and 27 (local time) to decide how best to navigate increasing challenges brought on by the COVID-19 pandemic amid a dimmer short-term economic outlook. A notable factor in a possible policy stance shift was a change in the composition of the Federal Open Market Committee (FOMC), as four of the committee members are replaced each year. The four new voting members ― San Francisco's Mary Daly, Chicago's Charles Evans, Atlanta's Raphael Bostic and Richmond's Thomas Barkin ― are reportedly more dovish compared to the presidents of the Minneapolis, Philadelphia, Dallas and Cleveland Fed banks that they replace. Cleveland's Loretta Mester, Minneapolis' Neel Kashkari, Dallas' Robert Kaplan, and Philadelphia's Patrick T. Harker will not vote on policy this year, but will still attend

Jan 27, 2021By Lee Kyung-min
Ultra-dovish Fed gives room to Bank of Korea
Economy

Salaried foreign workers should file year-end tax settlements by February

Logo for National Tax ServiceMortgage loans, monthly rent will be deducted for 2021 settlement By Lee Kyung-min Salaried foreign workers should file a year-end tax settlement for the past 11 months plus their upcoming February salary, the tax agency said Monday.Greater tax incentives will be available to them as a revised law will recognize mortgages and monthly rent payments as deductibles. The law that took effect Jan. 1 removed a clause under which only Koreans were eligible to seek the benefit. But this will be applicable for year-end tax settlements for next year, not this year.The National Tax Service (NTS) said foreigners earning a regular income in Korea should fill out the necessary forms and submit them to their employers between Jan.15 and Feb. 28. Their employers will then deliver the collected forms to the NTS by March 10.The year-end process is a requirement whereby the tax authorities will settle whether workers should pay more or be reimbursed for income taxes paid over the past year.This will follow a review of annual income statements for the past year including obl

Jan 25, 2021By Lee Kyung-min
Salaried foreign workers should file year-end tax settlements by February
Banking & Finance

Bank employees enjoy hefty bonuses

gettyimagesbankBy Lee Kyung-min Hana Bank CEO Ji Sung-kyooStaff at Korea's leading commercial lenders will enjoy hefty bonuses for last year due to the spike in demand for borrowing, thanks to a record-low interest rate and a combination of expansionary fiscal and monetary policies adjusted to fight the COVID-19 pandemic. Criticism is expected to mount over “insensitive profit-sharing” since bonuses of up to 200 percent of their base wage come even though many intended beneficiaries of government emergency measures ― virus-hit small- and medium- enterprises (SMEs) ― are denied financing due to stringent lending requirements.The access to cheap money is instead granted largely to young, salaried workers, whose creditworthiness is higher compared to small business owners.Many 20- and 30-somethings have taken out mortgages or borrowed money to make stock investments, with the frenzy over the former driven by two dozen botched real estate policies that led to an over 80 percent spike in the median apartment price in Seoul over the past four years, according to data from the C

Jan 24, 2021By Lee Kyung-min
Bank employees enjoy hefty bonuses
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