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Lee Kyung-min

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Economy

Bitcoin investment gaining traction

gettyimagesbank By Lee Kyung-min Bitcoin has quadrupled in value over the past year, increasingly emerging as a new vehicle of investment on the back of continued global uncertainty concerning the COVID-19 pandemic and volatile oil prices.The uptrend is driven in part by institutional investors seeking to diversify their asset portfolios, a robust move sustained by individual retail investors who believe the digital currency would not be embraced by the large group of global market participants known to prioritize long-term stability over short-term profit unless they have a solid earnings prospect.The year-long price spike in the once-frowned-upon method of investment is considered largely a vindication by many investors long criticized for engaging in digital transactions that some deem unsafe, akin to gambling and even morally questionable.Yet still dominant are critical voices that cast doubts over the legitimacy of the digital currency claiming it is not a

Dec 31, 2020By Lee Kyung-min
Bitcoin investment gaining traction
Economy

INTERVIEW 'Hydrogen economy will accelerate carbon neutrality'

Dr. Joseph S. Francisco Courtesy of Dr. Joseph S. FranciscoDistinguished UPenn professor stressed transparent communications, research investment By Lee Kyung-min The government should maintain transparency in communicating with people fearful of job loss and industries unsure of return on investments, in a coordinated effort to promptly advance the carbon-neutral initiative, a distinguished professor of chemistry said.The global green drive is increasingly gaining traction in countries around the world as an opportunity to reduce our actions that impact the environment, an inevitable course of action due not to a question of morality or ethics but rather one of economic survival.Infrastructure building should therefore be pursued via effective use ― or reuse ― of existing facilities, equipment and, above all, human resources, which in turn will help reduce the cost of initial investment and smooth the transition of workers and their skillsets developed in the past few decades. Long-term green research investments will seem counterintuitive to many carbon-reliant businesses that bea

Dec 27, 2020By Lee Kyung-min
[INTERVIEW] 'Hydrogen economy will accelerate carbon neutrality'
Economy

Stock buybacks hit 8-year high amid pandemic

gettyimagesbankBy Lee Kyung-min The number of listed companies that purchased their own shares jumped 64 percent in 2020, hitting an eight-year high. This came due to a plunge of stock prices amid the COVID-19 pandemic, coupled with government measures that eased related requirements.Whether the bought shares will be retired, retained or put back in the market remains to be seen, as retail stock holders might not see the assumed effect of raising stock value materialize.This is highly possible given only about one in ten firms retired stock in 2020, meaning the shares purchased can be released in the market for their own profit at the expense of retail investors with a small number of shares. Stock buyback is executed by firms to reduce the number of outstanding shares on the market, which in turn increases the ownership stake of the stakeholders. A company might repurchase shares because it believes the market has discounted its shares too steeply, to invest in itself, or to improve its financial ratios.Data from the Korea Exchange (KRX) showed a total of 516 listed companies in the

Dec 27, 2020By Lee Kyung-min
Stock buybacks hit 8-year high amid pandemic
Economy

Snowballing debt raises concern over defaults

GettyimagesbankBy Lee Kyung-min Over 20 percent of households consisting of self-employed persons is feared to see their debt surpass their income next year, if the current extension of loan and deferring of interest payments lapses in March 2021, putting the authorities in a bind over whether to continue emergency financial assistance put in place to weather the prolonged Covid-19 pandemic induced economic crisis.Commercial lenders are becoming increasingly fretful over a steep rise in the number of firms and households failing to make interest repayments on loans, a strong indication of insolvency. Industry officials and the central bank say loan screening should be strengthened to help distinguish borrowers experiencing a short-term liquidity squeeze from “zombie firms” with questionable interest payment ability, a crucial step to maximize the effective allocation of limited resources.Data from a Bank of Korea report released Dec. 24 on financial stability showed that of 2,298 firms that publicly list their financial statements, 2.5 percent will experience a liquidity

Dec 27, 2020By Lee Kyung-min
Snowballing debt raises concern over defaults
  • COVID-19 deepens economic polarization in Korea
Economy

COVID-19 deepens economic polarization in Korea

gettyimagesbankBy Lee Kyung-min A cram school instructor surnamed Jang is increasingly worried that she might not be able to hold onto her job for even a few more months, as the COVID-19 pandemic is taking a turn for the worse, indicated by a ban on gatherings of five or more people.“I was put on unpaid leave shortly after the metropolitan office of education recommended that cram schools shut down. I thought I could get by with unemployment benefits, only to find out I was ineligible because I had not subscribed to the state-run social welfare program,” she said.A restaurant owner surnamed Jeong said temporary shutdowns of his business in Myeongdong, Seoul, in August following the second wave of the virus spread was nothing compared to how he is likely to do over the next couple of weeks.“My business has no hope of recovery. The only thing certain is that I will have no customers for days, weeks and even months, and that I am saddled with snowballing debt.”The plight experienced by the two workers in businesses that traditionally rely on in-person transaction

Dec 27, 2020By Lee Kyung-min
COVID-19 deepens economic polarization in Korea
  • Gov't seeks additional small biz relief grants
  • Snowballing debt raises concern over defaults
  • 'Aftermath of COVID-19 to linger over Korean economy next year'
Economy

2021: COVID-19 still pivotal to growth, policies and sector performance

JPMorgan Asset Management Asia Chief Market Strategist Tai Hui By Tai Hui The year 2020 has been an exceptional one, largely due to the onset of the COVID-19 pandemic and the resulting global economic fallout. Central banks and governments reacted quickly and aggressively, devising strategies as they learnt more about the virus.These policies have helped markets recover from one of the sharpest bear markets in modern history. Still, they have also created challenges for investors going forward.As we look forward to 2021, not only are we hoping for a better year with a gradual return to some normality, but we are also contemplating the investment advice that would be appropriate for such an unusual economic and policy environment. In the spirit of our weekly publication, “On the minds of investors,” we address nine questions that our clients are asking, or should be asking, regarding 2021.What will economic recovery in 2021 look like? Is inflation a problem? Are we li

Dec 25, 2020By Lee Kyung-min
2021: COVID-19 still pivotal to growth, policies and sector performance
Banking & Finance

Korea Eximbank donates 350 million won to foster social enterprises, help the vulnerable.

Eximbank CEO Bang Moon-kyu, right, poses for a photo after donating 350 million won at the bank's headquarters on Yeouido in Seoul, Wednesday. Courtesy of Korea EximbankBy Lee Kyung-minThe Export-Import Bank of Korea (Korea Eximbank) said Thursday that it has donated 350 million won ($317,000) to Band Foundation, to foster “social enterprises” that prioritize creating jobs for low-income earners and strengthening social services. Korea Eximbank CEO Bang Moon-kyu delivered the funds to the foundation, Wednesday. Of the donations, 200 million won will be used to finance 12 social enterprises that hire women who are marriage migrants. The funds will be given to firms that help advance fair trade.The remaining 150 million won will be used to pay and train 20 “new” members of society, including marriage migrant women and North Korean defectors.“I understand that social enterprises and the socially vulnerable are undergoing great difficulties due to the COVID-19 pandemic,” Bang said. “We as a state policy lender will continue to pay attention and e

Dec 24, 2020By Lee Kyung-min
Korea Eximbank donates 350 million won to foster social enterprises, help the vulnerable.
Economy

KDI criticizes gov't consumption-boosting emergency relief

Korea Development Institute researcher Kim Mee-roo, right, speaks during a press briefing at the Sejong Government Complex, Wednesday. Courtesy of KDI By Lee Kyung-min Out of the first round of emergency relief money given to all Koreans, only about a third was spent, a state think tank said in a recent study, underscoring the inefficacy of the much-rushed policy that barely helped the recovery of in-person services hit hard by the COVID-19 pandemic.The government spent 14.2 trillion won ($12.8 billion) to give out up to 1 million won per household in May last year, as part of the first emergency relief package to cope with the coronavirus outbreak.The across-the-board relief did little to induce sales recovery in the travel and hospitality industries as well as at small- and medium-sized businesses, with concerns lingering that consumption-bolstering measures undermine the efficiency of containment efforts, the Korea Development Institute (KDI) said.Direct income s

Dec 24, 2020By Lee Kyung-min
KDI criticizes gov't consumption-boosting emergency relief
Economy

Andre Andonian appointed as new McKinsey managing partner for Korea

Andre AndonianBy Lee Kyung-min Global management consultancy firm McKinsey & Company said Tuesday that Andre Andonian, the managing partner of its Japan office, will become the new managing partner for Korea, replacing the incumbent Choi Won-sik who took the position in July 2012.Andonian joined McKinsey in 1988 at the consultancy's Dusseldorf office and has since worked in Europe, the U.S., the Middle East and Asia for the last 32 years serving clients across the semiconductor, advanced electronics, automotive and assembly, biotechnology and aerospace and defense industries.During his five-year tenure as managing partner for Japan, he led the operation there to become one of McKinsey's fastest-growing offices, more than doubling its client portfolio and the number of office employees.Andonian founded McKinsey's global Advanced Industries practice, which he led for six years, and has supported the development of global business leaders as the co-Dean of McKinsey's Bower Forum, an exclusive forum for CEOs and chairpersons to counsel and learn from one another.Andonian served on Mc

Dec 22, 2020By Lee Kyung-min
Andre Andonian appointed as new McKinsey managing partner for Korea
Economy

Ex-lawmaker to head Korea Insurance Institute

Min Byung-doo Korea Times fileBy Lee Kyung-min Former National Assembly National Policy Committee Chairman Min Byung-doo is expected to head the Korea Insurance Institute (KII), according to industry sources, Monday.A recommendation committee at the institute is set to put the three-term lawmaker of the ruling Democratic Party of Korea (DPK) forward as a sole candidate, whose appointment will be finalized following a vote at a general meeting of the institute's member companies.The committee is comprised of seven representatives, one each from Samsung Life, Samsung Fire & Marine, Hanwha Life, Kyobo Life, Hyundai Marine and KB Insurance, as well as Yonsei Law School professor Kim Sung-tae.Min reportedly has strong, deep connections across government organizations and the ruling party, mostly involving figures in financial circles.He is set to settle for the KII head position, after two other high-profile positions he had been considered for were filled.Financial Services Commission Former Vice Chairman Sohn Byung-doo will become the chairman of the Korea Exchange, whereas the Kore

Dec 21, 2020By Lee Kyung-min
Ex-lawmaker to head Korea Insurance Institute
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