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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Land ministry to facilitate Digital New Deal with digital twin tech

News reporters, officials from the land ministry and spatial information data software developers participate in an online conference organized by the ministry, Thursday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-min The Ministry of Land, Infrastructure and Transport said Sunday that it plans to create a 3D map of the entire country by 2022 using “digital twin” technology, in a sweeping move to advance the Digital New Deal, the growth initiative of the Moon Jae-in administration to identify sustainable business models. Referring to a digital replica of a living or non-living physical entity, a digital twin can represent the actual physical assets including people, places, systems and devices. It will help improve the accuracy of simulation models enabled by fuller integration of Internet of things (IoT) technologies.The smart data-based operation will facilitate more prompt, efficient and to-the-point problem-solving needed for effective management of state resources, strengthening public safety and security, city planning, disaster preventio

Sep 27, 2020By Lee Kyung-min
Land ministry to facilitate Digital New Deal with digital twin tech
Banking & Finance

KB Financial to lead anti-coal campaign

KB Financial Group Chairman Yoon Jong-kyooBy Lee Kyung-min KB Financial Group has officially renounced its carbon-heavy investment plans, in a group-wide directive toward taking the initiative to tackle climate change, it said Sunday.The move is part of a last-ditch effort to win a four-year contract to handle a state fund of 10 trillion won managed by Seoul Metropolitan Office of Education.In the neck-and-neck race are KB Kookmin Bank, the group's bank subsidiary, and NongHyup Bank, which has been the handler of the education office's fund since 1964.The education office said the two will be evaluated on their degree of corporate social responsibility (CSR) contributions to education as well as anti-coal campaigning efforts. The winner will be announced soon. The move is also part of the environmental, social and corporate governance (ESG) drive, defined by the three central factors in measuring the sustainability and societal impact of an investment in a company or business.An ESG committee under the holding firm of Kookmin Bank convened Sept. 25 decided to forgo new investment pro

Sep 27, 2020By Lee Kyung-min
KB Financial to lead anti-coal campaign
Economy

SNU nanochemist expected to win Nobel Prize: Clarivate Analytics

Hyeon Taeg-hwan YonhapBy Lee Kyung-min A noted nanochemist and distinguished professor of Seoul National University (SNU), Hyeon Taeg-hwan is expected to win the Nobel Prize, according to a global analytics-based service provider, Thursday.Clarivate Analytics said Wednesday that it had named Hyeon as one of 24 2020-Citation Laureates in the areas of physics, chemistry, physiology, medicine and economics.Citation Laureates are scientists that the Philadelphia- and London-based company predicts to win the Nobel Prize. They are chosen based on how frequently their research has been cited by other researchers.The director of the Center for Nanoparticle Research of the Institute for Basic Science (IBS) is among the 24 most-cited researchers who are highly influential figures in their fields for their breakthrough and frontier research work. Hyeon pioneered the heat-up process to produce uniform-sized nanocrystals of many different kinds of materials, a novel synthetic procedure that enables the direct production of uniform-sized nanocrystals without a size selection process.Hyeon's heat-

Sep 24, 2020By Lee Kyung-min
SNU nanochemist expected to win Nobel Prize: Clarivate Analytics
Economy

Hong's premature optimism fans concerns

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from right, speaks during a ministerial-level meeting at Seoul Government Complex in Gwanghwamun, Wednesday. YonhapExperts say 'self-serving, out-of-touch' remarks frowned upon By Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki said the panic-driven buying spree in the property market is showing signs of subsiding, a statement that fails to reflect the rapid spike in apartment prices over the past few years, experts said Wednesday.More worrisome, they claimed, is the renewed emphasis on the continued, strong push concerning measures to curb real estate speculation in Seoul and major satellite cities without properly addressing the backlash from homeowners and tenants suffering due to the corresponding spike in jeonse price. Unique to Korea, jeonse is a home renting system whereby tenants pay a lump sum refundable deposit in lieu of monthly rent.Experts say policy priorities should be focused on helping tenants with stable living arrangements, while taking into account the visibility of returns for pro

Sep 23, 2020By Lee Kyung-min
Hong's premature optimism fans concerns
Economy

Controversy continues over 2nd relief fund

The entrance to an 'adult entertainment facility' remains closed in Dongdaemun, Seoul, Tuesday. YonhapWomen's rights group denounces relief for 'anti-women establishments' By Lee Kyung-min Women's rights group vehemently criticized the National Assembly's last-minute flip-flopping to allow operators of “adult entertainment facilities” to receive up to 2 million won ($1,710) in emergency relief, Wednesday, saying taxpayers' money should not be wasted to legitimize operation of establishments built to profit from the exploitation of women.Also brewing are voices of frustration from those that aren't qualified to seek the financial assistance. A total 7.8 trillion won was budgeted for the fourth extra budget bill drafted to grant the second round of emergency relief of up to 2 million won each to some 10.23 million low-income and small businesses hit by a flare-up of COVID infections since late August.Parents of high school students excluded from the benefit say they are demoralized by what they deem “selective and discriminatory” assistance, given they pay a hea

Sep 23, 2020By Lee Kyung-min
Controversy continues over 2nd relief fund
Economy

30 foreigners under probe for suspected tax evasion

National Tax Service (NTS) Assistant Commissioner for Property Taxation Kim Tae-ho gives a press briefing at the NTS headquarters in Sejong, Tuesday. Courtesy of NTSBy Lee Kyung-min The National Tax Service (NTS) said Tuesday that it has launched an investigation into 30 foreign residents aged under 39 over suspicions that they purchased high-value homes without paying tax, in the latest government move to crack down on real estate speculation.They were among 98 people being investigated for suspected tax evasion using a variety of methods such as setting up paper companies, falsifying financial transactions documents and deliberately failing to register as a landlord who by law is required to report rental income. Of the total, 76 aged under 39 have become owners through what the tax agency believes illicit means including receiving money from their wealthy parents.An unidentified foreigner in his or her 30s who owned a small company and had a five-figure annual income, bought a seven-figure house and had a six-figure credit card spending record. This was why the tax agency believes

Sep 22, 2020By Lee Kyung-min
30 foreigners under probe for suspected tax evasion
Economy

State-run inquiry disclosure website rapped for poor data security

Image capture of the main page of open.go.krBy Lee Kyung-min A slew of sensitive information about police investigations into deaths and first responders' emergency response records remain available for public access on a state-run website, raising concerns about the poor management of online communication channels that disclose responses to inquiries by the public.Also coming under criticism is the apparent waste of 2.4 billion won ($20 million) in taxpayers' money used to update the website, which was overshadowed by a lack of follow-up training to help civil servants having a full command of the new system. According to the civic group, the Center for Freedom of Information and a Transparent Society, about a dozen reports written by government agencies were available for download on the website open.go.kr operated by the Ministry of Interior and Safety.Included are internal police investigation reports on the death of a man in the capital region as well as complaints filed with the police and the prosecution demanding investigations.Also available were reports in detail on a man w

Sep 20, 2020By Lee Kyung-min
State-run inquiry disclosure website rapped for poor data security
Economy

Land ministry demonstrates delivery via drones

An official from the Ministry of Land, Infrastructure and Transport, right, hands a woman a box of goods delivered via drone at Sejong Lake Park, Saturday. Yonhap By Lee Kyung-min The Ministry of Land Infrastructure and Transport said Sunday that it has successfully demonstrated the operation of delivery drones, an achievement the ministry says will help foster the new method of delivery to meet soaring demand for contact-free services amid the COVID-19 pandemic.The commercial use of five domestically produced multi-purpose drones is expected to bolster related technologies in the fuel cell industry, public safety and security via strengthened means of surveillance and rescue, backed by a “regulatory sandbox,” the government's initiative seeking to ease rules on budding tech firms in order to boost innovation. According to the ministry, five drones flew between 1.5 kilometers and 2.5 kilometers at a speed of between 14.4 kilometers per hour and 28.8 kph at an altit

Sep 20, 2020By Lee Kyung-min
Land ministry demonstrates delivery via drones
Economy

ANALYSIS Anti-coal campaign gathering force

State-run, private financial firms joining low-carbon drive By Lee Kyung-min A growing number of state-run organizations are seeking to prioritize an anti-coal drive in selecting banks that will handle a combined 34.1 billion won ($29 million) in state funds.The move is part of the environmental, social and corporate governance (ESG) initiative, defined by the three central factors in measuring the sustainability and societal impact of an investment in a company or business.Of 16 education offices nationwide, five including Seoul, Daegu, Gangwon, Jeju and Busan will see the contract with their current partner banks expire in 2020, followed by nine in 2021.Anti-coal campaign a plusSeoul Metropolitan Office of Education (SMOE) said Sept. 2 that a new criterion will be added to evaluation standards to be met by banks that apply to manage its 1 billion won fund.According to the education office, banks seeking to handle its fund for four years starting 2021 will be evaluated on their degree of corporate social responsibility (CSR) contributions to education as well as anti-coal campaignin

Sep 20, 2020By Lee Kyung-min
Economy

US Fed gives BOK room for eased monetary policy through 2023

Bank of Korea Governor Lee Ju-yeol Korea Times fileShort-term rates will remain under control, long-term rates to face upward pressure By Lee Kyung-min The Bank or Korea (BOK) will be able to push its expansionary monetary policy for the next three years, gaining room to maneuver after the U.S. Federal Reserve clearly signaled the policy rates will be kept at “near-zero” until at least 2023.The Fed's decision to keep the benchmark federal funds rate unchanged at 0.00-0.25 percent will help Korea's central bank leave the record-low key base rate of 0.5 percent unchanged for the next few years, a monetary policy needed for the economy to recover amid growing fears of sharper-than-expected contraction in 2020 brought on by the COVID-19 pandemic.Experts say the short-term low interest rate in the market will stay under control as a result, while it will take time to see when long-term rates will be lowered. According to a September policy statement and economic projections released Wednesday (local time), U.S. Fed officials expect to leave interest rates near zero until at le

Sep 17, 2020By Lee Kyung-min
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