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Lee Kyung-min

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Economy

'Greedy' foreign firms stingy with investment, job creation

By Lee Kyung-minForeign firms in Korea sharply cut investment and hiring last year despite solid corporate performances,  in a much-criticized move compared to many local firms that boosted both amid declining profits, data showed Sunday.Criticisms grew as most foreign companies operating here kept their “high-dividend policy” unchanged whereby over 80 percent of corporate net profit is returned to their headquarters with some sending dividends far greater than their net profit.Data from CEO Score, a corporate performance tracker, showed 43 foreign firms among the top 500 companies by sales invested about 3.4 trillion won ($2.8 billion) here in 2019, down 25.5 percent from a year earlier. Their number of employees dropped to 86,187 in the same period, down 4.3 percent, or 3,914, from the year before.The noticeable reduction in the two key corporate areas came despite an aggregate 149.3 trillion won in sales and over 5.4 trillion won in operating profit, a 3.8 percent and 7.4 percent increase, year-on-year.This sharply contrasts with 161.9 trillion won in investments

Aug 23, 2020By Lee Kyung-min
'Greedy' foreign firms stingy with investment, job creation
Economy

COVID-19 flare-up corners BOK to lower growth forecast

Two public servants from Songpa District Office put up notices on the wall of a karaoke bar in Seoul, Aug. 19. The government banned large gatherings at 12 high-risk indoor facilities including clubs, pubs, karaokes, and workout rooms to prevent further spread of COVID-19. Korea Times file1-percent contraction precarious amid weak export, consumptionBy Lee Kyung-min The Bank of Korea (BOK) is very likely to cut its economic forecast for 2020 from 0.2 percent growth to as low as a mid- to low-1 percent contraction mostly due to a new mass outbreak of COVID-19 infections here. The number of new confirmed cases nationwide has shot up over the past week ranging from a daily 197, Aug. 16 to 397, Aug. 22, after reports of a mass infection among participants of street rallies and religious gatherings in downtown Seoul. The worse-than-expected outlook is increasingly becoming a reality given the continuing surge in numbers of new confirmed cases in Korea could lead to a third round of stricter social distancing regulations. These would further burden the government's efforts to bolster consu

Aug 23, 2020By Lee Kyung-min
COVID-19 flare-up corners BOK to lower growth forecast
Economy

INTERVIEW 'Green New Deal not a political initiative'

Korea Institute for International Economic Policy (KIEP) President Kim Heung-chong said in an interview with The Korea Times at the institute in Sejong, July 29. Korea Times photo by Choi Won-sukGov't should help firms have a greater say in setting global green standards By Lee Kyung-min The much-anticipated “Green New Deal,” a policy initiative of the Moon Jae-in administration, should not be reduced to a topic for a political wrangling but treated as a rare crucial drive to strengthen the competitiveness of the country's businesses to underpin long-term, sustainable economic growth, a noted economist said.The government needs to increase funding for research and development (R&D) concerning eco-friendly projects and provide clear-cut related regulations, in a dual objective to help local firms flourish on the global stage where corporate profit can no longer neglect environmental consequences. A prompt yet thorough review is required to maintain policy consistency needed for full execution of corporate business plans, a critical step in a wider virtuous growth cycle

Aug 23, 2020By Lee Kyung-min
[INTERVIEW] 'Green New Deal not a political initiative'
Economy

Korea to invest over W20 tril. in 'New Deal' initiatives, next year

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from left, speaks during a meeting with ministerial-level meeting at the Korea Export-Import Bank (Eximbank) in Yeouido, Seoul, Thursday. YonhapBy Lee Kyung-minThe government plans to spend at least 20 trillion won next year to back up President Moon Jae-in's ambitious "Korean New Deal,” mostly aimed at creating jobs and helping the economy recover from the fallout from COVID-19, Finance Minister Hong Nam-ki said Thursday.“The government will accelerate efforts to move forward with various New Deal projects. The specifics and action plans of the New Deal Fund will be announced after thorough discussions,” Deputy Prime Minister and Finance Minister Hong Nam-ki said during a ministerial-level meeting at the Korea Export-Import Bank (Eximbank) on Yeouido, Seoul.The “New Deal Fund” aims to absorb the “overflowing” liquidity in the market and use it for investment. Details will be announced in September along with the 2021 budget plan. The government plans to attract 16 trillion won fr

Aug 20, 2020By Lee Kyung-min
Korea to invest over W20 tril. in 'New Deal' initiatives, next year
Economy

Income disparity narrowed only due to gov't one-off relief payments

By Lee Kyung-min The COVID-19 pandemic has dealt a heavier blow to lower-income earners, most of whose household income saw an unlikely jump in the second quarter thanks only to the 1 million won ($842) in cash-equivalent emergency relief the government provided, data showed Thursday.Korea reported a drop in earned, business and asset incomes in the April-June period. This is the first time in the 17 years that the agency has been compiling related data that it has seen all three major sources of household income drop at once. Also of note was that the drop in earned income, the first since 2009, was brought on by a steep increase in the number of jobs lost in the second quarter. Experts say the government should not overemphasize the significance of the narrowed income gap between the top 20 percent and the bottom 20 percent, stressing the one-off measure would do little to improve worsening economic and financial conditions of lower earners that suffered layoffs, unpaid leave and pay cuts. Statistics Korea data showed the overall household income averaged 5.27 million won in the Ap

Aug 20, 2020By Lee Kyung-min
Income disparity narrowed only due to gov't one-off relief payments
Economy

New wave of virus to hamper recovery

People seeking unemployment benefits queue to find a seat for a briefing session in Seoul, Aug. 10. YonhapBy Lee Kyung-min The prospect of an economic rebound in the third quarter has become increasingly elusive, Tuesday, due to a recent flare-up of newly confirmed COVID-19 cases in and around Seoul over the past few days.Experts say the government's ill-conceived consumption-boosting policies overlooked uncertainties concerning a possible unexpected spike in new cases, undermining the efficacy of the stimulus package altogether amid a growing need to draft a fourth extra budget.Health Minister Park Neung-hoo said Tuesday that the confirmed cases over the past four days have soared to 695, after the figure topped 100, Aug. 14. Many of the newly infected were churchgoers that attended a religious gathering over the weekend in Seongbuk District, northeastern Seoul.The remark adds to one made by Korea Centers for Disease Control and Prevention (KCDC) Director Jung Eun-kyeong who said Monday that unless brought under immediate control, the number of confirmed cases will grow astronomical

Aug 18, 2020By Lee Kyung-min
New wave of virus to hamper recovery
Economy

Stock market rages on thanks to ample liquidity

A dealer smiles in front of an electronic trading board on the floor of a branch in Hana Bank, Aug. 11. Korea Times fileBy Lee Kyung-min The stock market continues to rage on, illustrated by its trading volume hitting a record high over the past few months, data showed Friday. Underpinning the rare extension of the strong bullish sentiment in the much-volatile equity market is cheap borrowing costs enabled by record-low interest rates, coupled with tightening real estate policies forcing investors to seek alternatives to the property market. While the KOSPI closed at 2,407.49, Friday, down 30.04 points, or 1.23 percent, from the previous session, the figure is considered a minor setback following a rapid uptrend for the past ninth consecutive sessions.Korea Exchange data showed the trading volume of the large-cap KOSPI and tech-heavy KOSDAQ between Aug.1 and 13 averaged 31.2 trillion won ($26.3 billion), up 31 percent from July's daily average of 23.9 trillion won.The daily average figure for August is highly likely to soar given an increasing number of retail investors are turning t

Aug 14, 2020By Lee Kyung-min
Stock market rages on thanks to ample liquidity
  • Ample liquidity to power up KOSPI over 2,600 by year-end
Economy

Gov't to give W3 million to jobseekers in 2021

People seeking unemployment benefits queue to find a seat for a briefing session in Seoul, Aug. 10. Korea Times fileBy Lee Kyung-min The government plans to give 3 million won ($2,532) to low-income jobseekers in January 2021, as part of a strengthened social safety net to help vulnerable people hit hard in the COVID-19 pandemic.According to a revision of a related law put forth by the Ministry of Employment and Labor on Friday, around 400,000 people will be able to receive 500,000 won every month for six months in 2021. The program will be extended to cover up to 500,000 people in 2022.To be eligible, applicants must be aged 15 to 64. People aged 18 to 34 must earn less than 120 percent of the median income, whereas those aged 35 to 64 should earn less than 50 percent of the median income. Those with assets worth more than 300 million won will not qualify.Also to be excluded are people who have worked 800 hours or less in the past two years, a measure put in place to help those forced out of work due to the virus-triggered crisis among other tightening economic conditions.This also

Aug 14, 2020By Lee Kyung-min
Gov't to give W3 million to jobseekers in 2021
Economy

No. of unemployed hits worst level in 21 years

Economically inactive population reaches record high By Lee Kyung-minThe prolonged COVID-19 pandemic has continued to wreak a havoc on the job market, with the number of jobless rising to the highest level in 21 years in July, according to the latest data, Wednesday. Statistics Korea said the number of jobless people came to 1.13 million in July, the highest figure for the month since 1999 ― the figure stood at 1.09 million in 2019, 1.03 million in 2018 and 958,000 in 2017.The gloomy job market is illustrated more clearly by the country's monthly job loss extending for the fifth consecutive month.The continuous job losses that began in March are the longest since 2009 when the country saw losses for eight consecutive months from January through August following the global financial crisis.The country lost fewer jobs in July compared to June (352,000) and May (392,000), but concerns are growing given that most of them were held by low- to mid-income earners in the hardest-hit industries including lodgings and eateries (225,000), wholesale and retail (127,000) and manufacturing (53,000

Aug 14, 2020By Lee Kyung-min
No. of unemployed hits worst level in 21 years
Economy

1 in 5 workers at SK Biopharm to quit for windfall stock gains

SK Biopharmaceuticals CEO Cho Jeong-woo, second from right, poses for a photo at the listing of the firm on the Korea Exchange in Yeouido, Seoul, July 2. Korea Times fileBy Lee Kyung-minAbout 40 workers at SK Biopharmaceuticals are leaving with over 1.6 billion won ($1.35 million) in short-term windfall gains after the newly listed firm's stock value quadrupled over the past month, according to industry sources Thursday. They are part of the 207 employees at the bio subsidiary of SK Group, the second-largest conglomerate in Korea by market capitalization, who were given an average of 11,820 shares each as part of the employee stock ownership plan (ESOP). Some mid-level managerial figures received over 20,000 shares each.The share price set for the initial public offering (IPO) July 2 was 49,000 won. But it has since jumped to 191,000 won, meaning their initial investment that averaged 579 million won will lead to a corresponding spike up to around 2 billion won.The collective move has picked up speed after the shares showed signs of adjustment recently, making the workers anxious abo

Aug 13, 2020By Lee Kyung-min
1 in 5 workers at SK Biopharm to quit for windfall stock gains
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