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Lee Kyung-min

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Economy

'Star-studded' IPO market heats up amid high liquidity

A sign at a Seoul branch of Korea Investment and Securities says at least 35-minute wait time is expected before being tended to due to a spike in the number of customers on the last day of request filings needed for subscription to purchase shares of SK Biopharmaceuticals ahead of the firm's initial public offering, June 24. Korea Times fileBy Lee Kyung-minSouth Korea's initial public offering (IPO) market is expected to continue strong momentum in the latter half driven by a number of top-rated firms lining up and backed further by pent-up investor demand amid a liquidity overflow, industry watchers said Sunday.The government's continued and consistent push to tighten the property market against speculation, they said, has substantially diverted investors' interest to the lesser-controlled equity market where liquidity has spiked over the past weeks ― widely seen as an inevitable result given cheaper financing enabled by the record-low interest rate amid the virus-triggered economic crisis.The much-appreciated vibrancy in the financial market is in part driven by some firms with hu

Jun 28, 2020By Lee Kyung-min
'Star-studded' IPO market heats up amid high liquidity
Economy

'Capital gains tax on stocks could trigger fund outflow'

Deputy Prime Minister and Finance Minister Hong Nam-ki, second from right, speaks during a briefing at the Seoul Government Complex in Gwanghwamun, Friday. YonhapSeoul to expand tax for retail investors from 2023By Lee Kyung-minLocal investors will leave for advanced overseas financial market if the government legislates its plan to impose a capital gains tax on stocks, industry watchers and market participants said Friday.The absence of such a tax has been a factor in investors choosing the “underperforming” Korean equity market over that in the U.S., for example, which imposes a rate of between 15 percent and 20 percent. With the incentive gone, investors will increasingly seek profits at global firms with growth potential, they added. The concerns over capital flight came after the Ministry of Economy and Finance said Friday that starting 2023 those who earn over 20 million won ($16,000) in capital gains following transactions of listed shares will face a 20 percent tax on anything earned over 20 million won, the maximum deductible amount.The rate will be 25 percent if

Jun 25, 2020By Lee Kyung-min
'Capital gains tax on stocks could trigger fund outflow'
Economy

CEO watch Soft landing of accounting reform key task for Kim

Kim Young-sik / Courtesy of Korean Institute of Certified Public AccountsBy Lee Kyung-min Korean Institute of Certified Public Accounts (KICPA) President Kim Young-sik is expected to meet with as many representatives of businesses as possible over the next few months to help them fully embrace the newly enacted law under which private companies must pay higher fees to have their books audited by outside accounting firms.The Samil PwC CEO was elected Wednesday to represent a group of 22,000 certified public accounts after garnering 4,638 of 11,624 votes, or 39.9 percent.His top election pledge was to persuade businesses to embrace “accounting reform.” The pledge seeks to soft-land a related law that passed in 2017 and has since been implemented in stages. It requires private companies be audited by an accounting firm designated by the Securities and Futures Commission under the Financial Services Commission for a minimum of three years.The new law helps accountants remain relatively free of the influence of firms under audit, as they have long held control over the “

Jun 24, 2020By Lee Kyung-min
[CEO watch] Soft landing of accounting reform key task for Kim
Economy

KCS continues overseas biz projects despite pandemic

Korea Customs Service (KCS) officials attend an online meeting with their counterparts in Tunisa at the KCS headquarters in Daejeon, June 12. Courtesy of KCSBy Lee Kyung-min The Korea Customs Service (KCS) said Wednesday that it is continuing cooperation with developing countries to help them improve their customs service despite the COVID-19 pandemic.The KCS said high-level meetings and remote operation of online platforms were ongoing with countries in Africa, North America and Southeast Europe including Cameroon, Gabon, Jamaica and Tunisia. The latest success was launching the Cameroon Customs Information System (CAMCIS), an electronic clearance system modeled after UNI-PASS, a KCS-developed one designed to enhance swift customs clearance and logistics service convenience.“Cameroon's Finance Minister Moataze Louis Paul expressed gratitude for the modernization of the country's customs management. We are happy to help other countries seeking to advance their customs service,” a KCS official said. The e-clearance system highly regarded by the KCS's global peers increases

Jun 24, 2020By Lee Kyung-min
KCS continues overseas biz projects despite pandemic
Economy

Debate heats up over tax hike

Deputy Prime Minister and Finance Minister Hong Nam-ki, center, speaks during an emergency economic meeting at the government complex in Gwanghwamun, Seoul, Friday. He said that the government can realize a tax hike only when there is a national consensus.Long-term approach needed to bolster economic recoveryBy Lee Kyung-min The debate is heating up over a possible tax hike to cope with the rapid increase in government debt following its drafting of three extra budgets ― at a cost of some 60 trillion won ($49.7 billion) ― to deal with the economic woes exacerbated by the COVID-19 pandemic. Experts say a mid- to long-term approach is required amid a rapidly aging society, due to a spike in social welfare spending for the elderly and adjusting a “disproportionately” heavier burden on high income earners and large corporations compared to the situation in economically well-to-do OECD member countries. Most of them agree the politically unpopular issue cannot be left unaddressed as demand rises for government spending due to the economic uncertainty brought on by the drawn-ou

Jun 21, 2020By Lee Kyung-min
Debate heats up over tax hike
Economy

Gov't to loan W 5 tril. to key industries' small partner firms

Deputy Prime Minister and Finance Minister Hong Nam-ki speaks during a meeting at the Seoul Government Complex in Gwanghwamun, Friday. YonhapLoan, guarantees and maturity extension allowed to auto part makers By Lee Kyung-minThe government decided to offer 5 trillion won ($4.1 billion) in loans for ailing domestic parts suppliers to the country's top-tier conglomerates for use in automotives, airplanes, steel and ships crucial to the country's economy. The government also plans to offer an additional 2 trillion won assistance budget to small- and medium-sized vehicle component manufacturers including loans, guarantees and maturity extension. The relief meaures seek to help local car component suppliers in dire straits since the closure of Hyundai's car factories in South Korea due to the spread of COVID-19.Eligieble for the state support will be seven government-designated key industires including airlines, equipment, energy, shipbuilding and marine, vehicle manufacturing, telecommunications and semiconductors. Companies whose financials had long been deteriorating before the outbrea

Jun 19, 2020By Lee Kyung-min
Gov't to loan W 5 tril. to key industries' small partner firms
Economy

Koreans' life satisfaction deteriorating

3 in 10 people think having kids unnecessary: surveyBy Lee Kyung-minThe happiness level among Koreans has seemingly been decreasing as fewer were satisfied with their lives in 2019, while more were feeling a sense of isolation, according to a recent survey. In the poll of 8,000 people aged 19 to 69 between Sept. 1 and Oct. 31 in 2019, Statistics Korea found that 60.7 percent were satisfied with their lives, down 3 percentage points from the previous year.This broke down to 62 percent of women and 59.5 percent of men.The survey was conducted jointly with the Korea Institute of Public Administration and the National Police Agency (NPA).Only 41 percent of people earning less than 1 million won per month said they were satisfied with their lives, a sharp contrast to 67 percent of those earning over 6 million won.Around two-thirds, or 63.9 percent, said their work was valuable, down 4 percentage points from a year earlier.The survey also showed that about a fifth, or 20.5 percent, felt lonely, up 4.5 percentage points. Those who felt like nobody knew them well came to 16.7 percent, up 5.4

Jun 18, 2020By Lee Kyung-min
Koreans' life satisfaction deteriorating
Economy

Korean New Deal feared to cause 'crowding-out effect'

Lee In-ho, head of the Korea Economic Association / Korea Times photo by Shim Hyun-chulBy Lee Kyung-min The government initiative to reinvigorate the country via the “Korean New Deal” will induce little to no desired outcome unless preceded by deregulation and measures to reduce labor market rigidity, a noted senior economist said Wednesday. Voicing concerns over the possible “crowding-out effect,” he stressed that the government should not micromanage specifics involving corporate activities, but focus on removing administrative inefficiencies, thereby letting the private sector lead the debate and reach a conclusion on how best to allocate resources and make key management choices unaffected by costly red tape.The “crowding-out effect” refers to a phenomenon under which increased government involvement discourages private sector investment and spending.“The government should stop overstepping its bounds,” said Lee In-ho, a Seoul National University economics professor who heads the Korea Economic Association.State intervention is only

Jun 17, 2020By Lee Kyung-min
Korean New Deal feared to cause 'crowding-out effect'
Economy

Gov't tightens property rules to stem speculation

Land, Infrastructure and Transport Minister Kim Hyun-mee, center, speaks during a briefing at the Seoul Government Complex in Gwanghwamun, Wednesday. / YonhapBy Lee Kyung-min The government said Wednesday that it was designating Daejeon and Cheongju as “overheated speculation zones,” and almost all of Gyeonggi Province, which surrounds the capital as a “regulated zone,” as part of strengthened measures to curb real estate speculation. It also decided to tighten lending rules to curb excessive demand for home-backed loans and mortgages.The measures, the 21st series rolled out by the Moon Jae-in administration, come as the housing market is recently showing signs of heating up following months of cooling down amid the COVID-19 pandemic. The measures announced by the Ministry of Land, Infrastructure and Transport will take effect Friday.The government said it will increase the number of “overheated speculative zones” to 48. In such zones, toughened lending rules will be applied.It will also regulate land trading near areas with new development plans,

Jun 17, 2020By Lee Kyung-min
Gov't tightens property rules to stem speculation
Economy

KOSTAT to represent East Asia in UN sustainable initiative

Park Young-shil / Courtesy of Statistics KoreaBy Lee Kyung-minA Korean statistics expert has been appointed to lead a group of representatives from countries in East Asia to help United Nations (U.N.) member states strengthen their statistics data analysis and management capability, Statistics Korea (KOSTAT) said Monday.This is the first time for a Korean to exercise leadership concerning the field of statistics on the global stage.Park Young-shil, head of the Data Center for the SDGs Research Planning Division, affiliated with KOSTAT, will lead the group comprised of Korea, Japan, China, Mongolia and North Korea. SDG stands for Sustainable Development Goals, a U.N.-led inclusive initiative seeking to achieve a better and more sustainable future for all.Representing five countries, Park will participate in the inter-agency and expert groups on SDG indicators, composed of statistics agencies from 28 countries to develop and implement a global indicator framework for SDGs.She will make recommendations to improve statistical accuracy, indicator development methods and overall statistica

Jun 16, 2020By Lee Kyung-min
KOSTAT to represent East Asia in UN sustainable initiative
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