my timesThe Korea Times
lkm

Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

Go to EmailGo to URL

Read more

Economy

Hong opposes 'basic income' on efficacy concerns

Deputy Prime Minister and Finance Minister Hong Nam-ki / Korea Times fileBy Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki expressed clear opposition Monday to “basic income,” an expanded welfare program the ruling party seeks to implement in the wake of the COVID-19 pandemic. The government policy priorities, in his view, should be on better protecting vulnerable groups neglected by the social safety net, rather than seeking “populist” alternatives mindful of highly volatile public sentiment ahead of the next presidential election. “Government spending should always consider efficacy, following a thorough and careful review of how the taxpayers' money would be best used to induce a desired outcome,” Hong said at a forum organized by a private organization at the Korea Press Foundation in Seoul.Giving money to all “for bread” at the expense of removal of medical treatment benefits for low-income earners, for example, should not be how a country's welfare system works, he stressed.“Will it be effective to give

Jun 16, 2020By Lee Kyung-min
Hong opposes 'basic income' on efficacy concerns
Economy

Gov't to help Korean firms secure mega deals abroad

Deputy Prime Minister and Finance Minister Hong Nam-ki, center, speaks during a ministerial-level meeting at Seoul Government Complex in Gwanghwamun. YonhapBy Lee Kyung-min The government said Monday that it will help local firms win 30 key overseas projects by providing consulting and financing in a bid to get the Korean economy, which has additionally been hit by the fallout from the COVID-19 pandemic, back on track. The measure comes amid a continued drop in business projects local players have secured overseas over the past few years, with the figure plummeting to $223 million in 2019 from $652 million in 2013 “The COVID-19 pandemic and tumbling oil price pose headwinds to Korea's overseas business project expansion,” Deputy Prime Minister and Finance Minister Hong Nam-ki said during a ministerial-level meeting at Seoul Government Complex in Gwanghwamun. “The government will create momentum for a rebound by helping companies win contracts worth $30 billion in 2020 alone.”The 30 chosen projects worth up to $100 billion (121 trillion won) will be jointly con

Jun 15, 2020By Lee Kyung-min
Gov't to help Korean firms secure mega deals abroad
Economy

Commercial, savings banks lowers deposit rate

A passerby looks at an advertisement of loans offered by commercial banks in Myeongdong, Seoul, May 3. / Korea Times file Frustrated depositors move to equity, US dollar investment By Lee Kyung-min Four of Korea's five leading commercial banks lowered their deposit rates Sunday, prompting others to follow suit, weeks after the Bank of Korea cut the key policy rate by a quarter percentage point to a record-low 0.5 percent in May.KB Kookmin Bank was the first to lower the annual rate to a low of 0.3 percent, down 0.3 percentage points from the previous 0.6 percent. Customers who purchase the bank's more popular products will see the rate lowered to 0.25 percent from 0.5 percent.Shinhan and NongHyup cut the rate, June 12, up to 0.5 percentage points and 0.4 percentage points, respectively. Woori said June 13 that it will lower the rate as much as 0.1 percentage point, starting June 17. Hana Bank is discussing a rate cut.Korean branches of foreign banks had already cu

Jun 14, 2020By Lee Kyung-min
Commercial, savings banks lowers deposit rate
Economy

Relief measures exacerbate 'pandemic divide'

A cleaner looks down from over a banister at a group of tourists at Incheon International Airport, April 1. Korea Times file By Lee Kyung-min A slew of unprecedented expansionary fiscal and monetary policies effectuated to help navigate the COVID-19 pandemic have entailed an unintended consequence ― sharper inequality.The “haves” enjoy increased value of assets ― notably equity and real estate ― with opportunity to further augment their wealth due to the record-low interest rate.The apparent “boon” highly contrasts with mid- to low earners with precarious living conditions. Temporary, short-term contract workers as well as workers involved in the manufacturing industry ― the traditional growth driver and job creator of the export-reliant economy ― have been forced into unpaid leave, almost always followed by outright layoffs. The expansionary policy does not help the vulnerable group of people with poor credit and little to no collateral to put up, whom banks consi

Jun 14, 2020By Lee Kyung-min
Relief measures exacerbate 'pandemic divide'
Economy

China may step up retaliation against US over Huawei stance: Moody's

By Lee Kyung-minChina may increase retaliatory measures against the United States in response to the Trump administration's hostile position on Huawei Technologies, Moody's Analytics economist Shahana Mukherjee said Friday.The view came as the drawn-out feud between the U.S. and China ― which began as a trade conflict and is now spilling over into finance and technology ― recently showed signs of further deterioration, indicated by the U.S. Congress considering a new law under which Chinese companies could be delisted from American exchanges.This came less than a month after U.S. President Donald Trump's administration told a federal pension fund to halt investments in Chinese stocks.Mukherjee said China's potential retaliation ― by reviving the idea of launching its own “non-reliable entity list” as a response to the U.S.'s stance on Chinese tech titan Huawei Technologies ― could be stepped up if the standoff between the two economic giants continues.“China's communication via the stated-owned Global Times is likely to serve as a warning to other markets and sugges

Jun 12, 2020By Lee Kyung-min
China may step up retaliation against US over Huawei stance: Moody's
Economy

Against housing market speculation

Deputy Prime Minister and Finance Minister Hong Nam-ki speaks during a meeting at the Seoul Government Complex in Gwanghwamun, Thursday. Hong said that if there are any signs of apartment prices heating up, the government will take immediate countermeasures without delay. Yonhap

Jun 11, 2020By Lee Kyung-min
Against housing market speculation
Economy

'It's not over until it's over'

Huh Chang, Economy and Finance Deputy Minister for International Affairs / Courtesy of Ministry of Economy and FinanceHuh calls for thorough containment measure By Lee Kyung-minHuh Chang, economy and finance deputy minister for international affairs, stressed Thursday the importance of thorough containment measures amid recent signs of a new flare up of COVID-19 infections.“We should not remain complacent until the infection and its spread is fully brought under control, otherwise months-long successful efforts thus far will be severely undermined,” he told The Korea Times.The renewed commitment followed a virtual seminar participated in by 100 ministers and vice ministers from developing countries mostly in South and Central Asia. The teleconference held June 3 was organized jointly by the ministry and the World Bank at the request of the countries that sought to learn from Korea's knowledge and experience in successfully handling the pandemic.World Bank Vice President Makhtar Diop said Korea's approach taught the countries a valuable lesson in navigating the medical and

Jun 11, 2020By Lee Kyung-min
'It's not over until it's over'
Economy

No. of jobless people hits record high amid pandemic

By Lee Kyung-min The COVID-19 pandemic has pushed the unemployment rate to a record high, with massive job losses continuing for the third consecutive month, data showed Wednesday.According to Statistics Korea, the number of unemployed people jumped to 1.27 million in May, up 133,000, or 11.6 percent from a year earlier. The unemployment rate reached 4.5 percent, up 0.5 percentage points from the year before. Both figures are the highest the statistics agency has seen in its history of compiling related data starting 1999.In May, 392,000 lost their jobs, a continued loss since March when the figure was 195,000 followed by 476,000 in April.Some 302,000 people aged over 60 lost jobs, with those in other age groups reporting job losses of between 5,000 and 187,000.By sector, retail and wholesale saw 189,000 jobs vanish, whereas 183,000 jobs were slashed in the lodgings and eateries businesses. The two are the hardest-hit areas following the pandemic.Low-paid sales workers and service industry workers lost 118,000 and 82,000 jobs, respectively.Some 393,000 jobs were added for regular wor

Jun 10, 2020By Lee Kyung-min
No. of jobless people hits record high amid pandemic
Economy

World Bank designates Korea as 'medical evacuation destination'

By Lee Kyung-min The World Bank has designated Korea as a medical evacuation destination, recognizing the country's outstanding treatment and containment efforts involving the COVID-19 pandemic, the government said Tuesday.The Ministry of Economy and Finance said the global institution sought Korea's knowledge and experience in dealing with the coronavirus, suggesting that case studies be conducted to help other countries that are still struggling to contain the virus.The bank also recommended that a group of consultants be stationed in Songdo, Incheon, to boost cooperation in the healthcare sector, with specifics to be finalized soon.In a letter sent to the ministry from World Bank Vice President for East Asia and the Pacific Victoria Kwakwa and World Bank Vice President for Human Development Annette Dixon overseeing the Global Practices for education and health among others, they said they were “impressed” and that other countries could learn from Korea's experience.The designation will allow World Bank staff and some registered dependents on bank duty stationed in 29

Jun 9, 2020By Lee Kyung-min
World Bank designates Korea as 'medical evacuation destination'
Economy

Recent oil price hikes likely to be short-lived: analysts

By Lee Kyung-minRecent international oil price hikes are unlikely to gain further momentum in the near future due mostly to internal conflict among oil producers over production cuts and COVID-19 showing signs of sporadically flaring up, industry watchers said Monday.Experts and financial institutions view crude oil prices rising to pre-pandemic level as unlikely for the time being given virus-triggered demand shock will not see an immediate recovery with the travel and airline industries reeling from a rapid deterioration of profits.Brent Crude prices topped $40 (48,100) a barrel early June 3 (local time), the first time since two global oil powers ― Saudi Arabia and Russia ― began a war defined by production cuts following the breaking of a pact signed by Organization of the Petroleum Exporting Countries (OPEC) Plus, the group of primary oil producers, March 6. The prices have since fluctuated, with Brent Crude hovering around $43 and Western Texas Intermediate (WTI) $40 as of Monday. The sharp recovery is notable given the WTI fell into the negative territory in April, an unpreced

Jun 9, 2020By Lee Kyung-min
Recent oil price hikes likely to be short-lived: analysts
previous page
239240241242243
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.