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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

'Haywire' ETN investment hits record in April

A worker passes a screen in Seoul displaying the crude oil price, April 20. Korea Times fileBy Lee Kyung-minThe monthly trading volume of leveraged crude oil exchange-traded notes (ETNs) skyrocketed 20-fold over the past four months, in what appears to be a market gone haywire driven by many investors seeking short-term, windfall gains following the steep oil price drop, data showed Sunday.The data from the Korea Exchange (KRX) showed the market daily trading volume averaged 412.3 billion won ($336 million) in April, more than 20 times the 20.7 billion won in December. The April figure is the highest since November 2014, when the market opened.The explosive demand in the derivative market was driven largely by ETNs tied to U.S. West Texas Intermediate (WTI), which reported a negative price for the first time, closing at minus $37.63 in New York, April 20 (local time), following sharp drops over the previous few months.Buyers of the notes, a type of unsecured debt security that tracks an underlying index of securities, are seeking gains from the difference in the crude price between t

May 3, 2020By Lee Kyung-min
'Haywire' ETN investment hits record in April
Economy

Financial firms to resume virus-delayed hiring

A man looks at a listing of jobs at a district office building in Seoul, April 17. Korea Times fileBy Lee Kyung-min State-run financial organizations and commercial banks are moving to resume hiring, a process largely suspended due to the COVID-19 pandemic, industry sources said Sunday.The Korea Development Bank (KDB) and the Industrial Bank of Korea (IBK) plan to finalize the process by July at the earliest, following application requirements, essay reviews, aptitude tests and interviews. Up to 50 openings are expected at the KDB and about 250 at the IBK.NongHyup Bank plans to conduct interviews with those shortlisted in the third week of May, about three months after the aptitude test was carried out in February.Woori and Shinhan Banks are likely to accept applicants in the latter half while leaving some limited openings available for those with expertise in information technology (IT), investment banking (IB) and fund management.About 26,000 openings will be available at state-run organizations, in line with the government initiative to create jobs in the public sector.Hiring proc

May 3, 2020By Lee Kyung-min
Financial firms to resume virus-delayed hiring
Economy

Is Korea's housing market heading toward long-term slump?

Experts split over future course of real estate market By Lee Kyung-min Property prices are likely to stagnate for the time being, mostly due to the COVID-19 pandemic but compounded by weakening investment sentiment on fears of stricter lending rules and heavier taxes on multiple home owners, a key policy drive set to become tighter following the overwhelming general election victory of the ruling party, experts said Tuesday.Some believe the recently sliding prices following years of rapid hikes will continue on a downtrend, saying prices could fall even faster upon the arrival of key economic indicators and data points confirming virus-sparked shocks in the real economy.Yet, others say the drop will be limited given low interest rates, supply shortages and the rising price of Jeonse deposits compared to the market value of apartments, an indication of a further drop in apartment prices in the coming months.Unique to Korea, Jeonse is a way of renting a home whereby tenants pay a lump sum as a deposit instead of monthly rent.Data from KB Kookmin Bank showed the apartment trading pric

Apr 30, 2020By Lee Kyung-min
Is Korea's housing market heading toward long-term slump?
Economy

Services industry output suffers biggest setback amid pandemic

Business sentiment falls to 11-year lowBy Lee Kyung-min The nation's services industry output suffered its biggest monthly drop in March due to the fallout of the COVID-19 pandemic amid falling business confidence, data showed Wednesday.This has raised concerns that the twin engines of the Korean economy ― domestic demand and exports ― are losing steam, pushing the country into a deep recession. Given that lockdown measures abroad are not factored in yet, things are likely to further deteriorate down the roadStatistics Korea data showed that services industry output dropped 4.4 percent in March from a month earlier, the biggest monthly decrease since the agency began compiling related data in 2000.This was due mostly to social distancing, a guidance to prevent the further spread of COVID-19 that has tanked the lodgings, tourism and entertainment businesses.The services sector drop led to a 0.3 percent decline in overall industrial output, despite production increases in manufacturing, energy, public administration and construction. On a month-on-month basis, entertainment, leisure an

Apr 29, 2020By Lee Kyung-min
Services industry output suffers biggest setback amid pandemic
Economy

Prudential Life leads industry with financial soundness

By Lee Kyung-min Prudential Life Insurance Company of Korea maintained the best financial soundness in the industry in 2019, the firm said Wednesday.According to data from the Financial Supervisory Service (FSS), when measured by risk-based capital (RBC) ratio, a barometer for financial soundness, the local insurance arm of the U.S. insurance giant Prudential Financial topped the list of 24 life insurers in Korea.It was the only firm with a ratio of over 400 percent, maintaining the top position for the third consecutive year. Its ratio was 461.83 percent in 2018 and 416.58 percent in 2017.Its competitor Orange Life, a subsidiary of Shinhan Financial Group, had a ratio of 393.91 percent and BNP Paribas Cardif Life Insurance had 365.66 percent.Calculated by dividing the total adjusted capital of the company by required risk-based capital, the ratio measures the ability of a firm to pay subscribers insurance money after claims are filed. By law, insurers are required to maintain a ratio of over 100 percent. The financial authority recommends it be at least 150 percent. A ratio of arou

Apr 29, 2020By Lee Kyung-min
Prudential Life leads industry with financial soundness
Economy

No. of multiracial students on sharp rise

By Lee Kyung-min The number of multiracial students tripled over the past seven years due to a steady increase in the number of multiracial families, data showed Monday.This is in stark contrast to a steep decline in the “youth population” here amid the fast-aging population.According to “youth statistics 2020” released by Statistics Korea, the number of multiracial students stood at 137,225 in 2019, accounting for 2.5 percent of the student age group.The figure is up 12.3 percent from a year earlier, and nearly triple that of 2012 when it was 46,954.Of the total, over three quarters were elementary school students, followed by middle school students (15.8 percent) and high school students (8.2 percent).The steady jump comes amid a fast decline in the youth (teens to young adults in Korea) population defined as those aged between nine and 24.The size of the age group peaked at 14.2 million in 1982 and has since been falling rapidly.In 2020, the figure shrank to 8.5 million accounting for 16.5 percent of the total population, and is expected to drop further to

Apr 27, 2020By Lee Kyung-min
No. of multiracial students on sharp rise
Economy

For economic recovery

Deputy Prime Minister and Finance Minister Hong Nam-ki, center screen, speaks at a meeting attended by officials from economy-related ministries at the Gwanghwamun Government Complex in Seoul, Monday. Courtesy of Ministry of Finance

Apr 27, 2020By Lee Kyung-min
For economic recovery
Economy

Generation gap hampers corporate productivity

Young talent demoralized due to unfair compensation schemeBy Lee Kyung-min “Young people don't have the commitment to the firm my generation had,” said a 40-something man surnamed Kim who works at a large conglomerate.“I mean, the younger they are, the worse their attitude is when it comes to working overtime. How can they say they are leaving work at 6 p.m. when they clearly see the rest of their coworkers are still at their desks busy doing work that was assigned to their team? I don't understand them.”Kim, who holds a mid-level managerial position and is on track for a promotion, thinks young people need to be reminded that it is all about teamwork at the end of the day. The ability to accomplish assigned work in a thorough, timely manner is of course a desired quality in an employee.Yet, not caring about how others are doing simply because their “work is done” sometimes looks selfish and lacking empathy, he claimed. From a team leader's point of view, those volunteering to help would mean so much, especially when there is a deadline and the amo

Apr 26, 2020By Lee Kyung-min
Generation gap hampers corporate productivity
Economy

Corporate credit downgrades looming due to pandemic

A lobby of Korea Financial Investment Association in Seoul / Korea Times fileBy Lee Kyung-min An increasing number of companies are likely to have their credit downgraded due to the COVID-19 pandemic, fueling concerns that many otherwise robust firms hit by rapid, virus-triggered corporate deterioration will find it difficult to find buyers for their corporate bonds.The grim forecast is driven further by the poor performing corporate bond market which only saw 2.7 trillion won ($2.1 billion) in issues in April, about half that of last year.If firms cannot find buyers, their funds will dry up fast, tanking their already precarious financial position following nose-diving sales and earnings due to the pandemic.A fast-approaching deadline for interest payments on loans could be the breaking point for some cash-strapped firms ― in the worst case scenario a full-blown bankruptcy could come in a matter of months.Reflective of the concern is a widening credit spread, the difference in the yield between corporate and government bonds with the same maturity.The spread between unsecured AA- co

Apr 24, 2020By Lee Kyung-min
Corporate credit downgrades looming due to pandemic
Economy

Statistics Korea bolsters international cooperation in battle against COVID-19

Statistics Korea Commissioner Kang Shin-wook / Korea Times fileBy Lee Kyung-minStatistics Korea said Thursday it would continue to help the international community fight COVID-19 by sharing its knowhow of prevention and response measures needed while collecting data.Its emergency manual distributed to international organizations is receiving a wave of positive responses from global peers whose operations have all but ground to a halt due to temporary suspensions of in-person interviews brought on by lockdowns and social distancing.They include the International Labor Organization (ILO) and the Organization for Economic Cooperation and Development (OECD). The OECD set up an online platform to share the measures from each country, April 6, a week after Statistics Agency Commissioner Kang Shin-wook made the recommendation on March 31.“Countries are experiencing major disruptions leading to fears that their quality of work will suffer and the health of their workers will be at risk. We received many inquiries on various related subjects and replied to them the best we could, which

Apr 23, 2020By Lee Kyung-min
Statistics Korea bolsters international cooperation in battle against COVID-19
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