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Lee Kyung-min

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Economy

Young jobseekers bearing brunt of COVID-19

By Lee Kyung-minCollege graduates are bearing the brunt of the COVID-19 pandemic as many firms are implementing a hiring freeze due to a nosedive in corporate profit, data showed Wednesday. According to a survey conducted by Incruit, a job search site, nearly half of the surveyed firms said they had no recruitment plan scheduled or are uncertain whether they would hire new workers after the coronavirus pandemic.The same response was given by around 15 percent before the virus outbreak. In a survey of 262 firms between April 14 and 17, those who responded that they would certainly hire new employees dropped to 21.1 percent, about a third of the 60.7 percent willing to hire before the pandemic.Firms that said they had no hiring plans accounted for only 8.7 percent before the pandemic, but the number has since jumped to 19.4 percent.The firms had planned to hire a combined 12,919 new workers in 2020, but the number dropped by 44 percent to 7,274.The hiring period is scheduled for September or later this year, meaning the number of those landing jobs could shrink further depending on fu

Apr 22, 2020By Lee Kyung-min
Young jobseekers bearing brunt of COVID-19
Economy

South Korea drafts up W89 tril. relief package to save virus-hit economy

Finance Minister Hong Nam-ki, center, Financial Services Commission (FSC) Chairman Eun Sung-soo, right, and Employment Minister Lee Jae-kap give a joint briefing at the Seoul Government Complex, Wednesday. YonhapSupport measures to create jobs, help SMEs and airline biz By Lee Kyung-min The government said Wednesday that it will draft an 89.4 trillion won ($72.5 billion)economic relief package to help those hit by the COVID-19 pandemic, in its latest measure to keep the faltering economy from crashing further.Finance Minister Hong Nam-ki, Financial Services Commission (FSC) Chairman Eun Sung-soo and Employment Minister Lee Jae-kap held a joint briefing at the Seoul Government Complex to discuss the measure.A fund of 40 trillion won will be set up to help with liquidity shortages experienced by small firms as well as key industries underpinning the economy, notably the airline, equipment, energy, shipbuilding and marine, car manufacturing telecommunications and semiconductor businesses. Thirty-five trillion won will be used to help small- and medium-sized enterprises (SMEs) and buy co

Apr 22, 2020By Lee Kyung-min
South Korea drafts up W89 tril. relief package to save virus-hit economy
Economy

Oil prices unlikely to bounce back soon

By Lee Kyung-min Oil prices are not likely to pick up anytime soon due to a lack of substantial production cuts to curb the market oversupply amid the continued power struggle between major oil producers, industry watchers said Tuesday. Experts said that petrochemical businesses will see a modest turnaround thanks to reduced unit cost, but improvements in the sector will be limited as they could be offset by a rapid deterioration in the refinery businesses hit by the unprecedented demand shock brought on by COVID-19.The outlook came after U.S. crude oil prices turned negative for the first time in history Monday (local time) as oil producers ran out of space to store the rising stockpiles of crude left by the coronavirus crisis. The price turning negative means that anyone trying to sell oil will have to pay buyers to take it. For example, a price of -$30 (37,000 won) per barrel would mean sellers would give buyers $30 to take a barrel of crude oil. The price of U.S. crude crashed to -$38 a barrel from $18 in a matter of hours, as storage facilities close to being overwhelmed forced

Apr 21, 2020By Lee Kyung-min
Oil prices unlikely to bounce back soon
  • Kiwoom unprepared for 'negative' oil prices
Economy

Gov't urged to bail out virus-hit airline industry

Aircrafts line up at Incheon International Airport, April 14. YonhapBy Lee Kyung-min Calls are growing for the government to bail out airline businesses among many other key industries that had their credit ratings downgraded due to rapid deterioration of corporate bottom lines amid the COVID-19 pandemic, Sunday. The government backing about 20 trillion won ($1.6 billion) in corporate bonds issued by many otherwise robust firms would be a major lifeline for them to borrow money for stable operation. The industries underpinning the economy include equipment, energy, shipbuilding and marine, car manufacturing and electronics including semiconductor manufacturing. The airline sector creates nearly 840,000 jobs, accounting for 3.4 percent of the country's GDP. The idea long floated by industry figures has picked up steam as airline businesses approach what seems to be a very imminent fear of insolvency, following an 80 percent plunge in monthly sales in the months following the original outbreak compared to before. Korean Air, the country's largest air carrier, is “hanging by a th

Apr 19, 2020By Lee Kyung-min
Gov't urged to bail out virus-hit airline industry
  • Moon set to help aviation, tourism, car industries
Economy

'Economic outlook 1Q could hit 11-year low'

gettyimagesbankBy Lee Kyung-min The Korean economy is expected to contract 1.5 percent in the first quarter from three months earlier, a survey of international and local research institutes and investment banks showed Sunday. The notably grimmer forecast from an expected 0.2 percent contraction two months earlier by the same pool of organizations is fueling concerns that Asia's fourth-largest economy could be set for a worse-than-feared contraction in the months to come, given the economic fallout of the virus began to take a more pronounced toll in late March. The International Monetary Fund (IMF) forecast April 14 that the Korean economy would shrink 1.2 percent in 2020 amid impending concerns that the world could experience the worst recession since the Great Depression in the 1930s. The figure was revised down 3.4 percentage points from a 2.2 percent expansion in January.A Bloomberg survey of nine economic and research agencies and investment banks reported an expected average contraction of 1.5 percent in the first quarter of 2020.The forecast would be the worst figure since Ap

Apr 19, 2020By Lee Kyung-min
'Economic outlook 1Q could hit 11-year low'
  • Pandemic crisis puts dealmaking on hold
Economy

INTERVIEW Korea's hidden heroes lead way in fighting coronavirus

Economy and Finance Ministry Development Finance Bureau Director Lee Dae-joong. / Courtesy of Ministry of Economy and FinanceFinance ministry officials recall intensive 24 hours drafting 'Tackling COVID-19' By Lee Kyung-min “I have a task for you. Write me a report on Korea's response measures against COVID-19. It will be used to help other countries navigate the pandemic. Deadline is by end of day. Be thorough, but quick.” The order came from Economy and Finance Ministry Development Finance Bureau Director Lee Dae-joong at 9 a.m. on March 25.It was hours after World Bank Vice President for Infrastructure Makhtar Diop sent an email to the ministry seeking Korea's help in fighting the new coronavirus. Two deputy directors ― Lee Hyun-ji and Park Jun-suk ― rushed to their computers and opened files previously downloaded for daily news-coverage monitoring and policy reviews. Quarantine and medical treatment efforts had been covered by Lee and economic policies by Park. The ministry's newest and youngest members reorganized and restructured the news releases in English in a wa

Apr 17, 2020By Lee Kyung-min
[INTERVIEW] Korea's hidden heroes lead way in fighting coronavirus
Economy

People with multiple homes face heavier taxes

An apartment complex in Songpa district in southern Seoul / Korea Times fileStricter real estate policy set to suppress home prices By Lee Kyung-min People with multiple homes are set to face heavier taxes after the ruling Democratic Party of Korea (DPK) garnered a landslide victory in Wednesday's general election.The DPK and its “satellite” Civil Together Party won 180 National Assembly seats, three-fifths of the 300 total, meaning it can pass any bill, other than a constitutional revision, without a parliamentary impasse. The government and the ruling party will discuss tax code revisions at an extraordinary Assembly session scheduled for late April.At the top of the agenda sits increasing the tax rate to up to 4 percent of the officially assessed land price before June 1, the date when the heavier tax will be imposed with the new tax code applied. The rate will be 3 percent for those who own one home. Also to be raised is the ceiling of the maximum tax from 200 percent of the amount paid the in the previous year to 300 percent.The stricter rule combined with the COVID-

Apr 17, 2020By Lee Kyung-min
People with multiple homes face heavier taxes
Economy

Second extra budget to help virus-hit households

Deputy Prime Minister and Finance Minister Hong Nam-ki, left, speaks at a briefing at Sejong Government Complex, Thursday. YonhapFinancing to cut expenditure, without debt issuance By Lee Kyung-min The government has drafted a second extra budget bill offering 7.6 trillion won ($6.2 billion) in financial assistance to the bottom 70 percent of Korean households hit by the COVID-19 pandemic, it said Thursday. The Ministry of Economy and Finance said the amount will be used to give up to 1 million won to four-person households mostly in the form of coupons or debit cards with a certain amount of balance accepted at small- and medium-sized enterprises (SMEs). The financial assistance will be 400,000 won to one-person households, 600,000 won for two-person households and 800,000 won for three-person households. Up to 14.78 million households are expected to benefit. Eligibility will be determined by monthly premiums paid to the state-run National Health Insurance Service (NHIS). Out-of-pocket monthly premiums should be 88,344 won or less for single-person households, 150,025 won for two-p

Apr 16, 2020By Lee Kyung-min
Second extra budget to help virus-hit households
Economy

Virus fear dampens corporate bond market

A lobby of Korea Financial Investment Association in Seoul / Korea Times fileBy Lee Kyung-min Market participants are paying keen attention as to whether corporate bonds will find enough buyers in a market that is still depressed amid the continued spread of the COVID-19 pandemic, Wednesday.The interest comes as some firms saw their corporate bond issuance plan undershoot the offered amount early this week, fanning concerns that many others could find it difficult to secure funds needed for stable management. The lackluster investor sentiment is prevalent here as many institutional investors became reluctant in choosing the traditionally solid investment following the virus spread and amid growing fears of corporate credit downgrades. This has left the already struggling firms all the more vulnerable to possible defaults. Also to be seen is how many bonds will be bought by the authorities as part of a relief package worth 20 trillion won ($16.4 billion), mostly executed by buying the benchmark three-year AA- grade bonds, put in place to limit any virus-triggered liquidity shortage i

Apr 15, 2020By Lee Kyung-min
Virus fear dampens corporate bond market
Economy

IMF lowers Korea's 2020 growth outlook to -1.2%

World expected to see worst recession since 1930s depression By Lee Kyung-min The global economy will contract 3 percent in 2020 due to COVID-19, amid impending concerns that the world could experience the worst recession since the Great Depression in the 1930s, the International Monetary Fund (IMF) said in its outlook report Tuesday.The murkier outlook is down 6.3 percentage points from the previous projection made in January. The IMF forecast the Korean economy would also shrink 1.2 percent in 2020, revised down 3.4 percentage points from a 2.2 percent expansion in January. “The forecast embodies Korea's comprehensive approach in containing the COVID-19 outbreak and quick economic policy response, which have helped mitigate the negative impact on domestic activity,” it said in the report.“However, given Korea's high degree of openness, the growth prospects are constrained by very weak external demand, as reflected in sharply lower growth projections for Korea's main trading partners,” it added.The IMF said the key considerations for the downward revision inc

Apr 14, 2020By Lee Kyung-min
IMF lowers Korea's 2020 growth outlook to -1.2%
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