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Lee Kyung-min

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Economy

Gov't hit for 'bungled' disaster income plan

gettyimagesbankDiscord deepens between municipalities over financing By Lee Kyung-min The government has come under heavy criticism for failing to set clear criteria outlining who is eligible to receive “disaster income,” an economic relief package designed to help those hit by the fallout of the COVID-19 pandemic. Other than the broad mandate to give financial assistance of up to 1 million won ($813) to those in the bottom 70 percent income bracket, top policymakers have yet to reach a consensus over whether income as well as property should be factored in, while members of the public remain frustrated over what they consider an “inconsistent, ill-prepared” measure. The shared indecisiveness largely stems from fear of a public backlash ahead of the general election as the benefit recipients are voters with differing ideas of what is a “prompt and equitable” re-distribution of taxpayers' money. No clear-cut method is in store as comprehensive and exhaustive compensation criteria would require considerable time and administrative resources, ending u

Apr 1, 2020By Lee Kyung-min
Gov't hit for 'bungled' disaster income plan
Economy

CEO Watch NongHyup Bank CEO urged to spur digitization

NongHyup Bank CEO Son Byung-hwanBy Lee Kyung-min Newly appointed NongHyup Bank CEO Son Byung-hwan is expected to exercise superb leadership and management capabilities to steer the company through a difficult economic environment, compounded by organizational discord brought on by a power struggle between the bank's holding group and its owner.Son, who took office on March 26, will be required to lead a strong digitization drive to shed the bank's negative reputation as a “latecomer,” a feasible task given his previous experience as the bank's smart finance division head and corporate strategist. Global business expansion is another key task. The former vice president of NongHyup Financial Group, the bank's holding company, began his two year term starting March 26 after the group's shareholders meeting approved the appointment. The primary task will be to align his business priorities with low interest rates, coupled with the economic fallout from the spread of the new coronavirus ― COVID 19.A major change is inevitable to revise the bank's growth objective identified as

Apr 1, 2020By Lee Kyung-min
[CEO Watch] NongHyup Bank CEO urged to spur digitization
Economy

Low oil prices more bane than boon to Korea

Wild fluctuation likely to continue amid sluggish demandBy Lee Kyung-min The recent nosedive in oil prices will do more harm than good to Korea, leading to a substantial drop in exports of refined oil products and petrochemical goods, the key growth drivers of Asia's fourth-largest, export-reliant economy alongside semiconductors, experts said Tuesday.The unexpected price drop is the result of an ongoing power struggle between key global oil powers ― Russia and Saudi Arabia ― that will continue to hamper the growth prospects for local businesses already hit hard by demand shock caused by the COVID-19 pandemic. The oil price drop should have otherwise been a boon, strengthening household purchasing power with a lowered price of gas and many other petroleum goods. Corporate investment would have also jumped thanks to costs savings from the reduced prices of raw materials, shipping and logistics. Yet, the much-desired scenario of economic vibrancy that would have helped Korea snap out of the economic downturn has become no more than “wishful thinking” in the face of the ongo

Mar 31, 2020By Lee Kyung-min
Low oil prices more bane than boon to Korea
Economy

Korean economy teetering on edge of collapse

Production, consumption, investment plunge amid virus spreadBy Lee Kyung-min The economy is showing clear signs of slipping into a recession, with economic activities ― production, investment and consumption ― all plummeting amid the rapid spread of the COVID-19 pandemic. Of even more concern is that business confidence has fallen to its worst level since the 2008 global financial crisis, indicating that the situation could turn much worse further down the road.According to data from Statistics Korea, Tuesday, the county's overall industrial output fell 3.5 percent in February from a month earlier, the lowest since 2011 when the county was hit by foot-and-mouth disease.The auto industry was hit hardest, with a staggering 27.8 percent month-on-month drop following a series of operation halts caused by a shortage of key parts from China amid supply chain disruptions. The services sector reported a combined 3.5 percent drop from a month earlier. The travel industry suffered a 45.6 percent month-on-month drop, followed by airlines (42.2 percent), railways (34.8 percent), aircargo (33.1 p

Mar 31, 2020By Lee Kyung-min
Korean economy teetering on edge of collapse
Banking & Finance

Fighting against COVID-19

NongHyup Bank CEO Son Byung-hwan, second from left, listens to officials from a local car parts manufacturer hit by COVID-19 in Cheonan, South Chungcheong Province, March 30. The new CEO vowed to facilitate prompt offering of loans to help small- and medium-sized enterprises suffering from liquidity shortages. Courtesy of NongHyup Bank

Mar 30, 2020By Lee Kyung-min
Fighting against COVID-19
Economy

Debate heating up over 'basic disaster income'

Finance Minister Hong Nam-kiHong opposes cash handouts due to 'mismatch' concernBy Lee Kyung-min Whether the government should offer cash handouts to citizens whose livelihoods have been disrupted by the COVID-19 outbreak is emerging as a key issue, with top policy makers and heads of municipal governments remaining far apart over what some claim is a” vote-seeking, populist move” ahead of the general election.Under the so-called “basic income in the event of a disaster,” many municipal governments are moving to give some form of cash handout to their residents whose lives have been in tatters due to the coronavirus pandemic. The issue has remained in stalemate for weeks due mostly to concerns over fiscal soundness and mounting government debt, already set to rise sharply following a supplemental budget drafted to counter fallout from the drawn-out U.S.-China trade dispute. Gyeonggi Governor Lee Jae-myungYet calls are gaining traction fast after Gyeonggi Governor Lee Jae-myung announced March 25 that the provincial government will give 100,000 won ($81) vouche

Mar 29, 2020By Lee Kyung-min
Debate heating up over 'basic disaster income'
Economy

Will insurance shares jump on CEO buybacks?

Samsung Fire & Marine Insurance CEO Choi Young-mooBy Lee Kyung-min Many insurance firm CEOs have been buying back large amounts of firm shares over the past few weeks, fanning expectations that the recent nosedive in stock value in a tumbling market will recover sooner than expected, industry data showed Friday.According to data from the Financial Supervisory Service (FSS), Samsung Life Insurance CEO Jeon Young-mook bought 6,000 shares of the firm between March 19 and 20, a move followed by its chief financial officer Yoo Ho-seok who bought 3,000 shares.The combined move toward “responsible management” came shortly after the two were appointed as new internal directors at the Samsung Group's shareholders' meeting, March 19. The decision followed the firm's share bottoming at 31,900 won ($26.3), March 19, a price that would have fallen further amid the continued downward trend since March 12 when it fell below the 50,000 won level. The value showed signs of a rebound March 20, and peaked at 45,050 won March 25, but slid to 42,400 won the next day. Similarly, Samsung Fi

Mar 27, 2020By Lee Kyung-min
Will insurance shares jump on CEO buybacks?
Economy

Consumer sentiment plummets due to virus spread

A traditional market is seen nearly empty due to the spread of COVID-19 in Daejeon, March 19. YonhapKey index plunge comparable to global financial crisis figuresBy Lee Kyung-min Korea's consumer confidence plummeted to the lowest level in a decade due to collapsing economic conditions amid the spread of the novel coronavirus, central bank data showed Friday.According to the results of a survey released by the Bank of Korea (BOK), the composite consumer sentiment index (CCSI) for March came to 78.4, a drop of 18.5 points from a month earlier. This is the lowest since March 2009, when the index stood at 72.8 and is the steepest month-on-month drop since July 2008, when the central bank began compiling related data. The result came from the central bank's poll of 2,500 households across the nation conducted from March 10-17.A reading below 100 means people with a pessimistic view outnumber those with an optimistic outlook.The BOK said that consumers' confidence has been deteriorating fast due to heightened fears of further economic downturn fueled by the global COVID-19 pandemic. The f

Mar 27, 2020By Lee Kyung-min
Consumer sentiment plummets due to virus spread
  • Market unresponsive to BOK's move for quantitative easing
Economy

Korean economy on course toward recession

Fitch, IHS expect Korea's GDP to contract in 1st two quartersBy Lee Kyung-min Korea is feared to slip into a recession as the fast-spreading COVID-19 outbreak becomes a global pandemic, in what economists say signals the clear end of a decade-long cyclical economic expansion that is set to pound Asia's fourth-largest economy.The much-dreaded recession, defined by at least two consecutive quarters of economic contraction, is increasingly becoming a reality after Finance Minister Hong Nam-ki acknowledged the likelihood of such in the first quarter of 2020. Economists say the timing of a recovery hinges on how fast the viral spread becomes contained, while no immediate upturn is expected in exports, corporate investment and consumption. Of bigger concern is the deterioration of asset quality in the banking industry, brought on by mass defaults of low-credit rated firms under mounting pressure over liquidity shortages. Korea suffered a recession in 2003, amid fallout from the severe acute respiratory syndrome (SARS) caused by the SARS coronavirus.The economy at the time shrank 0.7 percen

Mar 24, 2020By Lee Kyung-min
Korean economy on course toward recession
Economy

Dollar shortage, foreign selloffs baffle Korea

Safe-haven asset the 'only answer' for risk-averse investors amid virus By Lee Kyung-min The stock market will continue to experience extreme turbulence brought on by a mass foreign selloff, following global wave to secure what is increasingly becoming the ultimate safe-haven asset ― the U.S. dollar ― finance officials said Sunday.The pronounced “risk-averse” sentiment has come amid heightened fear of a global recession triggered by the COVID-19 pandemic. Also sparked by the reduced risk appetite was a surge in demand for the greenback over the past few days here, indicated by a spike in the balance of dollar-denominated deposits at local banks. Market analysts say investors are increasingly betting that the South Korean won will lose further value against the dollar in the coming weeks. Recent data from the Korea Center for International Finance (KCIF) showed that foreign investors net sold shares valued at $10.24 billion (12.7 trillion won) between Feb.20 and March 18. Feb. 20 is when the coronavirus began to spread rapidly. The figure is the second-largest amount among

Mar 22, 2020By Lee Kyung-min
Dollar shortage, foreign selloffs baffle Korea
  • Korea to unveil W27 tril. market stabilization policy
  • Net corporate bond issuance plunges amid virus
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