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

Finance minister Hong reshuffles senior staff

Kim Seong-wookBy Lee Kyung-min Former spokesman for the Ministry of Economy and Finance, Kim Seong-wook, will take charge of the ministry's international finance bureau, the ministry said Monday.The appointment is part of Finance Minister Hong Nam-ki's large-scale reshuffle of his senior staff.The appointment of the international finance expert comes amid growing uncertainty in the global financial market. Yoon Tae-sikThe Seoul National University economics major with a master's degree in public administration from Harvard Kennedy School in Massachusetts, U.S., is expected to play a key role in tackling a slew of challenges associated with lingering and unforeseen external uncertainties, compounded by a worse-than-expected slowdown on the domestic front.Kim will bring decades of experience earned after having led key ministry offices whose work involved foreign finance and international organizations as well as regulatory reform. Kim will replace Yoon Tae-sik who moved to become the policy coordination director general. Kim Yoon-sang, who has led key budget offices, was named th

Feb 3, 2020By Lee Kyung-min
Finance minister Hong reshuffles senior staff
Economy

Korea's growth engine rapidly losing steam

By Lee Kyung-min Korea's growth engine is losing steam, indicated by a steady decline in the potential growth rate amid a lack of innovation to offset a rapid reduction in both the workforce and capital, economists said Monday. Inefficiency in research and development (R&D) with overall poor infrastructure compounded by excessive regulations, they noted, push the country's talented youngsters to prioritize job security and stability over taking chances to learn from failure, a reason why Asia's fourth-largest economy is increasingly becoming “dumb by choice.” They say the government developing a clear understanding of its role and limitations will be the first step toward helping enrich entrepreneurship, the key element of success and a growth driver desperately needed in a country bound to experience what seems to be the beginning of a long tunnel of low growth. The concern is backed by recent report from the Organization for Economic Cooperation and Development (OECD) which showed Korea's potential growth rate is expected to fall to 2.5 percent in 2020, down 0.2 per

Feb 2, 2020By Lee Kyung-min
Korea's growth engine rapidly losing steam
Economy

Industrial output growth hits record-low in 2019

gettyimagesbankEconomy likely to rebound 1st half on expected chip industry By Lee Kyung-min Industrial output grew at its slowest pace in 19 years in 2019, driven by a worse-than-expected slowdown in both construction and facility investment amid the U.S.-China trade feud, data showed Friday. Experts, however, said the economy will see a substantial V-shaped rebound in 2020 mostly due to an expected recovery in the semiconductor industry that accounts for about a fifth of the exports of Asia's fourth-largest economy. But lingering uncertainties over the trade feud and a fresh health scare ― the fast-spreading coronavirus ― remain major downside risks to the country, they noted.Statistics Korea data showed overall industrial output grew 0.4 percent last year from 2018, the lowest growth since the agency began compiling related data in 2000. Production in mining slid 0.7 percent from the previous year due to a decrease in demand for raw materials needed for electronic goods manufacturing and subsequent fall in related facility investments.Manufacturing capacity fell 1.2 percent from a

Jan 31, 2020By Lee Kyung-min
Industrial output growth hits record-low in 2019
Economy

Samsung, LG, Hyundai to pay 'digital tax'

Economy and Finance Ministry Deputy Minister for Tax and Customs Lim Jae-hyeon speaks during a press briefing at Sejong government Complex, Jan. 31. YonhapChip industry excluded, impact limited to mobile and home appliance bizBy Lee Kyung-min Leading businesses here, including Samsung and LG will be subject to “digital tax,” although the impact on Samsung will be limited, as semiconductors accounting for over half the firm's revenue are classified as intermediate goods and therefore exempt, the finance ministry said Friday. The tentative tax will be imposed in stages amid a global move to require global tech giants among other major businesses to pay taxes in countries where their services are provided. The imposition of what is often referred to as “Google tax” comes as many governments find it increasingly difficult to levy taxes on online platform operators despite a sharp increase in their economic activities in their countries. The Ministry of Economy and Finance said a multilateral consultative body participated in by the Organization for Economic Co-ope

Jan 31, 2020By Lee Kyung-min
Samsung, LG, Hyundai to pay 'digital tax'
Economy

Korea urged to join CPTPP to cut reliance on China

By Lee Kyung-min Korea should join a trade agreement among 11 countries in the trans-Pacific area to reduce its heavy reliance on China and foster the export of goods manufactured by small- and medium-sized enterprises (SMEs), a state-run think tank report said Thursday.This will remove tariffs involving trade between the signatories, thereby helping Asia's fourth-largest, export-reliant economy gain a competitive edge with its cheaper, quality products in certain niche markets. The move will also help Korea have a greater say in setting global standards in areas such as intellectual property within key legal frameworks yet to be established between developing economies, leading the international discourse to better reflect the interests of the country.Korea Development Institute (KDI) researcher Song Yeong-kwan said that Korea should join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to diversify trading partners, a move that could limit the vulnerability caused by uncertainties in China.Partner countries are Australia, Brunei, Canada, Chile, Japa

Jan 30, 2020By Lee Kyung-min
Korea urged to join CPTPP to cut reliance on China
Economy

Wuhan coronavirus feared to dampen Korea's growth momentum

People wearing masks walk amid fear of Wuhan coronavirus at Suseo Station, Seoul, Sunday. YonhapBy Lee Kyung-min The ongoing spread of Wuhan coronavirus is emerging as a considerable downside risk to the Korean economy, undermining government efforts to find a growth momentum in the first half of the year, experts said Sunday. The unforeseen risk could dampen private consumption and the retail and services sectors, part of which is measured by a travel accounts surplus that heavily relies on the spending of inbound travelers from China among other countries. The fresh concern involving sectors that long remained a positive contributor to growth could further drag down an economy still reeling from weak exports and plummeting investment, the two major areas hit hard by the drawn-out U.S.-China trade feud. “The infectious disease could have a major impact on Korea,” Yonsei University economist Sung Tae-yoon said. “Lockdowns and quarantine orders can seriously affect cross-border activities, notably trade and overall human exchanges. The economic impact will be much gr

Jan 27, 2020By Lee Kyung-min
Wuhan coronavirus feared to dampen Korea's growth momentum
  • South Korea to check arrivals from Wuhan over coronavirus
  • Olympic women's hoops qualifiers moved out of China over coronavirus concerns
Economy

'Gov't policy favors fintechs over card firms'

Names of credit cards and payment service providers at the entrance of a restaurant. Korea Times fileBy Lee Kyung-min The government initiative to nurture fintechs in the financial market neglects existing industry players, leaving them demoralized despite years of contribution to the advancement of payment and settlement services, a private institute report and industry officials said Sunday.In a 48-page report released by an institute that studies card, lease and installment financing businesses under the Credit Finance Association, the authors said the current government regulations essentially discriminate against traditional financial services providers ― notably card firms ― favoring budding fintechs. The association has card firms among its members. Many fintechs including platform operators and payment device makers, the report said, increasingly offer payment and settlement services as of late, but their legal status has yet to be clearly defined for them to be governed by a set of stringent regulations some traditional market players are subject to.  This, it adde

Jan 27, 2020By Lee Kyung-min
'Gov't policy favors fintechs over card firms'
Economy

Korea's financial hub vision becomes more 'elusive'

gettyimagesbankChina's financial liberalization puts Korea in worse footingBy Lee Kyung-min Korea's long-term vision of becoming a financial hub in Asia has become more and more “elusive” as China has decided to open its financial market worth $45 trillion (52.5 quadrillion won) by removing regulations on the ownership of foreign financial players operating there. Given that Korea is already struggling to attract foreign investment due to its militant unions and anti-business policies, this latest development will make it harder for Seoul to become a regional financial center.A recent report by Bloomberg stated that the Chinese Communist Party will “enact the most sweeping changes in decades this year― starting with its insurance and futures markets ― to allow the likes of Goldman Sachs Group, JPMorgan Chase & Co. and BlackRock to expand their footprint in China and also compete with local firms.”Once Beijing's plan is put into action, foreign financial firms are expected to invest $1 trillion over the next few years, expecting annual profits to top $9 bil

Jan 23, 2020By Lee Kyung-min
Korea's financial hub vision becomes more 'elusive'
Economy

SME workers earn less than half of conglomerate employees

By Lee Kyung-min The salaries of workers at small and medium-sized enterprises (SMEs) were less than half of those made by employees at large conglomerates, data showed Wednesday. Statistics Korea data showed SME workers' monthly salary averaged 2.31 million won ($1,985) in 2018, less than half of the 5.01 million won made by conglomerate workers in the same period. Their median income was 1.88 million won and 4.25 million won, respectively. Employees at SMEs saw their salaries increase 3.7 percent in 2018 from a year earlier, a greater hike compared to the 2.6 percent jump seen by large firm workers.But this failed to have any meaningful statistical impact to narrow the income gap between the two groups. Large conglomerate employees had an average work period of 7.9 years at their place of work, while SMEs workers had 3.1 years. This is largely due to workers at small firms frequently quitting jobs for reasons including low wages and hard work compounded by comparatively harsh treatment. Large firm workers, by contrast, tend to stay longer in their white-collar jobs for the reasons

Jan 22, 2020By Lee Kyung-min
SME workers earn less than half of conglomerate employees
Economy

KSD takes initiative in job creation for sustainable growth

Korea Securities Depository (KSD) CEO Lee Byung-rhaeKorea Securities Depository (KSD) has taken an initiative in bolstering corporate social responsibility by ramping up efforts to create more jobs and build a sustainable and inclusive business model, the organization said Tuesday. Under the initiative, the KSD has organized various programs to help the underprivileged find meaningful employment.Since the KSD launched a job creation task force in October 2017, it has mostly offered more financing opportunities to SMEs which would hire more people with improved operating funds. “We will continue our efforts to find ways to share our achievements and success with the public, a duty and a requirement we are happy to fulfill as a state-run organization,” a KSD official said. The state-run organization has set up 1.79 billion won ($1.5 million) in special funds to support businesses in Busan. It plans to increase the amount to 5 billion won by 2022. The eight participating Busan-based state-run organizations are KSD, Korea Technology Finance Corporation (KIBO), Busan Metropoli

Jan 21, 2020By Lee Kyung-min
KSD takes initiative in job creation for sustainable growth
previous page
252253254255256
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.