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Lee Kyung-min

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Economy

Korea aims to become leader in global customs services

Korea Customs Service (KCS) Commissioner Kim Yung-moon speaks at his office in Daejeon, Dec. 9. Courtesy of KCSKCS chief vows to place top priority on helping SMEs By Lee Kyung-min Korea is seeking to become a leader in global customs services by offering solutions to complex international clearance procedures in a bid to foster trade relations between local businesses and partner nations worldwide, the head of the state-run customs service agency said Tuesday. “We have been and will continue to devote the agency's manpower and resources to provide full support for export firms, especially the small- and medium-sized enterprises (SMEs) that underpin the economy,” Korea Customs Service (KCS) Commissioner Kim Yung-moon said in an interview with The Korea Times. The commitment was well-illustrated as the KCS under his leadership helped limit the fallout following the ongoing Korea-Japan trade feud that has led to major losses for Korean exporters. Since March, KCS officials have been dispatched to 30 customs offices nationwide to offer various forms of support, including con

Dec 10, 2019By Lee Kyung-min
Korea aims to become leader in global customs services
  • Korea vows to enhance 'capacity building' at WCO
  • KCS head to attend WCO meeting
  • Korean customs official elected WCO director
  • 'Korea's advanced customs service will help Turkey'
  • Customs service cooperation
Economy

Korean official to join OECD fiscal affairs committee board

Ko Kwang-hyoBy Lee Kyung-min The Ministry of Economy and Finance said Monday that the Organization for Economic Cooperation and Development (OECD) had appointed a senior ministry official Ko Kwang-hyo as an advisory board member of its Committee on Fiscal Affairs (CFA).Ko, a former National Tax Service official with extensive policy experience in international taxation and tax administration, is currently the director general for the Income and Corporate Tax Bureau at the ministry. From Jan. 1, He will start his three-year term at the CFA, the leading global body for setting international tax standards. The appointment coincides with an ongoing discussion over the so-called “digital tax,” which Ko has said is one of the most significant issues among OECD members.  The issue has been brought to the fore as many global tech heavyweights have long managed to pay only a fraction of their profits as taxes in countries they operate in, largely by routing them to lower-tax jurisdictions where their headquarters are based.  “I consider the appointme

Dec 9, 2019By Lee Kyung-min
Korean official to join OECD fiscal affairs committee board
Politics

New CEO vows to lead AIA Korea to 'new level of growth'

Peter ChungBy Lee Kyung-minAIA Korea has appointed Peter Chung, director of regional business development covering Thailand and Korea, as its new CEO, the company said Friday.Chung, who will replace outgoing CEO Cha Tae-jin, will take office on Jan. 1.“I am pleased to take over the role and I will focus on leading AIA Life Korea to a new level of growth and success through the continued execution of strategic priorities,” Chung told The Korea Times.The company said that Chung has a good understanding of the Korea insurance market, an expertise gained after having served as the chief strategy and marketing officer at AIA Korea from April 2016 to November 2017. He played a leading role in launching AIA Vitality in Korea and securing a key strategic partnership with SK, it added. “We are proud to have Peter leading our operations in Korea. With his passion and track record of success spanning over 25 years across life insurance, technology and consulting, I am confident Peter will help us scale our business here to next level of growth and success,” said Bill Lis

Dec 6, 2019By Lee Kyung-min
New CEO vows to lead AIA Korea to 'new level of growth'
Economy

Customs service cooperation

Korea Customs Service (KCS) Information Planning Division Director Lee Jin-hee, left, and African Development Bank (AfDB) Industrial and Trade Development Director Abdu Mukhtar pose after signing “Aide Memoire” for bilateral cooperation at the Plaza Seoul, Dec. 6. Under the agreement, the two sides will foster cooperation to help AfDB member states to implement Korea's UNI-PASS, an electronic clearance system designed to enhance swift customs clearance and logistics service convenience. Courtesy of KCS

Dec 6, 2019By Lee Kyung-min
Customs service cooperation
  • Korea aims to become leader in global customs services
Economy

Over half of women with preschoolers unemployed

By Lee Kyung-min Around half of mothers with preschoolers are unemployed, indicating one out of two women stayed at home to raise children, government data showed Friday. According to Statistics Korea, the employment rate for women with children under seven was 49.1 percent in 2019. They were among 4.96 million women aged between 15 and 54 living with their children under 18. The 4.96 million accounted for 56.1 percent of 8.44 million married women of the same age group. Some 5.42 million women remained single, accounting for 38 percent of the total ― 14.2 million women. While the employment rate was up 1 percentage point from 48.1 percent the year before, it remained far below the figure for mothers with older children. The employment rate for women with children aged between seven and 12 was 61.2 percent in 2019, up from 59.8 percent a year earlier.The rate for women with children aged between 13 and 17 was 66.1 percent, down 2 percent from 68.1 percent in 2018. “The number of working mothers with children under six are far lower than those with older children because infants

Dec 6, 2019By Lee Kyung-min
Over half of women with preschoolers unemployed
Economy

'Security key to ensuring success of open banking'

gettyimagesbankBy Lee Kyung-min The success of “open banking” hinges on whether its online platform will protect users from personal information theft, experts said Tuesday. Under the new financial data management and operating system, using only one app will enable customers to check all their accounts at different banks and wire cash between them in a faster, more convenient way. Based on an application programming interface (API), an intermediary program that enables various software to interact, the new system will allow both commercial banks and fintech firms to have equal access to financial data regardless of whether they have an online platform. The Financial Services Commission (FSC) said over 2.39 million people signed up for the system between Oct. 30 and Nov. 28. A total of 5.51 million accounts were opened, meaning one person had an average of 2.3 accounts. Starting Dec. 18, fintechs will be able to make their services available on the platform.“The security concern is always present,” said Lee Hyo-seob, senior research fellow at Korea Capital Mar

Dec 4, 2019By Lee Kyung-min
'Security key to ensuring success of open banking'
Banking & Finance

Hana to focus on co-prosperity among stakeholders

Hana Financial Group Chairman Kim Jung-tai speaks during a ceremony to celebrate the 14th anniversary of the group's foundation at its headquarters in Seoul, Dec. 2. Courtesy of Hana Financial GroupBy Lee Kyung-min Hana Financial Group Chairman Kim Jung-tai said Monday that the group will place a top priority on achieving mutual prosperity and growth among stakeholders by boosting a sense of community. Under the corporate vision NEXT 2030, Hana employees will redefine relationships with co-workers, customers, shareholders and the community at large, a step that Kim views will boost the “interest of all stakeholders.” This was part of the corporate message announced at the 14th anniversary of the group's foundation at its headquarters in Seoul. The ceremony was attended by over 250 executives and workers from the group including heads of key subsidiaries. “From now on, Hana Financial Group will reset its business strategy whereby values are created for all parties involved,” Kim said.“To that end, our business models and procedures will be completely rebu

Dec 2, 2019By Lee Kyung-min
Hana to focus on co-prosperity among stakeholders
Banking & Finance

Can brokerage CEOs keep seats in coming reshuffle?

By Lee Kyung-min Mirae Asset Daewoo CEO Choi Hyun-manAttention is growing over whether CEOs of the nation's major securities firms will keep their seats in the upcoming management reshuffle as their terms will be terminated in the months to come, according industry sources and officials, Tuesday. Despite the slew of negative domestic and global developments, chances are that many of them will survive as most brokerage houses have posted better-than-expected earnings for the first nine months of 2019. Firms with their CEOs terms set to end in March 2020 include Mirae Asset Daewoo, NH Investment & Securities, Daishin Securities, Kyobo Securities, Yuanta Securities Korea, Hyundai Motor Securities, SK Securities and DB Financial Investment. Mirae Asset Daewoo CEO Cho Ung-keeThe leadership of industry leader Mirae Asset Daewoo is not likely to change given that the firm enjoyed a record-high net profit of 525.3 billion won ($446 million) in the January-September period in 2019. The performance is outstanding because the firm took only nine months to break the previous annual high

Dec 2, 2019By Lee Kyung-min
Can brokerage CEOs keep seats in coming reshuffle?
Economy

Gov't to detain tax dodgers up to 30 days

Main gate of the National AssemblyBy Lee Kyung-min People who owe 200 million won ($169,000) in taxes and fail to pay them for more than a year despite three verbal warnings could be detained for up to 30 days, following the passage of revisions to tax laws, the economy ministry said SundayAccording to the Ministry of Economy and Finance, under one revision, suspected tax dodgers will be detained if a court issues a warrant sought by the prosecution following the recommendation of a related non-standing Assembly committee. The change is part of 18 revisions made to tax-related laws that were passed by the National Assembly Economy and Finance Committee, Saturday. If passed at the National Assembly's December plenary session, the law will take effect Jan. 1, 2020. “The measure is expected to have greater efficacy compared to publicly disclosing their names,” a ministry official said. “This will help us collect taxes more effectively.” The move comes amid a public outcry demanding harsh punishment for tax dodgers. According to National Tax Service data submitted

Dec 1, 2019By Lee Kyung-min
Gov't to detain tax dodgers up to 30 days
Banking & Finance

Boosting consumer protection

NongHyup Bank Financial Consumer Protection Group head Seo Yun-sung, fourth from left in front row, poses for a photo with officials from the Korean Institute for Consumer Education and winners of the 2019 consumer protection content creation competition at the bank's headquarters in Seoul, Nov. 29. Twenty-five teams won prizes for making video clips that showed ways to boost consumer protection including detecting voice-phishing scams and purchasing financial products prudently. Courtesy of NongHyup Bank

Dec 1, 2019By Lee Kyung-min
Boosting consumer protection
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