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Lee Kyung-min

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North Korea

North Korea continues to face tightest sanctions for money laundering

gettyimagesbankBy Lee Kyung-min North Korea will continue to remain under the “tightest” targeted sanctions over possible money-laundering and terrorism-financing risks, a global standard-setting body said Sunday.According to the Financial Services Commission (FSC), the Financial Action Task Force (FATF) called on its members Oct. 18 (local time) to apply effective counter-measures and sanctions in accordance with applicable United Nations Security Council resolutions. Founded in 1989, the FATF is an intergovernmental organization established on the initiative of the G7 to develop policies to combat money laundering. It identifies jurisdictions that have strategic deficiencies posing a risk to the international financial system and encourages greater compliance with international anti-money-laundering standards. “The FATF urges all jurisdictions to apply effective countermeasures, and targeted financial sanctions to protect their financial sectors from money laundering, financing of terrorism and weapons of mass destruction (WMD) proliferation financing risks emanat

Oct 20, 2019By Lee Kyung-min
North Korea continues to face tightest sanctions for money laundering
Banking & Finance

Banks seek to join hands with online influencers

Risabae, an online influencer and a spokesperson for Industrial Bank of Korea (IBK), promotes the bank's financial products. Youtube screen capture By Lee Kyung-min Korea's major banks are strengthening cooperation with online content creators to expand their customer bases. Many of them have teamed up with online influencers including YouTubers and those with a huge number of online followers. Bank employees appear in short promotional clips posted on the banks' social media platforms. KB Kookmin Bank hired Tuatusy, a famous YouTuber with over 710,000 subscribers, to promote its brand following an open competition of 12 “mega-influencers.”The content creator garnered the most votes from users of Liiv, the bank's online platform. “The channel features two toddlers and is very popular with young mothers and the public at large. Promoting financial products on the channel could help us boost brand recognition,” a KB official said.The state-run Industrial Bank of Korea

Oct 20, 2019By Lee Kyung-min
Banks seek to join hands with online influencers
Economy

NTS chief boosts cooperation with Bangladesh

National Tax Service (NTS) Commissioner Kim Hyun-jun, right, greets his Bangladesh counterpart Muhammad Mosharraf Hossain Bhuiyan at the NTS Seoul Regional Office on Wednesday. Courtesy of NTSBy Lee Kyung-min National Tax Service (NTS) Commissioner Kim Hyun-jun met his Bangladesh counterpart Muhammad Mosharraf Hossain Bhuiyan to share Korea's know-how and experience in the effective management of electronic tax administration, the tax agency said Thursday. The meeting was held at the NTS Seoul Regional Office on Wednesday. The two also discussed ways to strengthen bilateral ties and exchanges. “The South Asian country, with around a 7 percent year-on-year growth rate, is a major trading partner of Korea,” Kim said. “Over 290 Korean firms have invested there and 75 businesses are operating there. “We understand the authorities in Bangladesh have growing concerns over effective tax administration. We are happy to help.” The two countries will boost data sharing on suspected tax dodgers and their financial asset statements while helping businesses avoid dou

Oct 17, 2019By Lee Kyung-min
Economy

Biz opportunities in Africa

Hana Financial Investment CEO Lee Jin-kook, third from left, Africa-Korea Economic Development Association (AKEDA) CEO Kwon O-Kyu, fourth from left, and Angolan Ambassador to Korea Edgar Gaspar Martins, third from right, pose with officials from Hana and AKEDA at the brokerage's headquarters on Yeouido in Seoul, Oct. 17. Hana and AKEDA signed a memorandum of understanding to boost cooperation in sharing financial market information and economic development. Courtesy of Hana Financial Investment

Oct 17, 2019By Lee Kyung-min
Biz opportunities in Africa
Economy

KIC urged to boost partnership with asset managers

By Lee Kyung-min The Korea Investment Corp. (KIC) should strengthen its partnerships with competent global asset management companies to improve investment returns, experts said Tuesday. Various performance-based incentives should be strengthened to help asset managers stay motivated, and a consultancy review could be an option to boost organizational efficiency, they added.The recommendations come after the sovereign wealth fund underperformed its counterparts from advanced economies over the past five years. Data from Rep. Kim Song-sik of the minor opposition Bareunmirae Party showed the KIC's return on investment was minus 3.7 percent in 2018, second to last out of seven global wealth funds. Of them, Temasek Holdings of Singapore and Alaska Permanent Fund of the U.S. had a return rate of 12.2 percent and 10.7 percent in 2018, respectively.Australian Future Fund had 9.3 percent, Hong Kong Monetary Authority Investment Portfolio, 0.3 percent.Norges Bank Investment Management of Norway had a negative return of 6.1 percent while China Investment Corp., had a negative return of 2.4 per

Oct 16, 2019By Lee Kyung-min
KIC urged to boost partnership with asset managers
Economy

BOK cuts key rate to record low 1.25%

Bank of Korea (BOK) Governor Lee Ju-yeol answers questions from reporters at the BOK headquarters, Oct. 16. YonhapGovernor Lee keeps door open for further easingBy Lee Kyung-min The Bank of Korea (BOK) lowered its key interest rate by a quarter percentage point to a record-low 1.25 percent, Wednesday, citing sagging exports and weakening private consumption amid mounting uncertainties both at home and abroad. The central bank also left the door open for further easing in the coming months on growing fears over a global recession amid the deepening trade feud between the United States and China. The new rate is the lowest since June 2016.“Ongoing negative developments continue to weigh on the economy, notably exports and investment,” BOK Governor Lee Ju-yeol said at the press conference at the bank's headquarters in Seoul. “Dominated by growing uncertainty from negative developments here and around the world over the past few months, we judge that a 25 basis point rate cut was warranted,” he added. Despite the “rapid” 50 basis point cut over three

Oct 16, 2019By Lee Kyung-min
BOK cuts key rate to record low 1.25%
Economy

Financial firms urged to tighten monitoring on risky assets

gettyimagesbankBy Lee Kyung-min The Korea Institute of Finance (KIF) has called on financial firms to strengthen their monitoring of risky assets as rising corporate debt is emerging as the possible trigger of a new “black swan” event in the global financial market.A black swan event refers to an unpredictable occurrence that is beyond what is normally expected of a situation and has potentially major consequences.In response to an inquiry from Rep. Kim Song-sik of the minor opposition Bareunmirae Party, the economic think tank said proper and continued monitoring should be in place against local financial firms making risky investments involving leveraged loans extended to poor-credit companies or individuals that already have considerable amounts of debt. Also to be monitored are investments in collateralized loan obligations (CLO), with which investors make money if low-credit borrowers default on high-interest loans, emerging market treasuries and the real-estate market. “Investments in such risky assets may not see an immediate default risk amid the current low

Oct 14, 2019By Lee Kyung-min
Economy

Gov't to invest W2 tril. each year to bolster industrial competitiveness

Finance Minister Hong Nam-ki, second from left, speaks to reporters at a press conference about measures to boost industrial competitiveness of local parts, materials and equipment businesses, at the emergency parts and materials supply center run by the Ministry of Trade, Industry and Energy in Seoul, Friday. YonhapBy Lee Kyung-min Finance Minister Hong Nam-ki called for full legal, policy and financial support from both the private and public sectors to help boost competitiveness of local parts, materials and equipment businesses, Friday.This is part of a broader measure to counter the fallout from the ongoing trade feud with Japan.The government will make an annual investment of over 2 trillion won ($1.6 billion) over the next five years to stabilize supply of parts and materials needed to produce 100 key export goods including semiconductors and displays. The measures will focus on 20 goods deemed most vulnerable to external uncertainties and therefore needing immediate contingency plans against possible unforeseeable negative global developments. This will be supported by techno

Oct 11, 2019By Lee Kyung-min
Gov't to invest W2 tril. each year to bolster industrial competitiveness
Economy

Robot-advised funds outperform market

By Lee Kyung-min Robot-advised asset management with better-than-expected profit is emerging as a preferred alternative to risk-averse investors amid heightened volatility in the financial market, according to data and industry experts, Friday. Also referred to as robo-advisers, the class of financial advisers provide investment management online. Executed by mathematical rules or algorithms, these require only minimal to moderate human intervention. According to data from FnGuide, a financial information provider, 12 robot-advised funds have generated an average of 8.16 percent yield from Jan.1 to Oct. 1. This is over double the figure from the benchmark Korea Stock Price Index (KOSPI) 200 which jumped 4.75 percent in the same period. The handsome performance contrasts with the volatile stock market that underwent severe fluctuation amid the lingering uncertainties and negative developments of the global financial market. Separate data from KOSCOM, developer and operator of the core IT systems in the Korean capital market and financial investment industry, showed 35 products recomme

Oct 11, 2019By Lee Kyung-min
Robot-advised funds outperform market
Economy

Provincial economies suffer deepening slump

gettyimagesbankBy Lee Kyung-min Korea's southern regions, which have been reeling from stagnant shipbuilding, shipping and auto industries, are increasingly exposed to deflation risks as a fall in consumer prices has been coinciding with a fall in asset prices there for the past few months. The unsavory development in the regions came as the country saw consumer prices drop two months in a row, for the first time since 1965 when the statistics agency began compiling related data. The unprecedented situation is fanning worries over deflation, a decline in the general prices of goods and services. The regions ― Ulsan, North and South Gyeongsang provinces ― are home to major traditional manufacturing facilities, the once-significant growth driver of Asia's fourth-largest economy. Slowdown there, experts note, is an indication of how the rest of the country will be hit in the coming months amid a clear downturn. According to data from Statistics Korea and the Bank of Korea (BOK), consumer prices in Ulsan in September dropped 1 percent from the year before. In the same period, both South

Oct 10, 2019By Lee Kyung-min
Provincial economies suffer deepening slump
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