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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Regulations stunt business growth in Korea

Gov't urged to implement rules following international standardsBy Lee Kyung-min President Moon Jae-in has vowed to reduce red tape since his inauguration but regulations still remain a major stumbling block for Korean companies to pursue growth and innovation.Both domestic and foreign businesses operating here are showing frustration as excessive regulations are preventing them from finding new opportunities in a rapidly-changing market environment, experts and industry officials said Thursday. They said the business environment, notably deteriorating after the rapid hike in the minimum wage and reduced workweek, is set to take a turn for the worse due to the continued left-leaning, anti-business policies, which many claim are skewed toward “fairness” rather than “effectiveness.”“Most of the small and medium-sized enterprises (SMEs) do not want to grow because they know that growth will make their businesses more difficult to manage due to regulations,” Yoo Jung-joo, corporate innovation team head at the Korea Economic Research Institute (KERI) sa

Sep 5, 2019By Lee Kyung-min
Regulations stunt business growth in Korea
Economy

Samsung Card rolls out 3 V3 Card

Image of 3 V3 Card Courtesy of Samsung CardBy Lee Kyung-min Samsung Card has rolled out a credit card that will best suit the consumption patterns of men in their 30s and 40s, the firm said Thursday. The 3 V3 Card offers discounts on gas at SK Energy or GS Caltex ― 60 won ($0.05) per liter during weekdays and 100 won during weekends. Discounts up to 5 percent will be given for orders made during weekends via a food delivery app, and 3 percent for orders made weekdays. Payment of taxi fares, and at certain coffee houses and convenience stores will be given discounts between 3 percent and 5 percent. A 5,000 won monthly discount will be given for movie tickets and discounts between 30 percent and 50 percent at amusement parks and water parks. A 1 percent discount will be given on purchases made overseas. Cardholders can also enjoy discounts up to 2,000 won at one of five places ― retail stores, golf courses, online bookstores, chauffeur services and portable Wi-Fi.

Sep 5, 2019By Lee Kyung-min
Samsung Card rolls out 3 V3 Card
Economy

For investment in North America

Samsung Securities CEO Chang Seok-hoon, center, poses with Claude Bergeron, left, and Emmanuel Jaclot, two senior executives at Caisse de Depot et Placement du Quebec (CDPQ) after signing a memorandum of understanding (MOU) at the CDPQ Montreal office in Canada, Sept. 3 (local time). The two firms agreed to boost cooperation in seeking joint investment opportunities for Korean institutional investors in North America and Europe. CDPQ, one of the world's largest institutional investors, specializes in real estate, private equity and infrastructure investments. Courtesy of Samsung Securities

Sep 4, 2019By Lee Kyung-min
For investment in North America
Banking & Finance

Korean banks seek expansion in Myanmar

Export-Import Bank of Korea (Eximbank) Deputy President Kang Seung-joong, center, poses with Eximbank Economic Development Cooperation Fund (EDCF) Operations Director General Um Sung-yong, left, and ranking officials from Myanmar's construction and finance ministries in Naypyitaw, Myanmar, Sept. 3. Courtesy of EximbankBy Lee Kyung-minA group of CEOs from Korea's leading commercial and state-run banks are stepping up efforts to expand in Myanmar, one of many untapped markets in Southeast Asia known for its huge growth potential. They are part of President Moon Jae-in's delegation to Myanmar, a viable alternative to the Chinese market. Those accompanying Moon include Shinhan Bank CEO Jin Ok-dong, KB Kookmin Bank CEO Hur Yin, KEB Hana Bank CEO Ji Sung-kyoo, Woori Financial Group Chairman Sohn Tae-seung, Industrial Bank of Korea (IBK) CEO Kim Do-jin and Korea Federation of Banks (KFB) Chairman Kim Tae-young. KFB CEO Kim signed a memorandum of understanding (MOU) with his counterpart in Myanmar on Sept. 4 to boost the Financial Knowledge Sharing Program, a personnel exchange program to bo

Sep 4, 2019By Lee Kyung-min
Economy

Specter of deflation looming larger

―Consumer prices decline for 1st time in history―By Lee Kyung-min Concerns about deflation ― a decline in the general prices of goods and services ― are growing fast, with consumer prices falling for the first time in the country's history amid an economic slowdown. Experts said the Korean economy is entering an initial phase of deflation, warning that it could follow in the footsteps of Japan, which has suffered a decades-long deflationary malaise, unless the government takes necessary measures to forestall itAccording to data released by Statistics Korea, Tuesday, the Consumer Price Index (CPI) stood at 104.81 in August, down 0.04 percent from 104.85 a year earlier.This is the first time consumer price growth rate has dropped below zero since 1965 when the statistics agency began compiling related data. The decline came after the growth rate had stayed below the 1 percent threshold for eight consecutive months since January. “Deflation has practically begun,” Sung Tae-yoon, an economist at Yonsei University, said. “The average Korean people may feel that consumer

Sep 3, 2019By Lee Kyung-min
Specter of deflation looming larger
Economy

Boosting ties with Thailand

Korea Federation of Banks (KFB) Chairman and CEO Kim Tae-young, second from left, holds an MOU with Thai Bankers' Association (TBA) Chairman Predee Daochai, alongside officials from the Korea Development Bank and the TBA in Bangkok, Thailand, Sept. 3. The two sides agreed to boost cooperation and exchanges in the financial sector. Courtesy of KFB

Sep 3, 2019By Lee Kyung-min
Economy

Hana Financial launches GLN service in Thailand

KEB Hana Bank Deputy President and Chief Future Innovation Officer Han Jun-seong, second from left, and Auraratana Jutimitta, second from right, vice president of Siam Commercial Bank (SCB) in charge of retail business, hold a memorandum of understanding at the SCB headquarters in Bangkok, Thailand, Aug. 30. Courtesy of KEB Hana BankBy Lee Kyung-min Hana Financial Group has launched a mobile payment service app in Thailand, becoming the first Korean firm to provide easy and fast payment via a mobile phone, the company said Monday. The payment service launched in cooperation with Siam Commercial Bank (SCB), one of the largest commercial banks there, operates on Hana's Global Loyalty Network (GLN). GLN is a digital platform set up using blockchain-based technology that enables customers to make digital transactions regardless of their location via the decentralized system. The integrated platform network allows financial services firms, retailers and card point management firms to use shared digital platforms to exchange digitally convertible commodities including points and mileage. C

Sep 2, 2019By Lee Kyung-min
Economy

Moon's 'patriotic fund' gains popularity

President Moon listens to a bank employee before signing an investment agreement document for a private equity fund set up to nurture local parts and materials exporters at NongHyup Bank's headquarters in Seoul, Aug. 26. YonhapBy Lee Kyung-min A private equity fund set up to help nurture local parts and materials exporters amid trade feud with Japan continues to draw individual investors after President Moon Jae-in signed up for the fund a week ago, data showed Sunday. The so-called patriotic fund set up by NH-Amundi Asset Management, a joint venture between NH Financial Group and French financial group Credit Agricole, has raised over 40 billion won ($33 million) as of Aug. 29.Apart from 30 billion won put up by subsidiaries of NH Financial, individual investors have invested over 10 billion won in about two weeks since the product was launched Aug. 14. The investment amount rapidly increased after President Moon invested in the fund Aug. 26. During a meeting at NongHyup Bank's headquarters in Seoul with officials from the bank and the financial group, President Moon said boosting t

Sep 1, 2019By Lee Kyung-min
Economy

Japan trade feud dampens business confidence

By Lee Kyung-min Business confidence has plunged to a six-month low following escalating Korea-Japan trade tensions compounded by the prolonged economic slowdown, a central bank report showed Thursday. According to the Bank of Korea (BOK), the Business Survey Index (BSI) for all industrial sectors stood at 69 in August, down 4 points from a month earlier. The figure is the lowest in six months since February. A reading below 100 means pessimists outnumber optimists. By industry, the index for manufacturers fell by 5 points to 68 from a month earlier, a greater loss compared to the non-manufacturing sector that saw a 2-point decline in the same period. The index for the electronics sector comprising the semiconductor business plunged by 11 points to 72 in August from the prior month's 83, driving the downward trend in the manufacturing industry.This is taken as a strong indication that Asia's fourth-largest economy has begun to feel the pinch following Japan's export restrictions on key materials needed for the production of semiconductors and LCD displays. “While we cannot say

Aug 29, 2019By Lee Kyung-min
Japan trade feud dampens business confidence
Banking & Finance

Shinhan Card issues ESG bonds

Shinhan Card CEO Lim Young-jinBy Lee Kyung-min Shinhan Card issued 100 billion won ($82.4 million) of ESG bonds in cooperation with SK securities, the firm said Wednesday. An ESG bond is a type of debt offering aimed at financing corporate activities in environmental and social responsibility and governance improvement. The funds will be used to help the underprivileged and for job creation and eco-friendly initiatives including green energy sources development, the firm said. The bonds have an average maturity date of 4.6 years and carry a coupon rate of 1.4 percent.Shinhan Card is the second subsidiary of Shinhan Financial Group to issue ESG bonds, following Shinhan Bank. The bank issued $500 million of the bonds on July 30. The aggressive move to issue ESG bonds is part of efforts to boost eco-friendly projects apart from healthy management of the group's financials. This is a major initiative of the group's Chairman Cho Yong-byoung, whose priority is on inclusive growth.“The funds will help us with continued, sustainable growth,” a Shinhan Card official said.

Aug 28, 2019By Lee Kyung-min
Shinhan Card issues ESG bonds
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