Lee Kyung-min
Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
Read more
NTS to delay tax probes for small firms hit by Japan measures
National Tax Service (NTS) Assistant Commissioner for Corporation Taxation Yim Seong-bin speaks at a press briefing at the NTS building in Sejong, Aug. 5. Courtesy of NTS By Lee Kyung-min The National Tax Service (NTS) said Monday that it will help small- and medium-sized enterprises (SMEs) affected by Japan's export restrictions by postponing its audits and extending payment deadlines on various taxes.The announcement came after Japan decided Friday to remove Korea from its “whitelist,” under which Korea will no longer be among 27 nations that enjoy preferential treatment on exports of nearly 1,200 items from Japan. Eligible for the measures are materials and parts importers, not merchants that suffered due to the “boycott Japan movement.” The NTS said it has set up an emergency tax support body, comprised of officials from 125 tax offices nationwide under respective supervision of seven NTS regional offices. Domestic firms with annual sales of less than 150 billi
Concert for young customers
KB Kookmin Bank CEO Hur Yin, back row second from left, promotes his bank's online platform Liiv with bank employees in front of Jamsil Olympic Stadium in southern Seoul, Aug. 3, following the 2019 Liiv Concert attended by over 10,000 people. Courtesy of KB Kookmin Bank
Kakao Pay tops mobile payment app ranking
KakaoPay CEO Ryu Young-joon / Korea Times fileBy Lee Kyung-min Kakao Pay, a mobile payment and digital wallet service by Kakao Corp., received the best customer satisfaction reviews among six mobile payment service providers in Korea, a government survey showed Friday. The Korea Consumer Agency (KCA) survey released Aug. 2 showed Kakao Pay received the best reviews among the six service providers. The remaining five were 11 Pay (currently SK Pay), SSG Pay, Naver Pay, Samsung Pay and Payco. The review criteria included service quality, service characteristics and likability. The study was conducted between May 13 and 19 on 1,200 service users. Regarding the overall satisfaction rate, on a scale of one to five, Kakao Pay scored 3.94, followed by 11 Pay and Samsung Pay (3.92) Payco (3.9) and SSG Pay (3.78).Kakao Pay was top-rated for its likability scoring 3.83, followed by Samsung Pay (3.77), Payco (3.76), Naver Pay (3.74) and SSG Pay (3.7).Samsung Pay received the best reviews for service quality scoring 4, followed by Kakao Pay (3.99), 11 Pay (3.95), Naver Pay (3.92), Payco (3.9) SSG
Consumers welcome insurance policy revision
By Lee Kyung-min Kim Sun-young, a 32-year-old office worker, is considering whether to increase her insurance payments to cover dementia for her parents after news reports that monthly premiums will decrease by around 3 percent and reimbursements following cancellation of policies will be larger. “My parents are nearing the age of 65, a point where they are at greater risk of dementia,” Kim said. “Some people I know told me that once they are diagnosed with the age-prone condition, it will be nearly impossible to care for them without a full-time helper, not to mention the expensive cost. I think it may not be such a bad choice to increase my subscription payments now that premiums will be lowered, albeit a little,” Kim said. Her decision comes after the Financial Services Commission (FSC) outlined a comprehensive insurance policy revision plan Aug 1. Under the measure, the government has put a ceiling on the commissions taken by general agency officials, the performance-based, insurers-hired marketers that have thus far charged up to 17 times the monthly prem
Education for disabled children
Children with developmental disabilities, their parents and officials from Shinhan Dream Foundation pose for a photo at Shinhan Bank headquarters in Seoul, Aug. 2. Over 60 people participated in the two-day program organized by the foundation to help the children learn software programming skills including coding. Courtesy of Shinhan Dream Foundation
BOK gains room for additional rate cut
Bank of Korea Governor Lee Ju-yeol answers reporters' questions at the bank in Seoul, Thursday. YonhapBy Lee Kyung-min The Bank of Korea is expected to again lower its base rate in the latter half of 2019, a measure that can be more easily pursued following the U.S. Federal Reserve's rate cut Wednesday.The U.S. Federal Reserve's policy-setting Federal Open Market Committee (FOMC) lowered its benchmark rate 25 basis points to a range of 2 percent to 2.25 percent, which the market viewed an insurance policy rather than a recognition of economic weakness.“The FOMC decision was expected,” Bank of Korea Governor Lee Ju-yeol said Thursday. “But Fed Chairman Jerome Powell's remarks are less accommodative than the market expected. Short-term rate soaring and stock market crashing were reflections of such an expectation,” he added. The Fed's rate, the first in more than a decade, was largely in line with expectations, although some observers had anticipated a 50 basis points cut. Powell said the cut was simply a “mid-cycle adjustment,” and the committee did
Loans for SMEs
A model holds a sign promoting a newly launched loan by Shinhan Bank for small- and medium-sized enterprises (SMEs) that sell parts or materials, July 31. SMEs whose profits decrease due to Japan's restriction on key materials needed for Korea to make semiconductors will be offered a preferred rate of 0.3 percent in addition to the currently offered 0.5 percent rate. Courtesy of Shinhan Bank
No. of top listed firms drops 7% in July
By Lee Kyung-min The number of listed firms with over a 1 trillion won ($845 million) market capitalization decreased by 7 percent in July from a month earlier, amid weak investment sentiment further dampened by the fresh trade dispute between Korea and Japan, data showed Wednesday. According to the Korea Exchange (KRX), firms with over 1 trillion won listed on the benchmark KOSPI decreased to 163 in July, down from 170 in June. Those listed on the secondary tech-heavy Kosdaq decreased to 23 in July, down from 28. The total market capitalization of the KOSPI-listed firms stood at around 1,202 trillion won, down 56.7 trillion won, whole those listed on the Kosdaq slid to 43.9 trillion won, down 8.5 trillion won. The drop ― both in the number of firms and their market cap ― was the fastest since October 2018, when the trade feud between the U.S.-China began to grip investors. The figures saw improvements in the months after, mostly due to expectations that the world's two largest economies would seek a truce, not outright measures that would hurt the global trade. However, stocks large