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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Economy

Life insurers roll out family-oriented products in May

KLIA Chairman Shin Yong-gil By Lee Kyung-min Life insurers are rushing to introduce wide-ranging products that strengthen family values in May ― the month of family, Sunday. Kyobo Life has rolled out insurance plans for children that cover eye conditions stemming from an excessive use of smartphones, a frequently observed problem among children as of late. It also covers various dental treatment costs including orthodontics, a form of dentistry that corrects crooked or misaligned teeth, a common problem among children.Mirae Asset Life has extended the coverage period for pregnant women to 47 in line with the current trend of women having babies later in life.The insurance plan that helps with medical expenses needed before, during and after pregnancy, strengthened more practical coverage involving obstetrics and gynecology (OB/GYN) treatment. Under insurance plans for the elderly introduced by Hanwha, Shinhan, Samsung and Orange Life, would-be subscribers can apply

May 5, 2019By Lee Kyung-min
Life insurers roll out family-oriented products in May
Economy

Salaried workers, self-employed poles apart on economy

By Lee Kyung-min Lee Jong-whan, 64, who runs a Korean food restaurant in northern Seoul, says every day is a challenge to keep his business afloat due to the hourly minimum wage hike and shorter work-week. Those are key economic policies of the Moon Jae-in administration defined by a near 30 percent increase in the hourly minimum wage over the past two years and a reduction in maximum working hours to 52 a week from 68.“My restaurant usually makes 600 million won ($512,820) a month, but this has gone down 30 percent over the past few months mostly due to increased labor costs,” said Lee, who has run the restaurant for 24 years. Left with few options, he has cut employees' working hours to avoid paying extra. “The minimum wage is set at 8,350 won, but with the extra that must be paid every week for the five working days, it well surpasses 10,000 won. If we don't pay this amount, we will be punished.”He said that after paying taxes, making 10 percent of monthly sales as net profit was considered “highly handsome,” which was rare for most eatery owner

May 5, 2019By Lee Kyung-min
Salaried workers, self-employed poles apart on economy
Banking & Finance

Financial leaders to thwart protectionism

Finance Minister Hong Nam-ki, right, and Bank of Korea Governor Lee Ju-yeol, second from right, pose for a photo with their Chinese and Japanese counterparts at the 19th trilateral Finance Ministers and Central Bank Governors' Meeting in Nadi, Fiji, May 2 (local time). Courtesy of Bank of KoreaBy Lee Kyung-min Finance ministers and central bank governors of Korea, China and Japan reiterated their firm commitment to fighting trade protectionism, a collective opinion that recognizes the challenging global trade environment, notably the ongoing U.S.-China trade dispute.“We will remain vigilant against the downside risks, and reaffirm our commitment to resisting all forms of protectionism, upholding an open and rule-based multilateral trade and investment system, and accelerating intra-regional trade and investment activities,” the leaders said in a joint statement at the 19th trilateral Finance Ministers and Central Bank Governors' Meeting in Nadi, Fiji, May 2 (local time). Finance Minister Hong Nam-ki and Bank of Korea Governor Lee Ju-yeol attended the meeting to exchange v

May 2, 2019By Lee Kyung-min
Financial leaders to thwart protectionism
Economy

KB Kookmin launches new customer review panel

KB Kookmin Bank CEO Hur Yin, second row sixth from left, makes a finger heart gesture with members of the customer review panel and bank officials at the bank's headquarters on Yeouido in Seoul, April 30. Courtesy of KB Kookmin BankBy Lee Kyung-min KB Kookmin Bank launched a sixth customer review panel, Tuesday, to improve customer service, it said Wednesday.At a ceremony held at the bank's headquarters on Yeouido in Seoul, April 30, 10 panel members shared ideas on ways to identify problems in areas that require short- to long-term improvements. The 10 panel members were selected after document reviews followed by interviews. The bank CEO Hur Yin met with the panel to express gratitude and personally deliver words of encouragement on how the bank is counting on their devoted support over the next six months. “The CEO told the panel that their honest, constructive criticism will help the bank become more attentive to customers' voices, ultimately strengthening our relationship with customers,” a KB official said. Task-specific projects will be assigned to each member inc

May 1, 2019By Lee Kyung-min
KB Kookmin launches new customer review panel
Banking & Finance

KEB Hana launches family-friendly events, products in May

A model holds a sign promoting family-related events in May organized by KEB Hana Bank, Wednesday. Courtesy of KEB Hana BankBy Lee Kyung-min KEB Hana Bank has introduced financial products and events that will help enrich family values in May, the month of family, it said Wednesday. The bank has a new installment savings account designed to help customers who seek a lump sum needed for family vacations.It can also help with large expenses needed for regular gatherings or special occasions including anniversaries and birthdays. The account, called “As I choose,” gives up to 2.3 percent annual interest rate including 1.8 percent guaranteed rate. A 0.5 percent prime rate will be offered to those who agree to have a certain amount of money deposited automatically in the account every month for over half of the preset holding period. The product can be purchased only through online channels, and monthly deposit amounts should not exceed 5 million won ($4,280).The account can be held for up to 60 months with the minimum holding period set for six months.The bank has also introd

May 1, 2019By Lee Kyung-min
KEB Hana launches family-friendly events, products in May
Others

Savings account for children

Children hold installment savings account books issued by Shinhan Bank at the bank's headquarters in Seoul, April 30. The new savings account introduced jointly by Shinhan and KidZania, a children's amusement park franchise, offers up to a 2.75 percent annual interest rate and a 35 percent discount on the park entrance fee. Courtesy of Shinhan Bank

May 1, 2019By Lee Kyung-min
Economy

Non-banking growth solidifies Shinhan's leadership

By Lee Kyung-min Shinhan Financial Group has solidified its leadership on the back of robust growth in its non-banking sector in the first quarter of 2019.Other financial groups, including KB Financial, are likely to accelerate efforts to diversify their business portfolios by more aggressively taking over insurers, brokerages and card companies.Shinhan, the nation's largest financial group by total assets and profit, posted a net profit of 918.4 billion won ($792 million) in the first three months of 2019, up 7.1 percent from a year ago. Of the total, about 40 percent, or 373.1 billion was derived from its non-banking subsidiaries including cards, investment, life insurance and asset management. This means Shinhan, by a substantial margin, has outperformed its competitor KB, whose non-banking income stood at 272.9 billion won, accounting for only 32 percent of the group's total net income of 845.7 billion won in the same period. Shinhan's solid earnings followed a successful acquisition of ING Life Korea, now Orange Life Insurance, from MBK Partners in 2018.The insurer, which posted

Apr 30, 2019By Lee Kyung-min
Non-banking growth solidifies Shinhan's leadership
Economy

KB chief strengthens communication with employees

KB Financial Group Chairman Yoon Jong-kyoo speaks with workers at a town hall meeting at the group headquarters on Yeouido, Seoul, April 29. Courtesy of KB Financial GroupBy Lee Kyung-min KB Financial Group Chairman Yoon Jong-kyoo is enhancing communication with lower-ranking workers to boost their morale and include young voices in the decision-making process. Yoon held a town hall meeting at the group headquarters on Yeouido, Seoul, April 29, with over 100 bank employees.At the event, he shared his vision, strategy and business priorities, followed by an impromptu question and answer (Q&A) session. Similar events will be held at the group's subsidiaries by the end of June, mostly at coffee shops and lounges, in a casual manner with attendees having snacks. Casual conversations will be held with the employees, allowing them to express their opinions freely, and discuss ways to reinforce a positive attitude towards maintaining a good work ethic. “The event is intended for an informal, casual get-together, during which Yoon will listen to workers' opinions regardless of thei

Apr 30, 2019By Lee Kyung-min
KB chief strengthens communication with employees
Economy

Park Bo-gum named as Shinhan's brand ambassador

Park Bo-gumBy Lee Kyung-min Shinhan Bank has named actor Park Bo-gum its new brand ambassador, the bank said Monday. Park, known for his genuine character, will help the bank improve its image through association with the young actor. Shinhan's new brand ambassador has a broad fan base ranging from teenagers to those in their 50s and 60s.“We thought Park would be able to represent our warm, truthful and customer-oriented financial service ― values we prioritize,” a Shinhan official said.Park will replace 11-member boy band Wanna One which helped the lender attract a great number of young customers to its financial products through its “young and hip” image, the bank said.Since the bank launched debit cards and account books featuring pictures of Wanna One members in March 2018, over 100,000 account books and cards have been issued. Shinhan said it expects Park will help the bank continue its popularity with young customers in their 20s and 30s. “We will soon shoot a new campaign promoting our online app SOL, fully exploring and capturing the actor's abil

Apr 29, 2019By Lee Kyung-min
Park Bo-gum named as Shinhan's brand ambassador
Economy

Nobel prize-winning economist optimistic about Korea's economy

Nobel prize-winning American economist Thomas Sargent speaks with The Korea Times in Seoul, Thursday.Economist calls for market-determined wage, beefing up R&DBy Lee Kyung-min Pessimism about the Korean economy has become dominant, with all indicators pointing to a downturn. Many economists are raising concerns that the country is slipping into a low growth trap with its twin engines of growth ― exports and domestic demand ― losing steam simultaneously.But a Nobel prize-winning American economist remains upbeat about Asia's fourth-largest economy citing its talent and innovative Korean firms.“I am very optimistic,” Thomas Sargent of New York University said in an interview with The Korea Times jointly held with its sister newspaper the Hankook Ilbo in Seoul, April 24.“The most important resource is people, who are hard-working. Koreans value and respect education, higher education. It might be one of the most highly educated populations in the world,” he said. “I taught Korean students at Seoul National University (SNU). I have friends and colleagues

Apr 28, 2019By Lee Kyung-min
Nobel prize-winning economist optimistic about Korea's economy
  • Korea's economy unexpectedly contracts in Q1, worst in decade
  • BOK chief calls on gov't to encourage corporate investment
  • Think tanks rush to cut Korea's growth outlook
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