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Lee Kyung-min

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Economy

NongHyup seeks digitally savvy talent

By Lee Kyung-min NongHyup Financial Group Chairman Kim Gwang-soo NongHyup Financial Group said Sunday that it has revised hiring requirements to give more weight to jobseekers with “digital capabilities,” a key component to thriving in the financial industry. ?Qualities to be valued include digital communication, participation, collaboration and problem solving.Learning, teaching?and?assessment, as well as research and innovation through digital platforms and resources, will be highly appreciated, it added.Job applicants will be required to state personal achievements involving digitally challenging situations and what they had learned and how they can incorporate such experiences in carrying out financial tasks at the bank.Those shortlisted will be screened by IT experts following further in-depth interviews and discussions.“Corporate competitiveness in the digital sector is crucial, so much so that it will determine the survival of the group,” group Chairman Kim

Mar 10, 2019By Lee Kyung-min
NongHyup seeks digitally savvy talent
Others

Family-friendly bank

Outgoing KEB Hana Bank CEO Ham Young-joo, center, and his successor Ji Sung-kyoo, second from left, pose for a photo at an event celebrating the opening of a daycare center run by Hana Financial Group at the bank's headquarters in Myeongdong, Seoul, March 8. Courtesy of KEB Hana Bank

Mar 10, 2019By Lee Kyung-min
Economy

'Headstrong' unions drag down economy

Labor market rigidity undermines productivityBy Lee Kyung-min Militant unions have become a major stumbling block for the Korean economy as they have increased labor market rigidity thereby undermining overall productivity. Given that economic growth is a function of labor force growth and productivity, falling productivity, without fundamental changes, will become the Achilles Hill for Asia's fourth-largest economy together with its low birthrate, according to experts.“This is a very serious issue for Korea,” Sohn Sung-won, an economics professor at California State University-Channel Islands, said in an email interview.“We are well aware of the demographic trend in Korea. Productivity will determine how prosperous the Korean economy will be in the future,” he added. “Unfortunately, productivity growth has been decelerating, a worrisome omen for the economy.”An incident that took place at Hyundai Motor a year ago illustrates how a militant union can hamper productivity and drag down Korea's corporate competitiveness. A group of union workers at th

Mar 8, 2019By Lee Kyung-min
'Headstrong' unions drag down economy
Economy

'More Herculean effort needed' to revive economy

Sohn Sung-wonBy Lee Kyung-min South Korea must put a top priority on tackling two urgent issues ― its declining productivity and population ― to prevent its economy from slipping into a structural low growth trap, Sohn Sung-won, an economics professor at California State University-Channel Islands, said Thursday.To that end, he called for the country to make a “Herculean” effort to push for regulatory reforms while introducing more technical education programs.He said that the fast-falling labor productivity is all the more grave cause for concern given it is a major component of economic growth alongside the workforce and capital.“Unfortunately, (Korea's) productivity growth has been decelerating, a worrisome omen for the economy. We are well aware of the demographic trend in Korea,” Sohn told The Korea Times via email.The assessment followed a recent study published by the Korea Economic Research Institute (KERI) which said Korea's per-person productivity grew only 2.8 percent year-on-year between 2010 and 2017. Korea came in 28th out of 41 countries. Labor

Mar 7, 2019By Lee Kyung-min
'More Herculean effort needed' to revive economy
Others

Fostering startups

Heads of 10 Korean startups and senior officials of the Korea Securities Depository (KSD) pose after participating in the 2019 Our Crowd Global Investor Summit in Orient Jerusalem, Israel, March 6 (local time). The KSD set up and ran the Korea Pavilion during the summit to support the startups' PR and marketing activities. Courtesy of Korea Securities Depository

Mar 7, 2019By Lee Kyung-min
Fostering startups
Economy

NTS audits 95 suspected tax dodgers

The National Tax Service's main office in Seoul / Korea Times fileBy Lee Kyung-min The National Tax Service (NTS) said Thursday it has launched audits of 95 wealthy people suspected of dodging taxes. The tax agency will file a criminal complaint against those who failed to pay the amount of taxes due based on their incomes and assets.The findings may be referred to the Fair Trade Commission (FTC) or prosecution if they are found to have engaged in embezzlement, accounting fraud or breach of trust as well as activities that undermine the principles of fair competition. The move is part of efforts to identify individuals and their families with high incomes or assets including property, stocks or high-priced valuables. They have managed to avoid the tax authorities' scrutiny mainly because efforts thus far have been devoted to identifying irregularities involving “chaebol,” or family-run conglomerates. Of the total, 37 are operators of mid-sized enterprises, and 10 are owners of expensive properties including those with high income derived from monthly rent. The remaining 4

Mar 7, 2019By Lee Kyung-min
NTS audits 95 suspected tax dodgers
North Korea

INTERVIEW Sanctions relief unlikely to revive North Korea economy

By Lee Kyung-min Even if all sanctions were lifted, North Korea's economy would remain in “bad shape” without further reforms, according to a Washington-based North Korea expert. Bill BrownDe-collectivization coupled with the selling of state assets to rich North Koreans should be the two-pronged approach taken in reforming the North's crippled economy, Bill Brown, an adjunct professor at Georgetown University School of Foreign Service, said in an email interview.His remarks came a week after a second summit between U.S. President Donald Trump and North Korean leader Kim Jong-un broke down over disagreements on sanctions. De-collectivization, which recognizes the advantages and greater role of markets, will help speed up individual contracts, thereby leading to a market economy ruled by supply and demand, with the desired outcome of rapid economic growth, he said.Currently, under the collectivization system, the rural population is guaranteed a secure but low level of subsistence. Brown expressed hope that the North would promptly de-collectivize as China did 30 years ago

Mar 6, 2019By Lee Kyung-min
[INTERVIEW] Sanctions relief unlikely to revive North Korea economy
Economy

Korean banks face setback in 2019

gettyimagesbankGlobal IBs warn against heavy reliance on interest incomeBy Lee Kyung-min Major banks here are expected to undergo tough years ahead due to growing downside risks to sales and earnings caused by their heavy reliance on interest income and their weak non-banking sectors, global investment banks forecast Monday.Against this backdrop, the investment banks called for the lenders to ramp up efforts to strengthen these sectors through mergers and acquisitions (M&As) while expanding overseas businesses as a means to boost profit and diversify risk management over the long term. The prediction was based on the Korea Center for International Finance's (KCIF) analysis on recent reports released by several investment powerhouses, including Bank of America Merrill Lynch (BAML), Citi Research, J.P. Morgan, S&P Global Ratings, Moody's Investors Service and Nomura.“Considering the headwinds from a macro slowdown and muted benefits from rising rates, we prefer banks with inorganic growth opportunities, which would lead to greater top-line growth and earnings diversificat

Mar 5, 2019By Lee Kyung-min
Korean banks face setback in 2019
Economy

Korea's per capita income surpasses $30,000

GDP grows at slowest pace in 6 years in 2018By Lee Kyung-min Korea's per capita gross national income (GNI) surpassed $30,000 for the first time in 2018, 12 years after the figure first surpassed $20,000 in 2006.The Bank of Korea (BOK) said Tuesday that the GNI reached $31,349 last year, up 5.4 percent from the previous year. The central bank forecast that Korea will be able to see the figure reach $40,000 in less than a decade if Asia's fourth-largest economy continues to sustain growth similar to the potential growth rate when excluding variables, such as foreign exchange rates.GNI per capita surpassing $30,000 is largely considered here as an indication that a country has become an advanced economy.The U.S. GNI was $61,247 in 2018, followed by Australia at $55,932, the Netherlands' $48,954, Germany at $45,923 and Japan, 39,561, according to United Nations data provided by the BOK.The central bank stated that in order for Korea to achieve $40,000 per capita GNI, many issues need to be taken into consideration. “With strong economic fundamentals as a basis for setting prioriti

Mar 5, 2019By Lee Kyung-min
Korea's per capita income surpasses $30,000
Others

Like a ball

Passersby point at a new banner with a poem set up on the outer wall of Kyobo Life Insurance's headquarters in Gwanghwamun, Seoul, March 4. The poem is about having an indomitable spirit like a ball that always bounces back whenever it hits the ground. Courtesy of Kyobo Life Insurance

Mar 4, 2019By Lee Kyung-min
Like a ball
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