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Lee Kyung-min

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Economy

Korea should brace for EU-led global recession

GettyimagesbankBy Lee Kyung-min Korea should brace for a eurozone (EU)-triggered global economic slowdown that may develop into a full-blown recession, according to global experts, Sunday. They said that if the eurozone downturn coincides with China's slowdown and trade confrontations between the U.S. and China, it will come as a perfect storm for the Korean economy.They expect that chances of a global recession are growing and this time it could originate from the eurozone as the EU economy, including Germany, is reeling from multiple downside risks.“The chances of a global recession are higher now than in any previous recent year,” said Antonio Fatas, economics professor at INSEAD.He said a global recession could start in Europe. “In Europe we have a slowdown in some economies and some large risks ― Brexit and Italy,” he said.But he sees risk everywhere, citing the U.S.' low unemployment rate.“The risk is not only in Europe. The U.S. economy is coming to the end of a long expansion phase. Typically once it reaches these low levels, it goes quickly into

Feb 17, 2019By Lee Kyung-min
Korea should brace for EU-led global recession
Economy

Insurers urged to seek opportunities in NK

GettyimagesbankBy Lee Kyung-min Non-life insurance firms in South Korea should explore ways to seek business opportunities with their North Korean counterparts, as the isolationist regime is showing growing signs of embracing an open market economy, an expert said Sunday. In a paper published by the Korea Institute of Finance (KIF), its author Park Hae-sik said the non-life insurance industry in the North would be a market with great potential for growth if international sanctions on North Korea are lifted. “Considering the possibility that North Korea can have its economy open and see the market economy set in at a rapid pace, the country has much room for growth. Local firms should seek measures to capitalize on the rare opportunity for growth,” he said.The remarks were made in response to the establishment of insurance and reinsurance firms between August 2016 and October 2017, which is seen as a gradual yet firm move by North Korea toward an open market economy.It set up Polestar Insurance Company, specializing in coverage against fire damage, technology, agriculture

Feb 17, 2019By Lee Kyung-min
Insurers urged to seek opportunities in NK
Economy

Competition intensifies in SME lending market

By Lee Kyung-min Competition is becoming fiercer among Korea's major banks in the small- and medium-sized enterprises (SME) lending market, after the government toughened rules on loans to households to curb property speculation.According to data from the “Big Four” ― KB Kookmin, Shinhan, Woori, KEB Hana ― they have increased their lending to SMEs significantly to secure new revenue streams. KB Kookmin increased the amount to 98.3 trillion won from 89.6 trillion won, while Shinhan lent 85.7 trillion won, up from 78.7 trillion won. /That of Woori jumped to 77.3 trillion won from 73.1 trillion won, while for KEB Hana it was to 77.5 trillion won from 71.1 trillion won. The Moon Jae-in administration's anti-speculation measures, including stricter lending and heavier taxes, put them in a strained position as many of their would-be customers are now unable to borrow as much money to buy homes they don't live in for short-term gain. The competition triggered by the government policy is expected to worry the state-run Industrial Bank of Korea (IBK) which has SMEs as a firm custo

Feb 14, 2019By Lee Kyung-min
Competition intensifies in SME lending market
Economy

IBK has Midas touch in film industry

Industrial Bank of Korea CEO Kim Do-jinBy Lee Kyung-min The Industrial Bank of Korea (IBK) is emerging as having the Midas touch in the film industry, as it has enjoyed a series of successes with its investments in domestic films.The state-run lender is drawing attention after the latest movie “Extreme Job” became a mega-success attracting more than 13 million people to the cinema, which is estimated to bring the bank around a 200 percent gain from its 800 million won ($710,000) investment.According to the Korea Film Council (KOFIC), 13.24 million people have seen the movie as of Feb. 13, less than a month after it hit the box office, Jan. 23. A movie poster of Extreme JobGiven the break-even point of the movie was 2.4 million, the investment is seen as a resounding success. IBK has put up a combined 790 million won, 700 million won in direct investment and 90 million won in indirect. The amount is the second largest following CJ E&M, the main investor and distributor of the movie. IBK's successful investment portfolio includes a 2 billion won investment in “Alo

Feb 14, 2019By Lee Kyung-min
IBK has Midas touch in film industry
Economy

Bithumb seeks business expansion in Middle East

By Lee Kyung-min Korea's leading cryptocurrency exchange Bithumb will form a joint venture in the United Arab Emirates (UAE) to operate the new cryptocurrency exchange platform, the firm said Wednesday.The move is part of its efforts to expand its business into the promising Middle Eastern market.Bithumb said it signed an agreement recently with N-velop, a venture firm in Abu Dhabi, seeking to become the first exchange that deals “fiat currency,” money that does not have intrinsic value but is recognized or accepted as a form of legal tender through government regulation. “We hope the joint project will help us make a foray into the Middle East as well as North African region, areas that have great potential for growth and market expansion,” a Bithumb official said.“This will also help us diversify our business portfolio overseas which in turn will help us establish business involving cryptocurrency and blockchain technologies.”The move is expected to gain momentum following the regulatory framework established by the financial authorities there, i

Feb 13, 2019By Lee Kyung-min
Bithumb seeks business expansion in Middle East
Others

Happy Valentine's Day

Models hold chocolate and macaron gift sets at Hyundai Department Store, Seoul, Feb. 12 ahead of Valentine's Day. 14. Yonhap

Feb 12, 2019By Lee Kyung-min
Happy Valentine's Day
Economy

Ex-official to lead Shinhan Life Insurance

By Lee Kyung-min Shinhan Life Insurance will recommend Korea Insurance Development Institute head Sung Dae-kyu as its new CEO, according to the firm's holding company.The nomination came after Cheong Mun-kuk, a nominee selected earlier, expressed his wish to remain with his current firm Orange Life, Shinhan Financial Group said Tuesday. Sung will take office in late March if his appointment is approved at a shareholders' meeting of the group. Known as an expert in the insurance industry, Sung has 22 years of experience as a Financial Services Commission (FSC) official specializing in a wide range of insurance-related matters. “Sung is expected to be a great asset for the group which is in need of an expert following a merger between the life insurance subsidiary and Orange Life,” a Shinhan Financial Group official said. Sung Dae-kyu“He will play a vital role to strengthen our life insurance sector with his years of experience as a high-ranking public official. His contribution will help created synergy between the two separate entities that need a smooth transition

Feb 12, 2019By Lee Kyung-min
Ex-official to lead Shinhan Life Insurance
Economy

Cheering up exporters

Finance Minister Hong Nam-ki, right, offers words of support to workers at a factory in Namdong Industrial Complex in Incheon, Feb. 4. He visited the complex, housing many small exporters, to express his gratitude to employees working during the Lunar New Year holiday. Yonhap

Feb 11, 2019By Lee Kyung-min
Cheering up exporters
Economy

FX reserves hit record high

An official from KEB Hana Bank inspects U.S. $100 bills at the bank's headquarters in Seoul, Jan. 8. According to the Bank of Korea, Korea's foreign exchange reserves hit a record high of $455 billion in January, up $1.82 billion from the previous month. Yonhap

Feb 11, 2019By Lee Kyung-min
FX reserves hit record high
Economy

Kookmin CEO to visit Southeast Asian countries

KB Kookmin Bank CEO Hur YinBy Lee Kyung-min KB Kookmin Bank CEO Hur Yin will be taking an eight-day trip to South East Asian countries to check on moves for the bank's overseas expansion, KB said Friday. Hur will leave for Indonesia Feb. 14, and will then visit India and Vietnam before returning home Feb. 21. “The primary focus of the visit is to make sure our business plans in the key areas are proceeding without any problems,” a KB official said. His trip comes about six months after KB acquired a 22 percent stake in Bank Bukopin in Indonesia and became its second-largest shareholder.KB signed an agreement in June 2018 to purchase new shares issued by the Indonesian bank, which was approved by the country's financial authorities.“A number of visiting senior officials are seeking various ways to boost cooperation with local officials. We will set up a mid- to long-term strategy for effective management there,” the official added. The expansion in Indonesia will help the bank establish a stronger presence in other Southeast Asian countries nations, including C

Feb 11, 2019By Lee Kyung-min
Kookmin CEO to visit Southeast Asian countries
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