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Lee Kyung-min

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Economy

Kim named as first female executive at Eximbank

Kim Kyung-jaBy Lee Kyung-min Kim Kyung-ja, 55, currently director of the credit screening and evaluation department at the Export-Import Bank of Korea (Eximbank), has been promoted to become its first-ever female executive.The state-run bank said Thursday that it appointed Kim to lead a key division that manages screening and credit assessment for small- and medium-sized enterprises (SMEs). This is the first time for the Eximbank to name a woman to an executive position since the bank was established in 1976. “Kim was appointed through an open, fair and transparent screening procedure. We will continue to appoint qualified people that meet our standards of professionalism, leadership, communication, and ethics and morals,” a bank official said. Kim's expertise mostly involves overseas business management and credit analysis and assessment of companies. She graduated from Yonsei University where she also earned a master's degree in environmental science. She will begin work following a regular reshuffle, Jan. 14. Kim is among a growing number of women appointed as a CEO or

Jan 10, 2019By Lee Kyung-min
Kim named as first female executive at Eximbank
Economy

Dovish Fed gives more leeway to BOK

BOK Governor Lee Ju-yeolSluggish exports, job raise possibility of rate cutsBy Lee Kyung-min The Bank of Korea (BOK) is expected to have greater leeway in its key rate decision, following a dovish remark made by the U.S. Federal Reserve Chairman Jerome Powell over the weekend.There are many variables the BOK should take into consideration but the U.S. rate hike is seen as one the most critical factors that affect the course of Korea's monetary policy.“With the muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves,” Powell said during a panel discussion at the American Economic Association annual meeting in Atlanta, Georgia, Jan 4 (local time). “We're always prepared to shift the stance of policy and to shift it significantly if necessary.” The remarks came after a recent plunge in the U.S. stock market which drew criticism from the U.S. President Donald Trump who blamed Powell for “hurting the economy.”Powell's dovish comments came a few days after BOK Governor Lee Ju-yeol said Jan. 2 that

Jan 9, 2019By Lee Kyung-min
Dovish Fed gives more leeway to BOK
Economy

New Shinhan Life CEO faces tall task

Cheong Mun-kukBy Lee Kyung-min Newly appointed Shinhan Life Insurance CEO Cheong Mun-kuk will face a tall order to manage post-merger integration between Shinhan and Orange Life, as the union vehemently opposes his appointment.Cheong, currently CEO of Orange Life, is to take office in March once his appointment is approved at the shareholders' meeting. He is set to become the first Shinhan subsidiary CEO who has not served as an executive at the financial group. Known as a restructuring expert, Cheong is widely expected to launch an aggressive integration drive involving a substantial workforce reduction.Union workers at Shinhan Life said they will continue to protest against any actions Cheong claims are for “corporate restructuring.” A rally organized by up to 25 workers is ongoing in front of the headquarters of Shinhan Life and Shinhan Financial Group during morning hours when employees go to work. “We will continue to voice our shared concerns to protest what could shatter our livelihoods in the coming months,” You Jung-sig, the leader of union workers at

Jan 9, 2019By Lee Kyung-min
New Shinhan Life CEO faces tall task
Others

Volunteer work in Cambodia

Workers from Prudential Life Insurance Company of Korea and their children raise their fists before boarding a plane bound for Cambodia at Incheon International Airport, Jan. 7. They will do volunteer work in the Southeast Asian country until Jan. 18. Courtesy of Prudential Life

Jan 8, 2019By Lee Kyung-min
Volunteer work in Cambodia
Economy

Current account surplus hits 7-month low

By Lee Kyung-min Korea's current account surplus hit a seven-month low of $5.06 billion (4.5 trillion won) in November due to a major setback in export growth, the Bank of Korea (BOK) said, Thursday.The November figure was down from $7.43 billion a year earlier.While it still marked the 81st consecutive month of surpluses since March 2012, the amount was the smallest since April 2018 when it posted $1.77 billion. “An overseas sales slowdown in key sectors such as semiconductors and petrochemicals led the decline,” said Roh Chung-seak, a director of the BOK statistics division. “The sluggish global trade stemming from the ongoing trade dispute between the U.S. and China also negatively affected the country's exports.”Exports logged a surplus of $51.72 billion in November, up 0.5 percent from a year earlier, a major setback from the previous month's 28.8 percent expansion.As a result, the goods account surplus dipped to $7.97 billion in November from $11.46 billion a year earlier.Experts expressed concern that Korea is beginning to witness a long-unresolved prob

Jan 8, 2019By Lee Kyung-min
Current account surplus hits 7-month low
Economy

Seoul to crack down on offshore tax evasion

By Lee Kyung-min Getty Images Bank The government will beef up its efforts to crack down on overseas tax evaders in 2019 by delivering heavier fines to firms or individuals failing to submit their overseas entities' financial statements and other related documents, it said, Monday.This is part of the 2019 tax revision's enforcement ordinances unveiled Monday by the Ministry of Economy and Finance. The new measures are to take effect in February.Under the change, holders of, or those who have de facto control over an overseas financial account with 500 million won ($446,000) or more in countries with which Korea has no tax treaties, will no longer be able to avoid regular tax filings. This is a strengthened measure to the status quo whereby only corporate entities in Korea that have such accounts are required to file the report, a reason the “real owners” have long been exempt from the scrutiny of tax authorities. Private individuals who fail to make the filing will be fined up to 5 million won. The fine will be 10 million won for corporate entities. “The r

Jan 7, 2019By Lee Kyung-min
Seoul to crack down on offshore tax evasion
Others

Welcoming rookies

Bank of Korea Governor Lee Ju-yeol, right, shakes hands with a new employee at a ceremony to welcome those who passed the 2019 entrance exam at the central bank's training center in Incheon, Dec. 7. Courtesy of Bank of Korea

Jan 7, 2019By Lee Kyung-min
Welcoming rookies
Economy

FSS to launch 'comprehensive audit' in March

Financial Supervisory Service Governor Yoon Suk-heunBy Lee Kyung-min The Financial Supervisory Service (FSS) will launch a “comprehensive audit” as early as March, according to industry sources and the financial watchdog, Sunday.The sources expect the FSS will first target major insurance companies, particularly Samsung Life, the nation's largest life insurer.They said the financial watchdog is now selecting the list of companies subject to the inspection and plans to make audit preparations. Given that the FSS' personnel reshuffle is due in February, it is likely the audit will start in March.“We have decided to resume a comprehensive audit this year but the timing and target have yet to be decided because we have to consider various factors,” an FSS official said.Under the comprehensive audit, which was abolished in 2015, up to 30 FSS officials look into a firm's affairs in general for over a month without any limitations. This is a wildly greater discretion from the current “partial” inspection whereby only 10 or fewer officials review a specifi

Jan 6, 2019By Lee Kyung-min
FSS to launch 'comprehensive audit' in March
Economy

Asset managers rushing to acquire buildings in London

By Lee Kyung-min Korea's major asset management firms are rushing to purchase commercial properties in London, amid Brexit-triggered market volatility and the resulting depreciation of both the British pound and real estate. The move is also part of efforts to diversify investment portfolios, seeking relatively high returns amid the domestic market nearing saturation. According to local reports, the U.K. is scheduled to leave the European Union March 29, while much remains unclear what will happen if British Members of Parliament reject the withdrawal agreement. Kiwoom Asset Management set up a five-year, 87.5 billion won ($78.1 million) fund in 2018 to buy shares in an office building in the financial district of London, known as the City of London or the Square Mile. The investment seeks capital gains derived from rent and sales of buildings, with an annual return of 6.77 percent promised to investors. This is in addition to its earlier investment of 52 billion won in 110 units of care facilities that can house about 9,000 disabled and elderly patients in various areas including Lo

Jan 3, 2019By Lee Kyung-min
Asset managers rushing to acquire buildings in London
Economy

NK sets up reinsurance firm

Getty Images Bank ―Isolationist regime moving toward market economy―By Lee Kyung-min North Korea has set up insurance and reinsurance firms, in a gradual yet firm move toward an open market economy, according to experts. According to Naenara, North Korea's state-run web portal, it set up Future Re Company in October 2017 targeting “both domestic and international markets,” the first-ever reinsurance firm there. Also known as insurance for insurers or stop-loss insurance, reinsurance refers to a practice of insurers transferring portions of risk portfolios to other insurers to reduce the likelihood of paying a large obligation resulting from an insurance claim. This is considered a more sophisticated, advanced form of business risk management. The firm was established only about a year after the North had set up two non-life insurance companies. It set up Polestar Insurance Company, specializing in services against fire damage, technology, agriculture and trust in Aug

Jan 3, 2019By Lee Kyung-min
NK sets up reinsurance firm
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