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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Will Samsung BioLogics be delisted?

By Lee Kyung-min The Korea Exchange (KRX) will soon determine whether to refer a review on delisting of Samsung BioLogics to its subcommittee.This is the latest development of Samsung Group's scandal-ridden biopharmaceutical arm whose stocks remain suspended from transaction since Nov. 14 upon the ruling from the Securities and Futures Commission (SFC) under the Financial Services Commission that concluded the firm intentionally cooked accounting books in 2015. The KRX will determine no later than Dec. 5 whether the case requires an in-depth review by the Listing Maintenance Review (LMR) over three standards ― transparency, continuity and protection of interest of both the public and investors. If put forth, the commission will carry out a 20-day review to determine whether the firm should be delisted, have its stock trading resumed or be given a grace period until further review. If KRX decides against the referral, Samsung BioLogics shares will resume trading the following business day. The KRX has been looking into the issue since Nov. 14, and the decision will be made as schedule

Nov 26, 2018By Lee Kyung-min
Will Samsung BioLogics be delisted?
Economy

Non-life insurers to hike car premiums by 3%

By Lee Kyung-min The nation's four major non-life insurers will raise car premiums by an average of 3 percent as early as late December, according to company officials and industry sources, Sunday.They also expect them to make an additional 3 percent hike in the first half of 2019.They say the increase is inevitable due to deteriorating bottom lines amid soaring maintenance and repair fees, factors that raise loss rate ― the rate of insurance money paid to subscribers from companies' premium income. Samsung Fire & Marine, the largest non-life firm by market capitalization, is a seeking premium increase up to around 3 percent to 4 percent over rising loss rate and repair costs. The firm plans to ask the Korea Insurance Development Institute (KIDI) to review about 2 percent premium increase for loss rate. The request is in addition to an earlier, separate review for a 1.2 percent premium increase plan over rising repair costs after it renewed contract with 1,500 repair agencies. Given the 1,500 agencies account for about a third of 5,000 entities it is in business with, pressure fo

Nov 25, 2018By Lee Kyung-min
Non-life insurers to hike car premiums by 3%
Economy

Korea should brace for global slowdown

―Analysts call for policy modification to boost private sectorBy Lee Kyung-min Korea, already beleaguered by sluggish investment and a worsening job market, is facing a bumpier road ahead as the world's major economies, including China, Japan and Germany, are showing clear signs of losing growth momentum.What is of more concern is that the United States, the world's largest economy that has underpinned global growth over the past year, seems to have reached its peak and is likely to see a slowdown.Given that Korea is a small, open economy with a heavy reliance on external shipments, particularly those to the U.S. and China, it is inevitable that Asia's fourth-largest economy will bear the brunt of a global slowdown. Experts say Korea should come up with measures to respond to a possible worldwide downturn as its economy will become more vulnerable to “external shocks” that may be unmanageable in the event of a steep decease in global market demandThey pointed out that Korea's growth is mostly bolstered by bri

Nov 25, 2018By Lee Kyung-min
Korea should brace for global slowdown
  • INTERVIEW Moon's income policy drags down growth
Economy

Citibank boasts female executive workforce

―Diversity-focused, global-minded corporate culture nurtures talent―By Lee Kyung-min Korea Corporate Banking Head Yoo Myung-soonCitibank Korea is a rare financial services firm with over a third of key executive positions filled by women. Of its 11 executives, four are women leading important departments ― human resources, corporate banking, risk management and compliance. They are: Korea Corporate Banking Head Yoo Myung-soon, Country HR Officer Shin Dong-keum, Chief Risk Officer Yoo Ki-sook and Country Compliance Officer Hwang Hae-soon. In Korea where a male-dominated chain of hierarchy still persists, Citibank continues to set an exemplary model for other Korean financial services firms to follow. Many senior-level positions are held by women, making them a pool of capable talent ready to take the helm of key departments anytime.Citi's makeup of executives is in stark contrast to other Korean financial services firms where few key officials are women.Country HR Officer Shin Dong-keumAccording to quarterly reporting from the country's four major banks ― KB Kookmin, Shinhan, KEB Hana

Nov 22, 2018By Lee Kyung-min
Citibank boasts female executive workforce
Others

For strategic partnership

Shinhan Bank CEO Wi Sung-ho, third from left, and Amway Korea President Kim Jang-hwan, hold up an agreement at the bank's headquarters in Seoul, Nov. 21. The two agreed to boost their partnership to strengthen their mobile platform as part of their digital transformation. Courtesy of Shinhan Bank

Nov 22, 2018By Lee Kyung-min
For strategic partnership
Others

For digital transformation

KB Kookmin Bank CEO Hur Yin, center, raises his fist with other officials at an event commemorating the 17th anniversary of the bank's establishment at the lender's headquarters on Yeouido in Seoul, Nov. 1. KB officials vowed to continue efforts toward digital transformation, a forward-looking initiative among many global financial firms. Courtesy of KB Kookmin Bank

Nov 21, 2018By Lee Kyung-min
For digital transformation
Economy

Will oil prices bounce back?

―Analysts say OPEC meeting key to determining future oil price―By Lee Kyung-min The weeks-long bearish sentiment on oil prices could significantly reverse pending the outcome of an upcoming meeting of oil producers in December, analysts said Sunday. The meeting of the Organization of Petroleum Exporting Countries (OPEC) and 10 non-OPEC partners is scheduled for Dec. 6 in Vienna, Austria.While the oil price hitting 6-week lows came as a “mixture of multiple negatives,” no additional marked drop is expected for a while, according to an analyst. “The price dropped partly because OPEC said in November's monthly report that next year's world oil demand would rise by 1.29 million barrels per day,” said Shim Hye-jin, an analyst at Samsung Securities. This was not only 70,000 barrels per day less than predicted last month but also the fourth consecutive reduction in its forecast.Another factor, she said, was that Saudi Arabia had no response to a twitter message from U.S. President Donald Trump's who said Nov. 12: “Hopefully, Saudi Arabia and OPEC will not be cu

Nov 21, 2018By Lee Kyung-min
Economy

Eximbank supports social enterprises

Officials from Export-Import Bank of Korea and Korea Central Council of Social Enterprise pose for a photo after the state lender donated 240 million won ($212,000) to the advocacy group at the bank's headquarters on Yeouido, Nov. 20. Courtesy of Export-Import Bank of KoreaBy Lee Kyung-min The Export-Import Bank of Korea (Eximbank) said Wednesday it donated 240 million won ($212,000) to the Korea Central Council of Social Enterprise (KCCSE). Of the total, half, or 120 million won, will be provided for six social enterprises as facilities or operating funds. The remaining half will be used to pay salaries and training costs for 20 underprivileged people including North Korean defectors and marriage migrants. The six firms were chosen after the council, a nonprofit advocacy group for corporate social responsibility, conducted an on-site inspection earlier this year between August and September.Of the three firms located in Seoul, two are in Eunpyeong-gu, northwestern Seoul, and the other is in Seongbuk-gu, northeastern Seoul. The three others are in Ulsan, Bucheon in Gyeonggi Province

Nov 21, 2018By Lee Kyung-min
Eximbank supports social enterprises
Others

IBK in Vladivostok

Industrial Bank of Korea (IBK) CEO Kim Do-jin, center, cuts a ribbon with bank executives, Russian officials and other guests at an event to celebrate the opening of the bank's representative office in Vladivostok, Russia, Nov. 20. The state-run lender has 28 offices in Asian countries including China and Vietnam. From left are IBK Vladivostok Representative Office Chief Lee Hyun-soo, Lotte Hotel General Manager Shin In-hyup, Association of Korean Enterprises in Vladivostok President Kim Tae-souk, Central Bank of Russian Federation Vice Chairman Natalia N. Vasilenko, CEO Kim, Korean Consul General to Russia Lee Sok-bae, The Korean Association of Primoriye President Kim Kyung-jae, Primosky Territory Government International Cooperation Department Head Alexey Starichkov, and Industrial Bank of Korea Senior Executive Vice President Oh Hyuk-soo. Courtesy of IBK

Nov 21, 2018By Lee Kyung-min
IBK in Vladivostok
Economy

Banks rush to form alliance with e-commerce firms

Shinhan in joint partnership with China's JD.comBy Lee Kyung-min A growing number of banks in Korea are seeking strategic partnership with e-commerce companies in a move to diversify their customer bases and find new revenue sources. KB Kookmin Bank signed a memorandum of understanding with WeMakePrice (WMP) and Seoul Guarantee Insurance in October to offer tailored financing to small- and mid-sized enterprises (SMEs). Under the agreement, SMEs that sell their products on WMP will be able to secure operation funds as part of a “seller loan,” the bank's main product seeking to help small sellers with liquidity problems.Unlike conglomerates or large companies with enough cash reserved to pay and refund customers in large volume transactions, SMEs do not have as much capacity, leading to what they call “unintended hindrance in business.” If a customer buys an item, the seller usually has to wait up to 50 days until after the e-commerce company, the holder of funds, finalizes the cash transfer following conclusion of a transaction without refund or exchange reques

Nov 20, 2018By Lee Kyung-min
Banks rush to form alliance with e-commerce firms
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