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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

Bank workers pushed to quit to make way for jobless young people

By Lee Kyung-minBank employees are facing growing pressure to quit to make way for unemployed young people, as the Moon Jae-in administration presses financial firms to help improve the worsening job market, an industry official said Friday.KB Kookmin Bank, whose wage negotiation talks with its union will continue through December, will determine how many people should leave before the end of the year. Four hundred workers left KB in early 2018, a few months after they submitted letters of resignation around the end of 2017. “No specifics have yet been made thus far. We cannot confirm anything other than the negotiations will continue,” a KB official said. As indicated by their apparent frustrated tone on the highly sensitive matter, the number is largely expected to be greater than that of last year amid a deteriorating bottom line in a protracted sluggish economy. The heavy pressure continued after Financial Services Commission (FSC) Chairman Choi Jong-ku said in May that banks should go “all out” to consider reducing their workforces through “voluntar

Nov 16, 2018By Lee Kyung-min
Bank workers pushed to quit to make way for jobless young people
Others

Volunteer work

Senior officials from Shinhan Bank and community center workers pose for a photo after hours of volunteer work at the Easter Social Welfare Society in Seoul, Nov. 15. The bank donated baby formula, cloths and bibs to the center. Courtesy of Shinhan Bank

Nov 16, 2018By Lee Kyung-min
People & Events

Essay awardees promote ideas on Korea's growth, cryptocurrencies

Korea Times President-Publisher Lee Byeong-eon, third from right, and Woori Financial Group Chairman Sohn Tae-seung, third from left, congratulate winners of the 14th English Economic Essay Contest at The Seoul Plaza, Monday. From left are Sean Bahk; Kim Chee-sue; Sohn; the father of Olivia Han; Kim Jung-hyun; Lee; Park Min-jei; and the father of Min Sung-jun. University of Cincinnati student Aaron Lefler-Moore was unable to attend the ceremony.  Korea Times photo by Shim Hyun-chulBy Lee Kyung-min College students who wrote award-winning English economic essays suggested fresh ideas in their writing about whether Korea should regulate cryptocurrencies, and ways for the country to spur economic growth.The Korea Times held an awards ceremony for its 14th English Economic Essay Contest sponsored by Woori Bank at The Seoul Plaza, Autograph Collection hotel, Thursday. The seven contest winners were invited to the event, attended by Korea Times President-Publisher Lee Byeong-eon and Woori Financial Group Chairman Sohn Tae-seung. For this year's contest, Korean students were asked to w

Nov 15, 2018By Lee Kyung-min
Essay awardees promote ideas on Korea's growth, cryptocurrencies
Economy

NongHyup Bank CEO Lee likely to serve 2nd term

NongHyup Bank CEO Lee Dae-hoonBy Lee Kyung-min NongHyup Bank CEO Lee Dae-hoon is expected to clinch a second term following a deliberation of appointments in a recommendation committee meeting held by its holding company, the firm said Thursday. NongHyup Financial Group will hold the committee meeting as early as today to deliberate on whether to extend terms of CEOs at its major subsidiaries including NongHyup Bank, NongHyup Life Insurance, NongHyup Property & Casualty Insurance and NH Capital. The committee, comprised of in-house and outside directors as well as non-standing directors, will finalize the decision mid-December after convening up to four meetings. The results will be disclosed to the board of each subsidiary.Lee, who began his first two-year term on Jan.1, 2018, is expected to secure a second term due mainly to his outstanding performance. Company rules stipulate the CEO's term can be up to two years, but they are subject to performance review every year. NongHyup Bank posted 933.9 billion won ($826 million) in net profit for the first three quarters of 2018,

Nov 15, 2018By Lee Kyung-min
NongHyup Bank CEO Lee likely to serve 2nd term
Economy

Regulator inspects card firms ahead of fee reduction

By Lee Kyung-min The Financial Supervisory Service (FSS) is looking into the country's eight credit card issuers over compliance issues, the regulator said Tuesday.The firms are KEB Hana, KB Kookmin, Lotte, Samsung, Shinhan, Hyundai, Woori and BC. FSS officials plan to conduct a seven-day investigation into each firm, although the period will be shorter for smaller firms. The overall process will continue through Dec. 21. The financial regulator said they will review whether the eight firms' business practices have been in compliance with a memorandum of understanding (MOU) signed in 2016. Under the agreement signed with the FSS, the firms were to refrain from engaging in “inappropriate” marketing for debt cancellation and debt suspension (DCDS) services and for landing new card subscribers. DCDS is a controversial marketing scheme whereby telemarketers sell insurance-like products using a jargon-filled contract language to confuse consumers into subscribing to the program without having fully informed them about monthly commission fees. The MOU also stipulates that the f

Nov 14, 2018By Lee Kyung-min
Economy

Insurers set to hike auto premiums by 3%

A car drives in a flooded street after a heavy downpour hit Busan, Nov. 8. Insurance companies say a hike of at least 3 percent in auto premiums is inevitable due to a surge in maintenance and repair fees after a heat wave followed by heavy rain over the past few months. YonhapBy Lee Kyung-min Insurance companies are moving to raise auto premiums by at least 3 percent by the end of 2018 amid soaring maintenance and repair fees. Meritz Fire & Marine Insurance, the country's sixth-largest insurance firm with 1 million policyholders, asked the Korea Insurance Development Institute (KIDI) to review the premium increase plan. “We are under growing pressure to increase the rate as all auto insurance companies are. All of us have suffered losses due to intensified competition over lower premiums last year,” an official from the firm said. “The KIDI assessment will be out in about two or three weeks. We will take the findings into consideration, although we have not decided whether to push forward with the increase or how much it will be.” The request filed by the

Nov 13, 2018By Lee Kyung-min
Insurers set to hike auto premiums by 3%
Others

Joint partnership

Shinhan Financial Group Chairman Cho Yong-byoung, left, and SK Group Chairman Chey Tae-won hold a memorandum of understanding for joint partnership at SK Group headquarters in Seoul, Nov. 13. Under the agreement, the two groups will launch a private equity fund worth 20 billion won to be invested in social enterprises. Courtesy of Shinhan Financial Group

Nov 13, 2018By Lee Kyung-min
Joint partnership
Economy

BOK governor elected BIS Board of Directors

BOK Governor Lee Ju-yeolBy Lee Kyung-min Bank of Korea (BOK) Governor Lee Ju-yeol has been elected to the board of the Bank of International Settlement (BIS), in line with the country's growing standing in the international financial community, the BOK said Tuesday. He will start his three-year term in January. Lee is the first BOK chief to be a part of the 21-member BIS board since Korea became a member of the international body in 1997. Lee became one of the 11 elected members of the board after garnering over two-thirds of votes in a BIS board of directors meeting in Basel, Switzerland, Sunday (local time). Other strong candidates included central bank heads of Russia and Australia. “The appointment came in recognition of the important role Korea plays in the global economy amid the growing importance of Asia in the global financial system, and in the BIS's activities and governance,” the BOK said. “It holds more significance as Governor Lee will be able to strengthen communication channels with other key central bank heads around the world over current issues an

Nov 13, 2018By Lee Kyung-min
BOK governor elected BIS Board of Directors
Economy

Natixis to enter Korean securities market in 2019

By Lee Kyung-min Natixis, one of France's major financial services providers, will enter the local securities market in the first half of 2019, government and industry sources said Tuesday. “Natixis Seoul Securities Branch will begin business in the first quarter of next year, or in the second quarter at the latest, once it gets approval from the financial regulator,” an industry source close to the matter said on condition of anonymity. According to the Financial Supervisory Service (FSS), the French entity filed for regulatory approval Sept. 18, seeking to operate in the securities brokerage and equity-linked securities (ELS) brokerage sectors. “The company's headquarters in Paris is known for its expertise in securities and ELS brokerage. The new branch is expected to fully capitalize on its experiences in successful management,” the source added. About two months will be required for the final green light, given that it will take some time to resolve regulatory issues with the FSS and the French headquarters of the group. “The necessary procedures a

Nov 13, 2018By Lee Kyung-min
Natixis to enter Korean securities market in 2019
Others

Helping education in Indonesia

Industrial Bank of Korea (IBK) Deputy CEO Im Sang-hyun, fifth from right in the second row, and Deputy Indonesian Ambassador to South Korea Siti Sofia Sudarma, sixth from left in the same row, hold a certificate worth 330 million won ($330,000) given by the IBK to Indonesia to help improve education in the Southeast Asian country, at a ceremony to launch the lender's global volunteer group at the bank's headquarters in Seoul, Oct. 12. Courtesy of IBK

Nov 12, 2018By Lee Kyung-min
Helping education in Indonesia
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