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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Feud over card fee reduction deepening

By Lee Kyung-min A coalition of union workers at credit card companies vowed to continue their all-out protest against the government's plan to lower transaction fees up to 1 trillion won ($875 million).They claimed blindly pushing the repeatedly failed measure only escalates the conflict between the parties involved. Three groups comprised of workers in the financial services sector and the nation's eight credit card issuers said the fact that no tangible improvement has been observed thus far, proves the government's “incompetence.” “The government has lowered the transaction fee nine times over the past few years, a result of administrative railroading that only exacerbated the controversy,” the group said in front of headquarters of the ruling Democratic Party of Korea (DPK) on Yeouido, Oct. 12. They submitted a letter of protest to the DPK Chairman Lee Hae-chan shortly after the protest. The added nothing has changed for the struggling small- and medium-sized enterprises (SMEs), which they pinpointed as the core reason why the government should revisit th

Nov 12, 2018By Lee Kyung-min
Economy

NH seeks to expand presence in Vietnam

NongHyup Financial Group Chairman Kim Gwang-soo, right, and Agribank Chairman Trinh Ngoc Khanh, second from left, exchange opinions in a meeting at the group's headquarters in western Seoul, Nov. 9. Courtesy of NongHyup Financial GroupBy Lee Kyung-min NongHyup Financial Group has agreed to strengthen its partnership with Vietnam's Agribank to expand and diversify its business in the rapidly growing Southeast Asian country.The group said Sunday that Agribank Chairman Trinh Ngoc Khanh and other executives visited NongHyup Financial Group Chairman Kim Gwang-soo at the group's headquarters in western Seoul Nov. 9 and discussed wide-ranging issues to maximize mutual benefit including expansion of businesses in each country. “The two CEOs agreed to diversify and speed up local projects with business feasibility first,” an NH group official said in a statement. Since the beginning of 2018, the two groups have discussed joint projects and strategic partnerships in all areas ranging from banking and insurance to securities and consumer financing.The meeting between the two heads i

Nov 11, 2018By Lee Kyung-min
NH seeks to expand presence in Vietnam
Others

Gas price drop

A woman walks past a sign that shows the price of gasoline and diesel in front of a gas station in Seoul, Sunday. According to Opinet, a website providing oil price charts run by Korea National Oil Corp., the price of refined fuel products has dropped in the first week of November, snapping a 19-week rising streak. The average gasoline price per liter sold that week stood at 1,660.4 won ($1.47), 29.7 won lower than the week before. The drop came about a week after the government implemented measures to cut fuel tax over the next six months. Yonhap

Nov 11, 2018By Lee Kyung-min
Gas price drop
Economy

Korean lawyers call for legal framework for blockchain

By Lee Kyung-min A group of lawyers has urged the government to promptly institute measures to help regulate the blockchain business here.They said the current, long-extended inaction only hampers development of the financial industry, while more fall victim to cryptocurrency-related fraud due to a lack of credible information. In a statement released Thursday, the Korean Bar Association (KBA) said the government should join the global wave of efforts to come up with an institutional framework for the unconventional method of investment. “Japan, Estonia and Malta have nearly concluded establishing relevant legal frameworks, while similar efforts are ongoing in France, Russia and Gibraltar. The U.S., Singapore and Switzerland have yet to legislate the business, but financial regulators there have issued guidelines as part of broader efforts to regulate the industry,” the lawyers said in the statement. Rep. Song Hee-kyoung of the main opposition Liberty Korea Party speaks at the beginning of a meeting organized by members of the Korean Bar Association to urge the

Nov 8, 2018By Lee Kyung-min
Korean lawyers call for legal framework for blockchain
Economy

KRX enhances CSR program

Recipients of scholarships given by Korea Exchange pose for a photo at the main hall at the Korea Exchange in Seoul, Aug. 8. Courtesy of Korea ExchangeThe Korea Exchange (KRX) Happy Foundation will have given two-year scholarships to about 130 students in 2018 as part of its corporate social responsibility (CSR) project to foster talented youngsters from underprivileged backgrounds, it said Wednesday. Ninety middle and high school students selected in the first half of 2018 will be given 1.4 million won ($1,250) over the next two years. The foundation will choose 40 university students by the end of the year to give them 2 million won scholarships for the two year program. Since the foundation was established in 2011, 745 students have been given a total of 2.84 billion won as of the third quarter of 2018. Besides the financial support, the foundation has organized various educational and training programs to help them with self-motivation. They are required to regularly participate in volunteer work to form a positive vision for life and maintain a compassionate attitude toward othe

Nov 7, 2018By Lee Kyung-min
KRX enhances CSR program
Politics

KEB Hana restricts services for Iranian customers

By Lee Kyung-min Korean banks are tightening monitoring of Iranian customers, Wednesday, in a move to limit the negative impact of the U.S. government's possible secondary boycott, following the restoration of previously lifted U.S. sanctions against the Middle Eastern country. The U.S Treasury Department said Monday (local time) it restored all economic sanctions against Iran lifted earlier by the previous Obama administration as part of a “maximum pressure” campaign. Primary targets include the energy, shipping and banking sectors. KEB Hana Bank said Wednesday it sent notifications to its Iranian customers, asking for them to submit a request for account cancellation by Nov. 12. The bank has banned cash deposits and withdrawals since Oct. 31. “We seek to ban Iranian customers from opening new accounts. We believe we have given them enough time since our last notice and the preventative measure is to avoid any unwanted consequences,” a KEB Hana official said. This is the latest move in the management of Iranian customers' accounts, most of which are under clo

Nov 7, 2018By Lee Kyung-min
KEB Hana restricts services for Iranian customers
Economy

Korean banks bolster expat banking

By Lee Kyung-min Korean banks are beefing up their services for foreign residents here in a bid to build a new customer base amid rapid saturation of the domestic financial market.They see the expat banking market as a blue ocean because the number of foreigners in Korea has been increasing steadily over the past few years.According to the Ministry of Justice, the number of foreigners in Korea is well over 2.3 million as of July 2018, a near three-fold increase from about a decade ago. The number was 747,000 in 2005 and first surpassed 1 million in 2007. The number is expected to reach 3 million accounting for 5.8 percent of the country's population in 2021. To attract more foreign customers, they are offering multiple foreign language services while opening desks exclusively for expats at some branches where many foreign workers reside.The state-run Industrial Bank of Korea (IBK) said its webpage is undergoing an upgrade to set up more bulletin boards to promote new financial products and share up-to-date information, as part of its efforts to strengthen online platform. The bank w

Nov 6, 2018By Lee Kyung-min
Korean banks bolster expat banking
Economy

Shinhan's new mobile app in Vietnam

Shinhan Bank Vietnam model Park Hang-seo, the head coach of Vietnam's national football team, holds a sign promoting Shinhan Bank Vietnam SOL, a new mobile banking application, Tuesday. The app's upgraded features include a customizable interface for customers' app usage habits as well as secure login through recognition of pattern, fingerprint or passcode. Courtesy of Shinhan Bank

Nov 6, 2018By Lee Kyung-min
Shinhan's new mobile app in Vietnam
Economy

Economy expected to worsen further in 2019

By Lee Kyung-min The Korean economy is expected to deteriorate further in 2019 amid lingering global uncertainties coupled with domestic woes, said a group of noted authors of new book “2019 Economic Issues & Trends,” Tuesday. Lee Keun / Korea Times fileThey forecast that Asia's fourth largest economy will be bogged down by the ongoing, hegemony-oriented trade tension between the U.S. and China, further compounded by what they dubbed a “fiscal trilemma,” a situation where the government has no optimal solution to adequately manage three key components to “good governance” ― high-quality welfare, low tax and low government debt. “The trade tension will not subside any time soon. This is not a simple conflict, but rather a new Cold War,” said Lee Keun, a Seoul National University Economics professor, at the press meeting in Gwanghwamun Seoul. “The world is increasingly moving toward protectionism with shrinking free trade. Korea, which achieved success primarily due to stable democracy and free trade thus far, is inevitably boun

Nov 6, 2018By Lee Kyung-min
Economy expected to worsen further in 2019
Economy

No. of foreign entities on rise in Korea

By Lee Kyung-min The number of foreign entities operating in Korea is on a steady rise amid growing global trade, according to the nation's tax agency, Monday. In its latest tax data review report, the National Tax Service said the number of foreign corporate entities stood at 8,517 in 2017, a 5.7 percent increase from 8,056 in 2013. The number was 8,513 in 2016, 8,380 in 2015 and 8,095 in 2014. It was part of the agency's annual tax review which analyzed corporate tax, value-added tax, consumption tax and tax on foreign entities. The amount of tax levied in detail will be released in December. The number of foreign branches in Korea also increased to 1,907 in 2017, a 1.4 percent increase from a year earlier. Also on the rise was the number of foreign liaison offices in Korea which increased to 1,736 in 2017, a 2.6 increase percent from a year earlier.By sector, wholesale businesses accounted for about a third, or 36.2 percent, followed by services (28.5 percent) and manufacturing (20.3 percent)./The increase rate was the steepest in the service industry followed by wholesale, with e

Nov 5, 2018By Lee Kyung-min
No. of foreign entities on rise in Korea
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