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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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Opinion

'Writing helps me become better person'

Lee Sun-ho By Lee Kyung-minLee Sun-ho, a long-time contributor to the Thoughts of the Times, an opinion column in The Korea Times, said his continued writing over the past 51 years has helped him become more attentive to a wide range of issues. “Since Oct. 15, 1964, when I began writing the contribution opinion pieces for the nation's oldest English daily, I have gained a broader understanding on issues that I would not have otherwise cared too much about, especially on socially divisive ones,” Lee said. Writing, in a sense, is refining thought processes to have a clear understanding on issues which in turn encourages better communication with others, he said.“I have written 335 pieces thus far. What I can say for sure is that the time and effort put into the process was definitely all worth it because writing well ― a lifelong task that I strive for ― is not possible unless you have a full, clear understanding on certain issues.”“It also gave me a chance to communic

Oct 29, 2018By Lee Kyung-min
'Writing helps me become better person'
Economy

Citibank enhances digital banking

By Lee Kyung-min Citibank Korea will strengthen its digital platform in a continued effort to improve customer-oriented services toward digitization, a forward-looking initiative among global financial institutions. Under the goal of providing “real-time, ubiquitous and quality customer service,” the bank plans to attract 80 percent of new customers via online channels by 2020. It will also help a majority of customers become more active users of the digital platform by then. The bank said the ambitious-yet-attainable goal will be achieved through its years-long experience and award-winning expertise in operating digital services.A model demonstrates how to use the Citibank Korea mobile app. / Courtesy of Citibank KoreaIt won the top prize awarded by the Ministry of Science, ICT and Future Planning, the predecessor of Ministry of Science and ICT, in 2017, among many other awards given in recognition of its innovative, tailored and customer needs-based services. Citibank was the first bank to have won the prize, mostly reserved for IT firms, the bank said. The major achiev

Oct 29, 2018By Lee Kyung-min
Citibank enhances digital banking
Economy

Hana, LINE join hands for digital banking in Indonesia

LINE Financial Asia CEO Hwang In-joon, fourth from left, and PT Bank KEB Hana Indonesia CEO Lee Hwa-soo show a signed agreement on a share subscription between the two entities at the group's headquarters in Seoul, Oct. 26. Third from left is Hana Financial Group CEO Kim Jung-tai. Courtesy of KEB Hana BankBy Lee Kyung-min PT Bank KEB Hana Indonesia signed a share subscription agreement with LINE Financial Asia in a bid to strengthen Hana's digital banking in Indonesia, the bank said Sunday. Under the agreement, LINE Financial Asia will have a 20 percent stake in PT Bank KEB Hana Indonesia, becoming the latter's second-largest shareholder. The partnership between the Indonesian corporate entity of Korea's KEB Hana Bank and the financial subsidiary of global mobile platform operator LINE is expected to foster digital banking, fully capitalizing on the latter's strong brand recognition, user-heavy platform and rich content in the Southeastern Asian country.Discussions are underway for the two entities to map out age-specific, needs-based business models to maximize customer preferences,

Oct 28, 2018By Lee Kyung-min
Hana, LINE join hands for digital banking in Indonesia
Economy

KDB head's leadership put to test

Korea Development Bank Chairman Lee Dong-gull / YonhapBy Lee Kyung-min Korea Development Bank (KDB) Chairman Lee Dong-gull is coming under intense criticism over his failure to prevent the recent spinoff of GM Korea's research unit, in what critics say was “complacency-induced fiasco.” The carmaker says the spinoff is part of the company's strategy to streamline its corporate structure and boost competitiveness, a claim union members say is nothing but a “devious” pretext for a withdrawal from Korea. At the National Assembly audit Oct. 22, Lee admitted the state lender had failed to include measures against the carmaker's possible move toward a spinoff in an MOU the two signed in April, despite knowledge about the latter's intent clearly being indicated. The disclosure sparked heated criticism against Lee, who highly assessed the deal in April, saying the “cost-effective” injection of 810 billion won ($750 million) in taxpayers' money is well worth it if 150,000 jobs are protected over the next 10 years _ GM Korea agreed to continue doing business

Oct 28, 2018By Lee Kyung-min
KDB head's leadership put to test
Economy

Economy grows 0.6 percent in Q3

Park Yang-su, economic statistics department director general at the Bank of Korea (BOK) speaks at a press briefing at the BOK, Thursday. YonhapConstruction investment falls 6.4%, biggest drop since 1998 By Lee Kyung-min Korea is showing clear signs of losing growth momentum, with its gross domestic product (GDP) growing only 0.6 percent in the third quarter from the previous quarter due to sagging facility and construction investment.The sluggish third-quarter growth figure, released by the Bank of Korea (BOK), Thursday, is expected to be a further headache for the central bank, which is under mounting pressure to increase its key rate following a series of hikes by the U.S. Federal Reserve.In the second quarter, Asia's fourth-largest economy also grew 0.6 percent after marking 1 percent in the first.The central bank said the poor economic performance between July and September was driven by the sluggish investment.Construction investment contracted 6.4 percent in the three months from the second quarter, the biggest drop in 20 years since the April-June period of 1998, a year after

Oct 25, 2018By Lee Kyung-min
Economy grows 0.6 percent in Q3
Economy

Biz partnership in Vietnam

Yoo Yoon-dae, third from left, executive vice president of NH Nonghyup Bank, and Kim Young-chan, vice chairman and CEO of Sungshin Cement, show a memorandum of understanding for a business partnership at Sungshin Vina, the Vietnamese branch of the Korean firm at the company's headquarters in Hanoi, Oct. 24. The deal is part of the lender's efforts to expand financial services to foreign-based Korean firms. Courtesy of NH Nonghyup Bank

Oct 25, 2018By Lee Kyung-min
Biz partnership in Vietnam
Economy

Gov't to create 59,000 jobs, cut fuel taxes

Deputy Prime Minister and Finance Minister Kim Dong-yeon speaks at an economic ministers' meeting at the Government Complex in Gwanghwamun, Seoul, Wednesday. / YonhapBy Lee Kyung-minThe government will create 59,000 temporary jobs and lower taxes on refined fuel products by 15 percent for the next six months in a bid to reinvigorate the sluggish economy. Seventeen trillion won ($13 billion) will be spent within the year to bolster private investment amid the protracted economic downturn and weak jobs data. These are part of measures the Ministry of Economy and Finance unveiled Wednesday to create more jobs, bolster sluggish private investment and promote innovation-led growth.While the measures fall short of addressing structural issues to strengthen the country's economic fundamentals, the government should mobilize all possible measures at this point, Deputy Prime Minister and Finance Minister Kim Dong-yeon said Wednesday. “The government maintains that the measures reflect the urgent need to prevent a further economic downturn as we expect much hardship going forward,”

Oct 24, 2018By Lee Kyung-min
Gov't to create 59,000 jobs, cut fuel taxes
  • Lower fuel tax: boon or bane?
Others

Best Sub-Custodian Bank

Yang Woo-chun, general manager of trustee and custodian business department at KEB Hana Bank, left, shakes hands with Richard Scholtz, managing director at Global Finance, a U.S. monthly financial magazine at the Sydney Convention and Exhibition Center in Australia, Oct. 24 (local time). The Korean commercial bank won the award as Best Sub-Custodian Bank selected in the magazine's annual prize in 2018. This is the 10th award the bank has won thus far. Courtesy of KEB Hana Bank

Oct 24, 2018By Lee Kyung-min
Best Sub-Custodian Bank
Others

No more voice-phishing scams

Officials from NH Nonghyup Bank and Gangnam Suseo Police Station pose for a photo after starting a joint campaign against voice-phishing scams in front of the station, Oct. 24. The police said anyone making phone calls demanding a wire transfer of cash while impersonating a police officer, prosecutor or Financial Supervisory Service official is a criminal. Courtesy of NH Nonghyup Bank

Oct 24, 2018By Lee Kyung-min
No more voice-phishing scams
Economy

KDB IBK rapped for 'anti-green' investment

By Lee Kyung-min Korea's two state-run banks have come under increasing criticism for having spent a considerable amount of taxpayers' money to finance coal-powered plants in recent years.This flies in the face of global efforts to reduce greenhouse gases, a lawmaker said Tuesday. The money, in the form of “project financing,” was part of funds allocated by the banks to invest in power generation.According to a report released by Rep. Chang Byoung-wan of the minor opposition Party for Democracy and Peace, the Industrial Bank of Korea (IBK) has spent 109.6 billion won ($96 million) over the past six years into the “environmentally harmful” business, accounting for nearly half, or 43.99 percent, of its development investment. The Korea Development Bank (KDB) has spent 164.1 billion won over the past eight years, accounting for 11 percent of its total. The KDB's investments, in particular, largely go against its previous move where it issued $300 million in “green bonds” as the first financial institution here to become an executive arm of the Green C

Oct 23, 2018By Lee Kyung-min
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