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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Triple whammy haunts Korean economy

2018-10-03(코리아타임스)By Lee Kyung-min The Korean economy is feared to face a further downturn due to a toxic mixture of three key challenges from abroad -- deepening U.S.-China trade tensions, a continued U.S. interest rate hike and soaring oil prices. Analysts expect that if such external negatives continue to get worse, it would deal a fatal blow to Asia's fourth-largest economy already beset by sluggish domestic demand -- low consumer confidence and weak investment.“Exports are practically the only driver of the Korean economy and trade tensions between the two largest importers of Korean goods and services pose a major risk,” said Lee Chae-woong, emeritus professor of economics at Sungkyunkwan University. “If the sheer trade volume shrinks amid an overall decline in economic growth, the Korean economy is bound to take a heavy blow,” he added.U.S. President Donald Trump said on Sept. 17 that he would add a 10 percent duty on $200 billion worth of Chinese products, on top of the tariffs placed on billions of dollars worth of imports from China earlier this year

Oct 4, 2018By Lee Kyung-min
Triple whammy haunts Korean economy
Economy

Shinhan to strengthen digital banking with FPT Group

Shinhan Bank CEO Wi Sung-ho, fourth from left, holds an agreement for strategic partnership with FPT Corp. Chairman Truong Gia Binh at the FPT-Shinhan Bank MOU signing ceremony at the bank's head office in Seoul, Thursday. Courtesy of Shinhan BankBy Lee Kyung-min Shinhan Bank signed an agreement with Vietnam's FPT Group, Thursday, to strengthen their partnership in digital banking. The strategic partnership between Korea's top bank and the largest private information technology company in Vietnam is expected to foster a digital transformation, a major initiative pursued by global financial institutions amid growing demand toward tighter integration among various sectors. The agreement is designed to enhance mutual benefits mainly through effective knowledge-sharing of information communication technology (ICT) among others, according to a Shinhan official. “We will provide the Vietnamese firm with competent and advanced online and offline financial services,” a Shinhan official said. “Top ICT experts with FPT Group, in turn, will help us accelerate our digital trans

Oct 4, 2018By Lee Kyung-min
Shinhan to strengthen digital banking with FPT Group
Economy

KB, Shinhan extend fight to stock market

By Lee Kyung-min Korea's top two financial groups _ KB and Shinhan _ are extending their cut-throat competition to the stock market in the wake of the latter's recent acquisition of Orange Life Insurance, formerly ING Life Korea. Shinhan is beating KB in terms of total assets, as the latest acquisition has increased these by 31 trillion won to 484 trillion won, compared to KB's 463 trillion won as of June. But, in market capitalization, KB is still ahead of Shinhan. However, the 2.29 trillion won ($2.06 billion) deal, which Shinhan signed with MBK Partners, a major local private equity, Sept. 5, has shortened the market capitalization gap between the two to about 63.18 billion won ($56.7 million) as of Sept. 3 from 5 trillion won in February. Shinhan, whose nine-year lead over KB in assets from 2008 to 2017 came to a sudden end last year due to the latter's aggressive M&As, is set to take back its former position through the group's third-largest acquisition. The two previous acquisitions were the 7.2 trillion-won takeover of LG Card in 2007 and 3.4 trillion won it paid

Oct 2, 2018By Lee Kyung-min
Economy

Meeting with biz leaders

National Tax Service Commissioner Han Sung-hee, second from left, speaks at a meeting with members of the Korea Chamber of Commerce and Industry (KCCI) at the KCCI building in Seoul, Monday. From left, Hyundai Group Chairwoman Hyun Jeong-eun, Han, KCCI Chairman Park Yong-maan and Samsung Electronics Vice Chairman Yoon Boo-keun. Business leaders asked the government to expand tax breaks for R&D spending and for companies experiencing a drop in export sales. Yonhap

Oct 1, 2018By Lee Kyung-min
Meeting with biz leaders
Economy

KB seeks to innovate corporate culture

By Lee Kyung-minLow-ranking female workers at KB Kookmin Bank will no longer be required to wear uniforms starting next year, after the firm relaxes its dress code as part of its initiative to change its rigid top-down corporate culture.KB is the first bank here to institute the “gender equality” policy.Wearing uniforms is a requirement in many banks, which value “satisfactory customer service” illustrated by pretty, smiling women in blouses and skirts, often drawing criticism for discriminating against them.KB said the policy would help the women make autonomous choices in selecting work attire of their own choosing, thereby boosting workplace morale and improving productivity.The new measure will take effect in May 2019. In the meantime, workers will be allowed to either stick with the current uniform or wear other clothing between Sept. 27 and April next year.“Workers will largely welcome the measure,” an official from the bank said. “Female workers have long raised the issue over why the company mandated only women wear uniforms. The prac

Sep 30, 2018By Lee Kyung-min
KB seeks to innovate corporate culture
Economy

Statistic Korea losing credibility

Kang Shin WookBy Lee Kyung-min Statistics Korea is coming under intense criticism over its move to reinstate the method to assess household income used in 2016 to allegedly produce data favorable to the government's income-led growth policy.To that end, the statistics agency plans to spend about 12.9 billion won ($11 million) in 2019.Critics say this is a move to “manipulate data” to help advance “income-led” growth, a much questioned growth strategy spearheaded by President Moon Jae-in. A noted economist expressed concern about the plan, stressing the government should divert focus from trying to tamper data to drafting policies that could help bolster future-oriented investment-induced growth potential. “It is regrettable that Korea has a data tampering allegation at all, a severe controversy that substantially undermines the trust in state data compiling and analysis,” Lee Chae-woong, an professor of economics emeritus at Sungkyunkwan University, told The Korea Times. “Korea should guarantee the tenure of the chief of the statistics agency

Sep 27, 2018By Lee Kyung-min
Statistic Korea losing credibility
Economy

Organizations rush to cut Korea's growth outlook

By Lee Kyung-min Local and international organizations rushed to downgrade their growth outlook for South Korea, Friday, due to weak consumer sentiment and intensified trade tension between the U.S. and China.Their gloomy views have raised concerns that Asia's fourth-largest economy is falling into the trap of low growth similar to the one Japan experienced over the last two decades.The Organization for Economic Cooperation and Development (OECD) and LG Economic Research Institute (LGERI) revised down the country's growth, while Fitch Ratings is likely to follow suit in the near future. In its interim economic outlook released Thursday, the OECD expects the country will grow 2.7 percent this year, lower than its previous forecast of 3 percent made in May. It also cut its outlook for next year from 3 percent to 2.8 percent. Similarly, LGERI projected that the country's growth will decrease from this year's 2.8 percent to 2.5 percent next year, much lower than the 2.8 percent estimate of the BOK in July. Hyundai Research Institute and Korea Economic Research Institute are expected to p

Sep 21, 2018By Lee Kyung-min
Others

Meeting on insurance premiums

Financial Services Commission (FSC) Vice Chairman Kim Yong-beom, left, talks about how to reduce private insurance premiums following the expansion of state-run healthcare coverage dubbed “Moon Jae-in care,” at a meeting at the Government Complex in Gwanghwamun, Seoul, Friday. At the meeting, ranking officials from the FSC and health ministry, and representatives of private insurance firms, exchanged views on whether to increase premiums next year. / Courtesy of Financial Services Commission

Sep 21, 2018By Lee Kyung-min
Meeting on insurance premiums
Economy

KDB, KIC urged to lead NK investment

By Lee Kyung-min South Korea's state-run banks and financial institutions should take the initiative in investing in North Korea to attract more private investors and ensure opening the isolated country is a success, a Seoul-based North Korea expert said Tuesday.He pointed out that lingering uncertainty over the reclusive regime led by recalcitrant leader Kim Jong-un remains the single greatest issue deterring foreign investment.Park Hae-sik, a senior research fellow at the North Korea Finance Research Center under the Korea Institute of Finance, suggested the Korea Investment Corp. (KIC) or the Korea Development Bank (KDB) set up a trust fund to promote investment and financing for projects in the North.“Korea's top two state-controlled financial institutions should be able to set up a North Korea investment fund, given many foreign sovereign wealth funds are open to long-term investments that offer moderate returns,” Park said in a telephone interview with The Korea Times. “It is not that different from an investment in developing countries. If private investors a

Sep 19, 2018By Lee Kyung-min
KDB, KIC urged to lead NK investment
Economy

NK-related stocks may continue bullish runs

By Lee Kyung-min Domestic stocks related to the opening of North Korea will continue to enjoy bullish runs in the coming month on growing expectations of inter-Korean cooperation, according to a local brokerage house.The upbeat outlook came ahead of the third inter-Korean summit, for which President Moon Jae-in was accompanied by top business leaders and heads of key state-run enterprises. In a research paper released Tuesday, KB Securities said that the primary focus among investors now is whether the thawing relations will lead to tangible inter-Korean business cooperation, which they expect will open up vast opportunities and boost the value of related stocks. “Expectations are growing because those invited are the South's most powerful, highest-profile business figures with full discretion and authority to launch business projects,” said KB Securities analyst Kim Young-hwan.“The strong momentum will continue through next month, when a North Korea-U.S. summit is expected to take place.” The third summit between President Moon and North Korean leader Kim Jon

Sep 18, 2018By Lee Kyung-min
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