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Lee Kyung-min

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Economy

AI led to fewer jobs for young people, more jobs for older workers: BOK

Jobs for younger workers in industries most exposed to artificial intelligence (AI) are disappearing, while those among their older peers are rising, a central bank report said Thursday. Central to the finding is younger workers performing standardized, knowledge-based tasks that can be easily replaced by AI. In contrast, their older peers’ work requires understanding context, interpersonal communication and leadership, areas where AI falls short for the time being. Whether the recent AI-induced decline in youth employment will persist remains to be seen, since the businesses could hire more AI-savvy young workers in the years to come, as part of human capital investment reorientation. According to the Bank of Korea (BOK), the rapid spread of AI is deepening generational divides in employment. The finding comes amid concerns that seniority-biased technological change is exacerbated by the early phase of AI adoption in Korea, similar to one experienced in the U.S. From July 2022 to July this year, 211,000 jobs held by Korean workers aged 15 to 29 disappeared. Most of them, or 208,000, wer

Oct 31, 2025By Lee Kyung-min
AI led to fewer jobs for young people, more jobs for older workers: BOK
Banking & Finance

Financial groups post record performance in Q3 amid strong interest income

Korea’s top four financial groups — KB, Shinhan, Hana and Woori — posted strong third-quarter earnings, driven by robust interest income despite declining interest rates, market watchers said Thursday. Also contributing to their record performance were non-banking businesses, including income fees, trading and consulting services. Many say efforts to diversify business portfolios and enhanced risk management have helped defend profitability despite the monetary easing cycle. KB Financial said Thursday that its net income in July-September reached 1.68 trillion won, led by steady earnings from both banking and non-banking businesses. The group’s net income in the first nine months came to 5.12 trillion won, with a return on equity (ROE) of 12.78 percent. Net fee and commission income in the third quarter increased 3.5 percent from a year earlier. As of end-September, KB’s Common Equity Tier 1 (CET1) ratio was 13.83 percent, reflecting strong capital management. “A balanced profit based on a diversified non-banking portfolio helped our strong performance,” the group said. On Tues

Oct 30, 2025By Lee Kyung-min
Financial groups post record performance in Q3 amid strong interest income
Banking & Finance

Woori Financial Group promotes inclusive finance at APEC meetings amid global ESG drive

Woori Financial Group is strengthening efforts to promote 2025 Asia-Pacific Economic Cooperation (APEC) events in cooperation with the government’s preparatory committee, solidifying its global standing as a leading financial group in Korea and the sole financial institution to join the government’s promotion drive. Woori’s involvement in the high-profile event reflects a broader shift in the financial sector’s role in social inclusion and sustainable development. The group’s campaign was first announced in August when it signed a memorandum of understanding with the finance ministry-led preparatory committee to serve as the official promotional partner for the 2025 APEC events. The company has since installed both traditional and digital signboards at its headquarters in Seoul, at Woori Bank branches nationwide and at outdoor venues around Incheon International Airport to raise awareness of the global event. Woori said its participation underscores its continued efforts to strengthen group-wide advocacy for inclusive and sustainable finance, advancing the country’s and the g

Oct 30, 2025By Lee Kyung-min
Woori Financial Group promotes inclusive finance at APEC meetings amid global ESG drive
Economy

Airline, entertainment, construction stocks left out of KOSPI rally

Kim Sung-hoon, an office worker in his 40s, is frustrated whenever he hears that the KOSPI is breaking its all-time high. “I bought Korean Air shares at 28,000 won ($19.50) per share in August, but the price has since been dipping. I thought the cheap valuation was a plus. But there’s not a day that goes by that I don’t regret not buying SK hynix or Samsung Electronics shares. I wish I could turn back the clock.” He is among many retail investors with holdings of airline, entertainment and construction stocks that remain largely excluded from the ongoing KOSPI rally. The benchmark continues to surpass the all-time 4,000-point milestone, underpinned almost exclusively by large-cap semiconductor shares — Samsung Electronics and SK hynix — on expectations of a global artificial intelligence (AI) industry boom. The two Korean semiconductor powerhouses accounted for more than half of the KOSPI’s total market-cap gain this year, while mid- and small-cap domestic demand-reliant shares’ growth has been limited. According to the Korea Exchange, KOSPI large-cap shares surged 74 perc

Oct 28, 2025By Lee Kyung-min
Airline, entertainment, construction stocks left out of KOSPI rally
Others

Lawyer recognized for outstanding international arbitration by Asian Legal Business

Yoon & Yang lawyer Kang Min-hwa was the only lawyer from Korea to be included in Asian Legal Business's (ALB) prestigious “Asia 40 Under 40 2025” list, the firm said Tuesday. The annual ranking recognizes 40 of the most accomplished lawyers under the age of 40 across the Asia-Pacific region who demonstrate exceptional professional achievements and leadership. Kang’s selection underscores both her outstanding success in high-stakes international arbitration and the law firm’s growing influence in cross-border dispute resolution. Among more than 500 candidates, Kang stood out for her significant contributions to major international arbitrations before the International Chamber of Commerce, the London Court of International Arbitration, the Hong Kong International Arbitration Centre, the Singapore International Arbitration Centre and the Korean Commercial Arbitration Board (KCAB). She has represented multinational corporations, financial institutions and public entities in complex disputes concerning construction, energy and finance. Kang’s notable achievements included representin

Oct 28, 2025By Lee Kyung-min
Lawyer recognized for outstanding international arbitration by Asian Legal Business
Others

Incheon airport strengthens security for APEC events

Incheon International Airport Corp. (IIAC) has tightened its security alert level and intensified airport operations in an effort to ensure the safe and smooth hosting of the 2025 Asia-Pacific Economic Cooperation (APEC) summit, the airport operator said Tuesday. The measure reflects Korea’s heightened readiness ahead, during and after this year’s most significant international event, scheduled for this week in Gyeongju, North Gyeongsang Province. The airport operator said its aviation security level has been raised to the third tier out of a five-level security system, up one tier from its previous status. Under the upgraded level, effective through Nov. 1, security screening will be more rigorous. Passenger boarding times will take longer due to expanded pat-downs and random bag inspections. New X-ray screening requirements will lead to women having to remove shoes with heels higher than 3.5 centimeters, due to potential safety threats. To minimize inconvenience from the heightened alert, IIAC said more security personnel have been deployed, with operating hours extended. Comprehensiv

Oct 27, 2025By Lee Kyung-min
Incheon airport strengthens security for APEC events
Banking & Finance

Hana Financial sets up consumer protection committee amid reform drive

Hana Financial Group has set up a consumer protection committee within its board of directors in a move to strengthen consumer rights, the group said Tuesday. Hana is the first financial entity in the country to do so, signaling continued governance reform that places greater emphasis on consumer protection as a central corporate management rule. The new committee will directly evaluate and manage consumer protection policies and outcomes at the board level, representing Hana’s effort to elevate consumer interests as the top priority of the group’s highest decision-making body. Amid growing regulatory and social pressure to strengthen consumer rights, it remains to be seen whether Hana’s model can serve as an example for other financial groups. Hana said the committee is part of its broader initiative to build a groupwide consumer protection governance framework, designed to unify priorities for all group affiliates. The move seeks to make sure that the process of financial product development, consumer review and after-sales evaluations uphold consumer protection principles, as par

Oct 27, 2025By Lee Kyung-min
Hana Financial sets up consumer protection committee amid reform drive
Economy

Korean economy at crossroads as tariff talks remain stalled ahead of Trump’s visit

The Korean economy is bracing for financial market volatility amid stalled tariff negotiations between Korea and the U.S. over a $350 billion investment fund. While the two sides sought to finish up the negotiations before U.S. President Donald Trump’s visit to Korea later this week during Asia-Pacific Economic Cooperation (APEC) events, the likelihood of a deal being reached during his summit with President Lee Jae Myung appears slim. The U.S. demand for a $350 billion investment from Korea was part of a July agreement that saw the two countries set the U.S. blanket tariff on Korean goods at 15 percent, down from 25 percent. The U.S. insists the full amount be paid up front, while the Korean government argues that doing so would trigger a massive dollar outflow, and that a significant portion should instead come in the form of loans and guarantees. This uncertainty has since led the Korean currency to depreciate against the U.S. dollar, hitting a six-month low of 1,440 won per dollar last week. After returning from meetings with U.S. officials on Friday, presidential chief of staff fo

Oct 26, 2025By Lee Kyung-min
Korean economy at crossroads as tariff talks remain stalled ahead of Trump’s visit
Banking & Finance

Woori Financial’s Goodwill Store model earns US headquarters’ recognition

Woori Financial Group’s version of the U.S. Goodwill Industries International (GII) social responsibility program model has been recognized as a benchmark for creating jobs for individuals with developmental disabilities, the group said Wednesday. Woori is the first Korean financial institution to receive such recognition from Goodwill’s U.S. headquarters, with its model now being considered for global adoption across the Goodwill network, which includes 165 affiliates and more than 3,300 stores worldwide. The group’s model centers on creating stable, paid jobs for individuals with developmental disabilities in collaboration with local welfare organizations, aided by funding and operating donation-based stores. The stores generate revenue through sales of donated goods, in turn funding salaries and training programs for disabled employees. According to Woori, chairman Yim Jong-yong presented the group's “Woori-style Goodwill Store” model to GII President and CEO Steven C. Preston and senior executives during a meeting at its headquarters in Rockville, Maryland, Oct. 16 (local t

Oct 22, 2025By Lee Kyung-min
Woori Financial’s Goodwill Store model earns US headquarters’ recognition
Economy

IMM Holdings' ESG values promote sustainable investment practices

IMM Holdings is strengthening its environmental, social and governance (ESG) values while setting investment priorities, in a committed effort to promote green, healthy and sustainable industry practices, the private equity fund said Wednesday. Its investment philosophy is detail- and goal-oriented, as evidenced by its ESG checklist for investment review. The purpose of the checklist is to assess the ESG performance of potential investment targets. Regarding environmental responsibility, the private equity fund requires investment target companies to maintain clear strategies to comply with domestic and global environmental regulations. Specifically, a target company’s ability to properly manage and dispose of hazardous waste in accordance with environmental standards is a key consideration. Also important are whether the firms have established policies, visions and teams dedicated to making a positive environmental impact. Also on the checklist are how effectively the target companies have adopted and implemented clean and renewable energy practices, as well as the strength of their e

Oct 22, 2025By Lee Kyung-min
IMM Holdings' ESG values promote sustainable investment practices
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