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Lee Kyung-min

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Economy

Procurement service cracks down on misuse of online contract site

The Public Procurement Service (PPS) announced a series of strong measures this week in response to a growing number of procurement fraud cases involving the Korea ON-line E-Procurement System (KONEPS). The state-run agency warned suppliers to remain vigilant, as scammers continue to impersonate local governments and public institutions to extract payments for high-value goods under false pretenses. According to PPS, fraudsters exploit publicly disclosed contract information on KONEPS to approach legitimate suppliers. After gaining trust — often by arranging small initial transactions — they lure companies into fake agreements by presenting forged official documents, fabricated business cards and misleading claims about purchasing expensive equipment at discounted prices. “The misuse of KONEPS undermines public trust in the national procurement system,” said Jun Tae-won, director general for the Fair Procurement Bureau at PPS. “We are committed to taking swift and decisive action to stop these crimes.” PPS has pledged to coordinate closely with investigative agencies and finan

Jul 11, 2025By Lee Kyung-min
Procurement service cracks down on misuse of online contract site
Economy

JB Financial prioritizes climate, investor protection, risk management to bolster ESG initiatives

JB Financial Group will continue to prioritize climate change, community engagement, investor protection and risk management to bolster environmental, social and governance (ESG) initiatives, the group said Thursday. In its annual ESG strategy report, JB Financial said its nonfinancial business achievements included the establishment of an integrated climate risk management system. Also notable was the group’s implementation of renewable energy sourcing based on the RE100 drive, with quantitative analysis of corporate social responsibility efforts and its outcomes, as well as higher scoring in ESG ratings. RE100 drive's goal is to use renewable resources for all energy, including for electricity, heating, cooling and transport. This is motivated by climate change, pollution and other environmental issues, as well as economic and energy security concerns. JB said it launched loan products targeting the private RE100 market, an effort recognized as exemplary in its support for Korean companies pursuing RE100 goals in achieving carbon neutrality. The report said the group made significant

Jul 10, 2025By Lee Kyung-min
JB Financial prioritizes climate, investor protection, risk management to bolster ESG initiatives
Economy

BOK freezes rate at 2.5% amid surging home prices in Seoul

Bank of Korea (BOK) left the key rate unchanged at 2.5 percent on Thursday, citing the recent sharp uptick in housing prices in Seoul metropolitan areas. BOK Gov. Rhee Chang-yong said the second supplementary budget of 32 trillion won ($23 billion) is expected to lift Korea’s gross domestic product (GDP) by 0.1 percentage point. “The pace of housing price increases in the Seoul metropolitan area in particular is faster than in August last year,” Rhee said during a press conference at the bank headquarters. “The unbridled real estate prices in Seoul and the surrounding region will exacerbate a host of problems, including a sense of being left behind among the younger generation. It’s not certain that this issue will be brought under control by next month.” The central bank’s May economic forecast already factored in the first extra budget, he added. “We had projected in May that the economy will grow 0.8 percent this year. But new data has since then suggested that consumption recovered slightly stronger than previously expected, with exports, especially semiconductors, re

Jul 10, 2025By Lee Kyung-min
BOK freezes rate at 2.5% amid surging home prices in Seoul
Economy

All KOSPI-listed firms required to disclose governance reports, starting 2026

A total of 842 firms listed on the country’s benchmark KOSPI will be required to disclose corporate governance information from next year, the country’s financial regulator said Wednesday. The measure will encourage more firms to bolster transparency and governance reforms in corporate management, contributing to a healthy, sustainable capital market ecosystem. KOSPI-listed firms will have to submit their governance reports on the previous year’s data by May 31 every year. It is the latest in a series of efforts to promote transparent market operation since the Korea Exchange (KRX), the country’s bourse operator, introduced the disclosure requirement in 2017. The Financial Services Commission (FSC) said it has approved a revision to the law governing KRX-overseen corporate data disclosure. The measure is stricter than previous regulations whereby the mandatory disclosure was limited to 541 firms with assets over 500 billion won ($363 million). The FSC said the revision is expected to prompt a greater number of firms to establish healthy corporate governance practices. FSC-affiliated

Jul 9, 2025By Lee Kyung-min
All KOSPI-listed firms required to disclose governance reports, starting 2026
Economy

Hana Bank to provide fast, simplified bank account opening for foreign customers

Hana Bank will introduce fast, simplified account opening for foreign customers to help them with easier access to financial services during their stay, the lender said Wednesday. The service allows travelers to use QR code-enabled registration system to share key information needed to open bank accounts before arriving in Korea. Upon arrival, they can visit any Hana Bank branch to activate the service. The service is available in 16 languages including English, Chinese, Japanese, Vietnamese and Spanish. Hana said the service will help foreign customers access banking services more easily in Korea. “More foreign customers will have easier access to financial services, contributing to a more convenient experience in the country,” the lender said. Meanwhile, Hana launched “Hana the EASY,” a service for foreign customers whereby tailored services are provided in accordance to their personal situations. They can seek information on entering Korea, temporary stays and permanent residency. Hana’s drive is part of broader efforts by Korean lenders seeking to enhance their foreign custome

Jul 9, 2025By Lee Kyung-min
Hana Bank to provide fast, simplified bank account opening for foreign customers
Economy

Will Korea cut dividend income tax to mitigate Korea discount?

The National Assembly's move to tax dividend income separately from other financial incomes to lower the tax burden on stock investors is gaining traction as a viable means to mitigate the so-called Korea discount, after the recent passage of the Commercial Act, market watchers said Monday. The discount refers to a chronic undervaluation of Korean stocks, the main contributor to the drawn-out equity market stagnation overall. Comprehensive financial income includes income from stock dividends, and monthly interest from bank deposits and rent. Highly likely to benefit are investors with significant holdings in shares of companies that give high dividend payouts of over 35 percent. Among such firms are SeAH Besteel Holdings, LS Electric, Samsung Card and CJ. Experts say the move will foster a virtuous cycle whereby companies increase dividends, increasing shareholder returns which in turn will induce inflow of more capital into the stock market. According to a bill proposed by Rep. Lee So-young of the ruling Democratic Party of Korea (DPK), the law governing income tax will seek a revision

Jul 7, 2025By Lee Kyung-min
Will Korea cut dividend income tax to mitigate Korea discount?
Economy

BOK’s low-interest mortgage loans for employees draws criticism

The Bank of Korea (BOK) is granting mortgage loans to employees as part of a benefit program, undermining its policy goal of curbing lending demands for housing purchase, a lawmaker said Monday. Criticism centers on the fact that BOK employees are able to borrow more since the central bank-extended loans are not reported to credit rating agencies. This allows them to partly bypass the credit screening by commercial lenders. For example, loans granted by commercial lenders will be limited to 100 million won ($73,150) per person, but a BOK employee may be able to borrow up to 150 million won because of their employee benefit program. The interest rate on mortgage loans extended by commercial banks averaged 4.2 percent in the first quarter of this year, higher than the 3.4 percent that BOK offered to its employees. This practice significantly undercuts BOK’s recommendation that Korea spearhead structural reforms to curb debt-financed capital concentration in the Seoul metropolitan housing market and that stricter macroprudential policies be implemented to keep mortgage borrowing under con

Jul 7, 2025By Lee Kyung-min
BOK’s low-interest mortgage loans for employees draws criticism
Economy

Cashless public transit pushes foreign business travelers to taxis

About 80 percent of transportation costs paid by foreign business travelers was spent on taxis last year, a report showed Sunday. This was because international credit and debit cards are not accepted as valid payment methods for Korea’s public transportation. According to a report by Visa, a global credit card and payment firm, about half of the offline payments made by foreign business travelers in Korea occurred in Seoul last year. In the transportation sector, eight out of 10 foreign business travelers rode taxis. Their per-person spending on transportation averaged $110 (148,000 won). Travelers from the U.S. spent the most, followed by Japan and India. Spending by visitors from these three countries combined accounted for half of all international credit card use, followed by significant spending by travelers from Ireland, Vietnam, China and Australia. Over half of all in-person credit card use by foreign visitors was in Seoul, followed by Suwon, Incheon and Seongnam in Gyeonggi Province, and Busan. Lodging and accommodation spending for visitors from these seven countries averaged

Jul 6, 2025By Lee Kyung-min
Cashless public transit pushes foreign business travelers to taxis
Economy

BOK likely to freeze rate amid household debt buildup

The Bank of Korea (BOK) is likely to leave the key rate unchanged at 2.5 percent at its meeting Thursday, mindful of the rapid uptick in household debt in Seoul, market watchers said Sunday. Many say a further easing in addition to the 25 basis point cut in May could accelerate the recent increase in housing prices in the capital Seoul area. Also at play is the U.S. Federal Reserve slowing the pace of easing. If the Korea’s central bank cuts the rate, the already record-widest rate differential between the two countries of 2 percentage points will further widen, prompting the depreciation of the Korean currency along with capital outflow. The central bank will have to monitor the impacts on the economy of the recently implemented stricter debt service ratio (DSR) lending regulation, as well as 32 trillion won in extra budgets. “The interest rate differential with the U.S. will be the most important factor in the upcoming monetary policy meeting,” said Joo Won of Hyundai Research Institute. “The Fed is expected to leave the key rate unchanged this month, given the robust U.S. econo

Jul 6, 2025By Lee Kyung-min
BOK likely to freeze rate amid household debt buildup
Companies

Investors increase holdings in entertainment stocks amid K-pop comeback hopes

Major foreign and institutional investors are rushing to significantly increase their holdings in key entertainment firms, buoyed by expectations of comebacks from top K-pop groups including BTS and BLACKPINK, and overall growing optimism over Korea-China relations, market watchers said Thursday. Foreign and institutional investors, including the National Pension Service (NPS), are leading the rally. Foreign investors and institutional investors bought 327.1 billion won ($240 million) and 19.9 billion won of SM Entertainment shares, respectively. The former also bought 158.4 billion won of HYBE shares and the latter 157.6 billion won. The NPS bought 390,182 shares of YG Entertainment, increasing its stake to 7.24 percent, up from 5.15 percent. Earlier in May, the pension fund also bought 48,532 shares of JYP Entertainment. Analysts say the increase in holdings is attributed to the entertainment agencies’ solid fundamentals and strong earnings expected in the months to come. Revenue will be bolstered due to income from concerts and album sales, certain to rise since BTS member Suga complet

Jul 3, 2025By Lee Kyung-min
Investors increase holdings in entertainment stocks amid K-pop comeback hopes
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