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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Companies

Kolmar vice chairman faces uphill court battle against father

Kolmar Holdings Vice Chairman Yoon Sang-hyun, the eldest son of founder and chairman Yoon Dong-han, is facing an uphill court battle against his father after a court ruled that the son could not sell the shares his father gifted him, according to industry officials and legal sources, Thursday. The family feud deepens a controversy surrounding the cosmetics manufacturer’s management transparency and governance, which has long prioritized the private interests of the owner family at the expense of minor shareholders. At stake are downgrades in the firm's environmental, social and governance (ESG) ratings and subsequent lower corporate value, compounded further by questions about the independence of its board. On June 27, Seoul Central District Court found in favor of Yoon Dong-han, who filed an injunction to have his son Yoon Sang-hyun's share sales withheld. The chairman, who founded Kolmar Korea in 1990, filed a lawsuit against his son on May 30, seeking the return of 2.3 million shares in the holding company that he had gifted to his son in 2019. The 2.3 million shares have since doubl

Jul 3, 2025By Lee Kyung-min
Kolmar vice chairman faces uphill court battle against father
Economy

More consumers turn to group buying for bulk sales amid rising prices

A single woman surnamed Kim in her late 20s said she is looking forward to meeting up with two of her “bulk shopping friends” every other Sunday. “The first time I joined, I was nervous,” said Kim, a resident of Sejong. “I wasn’t sure if it would be awkward meeting strangers just to buy rolls of toilet paper. But now, I look forward to these trips.” The remaining two are women surnamed Lee, who is in her 40s, and Park, who is in her 60s. They are all members of an online community called the “Costco Sharing Group.” The community has over 800 members and is a part of a fast-growing trend where residents of the same area go shopping to share bulk purchases. They meet, buy and divide a range of goods, including toilet paper, snacks, fresh fruit and cleaning supplies. Lee said she no longer has to worry about finding space at home to keep the cheaper bulk-sized items after buying. “Everything was cheaper, but too big and too many,” Lee said. “A five-liter detergent jug? That would last me more than a year.” But now, when she sees a deal, she simply posts it on the grou

Jul 3, 2025By Lee Kyung-min
More consumers turn to group buying for bulk sales amid rising prices
Economy

Hana Financial's university student ambassadors to promote mutual growth

Hana Financial Group launched the 19th batch of its university student ambassador program, as part of continued efforts to foster communication between the group and the younger generation through deeper understanding of Hana’s environmental, social and governance (ESG) initiative, it said Wednesday. This year’s 50 participants were selected from a record high of 1,632 applicants. The 50 students will write an analysis on their experience of Hana’s financial products, develop promotional content featuring the group’s sports teams, join community service campaigns and propose new business ideas. They will engage in overseas volunteer work under the “Happy Class” program, visiting schools in underdeveloped regions where access to education and cultural activities are limited. The students will receive cash stipends. Those who complete the program will be invited to take a tour of Hana’s overseas branches. Top performers will be given cash prizes and advantages if they apply for job openings at the group. Hana Financial Group Chairman Ham Young-joo said the program would encoura

Jul 2, 2025By Lee Kyung-min
Hana Financial's university student ambassadors to promote mutual growth
Economy

Former Shinhan insurance expert to head ABL Life

Kwag Hee-pil, a former head of Shinhan Financial Plus, a general agency subsidiary of Shinhan Life, has been appointed CEO of ABL Life Insurance, the company said Tuesday. The appointment was confirmed during a shareholder meeting early in the day. His leadership is expected to help the insurer integrate effectively and efficiently into Woori Financial Group. The merger is the group’s long-awaited portfolio reorganization drive to bolster its non-bank business, strengthening its competitiveness and innovation efforts. The new CEO has over two decades of extensive leadership experience in the insurance industry, according to ABL Life. He graduated from Korea University with a degree in business administration, before beginning his career at ING Life in 2001. Kwag has since held a number of executive roles across leading financial institutions, including Orange Life and Shinhan Life, with a focus on marketing and organizational growth. Most recently, his accomplishments as Shinhan Financial Plus CEO illustrated his deep understanding of strategic growth initiatives in insurance market dyn

Jul 2, 2025By Lee Kyung-min
Former Shinhan insurance expert to head ABL Life
Economy

KB Financial establishes digital innovation department to accelerate AI drive

KB Financial Group has set up a digital innovation department in an effort to bolster digital transformation, defined by closer artificial intelligence (AI) integration among and across the group affiliates, the company said Tuesday. The drive will strengthen the group’s competitive edge in financial technology development and enhance customer experience. According to KB Financial’s sustainability report, the new department will function as the control tower for all digital initiatives within the company. In particular, the group’s AI Financial Center will create synergy among affiliates’ digital innovation and AI technology. The firm also established a digital committee comprising the chief digital officer and digital leaders from each affiliate. They will spearhead the group’s digital strategy, overseeing key initiatives and monitoring progress and challenges. For close intra-affiliate coordination, the group will operate two councils whereby heads of major affiliates collaborate on platform, data and AI strategies. A special team in charge of quality assurance will enhance plat

Jul 1, 2025By Lee Kyung-min
KB Financial establishes digital innovation department to accelerate AI drive
Economy

Will Koreans' preference for domestic travel help revitalize local economy?

An office worker in her 40s surnamed Kim said she plans to go to remote areas in one of Korea's provinces this summer, instead of traveling overseas. “The idea of going overseas can be exciting but I have been to most of the places, including Paris, London, Frankfurt and other major cities in Europe. I don’t want to spend hours on a plane, feeling exhausted after landing. Close to 10 or more hours of flight just to be where I have never been is not something I want to do this year.” Shopping at duty free shops to buy cosmetics products was one of the main reasons for her overseas travel, but this time it’s different. “I went shopping a couple of weeks ago and got a year’s supply of cosmetics on sale. I don’t need to buy anything more. I have all I need. I'll be good until the Chuseok holiday.” She prefers spending time resting in a hotel. “I want to rest. Literally. I don’t want to do anything. I want to lie in bed doing nothing. I don’t want to go outside or go sightseeing. I just want to stay inside.” Cases like hers are becoming more common, according to a survey

Jul 1, 2025By Lee Kyung-min
Will Koreans' preference for domestic travel help revitalize local economy?
Economy

New finance minister to lead Lee administration's AI initiative

Koo Yun-cheol, a nominee for the minister of economy and finance, is expected to lead the Lee Jae Myung administration’s artificial intelligence (AI) initiatives and foster the technology as the nation's main growth engine, according to government officials, Monday. Koo, a former top budget planner at the Ministry of Economy and Finance who later served as minister of the Office for Government Policy Coordination, will likely place top priority on the economic transformation powered by AI in fiscal, tax, finance and industry policies — the only viable breakthrough to counter the country’s declining growth rate amid rapid aging. According to the presidential committee for policy planning, the Ministry of Economy and Finance submitted a report on AI strategies last week. Central to the plan is an all-out AI transformation across economic, social and technological spheres. The government seeks to bolster investments in capital-intensive infrastructure including data centers and power grids, thereby slowing down the pace of total factor productivity. It measures how efficiently an eco

Jun 30, 2025By Lee Kyung-min
New finance minister to lead Lee administration's AI initiative
Economy

Korea 4th in world for net outflow of millionaires: report

Korea saw a record net outward migration of 1,200 high-net-worth individuals in 2024, a report said Friday. This places the country fourth globally in millionaire outflow. The country’s manufacturers and high-tech industries have for decades helped mint new millionaires, according to The Henley Private Wealth Migration Report 2024. The explosion of Korea’s music, film and drama on the global stage has created new wealth as well. However, the reality of a nuclear-armed North Korea next door has contributed to the draw of migration for even the wealthiest of citizens, it added. “The number of millionaires leaving Korea has accelerated over the past few years,” author Curtis S. Chin said in a section of the report titled “Crazy Rich Moves: Asia’s Millionaire Migration Flows Unpacked.” The United Arab Emirates and the U.S. took the top two places for millionaire inflow, while Singapore — an international finance and trading hub — ranked third with a projected net gain of 3,500 high-net-worth individuals in 2024. Alongside Korea, Taiwan and Vietnam joined the top 10 in the mi

Jun 28, 2025By Lee Kyung-min
Korea 4th in world for net outflow of millionaires: report
Economy

Active retail investor engagement powers Korea to become rule setter in global digital finance: blockchain expert

A law proposed by Rep. Min Byoung-dug of the ruling Democratic Party of Korea on the issuance of won-based stablecoins marks Seoul's boldest financial-technology overhaul since broadband first reached every Korean household in the late 1990s. That's according to John Park, head of Korea at Arbitrum, a blockchain infrastructure builder and digital asset manager, who believes that this will help the discipline of money-market funds while still allowing private innovation. “The proposed licensing regime for stablecoin issuers, combined with asset segregation requirements and enhanced disclosure standard, signals a mature regulatory approach. Unlike blanket restrictions seen elsewhere, Korea appears to be building infrastructure that could attract institutional capital while maintaining prudential oversight,” he said in an interview with The Korea Times. By pairing these safeguards with a clear licensing path, regulators may invite global institutions to build here without sacrificing prudential oversight. Park believes this shift in regulatory credibility, more than tax breaks or market

Jun 27, 2025By Lee Kyung-min
Active retail investor engagement powers Korea to become rule setter in global digital finance: blockchain expert
Economy

Commemorative medals for 80th anniv. of liberation to go on sale

The Korea Minting and Security Printing Corp. (KOMSCO) said Friday that preorders will begin for a commemorative medal celebrating the 80th anniversary of Korea’s liberation. Orders can be placed on KOMSCO’s official website from June 30 to July 11. The medal was created to honor the strength and resilience of Koreans under Japanese colonial rule and to commemorate the economic and democratic growth the country has since achieved. The front side of the medal features a wave-like design representing Korea’s development and global connectivity over the past 80 years. The back side has a semiconductor wafer pattern, symbolizing one of Korea’s leading export industries. The medal also has anti-counterfeiting features. KOMSCO said two versions of the medal will be available. A total of 815 gold medals, each weighing 15.55 grams of pure gold, will be issued, while 1,945 silver medals, each weighing 31.1 grams of pure silver, will be also available. Both medals will be produced in the highest “proof” quality. KOMSCO said the medals are not just collectibles, but symbols of national pri

Jun 27, 2025By Lee Kyung-min
Commemorative medals for 80th anniv. of liberation to go on sale
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