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Lee Kyung-min

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Economy

Seoul named best cost-of-living city: Compare Market Australia index

Seoul has been named the most cost-effective city to live in globally, Compare the Market, an Australian market data platform operator, said Monday. Out of all 42 cities studied, Seoul topped the index for the second year in a row thanks to the lowest rent price increase at only 8 percent since 2015, the company said. This was combined with the country’s low unemployment rate of 2.7 percent and cheap average electricity bills. Seoul was followed by Brisbane, Australia, which benefited from cheap public transport fares and cheaper gas prices. In contrast, Copenhagen, Denmark, Reykjavík, Iceland and Dublin, Ireland, were named the least cost-of-living friendly cities. The average cup of coffee in Copenhagen cost $9.98 (14,000 won), while a typical public transport fare in Reykjavik was $7.67. The second iteration of the cost-of-living cities 2025 index covered 42 different capital cities across 37 economically developed countries globally and 11 cost-of-living factors. Compare the Market’s General Manager of Money, Stephen Zeller, said there was no "perfect" city when it comes to the cos

Apr 21, 2025By Lee Kyung-min
Seoul named best cost-of-living city: Compare Market Australia index
Economy

BOK head to receive prestigious FPA Medal for global leadership

Bank of Korea Gov. Rhee Chang-yong will be awarded the Foreign Policy Association (FPA) Medal in recognition of his global leadership and contributions to positive change in the international community, the central bank said Friday. The FPA Medal is the association’s highest honor. Previous recipients include former European Central Bank President Jean-Claude Trichet, former U.S. Federal Reserve Chair Paul A. Volcker, International Monetary Fund (IMF) Managing Director Kristalina Georgieva and Federal Reserve Bank of New York President John C. Williams. The FPA board unanimously voted for Rhee as medal recipient in November 2024, following a recommendation by the FPA chair and president. Rhee will attend the award ceremony on April 21 (local time) in New York alongside Organization for Economic Cooperation and Development Secretary-General Mathias Cormann. Founded in 1918, the association is a nonprofit dedicated to increasing public awareness and understanding of U.S. foreign policy and international issues. Rhee left for Washington on Saturday to attend the Group of 20 Finance Minister

Apr 18, 2025By Lee Kyung-min
BOK head to receive prestigious FPA Medal for global leadership
Economy

Is Value-up drive losing momentum amid snap presidential election?

A growing number of companies are delaying the disclosures of Corporate Value-up plans, emboldened by heightened policy uncertainties ahead of the June 3 snap presidential election, data showed Friday. Advancing the collective move is the main opposition-backed reorganization of key economic and financial policy bodies, placing the drive as a low priority. The Democratic Party of Korea seeks to have the functions of the international finance department under the Ministry of Economy and Finance (MOEF) and the Financial Supervisory Service (FSS) subsumed under the Financial Services Commission (FSC). This could elevate the FSC to a finance ministry. The Constitutional Court decided on former President Yoon Suk Yeol's impeachment on April 4. The April 8 Cabinet meeting confirmed June 3 as the date of the snap presidential election. According to Korea Exchange, only four firms disclosed their Value-up plans between April 1 and Thursday. Included are Hanmi Semiconductor, Dongwon Systems and Hanatour – all listed on the main bourse KOSPI, as well as Astraffic, and listed on the secondary tech

Apr 18, 2025By Lee Kyung-min
Is Value-up drive losing momentum amid snap presidential election?
Economy

BOK hints at slashing Korea's 2025 growth forecast amid Trump tariff chaos

The Korean economy this year is likely to grow significantly slower than the previous forecast of 1.5 percent, hamstrung by tariff uncertainties, prolonged political turmoil and financial losses from wildfires, the country’s top monetary policymaker said Thursday. Underpinning the grim outlook is growth in the first three months of this year, which is estimated to have ended up far lower than expected due to the sudden combination of headwinds. The Bank of Korea (BOK) now expects first quarter growth to fall below 0.2 percent, significantly revised down from the 0.5 percent forecast in November. It even said the country “cannot rule out the possibility of a contraction.” The central bank left the key rate unchanged at 2.75 percent Thursday, citing sustained weakness and the won's volatility relative to the U.S. currency. A sudden uptick in household debt buildup, coupled with rising home prices, was another factor. Still, it hinted at easing next month, factoring in anemic domestic spending and a weak export outlook. All six members of the monetary policy board were open to easing i

Apr 17, 2025By Lee Kyung-min
BOK hints at slashing Korea's 2025 growth forecast amid Trump tariff chaos
Banking & Finance

Hana Financial hosts art fair for people with developmental disabilities

Hana Financial Group held Hana Artverse, an art fair for people with developmental disabilities, on Thursday to provide a platform for artistic expression, the group said. The event held for the fourth year is part of Hana's commitment to promoting mutual, inclusive growth and awareness of disabilities. A total of 877 people applied for the top award, up 1.5 times compared to the previous year. The event had 30 winners, who will receive a combined 10.6 million won ($7,466) in prize money. Hana Financial Group Chairman Ham Young-joo said painting can be a great way to portray their lives, especially for people with developmental disabilities wishing to tell their stories. “The work of painting in itself can help share messages of hope,” he said. “Hana Financial will continue to stand by these artists through their lifelong journey of hopes and dreams in a world free of prejudice and discrimination. We are committed to enhancing social understanding and awareness of disabilities.” The winning works will be on display at Hana Bank headquarters gallery until Friday. They will then be m

Apr 17, 2025By Lee Kyung-min
Hana Financial hosts art fair for people with developmental disabilities
Banking & Finance

JB Financial chair buys treasury stocks to show commitment to responsible management

JB Financial Group Chairman Kim Ki-hong bought 12,127 company shares to increase his stakes in the firm, demonstrating his commitment to responsible management and enhancing shareholder value, the group said Wednesday. This raises his total stake to 160,000, or 0.08 percent of the company’s outstanding shares, the largest stakes held by the heads of Korea’s top seven financial groups. “I believe my increase in stakes reaffirms confidence in the group's long-term growth and commitment to responsible management and shareholder value increase,” Kim said. This is part of a continued commitment from the chairman, who received part of his annual bonus in treasury shares. He has made large-scale treasury stock purchases since he took the group's helm in March 2019. His term was renewed for the third time recently, extending to 2028. JB's other executives and employees have also increased their stakes in the group, fostering a culture of responsible management and commitment to strengthening corporate value. In February, the group announced a corporate strategy plan, including share buybac

Apr 17, 2025By Lee Kyung-min
JB Financial chair buys treasury stocks to show commitment to responsible management
Economy

BOK to hold steady due to weak currency: Moody's, Fitch BMI

The Bank of Korea (BOK) is expected to leave the key rate unchanged at 2.75 percent during a monetary policy board meeting Thursday, hamstrung by the weakening Korean currency relative to the U.S. dollar, economists at the affiliates of global credit ratings agencies said Wednesday. However, the rate decision will be a tough call, given the rapidly deteriorating trade outlook amid stagnant domestic demands, they added. Dave Chia, associate economist at Moody’s Analytics, said the monetary easing will be delayed due to the won’s depreciation. “We expect the Bank of Korea to keep interest rates unchanged because of currency weakness,” he told The Korea Times. “Although the won has appreciated against the U.S. dollar this past week, trading has been volatile, and the won remains significantly weaker than a year ago. Given the high level of uncertainty, it would be premature to conclude that the won is seeing a sustained recovery. But the possibility of a rate cut is not entirely off the table, in his view. “The trade outlook is deteriorating rapidly, and domestic demand has strug

Apr 16, 2025By Lee Kyung-min
BOK to hold steady due to weak currency: Moody's, Fitch BMI
Others

AI expertise, gaming leadership, blockchain innovation makes Korea strategic market: AI expert

Korea is rapidly emerging as a major player in the global artificial intelligence (Al) race as it fiercely competes with regional heavyweights such as China — where companies like DeepSeek are advancing AI innovation — and India, an AI expert said Tuesday. The government’s decision to secure 10,000 high-performance graphics processing units (GPUs) to strengthen national AI infrastructure signals the country’s commitment to maintaining a competitive edge in AI-driven innovation, according to Roman Cyganov, CEO and founder of Antix, a Web3 platform driven by Al. Web3 is a next-generation, blockchain-backed internet. This investment, alongside Korea’s existing expertise in gaming, media and digital technology, enables the country to solidify its position as a frontrunner in AI-powered content creation and synthetic media development. "To sustain its leadership, Korea must continue fostering public-private partnerships, advancing regulatory clarity and incentivizing AI research to match the aggressive AI advancements seen in its neighboring markets," he said in an interview with T

Apr 15, 2025By Lee Kyung-min
AI expertise, gaming leadership, blockchain innovation makes Korea strategic market: AI expert
Others

Korean Air hit with series of share price downgrades amid Trump tariff uncertainties

Brokerages are slashing their target prices for Korean Air over concerns of a nearly 20 percent drop in operating profit despite record revenue in the first three months of this year, market watchers said Monday. Falling freight rate margins and Trump tariff uncertainties have painted a bleak outlook for the country's largest flagship carrier in the coming months, they said. Central to the grim outlook is the flagship carrier’s first quarter profit released Friday. The record 3.9 trillion won ($2.7 billion) revenue was a 3.5 percent increase from a year earlier. However, its operating profit fell to 350.9 billion won, down 19.5 percent from the 436.1 billion won a year earlier. Mirae Asset Securities lowered its target price for Korean Air to 30,000 won, down from 33,000 won. This was the same price revised down by Samsung Securities and Hana Securities. The previous price set by Samsung was 35,000 won and 33,000 won by Hana. Mirae Asset said fuel costs dropped 6.3 percent from the previous year, led by lower unit fuel prices. However, it failed to offset a sharper-than-expected increase

Apr 14, 2025By Lee Kyung-min
Korean Air hit with series of share price downgrades amid Trump tariff uncertainties
Banking & Finance

Hana Financial Group nurtures young entrepreneurs for job creation

Hana Financial Group has launched the 4th Hana Social Venture University program to enrich youth entrepreneurship and foster sustainable job creation, the company said Monday. Hana and Kwangwoon University signed a memorandum of understanding on Friday at the university’s campus in Seoul. The program seeks to nurture young entrepreneurs, providing hands-on business education, training and resources. Chief among the beneficiaries will be residents in remote areas with little access to infrastructure or training opportunities compared to Seoul and surrounding metropolitan areas. “We hope the program would provide practical experiences for young entrepreneurs, a foundation for sustainable regional economic growth,” said Hana Financial Group Chairman Ham Young-joo. This year’s program will be jointly sponsored by the Ministry of Employment and Labor, with the number of participating universities standing at 30. A total of 3,550 young entrepreneurs have participated in the program. Some 326 startups launched their businesses, with combined sales exceeding 20 billion won ($14 million) as

Apr 14, 2025By Lee Kyung-min
Hana Financial Group nurtures young entrepreneurs for job creation
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