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    More than 40% of self-employed favor minimum wage freeze

    Nearly 60 percent of Korea’s self-employed individuals said their business conditions have worsened this year compared with last year, while more than 40 percent said next year’s minimum wage should be frozen, according to a survey released Tuesday by the Federation of Korean Industries (FKI). The survey of 500 self-employed people nationwide was published as the Minimum Wage Commission began negotiations over next year's minimum wage at its eighth plenary meeting at Government Complex Sejong. The commission consists of 27 members — nine representatives each from labor, management and the public interest sector. Among respondents, 57 percent said their business situation had deteriorated from a year earlier, while just 8.4 percent reported an improvement. The share of respondents reporting deteriorating business conditions was highest in the wholesale and retail sector at 66.3 percent, followed by accommodation and food services at 65.8 percent. The proportion was also comparatively high in arts, sports and leisure services at 58.2 percent, and transportation and warehousing at 53.

    2 MIN READBy Jun Ji-hye
    More than 40% of self-employed favor minimum wage freeze
  • Economy

    Korean won slumps against US dollar on expectations of Fed rate hike

    1 MIN READBy Yonhap
    Korean won slumps against US dollar on expectations of Fed rate hike
  • Others

    Foreign sell-off in Samsung Electronics, SK hynix drags KOSPI down 10%

    2 MIN READBy Jun Ji-hye
    Foreign sell-off in Samsung Electronics, SK hynix drags KOSPI down 10%
  • Economy

    Mirae Asset likely to face fines, disciplinary action over SpaceX allocation fallout: experts

    3 MIN READBy Park Han-sol
    Mirae Asset likely to face fines, disciplinary action over SpaceX allocation fallout: experts
  • Economy

    Bourse operator issues circuit breaker for KOSPI on sharp fall

    1 MIN READBy Yonhap
    Bourse operator issues circuit breaker for KOSPI on sharp fall
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

Kakao's non-life insurance biz taking shape

By Lee Kyung-min The Financial Services Commission (FSC) said Thursday that it has granted preliminary approval for Kakao's plan to set up a non-life digital insurance firm, clearing the way for the IT giant to expand in a niche online market easily accessed by young customers seeking short-term, cheap liability products.The success of the insurance business will hinge on how fast and accurately the firm identifies subscriber demands, propped up by a targeted marketing scheme that best utilizes Kakao Talk, Kakao's messenger service with the largest market share.The FSC said it approved Kakao's plan in a regular meeting Wednesday, as the firm met requirements on capital, business plan feasibility and sound management.The envisioned insurer with a capital of 100 billion won ($89 million) will be set up by Kakao Pay and Kakao Corp. Kakao Pay will put up a respective 60 percent of the capital and Kakao Corp. 40 percent.“The insurance firm to be set up by Kakao is expected to contribute to promoting consumer benefits, competition in the industry and innovation through its insur

Jun 10, 2021By Lee Kyung-min
Kakao's non-life insurance biz taking shape
Economy

'COVID-19 pandemic accelerating shift to ESG'

Participants to the 2021 Korea Times Global ESG Forum's second discussion session pose at the KCCI building in Seoul, Thursday. From left are KCCI Executive Vice Chairman Woo Tae-hee, American Chamber of Commerce in Korea Chairman James Kim, P&G Korea CEO Balaka Niyazee and IKEA Korea Country Retail Manager Fredrik Johansson. Korea Times photo by Shim Hyun-chulPanelists say pursuing ESG efforts is imperativeBy Baek Byung-yeulPanelists taking part in The Korea Times Global ESG Forum said Thursday that the COVID-19 pandemic has made companies aware of the need to improve their environmental, social and corporate governance (ESG) performance as these factors have become keys to overcoming climate change and other crises that have shaken global society.The Korea Times hosted its inaugural Global ESG Forum at a time when corporations are being urged to incorporate a high level of ESG in their operations. During a discussion session, panelists shared their thoughts on the importance of the issue.The panelists were Korea Chamber of Commerce and Industry (KCCI) Executive Vice Chairman Wo

Jun 10, 2021By Baek Byung-yeul
'COVID-19 pandemic accelerating shift to ESG'
  • Korea vows to create ESG ecosystem for sustainable growth
Economy

McKinsey: ESG drives sales growth, reduces costs and risks

Richard Lee, McKinsey & Company's senior partner in Seoul, speaks during the 2021 Korea Times Global ESG Forum, at the KCCI building in Seoul, Thursday. Korea Times photo by Choi Won-sukBy Lee Min-hyungMcKinsey & Company says more companies need to fulfill the environmental, social and corporate governance (ESG) standards, as the investment strategy allows them to enjoy medium- to longer-term sales growth, reduced costs and de-risking from possible business transitions.“It requires drastic changes for any firm to achieve the ESG transformation,” Richard Lee, McKinsey & Company's senior partner in Seoul, said during the 2021 Korea Times Global ESG Forum, held at the KCCI building in Seoul, Thursday.“But this is an inevitable trend, as global capital is flowing into ESG-related projects. Companies that take responsibility for the environment and society will be able to enjoy the aforementioned three core benefits.”The global capital market is paying growing attention to the issue of corporate sustainability in the wake of the shock of the pandemic, a

Jun 10, 2021By Lee Min-hyung
McKinsey: ESG drives sales growth, reduces costs and risks
Economy

'Serving all stakeholders allows long-term competitiveness'

McKinsey & Company Global Managing Partner Kevin Sneader speaks in a video address at the 2021 Korea Times Global ESG Forum at the KCCI building in Seoul, Thursday. Korea Times photo by Choi Won-sukMcKinsey chief emphasizes role of businesses for better worldBy Park Jae-hyukBusinesses should be aware of the fact that serving all stakeholders is a source of long-term competitive advantage, when enacting “stakeholder capitalism” within the focus of environmental, social and corporate governance (ESG) factors, according to McKinsey & Company Global Managing Partner Kevin Sneader. Stakeholder capitalism is a system in which corporations are oriented to serve the interests of all participants, including customers, suppliers, employees, shareholders and local communities.Sneader said his company believes there is synergy between the actions required to take the stakeholder view and the value of doing so, after arguing that the COVID-19 pandemic has emphasized the importance of ESG-focused and stakeholder-centric approaches to the future of business.“I believe that

Jun 10, 2021By Park Jae-hyuk
'Serving all stakeholders allows long-term competitiveness'
Economy

Korea vows to create ESG ecosystem for sustainable growth

Deputy Prime Minister and Finance Minister Hong Nam-ki delivers an opening speech during the 2021 Korea Times Global ESG Forum at the Korea Chamber of Commerce and Industry building in Seoul, Thursday. Korea Times photo by Choi Won-sukGovernment plans to unveil K-ESG guidelines this year By Lee Kyung-min Korea will do its utmost to create a private sector-led ecosystem that promotes environmental, social and corporate governance (ESG) values by establishing the necessary infrastructure and incentive systems, the country's top policymaker said Thursday. “In a situation where ESG management is gaining traction worldwide, the government plans to introduce Korea's ESG guidelines by the end of this year so that local firms can prepare for the global spread of ESG,” Deputy Prime Minister and Finance Minister Hong Nam-ki said during the 2021 Korea Times Global ESG Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul“At the same time, the government will set up an ESG platform that can offer related comprehensive information for Korean businesses and

Jun 10, 2021By Lee Kyung-min
Korea vows to create ESG ecosystem for sustainable growth
  • 'COVID-19 pandemic accelerating shift to ESG'
  • Korea Times sheds light on ESG through global forum
  • Governance viewed as critical catalyst for ESG management
  • PHOTOS 2021 Korea Times Global ESG Forum
Economy

Korea to foster parts suppliers for next-generation cars

Finance Minister Hong Nam-ki speaks at a government meeting on new industries held at Seoul Government Complex in Seoul, June 10. YonhapSouth Korea's top economic policymaker said Thursday the government plans to provide support to help around 1,000 auto parts makers transform into key suppliers of next-generation automobiles by 2030.Finance Minister Hong Nam-ki said the country plans to create a 500-billion won ($448 million) fund to support research and development and facility investment in the next-generation vehicle sector."It is very necessary to take the lead in the next-generation vehicle and related parts markets," Hong said at a government meeting on new industries.Korean automakers are accelerating the development and production of next-generation automobiles, including autonomous and hydrogen-fueled vehicles.But local auto parts makers have been struggling to cope with the changing trend due to lack of technology and manpower.Hong also said the government will push for a preliminary feasibility study over its key projects to foster the chipmaking industry.In May, the coun

Jun 10, 2021
Korea to foster parts suppliers for next-generation cars
Economy

Korea on track for faster economic recovery

Job market recovering, 1Q growth exceeds estimate By Lee Kyung-minKorea added over 600,000 jobs in May, marking two straight months of growth, aided by recoveries in exports and private consumption, no additional strengthening of social distancing measures and a low base effect from a year earlier, according to government data released Wednesday.But job losses continued in the retail sector among people in their 30s and 40s, indicating that the key working population and the pandemic-hit industries have yet to experience a full-fledged improvement in conditions.The economy appears to have regained its pre-pandemic strength, as illustrated by the country reporting 1.7 percent month-on-month growth in the first quarter of this year, a 0.1 percentage point increase compared to an earlier estimate amid better-than-expected export and manufacturing performances.The country is expected to meet its goal of 4 percent annual growth this year as long as the month-on-month growth surpasses 0.65 percent in the remaining three quarters, according to the Bank of Korea.Statistics Korea data showed

Jun 9, 2021By Lee Kyung-min
Korea on track for faster economic recovery
Economy

Retroactive compensation for small businesses too complicated?

Rep. Choi Seung-jae of the main opposition People Power Party speaks during a press conference at the National Assembly in Seoul, Monday, urging the ruling party and the government to offer retroactive compensation to small business owners who suffered lost earnings due to administrative orders since the outbreak of the coronavirus. YonhapBy Lee Min-hyungThe ruling and opposition parties remain poles apart in their views on whether the government should provide retroactive compensation for small business owners to help compensate for losses incurred since the outbreak of the COVID-19 pandemic last year.The ruling Democratic Party of Korea (DPK) decided not to provide retroactive compensation for small business owners whose sales were hit hard by administrative orders that forced bars, restaurants and other establishments to close temporarily or reduce their hours of operation due to the pandemic. The ruling party and the government also offered, instead, to widen support for 10 more business sectors ― such as travel, education and transportation ― hit hard by the pandemic shock. The

Jun 9, 2021By Lee Min-hyung
Retroactive compensation for small businesses too complicated?
Economy

World Bank sees 5.6% global growth in 2021, best since 1973

This April 5 file photo shows the World Bank building in Washington. The World Bank is upgrading the outlook for global growth this year, predicting that COVID-19 vaccinations and massive government stimulus in rich countries will power the fastest worldwide expansion in nearly five decades. AP-YonhapThe World Bank is upgrading the outlook for global growth this year, predicting that COVID-19 vaccinations and massive government stimulus in rich countries will power the fastest worldwide expansion in nearly five decades.In its latest Global Economic Prospects report, out Tuesday, the 189-country anti-poverty agency forecasts that the world economy will grow 5.6 percent this year, up from the 4.1 percent it forecast in January. The global economy last year shrank 3.5 percent as the coronavirus pandemic disrupted trade and forced businesses to close and people to stay home.The projected expansion would make 2021 the fastest year of growth since 1973's 6.6 percent.But the 2021 rebound will be uneven, the bank predicts, led by rich countries such as the United States that could afford to

Jun 9, 2021
World Bank sees 5.6% global growth in 2021, best since 1973
Economy

Job additions stretched to 3rd month in May

gettyimagesbankSouth Korea reported job growth for the third straight month in May, data showed Wednesday, in the latest sign that the job market is recovering from slumps caused by the pandemic.The number of employed people reached 27.6 million last month, 619,000 more than a year earlier, according to the data compiled by Statistics Korea.The May addition was lower than the previous month's 652,000 increase, the largest job growth in almost seven years.In March, the number of working people increased by 314,000 from a year earlier, the first job growth in 13 months.The COVID-19 pandemic has dealt a severe blow to the job market, with the country reporting job losses for the 12th straight month in February.But amid an economic recovery, a lower base effect and relaxed distancing rules helped create more jobs in May, according to the statistics agency.The improved jobs data came as the South Korean economy is on a recovery track on the back of robust exports and reviving consumption.Asia's fourth-largest economy grew 1.7 percent in the first quarter from three months earlier, faster

Jun 9, 2021
Job additions stretched to 3rd month in May
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