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    Labor unions seek 16.3% minimum wage hike, employers push for freeze

    Labor and management began a fierce tug-of-war over next year's minimum wage Tuesday, with labor representatives seeking an increase of more than 16 percent and management representatives pushing for a freeze. The stark differences between the two sides are expected to complicate discussions in the coming months. The Minimum Wage Commission held its eighth plenary meeting at Government Complex Sejong, kicking off deliberations on next year's minimum wage, with labor and management representatives presenting their respective proposals. The commission consists of 27 members — nine representatives each from labor, management and the public interest sector. Ahead of formal negotiations, labor representatives submitted an opening proposal calling for the hourly minimum wage to be raised to 12,000 won ($7.8), up 16.3 percent from the current 10,320 won. “The minimum wage plays a critical role in protecting low-income workers and reflects the level of social equity in the country,” the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions, the nation’s two larges

    2 MIN READBy Jun Ji-hye
    Labor unions seek 16.3% minimum wage hike, employers push for 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

BC Card launches online cashback promotion amid pandemic

Models pose for BC Card's online promotion event. Courtesy of BC CardBC Card has launched an online promotion offering cashback rewards for its users who order food via mobile delivery apps. The company decided to offer the promotion via a partnership with the government, whose key task is to revive consumption during the economic doldrums induced by the prolonged pandemic.According to the nation's largest payment processing firm, BC Card users can receive 10,000 won ($8.97), as part of a cashback benefit when they make online food delivery payments of over 20,000 won four times. Those who seek to receive the benefit need to apply for the promotion by visiting BC Card's homepage or mobile app.To receive the benefit, BC Card users need to order food via one of 14 delivery apps operating here ― such as Coupang Eats, Yogiyo or Baedal Minjok.The card company will also hold a special promotion until the end of June, in which it will offer mobile points or coffee coupons to those who place orders via food delivery apps. The benefit will be given to a total of 10,000 selected users, accordi

May 30, 2021
BC Card launches online cashback promotion amid pandemic
Economy

ANALYSIS Will cryptocurrency market undergo major shakeup?

Bitcoin, Ethereum expected to define landscape for virtual asset marketBy Lee Kyung-min Participants of the cryptocurrency market are expected to realign investment interests around two top-traded digital assets, bitcoin and Ethereum, as illustrated by a growing number of global traditional financial service providers seeking to roll out virtual asset-related products. Bitcoin, the most popular and widely traded digital coin, however, consumes an enormous amount of electricity, a reason why the second-in-class Ethereum is emerging rapidly as an alternative mostly for its low energy consumption and greater scalability. Global investment bank JP Morgan is expected to release bitcoin fund products as early as this summer, the latest to join two other key industry players ― Morgan Stanley and Goldman Sachs, both of which launched bitcoin funds for high-net-worth customers. Altcoins, an umbrella term encompassing almost all cryptocurrencies except for a few top-traded ones, will not be able to establish itself as a mainstream means of investment due to its sketchy manufacturing process an

May 30, 2021By Lee Kyung-min
[ANALYSIS] Will cryptocurrency market undergo major shakeup?
Economy

Korea Securities Depository to launch 'open venture platform'

Korea Securities Depository (KSD) plans to open a new investment support platform for startups in the latter half of this year, seeking to help unlisted firms streamline their securities-related works.The KSD expects the platform, called Venturenet, to start offering services as early as October, to facilitate small companies in carrying out work related to their shareholders.Startups or small firms using the platform can easily manage their shareholders in real time by issuing a share certificate or replacing it with a new one in case there are any changes in investors' stakes in the companies.“There have been mounting calls for the need to establish such a platform, as small, unlisted companies have realistically faced difficulties in using the existing electronic securities system,” a KSDI official said. “Most of those companies handle stock-related work on their own, but this comes with a legal risk in terms of managing their account books.”The state-run organization also expected the new platform to help enhance credibility between startups and venture ca

May 30, 2021
Economy

FSC to supervise crypto exchanges

gettyimagesbankICT ministry to support blockchain sectorBy Anna J. ParkAiming to better protect consumers from the uncontrolled cryptocurrency market, the government announced, Friday, a set of measures to strengthen monitoring and supervision of the nation's virtual asset markets.The announcement followed a vice-ministerial taskforce meeting held last week, participated by key officials from cryptocurrency-related government agencies and ministries, including the Financial Services Commission (FSC), the Ministry of Economy and Finance, the Ministry of Science and ICT and the Ministry of Justice. Minister Koo Yun-cheol of the Office for Government Policy Coordination, presided over the ministerial meeting. The participating government ministries vowed to increase the level of transactional transparency in cryptocurrency trading, as a way to bolster preventive measures against illegal activities. In order to increase transparency, the government plans to strengthen supervision on local cryptocurrency exchanges. The prosecution and police will strictly monitor any illegal schemes relat

May 28, 2021By Anna J. Park
FSC to supervise crypto exchanges
Economy

Namyang deal to test Hahn & Co.'s ability to manage ESG risks

A pedestrian passes by Namyang Dairy Products headquarters building in Seoul, Friday. YonhapBuyer tasked with restoring stock price, customer trustBy Park Jae-hyukHahn & Company's latest decision to acquire a controlling 53 percent stake in the scandal-ridden Namyang Dairy Products from its former chairman, Hong Won-sik, and his family members appears to be testing once more the domestic private equity firm's (PEF) capacity to manage risks of its portfolio companies in terms of environmental, social and corporate governance (ESG) factors.Following their share purchase agreement disclosed after the closing of Thursday's trading session, Hahn & Co. announced it would introduce an “executive officer system” to Namyang to reform the governance structure of the dairy firm that has been managed by its owner family for 57 years.The purpose of the system is to separate a company's board of directors in charge of decision-making and supervisory functions from executive officers in charge of business execution functions, so as to enhance responsible management.Hahn & Co

May 28, 2021By Park Jae-hyuk
Namyang deal to test Hahn & Co.'s ability to manage ESG risks
Economy

Korea to levy 20% tax on cryptocurrency transactions starting next year as planned

Bitcoin medals / AFP-YonhapSouth Korea plans to impose a 20 percent income tax on capital gains from cryptocurrency transactions starting next year as planned, the government announced Friday, despite growing investor calls for delaying the taxation plan.The government announced the plan after discussing the matter during a vice-ministerial interagency meeting chaired by Koo Yoon-cheol, head of the government policy coordination under the Prime Minister's Office.Gains from cryptocurrency transactions will be classified as "miscellaneous income" and will be subject to a 20 percent tax starting next year. Virtual asset gains must be reported when filing for general income taxes in May 2023. The Financial Service Commission, the nation's financial regulator, was also designated as the top government office tasked with overseeing and regulating the virtual asset market. The science ministry was chosen to handle the promotion and growth of the related blockchain industry. Authorities also decided to extend the government's special campaign period for monitoring and clamping down on illega

May 28, 2021
Korea to levy 20% tax on cryptocurrency transactions starting next year as planned
Economy

Korea to decide on another extra budget after gauging tax revenue, public financing need

First Vice Finance Minister Lee Eog-weon / YonhapSouth Korea plans to take into account tax revenue situations and demand for increasing public finances before it decides on whether to draw up another extra budget in the latter half of 2021, a senior government official said Friday.First Vice Finance Minister Lee Eog-weon also said the government will focus its economic policy on underpinning an accelerating economic recovery in the second half.Talk of another extra budget emerged from the ruling party after President Moon Jae-in said Thursday the country needs to leave the door open for additional fiscal support.Moon said at a national fiscal strategy meeting that the country needs to maintain its expansionary fiscal policy for the time being to cope with the fallout of the pandemic despite the growing national debt.South Korea created an extra budget of 15 trillion won ($13.5 billion) in March to finance another round of relief aid for smaller merchants and vulnerable people hit hard by the pandemic.Since last year, the country has drawn up five rounds of extra budgets totaling 82

May 28, 2021
Korea to decide on another extra budget after gauging tax revenue, public financing need
Economy

Global competition heats up over Daewoo E&C takeover

Daewoo Engineering & Construction (Daewoo E&C) headquarters in Seoul / Courtesy of Daewoo E&CBy Park Jae-hyukThe forthcoming sale of Daewoo Engineering & Construction (Daewoo E&C) has prompted an international rivalry among potential buyers from Korea, China and the UAE, as the builder's valuation has soared lately due to an earnings surprise.After Daewoo E&C's owner, KDB Investment, kicked off the procedure to select the underwriters for the sale from among multiple securities and accounting firms, all eyes are on which company will purchase a 50.75 percent stake in the builder, the value of which is estimated at up to 2 trillion won ($1.8 billion).The most recently emerged candidate is the Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds in the Middle East, having around $700 billion in assets under its management.ADIA, which had sought to acquire Daewoo E&C in 2009 from its owner at that time, Kumho Asiana Group, reportedly told KDB Investment, a subsidiary of the state-run Korea Development Bank (KDB), about its intentio

May 28, 2021By Park Jae-hyuk
Global competition heats up over Daewoo E&C takeover
Economy

INTERVIEW 'Shared mobility, healthcare attractive to PEFs in ESG era'

IMM Private Equity Chief Investment Officer Kim Young-ho speaks during an interview with The Korea Times at the private equity firm's head office in Seoul, May 26. Korea Times photo by Choi Won-suk This article is the last in a series of interviews with ESG experts intended to make suggestions for Korea's financial, industrial and public sectors to come up with better ESG strategies for sustainable growth. ― ED.IMM learns from SK, Shinhan to enhance sustainable investments By Park Jae-hyukThe global trend of considering the environmental, social and corporate governance (ESG) factors in business managements and investments have apparently prompted domestic private equity firms (PEFs) to upgrade their strategies to catch up with their peers in developed markets, such as the Carlyle Group and Blackstone.Local PEFs have started betting on companies that are more likely to bring them opportunities

May 28, 2021By Park Jae-hyuk
[INTERVIEW] 'Shared mobility, healthcare attractive to PEFs in ESG era'
Economy

Bank of Korea hints at possible rate hike in 2021

Bank of Korea Governor Lee Ju-yeol speaks during a press conference after holding a monetary policy board meeting at the central bank's headquarters in Seoul, Thursday. YonhapBy Lee Min-hyungBank of Korea (BOK) Governor Lee Ju-yeol sent a signal Thursday of a possible interest rate hike to come no later than the end of 2021 due to reviving momentum for a post-coronavirus economic recovery.“The possible rise in the benchmark rate will be determined by how much the economy will recover throughout this year,” Lee told reporters during an online press conference. “The Korean economy appears to gain stronger recovery momentum and prices will be on the rise, but we are going to maintain our monetary easing stance due to lingering uncertainties surrounding the spread of COVID-19.” This is the first time since the outbreak of the coronavirus last year that the central bank chief has hinted at a possible rate hike. For the past year, Lee maintained an “ultra-careful stance” on the adjustment of the benchmark rate and placed more emphasis on reviving the eco

May 27, 2021By Lee Min-hyung
Bank of Korea hints at possible rate hike in 2021
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