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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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Economy

Reporter's Notebook Financial watchdogs urged to modify customer protection regulation

Financial Services Commission Chairman Eun Sung-soo speaks during the opening ceremony of Korea Fintech Week 2021 in Seoul, Wednesday. Yonhap By Lee Min-hyungThe nation's financial watchdogs are being urged to modify an ineffective set of regulations in the name of protecting the rights of customers. The Financial Customer Protection Act took effect on March 25, as part of a step to protect customers from any possible risks of investing in risky financial products.The purpose of the act looks persuasive at this time when most local banks and financial firms have been mired in a nationwide scandal over the mis-selling of certain derivatives and other risk-laden financial products, without having warned customers properly about their inherent risks.Following the implementation of the act, however, there has been more confusion in the market, with both customers and financial firms expressing discontent and discomfort over what is widely being considered as a rash intr

May 26, 2021By Lee Min-hyung
[Reporter's Notebook] Financial watchdogs urged to modify customer protection regulation
Economy

NH Investment to provide full compensation for Optimus mis-selling

NH Investment & Securities CEO Chung Young-chae speaks during a press conference held at the firm's headquarters at the Yeouido financial district in Seoul, Tuesday. Courtesy of NH Investment & Securities By Anna J. ParkNH Investment & Securities has decided to fully compensate its customers who lost money due to the brokerage company's mis-selling of troubled funds from Optimus Asset Management.In a press conference, NH Investment & Securities said that it was finally decided at the company's board meeting earlier in the day to return 100 percent of the original principal paid by the victims, in order both to respect the order of the Financial Supervisory Services (FSS) and to implement customer protection to the fullest. With the decision, a total of 831 retail investors will receive 278 billion won ($247 million) as soon as possible. Last year, NH Investment gave out nearly half of the money to the victims as an emergency step to minimize financial damage. The re

May 25, 2021By Anna J. Park
NH Investment to provide full compensation for Optimus mis-selling
Economy

Yanolja's ties with Citigroup could unnerve Morgan Stanley

Citigroup Center in New York is seen in this Feb. 23, 2009 file photo. AP-YonhapUS firms may compete to handle Korean app operator's IPOBy Park Jae-hyukThe strategic partnership signed between Yanolja and Citibank Korea last Friday has been seen by market insiders as Citigroup's initial effort to take part in the hotel booking app operator's listing on a foreign stock market.This has also been regarded as a potential threat to Morgan Stanley, which has long been viewed as the strongest candidate to become a foreign underwriter for the Korean firm's planned initial public offering (IPO) overseas.Both Yanolja and Citibank Korea explained that their latest partnership was merely intended to help the former expand its presence in the global market using Citigroup's worldwide network and to enable the bank to offer global payment services specialized for the hospitality industry.Sources familiar with this issue, however, did not rule out the possibility of further cooperation for Yanolja's IPO in other countries, including the United States.“Given that Citigroup has a wide network i

May 25, 2021By Park Jae-hyuk
Yanolja's ties with Citigroup could unnerve Morgan Stanley
Economy

1 in 4 college students investing in cryptocurrency

A man watches prices changes of cryptocurrencies, May 3. YonhapBy Yoon Ja-youngAmid the cryptocurrency craze, many college students in the country bet their hard-earned money from their part-time jobs on cryptocurrency and have experienced losses with some even suffering from a range of related psychological issues.According to a survey on 1,750 college students by Alba Heaven, a part-time job information provider, 23.6 percent were investing in cryptocurrencies. The survey was held from May 17 to 19.The ratio was higher at 34.4 percent among male students while 14.4 percent of female students were investing in digital coins. Asked why they started investing in crypto, 25.2 percent said because they can start investment with a relatively small sum. Regardless of whether they are investing in cryptocurrency or not, 52.9 percent said they feel positively toward cryptocurrency. When asked why, 33 percent cited high investment return, 31 percent picked low barriers to entry and 15.1 percent said it seems to be their last chance to overcome the hierarchy of class. They have invested 1.41

May 25, 2021By Yoon Ja-young
1 in 4 college students investing in cryptocurrency
  • Amid Bitcoin craze, NH, K bank facing quandary over tie-ups with crypto exchanges
Economy

Regulators pressed to apply measures amid crypto volatility

Financial Services Commission Chairman Eun Sung-soo speaks during his visit to a NongHyup Life Insurance service center in Seoul on April 29. YonhapBy Lee Min-hyungThe Financial Services Commission's (FSS) lackluster attitude toward the handling of the burgeoning cryptocurrency market here is escalating the confusion felt by investors.After FSC Chairman Eun Sung-soo shared his ultra-negative views of the booming digital currency market last month, the regulator remains taking a wait-and-see approach, without taking any concrete actions or sharing specific regulatory plans. This passive approach is due to fears that issuing any warnings without a detailed future policy roadmap will end up widening the volatility of major large-cap cryptocurrencies.But market experts are calling for the FSC to no longer delay announcing regulatory guidelines at a time when central governments from other economic powerhouses ― such as the United States and China ― are taking preemptive steps to minimize market confusion.For now, it is shifting the responsibility onto commercial banks, urging them to sig

May 24, 2021By Lee Min-hyung
Regulators pressed to apply measures amid crypto volatility
Economy

Gov't to curb spending for fiscal soundness

gettyimagesbankBy Lee Kyung-min The government said Monday that it has begun discussing ways to manage fast-growing debt on a steep rise, due to a spike in mandatory and fiscal spending brought on by the COVID-19 pandemic.The announcement signals that the record-high growth of debt due to a year of expansionary policies needs to slow down, an objective the government says will be achieved by the implementation of a newly outlined fiscal discipline by 2025.An effort will follow to reduce the one-off increase in expenditures granted to state-run projects. Government spending will prioritize ways to bolster exports and corporate investments, two growth drivers underpinning the country's economy. A balanced recovery is needed that includes low-income earners who lost jobs during the past year.The Ministry of Economy and Finance plans to keep the government debt-to-GDP ratio under 60 percent, while limiting the consolidated fiscal deficit to less than 3 percent of the country's GDP.A deficit of up to 4 percent of the GDP is allowed in limited situations following an economic crisis. An ec

May 24, 2021By Lee Kyung-min
Gov't to curb spending for fiscal soundness
Economy

Citibank Korea, Yanolja sign strategic deal for global expansion

Yanolja CEO Lee Su-jin, fourth from left, poses for a photo with Citibank Korea CEO Yoo Myung-soon, fourth from right, after signing a business cooperation deal at the headquarters of Yanolja located in Seoul's Gangnam District, Friday. Courtesy of Citibank KoreaBy Anna J. ParkOnline booking platform Yanolja joined hands with Citibank Korea to cooperate in expanding its business globally, signing a strategic deal recently at Yanolja headquarters. According to Citibank Korea, Monday, Yanolja and Citibank Korea will work hand-in-hand with their expertise in global payment services as well as licensing agreements. First, Yanolja will bolster its competitiveness in the global market by tapping into the worldwide network of Citigroup, a banking giant with a global presence. Yanolja currently offers cloud-based hotel operating services to over 30,000 clients in 170 countries, and it plans to ink more licensing deals and advance into new markets through the strategic partnership with Citibank. As for Citibank Korea, it will build on Yanolja's market insights and big data to offer global pay

May 24, 2021By Anna J. Park
Citibank Korea, Yanolja sign strategic deal for global expansion
Economy

SMEs express concern over 'vaccine leave' amid prolonged pandemic

Over 1 million doses of the AstraZeneca vaccine are shipped out of SK Bioscience's manufacturing plant in Andong, North Gyeongsang Province, on May 17. SK group's pharmaceutical affiliate, SK Bioscience, is AstraZeneca's partner in the global supply of the COVID-19 vaccine. YonhapBy Yi Whan-wooFollowing a government recommendation, major conglomerates are introducing paid leave for workers getting vaccinated against COVID-19. But small- and medium-sized enterprises (SMEs) cannot afford to do so because of a shortage of manpower, financial constraints and other problems caused by the prolonged fallout from the coronavirus pandemic. While the vaccine leave program will help employees, these factors together contribute to the widening gap between top-tier businesses and smaller ones in the “pandemic world,” raising the question as to whether the vaccine leave program can be institutionalized while offsetting the financial burden for SMEs.Samsung Electronics, LG Group, SK hynix, Lotte Group and CJ Group are among the large business groups that have adopted the program; while

May 24, 2021By Yi Whan-woo
SMEs express concern over 'vaccine leave' amid prolonged pandemic
Economy

Crypto miners halt China business after Beijing cracks down

This file photo taken Nov. 20, 2017, shows gold plated souvenir bitcoin coins arranged for a photograph in London. Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling. AFP-YonhapCryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday - the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world's crypto supply.Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process which produces newly minted crypto currencies such as bitcoin.Bitcoin took a hammering after the latest Chinese move, and is now down nea

May 24, 2021
Crypto miners halt China business after Beijing cracks down
  • Bitcoin down almost 50% from year's high
Economy

Bitcoin down almost 50% from year's high

A small toy figurine is seen on representations of the bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. ReutersBitcoin fell 13 percent on Sunday after the world's biggest and best-known cryptocurrency suffered another sell-off that left it down nearly 50 percent from the year's high.Bitcoin fell to $32,601 at 1800 GMT (2 p.m. ET), losing $4,899.54 from its previous close. It hit a high for the year of $64,895.22 on April 14.Ether, the coin linked to the ethereum blockchain network, dropped 17 percent to $1,905 on Sunday, losing $391.31 from its previous close.Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours."Many point to bitcoin's volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings."Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin a

May 24, 2021
Bitcoin down almost 50% from year's high
  • Crypto miners halt China business after Beijing cracks down
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