Samsung chairman signals boost for shipbuilding, construction units

1 month ago The Korea Times

Samsung Heavy Industries Vice Chairman Choi Sung-an / Courtesy of Samsung Heavy IndustriesBy Park Jae-hyukThe new co-CEO of Samsung Heavy Industries, Choi Sung-an, became the first executive at the conglomerate to be promoted to vice chairman since Chairman Lee Jae-yong's ascent last October, indicating Lee's intention to restore the competitiveness of the group's shipbuilding and construction units. According to Samsung Heavy Industries, Sunday, Choi was appointed last Wednesday to lead the shipbuilder along with incumbent CEO Jung Jin-taek. Samsung Heavy Industries suffered cumulative losses over the past seven years, prompting some market observers to even anticipate that Samsung Group will put its money-losing shipbuilding unit up for sale in the near future. Since he was given a special presidential pardon in August, Lee has toured multiple Samsung Group affiliates here and overseas, including Samsung Electronics, Samsung SDS and Samsung Engineering. Samsung Electronics Chairman Lee Jae-yong, second from left, inspects Samsung C&T's Barakah nuclear power plant construction site in the United Arab Emirates, Tuesday (local time).
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K-Censorship

The Korea Times has never asked me to follow a particular line or argue in favor or against anything, and I've always had a good working relationship with my editors. Korea's defamation law clearly needs to be reformed. I sent it back to the Korea Times, and it was indeed. But this criminal law performs no such useful function. The views expressed in the article are the author's own and do not reflect the editorial direction of The Korea Times.

3 months ago The Korea Times

Ghost hunting in Joseon

The ruined splendor of Gyeongbok Palace when Joseon no longer existed Robert Neff CollectionBy Robert NeffIn 1894, a newspaper in the United States published an article about a ghost hunt in Jemulpo (modern Incheon) purportedly written by an American naval officer. Paul George von Mollendorff, the German adviser to the Korean government, lived in a haunted house. Horace Allen, the first missionary doctor to reside in Korea, also lived in a haunted house. Not only was his house haunted, but so, too, was the hospital he established in 1885. [Joseon] noblemen would not have cared to dwell in a structure that had seen such wholesale slaughter; but Allen did not mind.

3 months ago The Korea Times

BTS and Elvis

As a result, some may question whether the pressure placed on the BTS members to fulfill their military conscription duty was short-sighted. As a result, it is reasonable that BTS members should be conscripted now. Will BTS share the same legacy as Elvis? BTS probably has a broader reach than Elvis ever had because of the constant stream of social media posts by fans. On the other hand, the seven BTS members may stick with their decision announced in June to stop performing together―at least for a while.

3 months ago The Korea Times

Yoon calls for crowd control system for spontaneous events

YonhapPresident Yoon Suk-yeol instructed the government on Monday to come up with a crowd control system for unorganized and spontaneous events, following the deaths of at least 154 people in a Halloween crowd crush in Seoul. "President Yoon stressed the need to come up with a crowd accident prevention safety control system for use during spontaneous group events that, like in this instance, do not have an organizer," Lee said. In the case of organized events, organizers are required to draw up safety control measures and have them approved by the relevant local governments and police and firefighting authorities, he explained. Doorstepping Yoon as he arrives for work has become a daily routine, except on days when the president travels outside of the capital. At a meeting with his aides later Monday, Yoon again instructed them to make utmost efforts to handle the disaster, Kim said.

2 months ago The Korea Times

Top 5 financial groups to supply $67 bil. to stabilize market

Financial Services Commission (FSC) Chairman Kim Joo-hyun, fourth from left, stands next to chairmen of major financial groups in central Seoul, Tuesday. From left, Shinhan Financial Group Chairman Cho Yong-byoung, Woori Financial Group Chairman Son Tae-seung, KB Financial Group Chairman Yoon Jong-kyu, Kim, Korea Federation of Banks (KFB) Chairman Kim Kwang-soo, Hana Financial Group Chairman Ham Young-joo and NH Financial Group Chairman Son Byung-hwan. ParkFive major financial groups here have decided to provide ample liquidity worth 95 trillion won ($67 billion) by the end of this year in a bid to ease a bond market crunch and stabilize local financial markets. The financial groups also pledged to proactively purchase various types of commercial paper, asset-backed commercial paper (ABCP), as well as special bonds issued by state-run companies, in order to provide liquidity to local financial markets. Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a meeting with chairmen of the top five financial groups in central Seoul, Tuesday.

2 months ago The Korea Times

[CONTRIBUTION] Lessons learned from the UK gilt tantrum

But it brought about the overheating of the economy and eventually inflation by reacting too much―another lesson learned. Those included: 1) a basic income tax rate cut; 2) the abolishment of 45 percent additional income tax rate for highest earners; 3) scrapping of plans to increase the corporate tax rate in 2023; and 4) the lifting of stamp duty thresholds, and much more. With concerns on UK government's lack of fiscal discipline added to this, the 30-year gilt surged by 80 basis points in just one day. I believe there are two major lessons that we can learn from this gilt tantrum. Always consider fiscal sustainability: Fiscal policy should be playing their roles, but only with fiscal discipline and consideration of fiscal space.

2 months ago The Korea Times

Meet challenges head on

Then with COVID-19, everything I took for granted was flipped over on its head. Also hard to fathom is the U.S. trade war with China. China's trade war with the U.S. continues to flip the notion of the globalization ideal that I learned all my life. Most shocking is Russia's invasion of Ukraine, which to me is frighteningly similar to what I read about in the early days of World War Two. We also hope with the growing support from the public, we will take on the challenges that are facing us.

3 months ago The Korea Times

KOSPI expected to achieve technical rally as Fed seen easing rate hikes

"The Korean stock market is in the phase of a technical rally on expectations of a pivot from the Fed," NH Investment & Securities analyst Kim Young-hwan said. Other analysts also said the Fed's signal for its next monetary policy direction will determine the future course of the local stock market. Despite the report, investors have gone on a buying spree of local stocks. According to data from the Korea Exchange, foreign and institutional investors purchased local stocks worth 1.01 trillion won ($708 million) and 1.04 trillion last week. The result of the upcoming FOMC meeting will likely determine how strongly they drive the potential technical rally of local stocks.

3 months ago The Korea Times

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