The Korea Herald

Kim Yon-se

안녕하세요 Kim Yon-se 기자입니다.

Articles by Kim Yon-se

Public firms face daunting task to tackle growing debt

Sept 29, 2013

The debt owed by major public agencies in South Korea is expected to grow sharply in the years to come, data showed Friday, presenting a daunting task for the public sector to streamline their business in order to tackle the growing debt problem.According to the data by the finance ministry, the combined debt owed by 41 public agencies, including state-run enterprises, will reach 573 trillion won ($531.8 billion) in 2017, up from 520 trillion won projected for this year. These public agencies’ a
Korea to ensure fiscal health through ‘paygo’ system

Sept 29, 2013

The South Korean government is expected to introduce the so-called pay-as-you-go system to help ensure its fiscal soundness while working to significantly boost its tax revenues, officials said Sunday.The paygo is a system widely practiced in the United States and other advanced countries where any increase in direct spending prompted by a new law or revision must be offset by other spending decreases or revenue increases, meaning any new law that requires government spending must find its own r
Creative economy will promote intellectual property market

IndustrySept 29, 2013

The Park Geun-hye administration’s slogan of creative economy may become a solution to the problems faced by the global community, such as low employment and stalled economic growth, according to the Korean Intellectual Property Office.“The idea of creative economy aims at building up the economic environment so that creativity and innovation will be easily realized in the market,” said KIPO commissioner Kim Young-min at the 51st general assembly of the World Intellectual Property Organization h
KB Financial broadens philanthropic programs

Sept 29, 2013

KB Financial Group is widening the scope of its social contribution activities.Recently, the financial services firm has focused on four sectors: teenagers, multicultural households, environment and welfare for the elderly.“Among the active participants in our group for the activities are KB Foundation and KB Kookmin Bank,” a spokesman said. “We are seeking to play a role as the financial firm that about 60 percent of the Korean population use to carry out transactions.” KB Financial chairman an
Budget plan cuts some welfare pledges

Sept 26, 2013

The government’s budget proposal for next year is more focused on stimulating the economy than expanding social welfare, according to market observers in the political and business sectors on Thursday.At a news briefing, Deputy Prime Minister and Finance Minister Hyun Oh-seok also admitted that the revised state policy has been set at scaling back its welfare increases and prioritizing economic growth.The 2014 state budget proposal features expanding the state-policy funding by 24.3 trillion won
FSS moves to calm market, Tong Yang customers

Sept 25, 2013

Top regulatory officials on Wednesday stepped up to placate investors amid growing worries over a possible default of the financially distressed Tong Yang Group.The officials’ direct comments on the conglomerate came after a large number of stock investors pulled deposits worth several trillion won from their Tong Yang Securities accounts this week.“Customers’ assets at Tong Yang Group’s financial units including Tong Yang Securities remain safe,” Financial Supervisory Service Gov. Choi Soo-hyun
[Newsmaker] Tong Yang Group in crisis

Sept 24, 2013

Embattled Tong Yang Group is suffering through a liquidity crisis as creditors and its sister group refused to help the country’s 38th-largest conglomerate. Its condition is showing signs of improvement as the group founder‘s wife is determined to save her oldest daughter, who is the vice chairwoman of the group, after her younger daughter rejected the rescue request. But it remains yet to be seen whether the conglomerate will be able to tide over financial squeeze. The situation involves family
Dispute looms over state-run banks’ move to buy Woori units

Sept 23, 2013

Controversy is expected to flare up as some state-run banks are set to participate in the upcoming bidding for the government-led sale of Woori Financial Group units.The state-funded Industrial Bank of Korea on Monday tendered the letter of intent to acquire Kyongnam Bank to financial authorities, one of the two provincial lenders of the public funds-injected Woori Financial.IBK will vie for Kyongnam Bank with other potential bidders including Busan-based BS Financial Group, Daegu-based DGB Fina
Accounting sector taps overseas market

Sept 22, 2013

Korea’s major accounting firms are seeking to reinforce their overseas businesses, as the nation’s accounting transparency and auditing skills have approached international standards after years of efforts by financial regulators and businesses.Samil PricewaterhouseCoopers has initiated the movement to make inroads into overseas markets while its competitors such as Deloitte Anjin, Samjong KPMG and Ernst & Young Korea are poised to follow suit.Samil, the Korean member firm of London-based PwC, s
S. Koreans in N.K. pay respects to ancestors to mark Chuseok

North KoreaSept 19, 2013

South Korean workers at the inter-Korean factory park in North Korea's border city of Kaesong marked the Chuseok holiday away from home Thursday by jointly holding ceremonies to pay respects to their ancestors.The Kaesong Industrial District Management Committee, which supports South Korean businesses in the factory park, said it held joint Chuseok rites for 80 to 90 workers who stayed there.Chuseok, the Korean version of Thanksgiving, is a major holiday in both Koreas. On the day, Koreans visit
U.S. snubs N. Korea's call for 'unconditional' talks

North KoreaSept 19, 2013

Apparently rebuffing North Korea's call for "unconditional" nuclear talks, the U.S. government urged the communist nation Wednesday to first demonstrate its seriousness on dialogue through action, not just rhetoric."The onus is on North Korea to take meaningful actions toward denuclearization and refrain from provocations," a State Department official said, adding it reflects Washington's formal stance.The official pointed out Pyongyang committed to abandoning all nuclear weapons, including in t
미국, 북한 대화요구 일축…"비핵화 사전조치 우선"

한국어판Sept 19, 2013

미국 정부는 18일(현지시간) 북한이 비핵화를 위한 사전 조처를 해야 북핵 6자회담 등 대화 재개가 가능하다는 입장을 재확인했다.전제 조건 없이 대화에 나서라는 북한 측의 주장을 일축한 것이다.국무부 대변인실은 "북한은 지난 2005년 9•11 공동성명을 포함해 모든 핵무기와 핵 프로그램을 포기하겠다는 약속을 했다"면서 "우리는 북한에 대해 이런 약속과 국제의무를 지킬 것을 거듭 촉구할 것"이라고 밝혔다.이어 "비핵화를 위한 의미있는 조치를 하고, 도발을 삼가야 할 책임은 북한에 있다"고 강조했다.국무부는 또 "미국은 진정성 있고 신뢰할 수 있는 비핵화 협상을 지속적으로 약속했다"면서 "이는 북한이 9•19 공동성명을 이행하고, 비핵화를 위한 불가역적 조치를 통해 유엔 안전보상이사회의 결의안을 준수하도록 하는 협상이어야 한다"고 지적했다.이에 앞서 일본 정부도 북한에 대해 대화 재개를 위해서는 한반도 비핵화 약속이 전제돼야 한다고 지적했다.정부 대변인인 스가 요시히데(菅義偉) 관방장
현오석 "미국 출구전략 강력 시사한 것… 한국 긴장해야"

Sept 19, 2013

현오석 부총리 겸 기획재정부 장관은 미 연방준비제도(Fed)의 양적완화 정책 유지 결정이 조만간 출구전략 실시를 강력히 시사한 것으로 볼 수 있다며 한국이 긴장감을 유지해야 한다고 강조했다.현 부총리는 19일(현지시간) 아시아태평양경제협력체(APEC) 재무장관회의 참석차 방문한 인도네시아 발리에서 "미국이 테이퍼링(tapering•자산매입축소)을 실시하지는 않았지만 (이번 발표는) 상당부분 출구전략을 실시하겠다는 강력한 시사로 받아들이는 것이 좋을 것"이라고 말했다.이어 "테이퍼링이 시작되지 않아 신흥국이 충격을 덜 받는 등 긍정적인 면이 있겠지만 한국은 앞으로의 전망을 받아들여 긴장감을 가져야 한다"고 언급했다.정부는 금융시장 불안에 대비해 선물환 포지션 한도 규제•외환건전성 부담금•외국인채권투자 비과세 폐지 등 거시건전 3종세트를 마련해 놓고 있다. 또 각종 시나리오에 따른 컨틴전시 플랜 등을 준비, 시장 변동에 따른 충격에 대비중이다.그는 "미국의 출구전략은 갑자기 나타나는 것
U.S. likely to embark on exit strategy soon: Finance minister

Sept 19, 2013

South Korea Thursday welcomed Washington's decision to delay tapering its quantitative easing measures, saying that it could have a "positive" impact on the Korean economy, officials here said.The reaction came after the Federal Reserve decided to keep its current bond-purchasing program in place during the Federal Open Market Committee meeting on Tuesday and Wednesday (local time). The decision is based on less optimistic views of its economy and employment."Many market players expected a reduc
Sold for sex at puberty village girls’ fate in India

World NewsSept 19, 2013

Like many Indian girls, Suchitra was taught her future profession by her mother. In her village, there was only one path. Even before she’d reached puberty, Suchitra had learned different sexual positions and other ways to please a customer. At age 14, a man she had never seen before showed up one day at the family’s house near Bharatpur in northern India. At her mother’s urging, Suchitra got into his car. Six hours later they reached their destination. It was a brothel in New Delhi’s red-light