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Articles by Lee Sun-hee
Maeil Business Newspaper Korea's No. 1 Economic Media
In the wake of Samsung Electronics' first-ever strike crisis, the issue of performance-based bonuses and profit distribution is spreading to other industries. The business community seems to be taking the initiative in managing the risk of "夏鬪." According to the industry on the 22nd, the Federation of Korean Trade Unions' National E-Mart Labor Union sent an official letter to the company asking for special performance pay in the first half of the year.
Maeil Business Newspaper Korea's No. 1 Economic Media
In the delivery app market, there are signs of change in the structure of the "Baedal Minjok (Bae Min)" solo structure. Coupang Eats, a latecomer, is narrowing the gap with Baemin by expanding its service with "24-hour late-night delivery" and "free delivery for ordinary members." Baemin was recently put up for sale on the market as its parent company Delivery Hero (DH), which is facing financial difficulties, pushed for a sale of 8 trillion won.
Lotte Duty Free reopens renovated Tokyo Ginza store
Lotte Duty Free has reopened its Tokyo Ginza store after a full renovation, the first in eight years, with a grand ceremony. The company announced on Wednesday that the store underwent three months of remodeling following the first phase of renovations in July 2024. The reopening was attended by Shin Yoo-yeol, head of Lotte Corp.’s future growth division and eldest son of Lotte Group Chairman Shin Dong-bin.
Gov’t to announce measures to curb rising housing prices
The South Korean government is set to announce a “real estate stabilization plan” as early as this week in response to concerns over rising housing prices in Seoul. The plan is expected to include implementing the second phase of stressed debt service ratio (DSR) rules in September 2024 and aims to curb the increase in household debt while expanding housing supply for low-income residents.
Controversy arises over income thresholds in government home loans
Government-backed Didimdol and Beotimmok loans, which offer low-interest housing purchase and rental funds, have sparked controversy due to their income thresholds. The thresholds for multi-child families are lower than those for newlywed couples, causing dissatisfaction among families already raising multiple children. Didimdol loans provide low-interest funds for home purchases through the Housing and Urban Fund, targeting low-income citizens without their own homes.
Booyoung offers employees $75,000 per birth
South Korean builder Booyoung Group said Monday that it will provide employees with 100 million won ($75,000) in cash per birth to help boost the country’s record-low birth rate. The policy will apply to children born after 2021, with a one-time payment of 100 million won per child.
Korea introduces measures to tackle soaring household debt
South Korea has decided to introduce a floating- rate stress debt service ratio (DSR) this year, which is aimed at reducing the share of floating-rate loans amid soaring household debt that has exceeded 1,800 trillion won ($1.3 trillion). According to an announcement following consultations between the government, ruling People Power Party, and the presidential office on Sunday, a floating-rate stress DSR will be introduced this year among other measures.
Korea finds illegal foreign land transactions, with majority involving Chinese
The Ministry of Land, Infrastructure and Transport announced on Sunday that it has detected a total of 437 cases of illegal land transactions by foreigners from February to June from conducting an actual transaction investigation to crack down on illegal activities. The investigation focused on 14,938 cases of land transactions by foreigners from 2017 to the end of last year.
Young people buying homes after eased mortgage rules - Pulse by Maeil Business News Korea
Home purchases by people in their 20s and 30s are growing at a rapid pace over recent months, likely encouraged by eased mortgage regulations in the real estate market. According to February housing transaction data by age group released by the Korea Real Estate Board on Sunday, apartment purchases nationwide by buyers in their 20s and 30s accounted for 31.96 percent of all purchases, 2 percentage points higher than 29.85 percent seen in the earlier month.
S. Korea goes 5G wireless from Saturday - Pulse by Maeil Business News Korea
[Photo by SK Telecom Co.] South Korea’s three wireless carriers - SK Telecom Co., KT Corp., and LG Uplus Corp. - will launch world’s first commercial services of fifth-generation network across the country Saturday, providing users super-fast mobile internet speed and unprecedented mobile experience. Industry leader SK Telecom said on Thursday that it will provide commercial 5G service to corporate customers in the manufacturing sector starting December 1.
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