Most Popular
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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[Monitor] Korea’s growth slows on weak exports
South Korea’s economic growth slackened in the second quarter of this year from a year ago due to slower exports, mainly in shipments of transportation equipment, petrochemicals and chemical products, data from the Bank of Korea showed Thursday.Exports declined 3 percent from the previous quarter and 0.1 percent from the previous year.But demand for semiconductors remained strong.Meanwhile, consumer sentiment improved under the Moon Jae-in government, with more spending on durable goods, s
July 27, 2017
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Ministry, ruling party agree to focus tax revision on jobs
The Moon Jae-in government and the ruling liberal Democratic Party of Korea on Thursday agreed that the incoming tax law revision should focus on creating jobs and supporting small businesses.But the two sides failed to settle on how to raise extra tax from the rich. While the party viewed the hike as a crucial step to reform the nation’s economic inequality, the government remained reluctant to impose a direct burden on local businesses. The Democratic Party and the Finance Ministry
July 27, 2017
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Govt. set to receive W16tr in extra tax revenues for 5 yrs: report
The government will be able to collect about 16 trillion won ($14.3 billion) in additional tax revenues for the coming five years if the tax rate hike for the superrich and top conglomerates advocated by the ruling party are implemented, a parliamentary report said Thursday.Rep. Choo Mi-ae, leader of the ruling Democratic party, has proposed raising tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimate
July 27, 2017
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President to meet top business leaders for beer, candid discussions
President Moon Jae-in was set to meet with the country's top business leaders Thursday for beer and frank discussions that may help fine-tune his economic policies, officials at the presidential office Cheong Wa Dae said.The meeting will begin at 6 p.m. with what the officials called a 20-minute beer time.The rare meeting involving beer comes at a suggestion from the president himself, according to the officials. "It will mark the first meeting with business leaders since the president's in
July 27, 2017
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Korea's economic growth slows in Q2 on weak exports: BOK
South Korea's economic growth slowed in the April-June period from a quarter earlier due to decreased exports, central bank data showed Thursday.In the second quarter, the country's gross domestic product increased 0.6 percent, down from the previous quarter's 1.1 percent gain, the Bank of Korea said in a statement.Exports -- one of the major pillars for the Korean economy -- fell 3 percent in the June quarter compared with three months earlier and declined 0.1 percent from the previous year, wh
July 27, 2017
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ABS issuance rises 15% in H1
The issuance of asset-backed securities in South Korea rose 15 percent on year in the first half of this year on the back of robust growth in sales of government-led mortgage funds, the financial regulator said Thursday. A combined 31.1 trillion won ($27.7 billion) worth of ABS were issued for the January-June period, compared with 27 trillion won for the same period last year, the Financial Supervisory Service said. ABSs are derived from underlying assets such as auto loans, home loans, credit
July 27, 2017
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New ministry dedicated to SMEs sets sail
The new ministry in charge of small and medium-sized businesses officially started work Wednesday amid expectations it will support smaller companies and create new jobs.Earlier this month, the parliament passed a bill to elevate the Small and Medium Business Administration to a ministry for SMEs, venture startups and micro-businesses, as pledged by President Moon Jae-in during the election campaign.The Ministry of SMEs and Startups is headquartered in Daejeon, central South Korea, with 431 empl
July 26, 2017
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Moon will hold talks with all economic players, including labor: official
President Moon Jae-in plans to hold talks with all major economic players here, including laborers and small or medium-sized firms, an official from the presidential office Cheong Wa Dae said Wednesday.The president is set to meet with 15 business conglomerates on Thursday and Friday.Hong Jang-pyo, the chief presidential secretary for economic affairs, said the first day of the meeting will involve top executives from eight business groups -- Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doosan,
July 26, 2017
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Prospect of higher electricity rates to turn away foreign firms
Concerns are rising that the new government’s policy to phase out nuclear power generation will result in rising electricity prices in the long run, posing an impediment to foreign investment in the country.Low electricity costs have been cited as a key factor leading foreign manufacturing firms to build factories in Korea despite other unfavorable conditions.In particular, many Japanese companies have moved production to Korea in search of stable electricity supply at lower rates since Ja
July 26, 2017
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Seoul apartments exceeding W1b double in five years
The number of apartments that cost more than 1 billion won ($892,000) nearly doubled over the past five years, as Seoul’s real estate prices continues to soar, according to data from property market research company Real Estate 114 on Wednesday. At the end of July 2012, the number of high-priced apartments exceeding 1 billion won stood at 105,773. As of this month, the figure increased to 204,791. In addition, the data revealed that approximately 78 percent of apartments in Se
July 26, 2017
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Korea's tax burden rate likely to hit record high in 2017
South Korea's ratio of tax burden to its gross domestic product will likely reach fresh record highs this year and next on a potential tax hike and rapidly rising government spending, government data showed Wednesday.According to the finance ministry, the government is expected to collect more than 250 trillion won ($223 billion) in national taxes by the end of 2017, up from an earlier target of 242.3 trillion won.Through May, tax revenue reached 123.8 trillion won, up 11.2 trillion won from a y
July 26, 2017
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Aging population likely to cut Korea‘s overseas equities investment
South Korea's rapidly aging population is likely to reduce the nation's overseas equities investment as seniors will likely move to sell assets due to falling living standards, researchers at the Bank of Korea said Wednesday. As the global financial markets become more interconnected, older people will have a bigger impact on the nation's foreign currency market, Lim Jin-soo and Kim Young-rae said in a report. If South Korea's overseas equities investment declines rapidly, it could affect
July 26, 2017
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Korea to remove regulations in service sector
The South Korean government said Wednesday that it will remove legal and administrative regulations in the local service sector as part of its efforts to promote fair market competition and boost growth.The Fair Trade Commission, the country's antitrust watchdog, said it checked 39 restrictions that restricted competition in the sectors of food, leisure and public services.Related government ministries and agencies have already agreed to get rid of eight of them, with a detailed deregulation sch
July 26, 2017
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Korea to lower maximum legal lending rate to 24% next year
South Korea will lower the maximum legal lending rate to 24 percent from next year and strengthen supervision of private lenders, in a move to help ease financial burdens for desperate borrowers, the nation's top financial regulator said Wednesday. Choi Jong-ku, the new chairman of the Financial Services Commission, also said he will encourage banks and other financial institutions to make loans to small and medium-sized firms, instead of households and the property sector. By law, private lende
July 26, 2017
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Foreign banks in Korea advised to take anti-money-laundering
South Korea's financial regulator said Wednesday it has advised some foreign banks here to take steps to guard against money laundering activities. After an inspection of 37 branches of foreign banks in the country, the Financial Supervisory Service concluded that some small-scale branches showed a lack of awareness of money laundering. The FSS said, however, most branches had anti-money-laundering safeguards in place. It did not identify the vulnerable branches by name.The vulnerable branches d
July 26, 2017
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Moon to hold first talks with top business leaders over beer
President Moon Jae-in is set to hold his first dialogue with top business leaders here this week over beer to help break the ice and possibly allow more frank discussions, an official from the presidential office, Cheong Wa Dae, said Tuesday.The talks will be held Thursday and Friday, each day involving part of the top executives from the 14 largest business conglomerates, according to Cheong Wa Dae spokesman Park Soo-hyun."To ensure practical and candid discussions, President Moon will lis
July 25, 2017
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Korea ups economic growth forecast to 3% for 2017
South Korea on Tuesday raised its economic growth forecast for this year to 3 percent, pledging to create inclusive growth with its four major economic policy pillars of income-led growth, job creation, a fair economy and innovative growth.The Ministry of Strategy and Finance on Tuesday drew up the Moon Jae-in government’s economic policy directions, in which it raised the nation’s growth forecast from 2.6 percent to 3 percent on the back of an uptrend in exports and an incoming fisc
July 25, 2017
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Consumer sentiment in ‘phase of adjustment’: BOK
South Korea’s composite consumer sentiment index inched up 0.1 point to 111.2 this month from June, indicating a phase of adjustment in anticipation for President Moon Jae-in’s new policies, the Bank of Korea said Tuesday.The CCSI has moved upward six straight months and been in optimistic terrain for four consecutive months, inching closer to the 111.4 recorded in January 2011. However, the increase in July was close to “insignificant,” Park Sang-woo, an official at the
July 25, 2017
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Seoul counteroffers on Washington’s FTA amendment call
As part of his first duties in office, the newly appointed Minister of Trade, Industry and Energy Paik Un-gyu sent a letter to his US counterpart agreeing to hold a joint committee on the two countries’ free trade agreement, but with a different timeline, venue and agenda, the ministry said Tuesday. Making no mention of trade revision deliberations, the Seoul government suggested instead that the committee be used to discuss how to objectively analyze and assess the effects of the KORUS F
July 25, 2017
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Korean government to unveil tax hike plan next week: finance minister
The South Korean government will unveil its plan to increase taxes for the super rich and biggest businesses next week to secure funds for expanded welfare costs over the next five years, the country's top economic policymaker said Tuesday."The tax-hike issue has been raised in government policy meetings, with the ruling party calling for it," Finance Minister Kim Dong-yeon said at a press conference on the new Moon Jae-in government's economic policy plan. "The ministry is consid
July 25, 2017