The head of the Organization of Economic Co-operation and Development said Wednesday that targeted support programs for low-income earners and small businesses will be more effective tool for South Korea to counter the economic fallouts from the coronavirus pandemic than a universal provision of relief funds. “Targeted support measures on those who need it most will have greater multiplier effects, imparting a greater boost to private consumption compared to across-the-board support to

The nation’s fiscal chief said Wednesday that housing prices had cooled down since the government announced new supply measures earlier this month. At a meeting with related ministers, Finance Minister Hong Nam-ki said the government would speed up its housing supply plan, unveiled earlier this month, by selecting potential locations for new apartments by June and by strengthening monitoring to prevent illegal housing transactions and tax evasion. “To prevent confusion in the ma

South Korea’s surging money supply fuels concerns of inflation, but experts are divided on the matter

Financial Services Commission Chairman Eun Sung-soo said Wednesday that there were no political considerations at play in the regulator’s latest decision to extend its temporary ban on short selling, stressing that the practice a “necessary” trading tactic. “Even tough retail investors have voiced against short selling, the authorities reached a conclusion that short selling is a necessary trading tactic in the stock market,” Eun said at a parliamentary briefing,

South Korea's antitrust regulator said Wednesday it will file complaints with the prosecution against four steelmakers for colluding to fix the purchase price of steel scrap. Last month, the Korea Fair Trade Commission (KFTC) decided to fine seven steelmakers, including No. 2 player Hyundai Steel Co., a combined 300 billion won ($270 million) for price fixing. The corporate watchdog said it has decided to file complaints with the prosecution against Hyundai Steel and three other steelmakers, n

Finance Minister Hong Nam-ki said Wednesday the government will focus on accelerating the implementation of the latest housing supply plan in a bid to help stabilize rising home prices. The government said early this month it will ease construction regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years. Hong said in a ministerial meeting on the housing market that the country will first select the can

De facto jobless numbers mark all-time high of 4.97 million people

South Korea's finance minister said Tuesday the government is seeking to submit an extra budget bill in early March in a bid to provide targeted support to merchants and businesses hit hard by the pandemic. Finance Minister Hong Nam-ki said in a parliamentary session that the country is considering expanding the recipients of the fourth round of emergency relief funds, including to merchants whose yearly sales top 400 million won ($364,000). "We are reviewing ways to provide additional su

Bond yields in South Korea are climbing at a fast pace on hopes of an economic recovery and more stimulus measures in major economies, analysts said Tuesday. The final offer rate on 10-year Treasurys came to an annual 1.871 percent on the local bond market Monday, the highest return in 21 months. The yield was close to levels months before the outbreak of the new coronavirus in South Korea in January last year. Rising bond yields means falling prices, which reflect investors' weaker appetite

South Korea's export prices rose in January, marking the second straight monthly gain, supported by a modest recovery in exports and a slight decline in the Korean currency's value against the US dollar, central bank data showed Tuesday. The country's export price index, in terms of the local currency, gained 1.8 percent in January from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the second consecutive month of on-month rise. In Decemb

South Korea’s property tax rate compared with its gross domestic product was the third highest among 37 Organization for Economic Cooperation and Development members in 2018, data showed Monday. The data compiled by Rep. Yoo Gyeong-joon of the main opposition People Power Party came amid growing concerns that the Moon Jae-in administration’s set of real estate measures -- focused on tightening loan regulations and levying heavier taxes on multiple homeowners -- failed to cool down t

South Korea's auto exports jumped 29.5 percent on year in January, as global demand showed signs of modest recovery from the coronavirus pandemic, data showed Monday. The nation's auto production and domestic sales rose 24.9 percent and 18.4 percent on year in January, respectively, according to the data from the Ministry of Trade, Industry and Energy. It was the first time since September last year that auto exports, output and domestic sales all gained. By region, exports to North America j

South Korea's exports jumped 69.1 percent on-year in the first 10 days of February on strong shipments of chips and autos amid the pandemic, customs data showed Monday. The country's outbound shipments stood at $18 billion in the Feb. 1-10 period, compared with $10.6 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 71.9 percent on-year to $20.4 billion, resulting in a trade deficit of $2.46 billion, the data showed. By sector, outbound shipments of

South Korean restaurants' business sentiment sank to an all-time low in the fourth quarter of 2020 amid a surge in COVID-19 infections in the country, a state food distribution firm said Monday. The business survey index for the country's restaurant industry came to 59.33 for the October-December period, according to the Korea Agro-Fisheries & Food Trade Corp. It was the lowest quarterly tally since the state-run company began compiling the index in 2011. The fourth-quarter number was low

South Korea's consumer prices grew at the fastest pace in 10 years in 2021 due to surging energy costs and high prices of farm products, data showed Friday, indicating a build-up in inflationary pressure for Asia's fourth-largest economy. Consumer prices rose 2.5 percent this year from a year earlier, accelerating from a 0.5 percent on-year gain in 2020, according to the data compiled by Statistics Korea. It marked the steepest on-year rise since 2011, when consumer inflation spiked 4 percent.