Repeated discords among policymakers have amplified concerns over the direction of the Moon Jae-in administration’s economic policies that are criticized for being detached from the reality.Adding to the confusion is half-baked proposals from a number of policy advisory panels swayed by progressive civic group members and scholars. Finance Minister Kim Dong-yeon, who doubles as deputy prime minister for economic affairs, last week rebuffed an earlier proposal made by a presidential panel t

South Korea's trade ministry is working on finalizing the members of the delegation for Washington's public hearing on auto tariffs slated for later this month, industry sources said Sunday.The Ministry of Trade, Industry and Energy decided to send the delegation to the July 19-20 public hearing, after the U.S.Department of Commerce in May hinted at slapping tariffs on vehicles under Section 232 of its trade law.The ministry said the delegation will be led by Deputy Trade Minister Kang Sung-cheo

South Korea's main stock index may fall to the 2,200 level next week due to a trade war that was kicked off by the United States applying tariffs on $34 billion worth of Chinese goods, analysts here said Saturday.The benchmark Korea Composite Stock Price Index is widely expected to move between 2,200 and 2,300 in the coming week due to growing uncertainties surrounding the US-China standoff. The main index ended 0.68 percent higher at 2,272.87 Friday after falling 2.3 percent over this past week

South Korea's central bank will likely hold its policy rate unchanged at the current 1.5 percent at its upcoming monetary meeting next week due to still low inflation pressure and rising uncertainties over trade disputes, a market watcher said Saturday.Chaired by Bank of Korea Gov. Lee Ju-yeol, the seven-member panel will hold its fifth monetary policy meeting Thursday and decide whether to keep or adjust the key rate.The BOK has maintained the present level in the previous four sessions since i

South Korea is bracing for the impact of the opening blows in the United States’ trade war with China, while playing down the possibilities of immediate setbacks. Starting Friday at 1 p.m. Korean time, the US implemented 25 percent tariffs on $34 billion of Chinese trade. Immediately after the move, China vowed swift retaliation, calling the tariffs “typical trade bullying.” Prior to the US-China tit-for-tat, Asia’s fourth-largest economy at 8:15 a.m. held a pan-governmen

Multiple home owners may face a maximum tax hike effect of 2.8 percent from next year

US restrictions on imports of South Korean steel, washing machines and solar cells are expected to cost Asia's fourth-largest economy more than $2.4 billion in lost exports over the coming years, a parliamentary report said Thursday.The Donald Trump administration's import restrictions on the three products could make South Korea suffer an export loss of $2.47 billion over the next few years, according to the report by the National Assembly Budget Office.The regulations are also feared to result

South Korea’s leading status in the intellectual property sector will serve as an indispensable tool in attaining the country’s economic visions, such as innovative growth, job creation and fair market order, according to the chief of the intellectual property office here.“South Korea’s development pace in intangible intellectual assets has already outpaced its economic growth,” Sung Yun-mo, commissioner of the Korean Intellectual Property Office, told The Korea Her

President Moon Jae-in’s administration is running short of time to carry out regulatory reforms that are urgently needed to bolster the sluggish economy, experts say.Over the past year, it has pushed for innovation-driven growth in tandem with income-led growth in the hope of enabling the Korean economy to ride on the wave of new industrial technologies and get a boost from increased consumption spending.But Moon and his economic aides now face mounting criticism that they have done little

A special presidential panel on Tuesday announced its fiscal reform plan, in accordance with the Moon Jae-in administration’s recently renewed pledge to reduce income disparity and achieve income-led growth.The blueprint, raising the tax burden on owners of high value houses and multiple homes, was taken as a signal that the progressive government -- which has largely been preoccupied with North Korean issues throughout its first year -- shall henceforth place more focus on “economic

Foreign investors tended to focus more on global and national risk factors than on the interest rate spread with the United States before making investments in the South Korean bond market, a report said Tuesday.According to the paper published by the Bank of Korea, the rate difference between South Korea and the United States had positively affected the net purchase of foreigners in the local bond market in the 2004-2007 period. But the sovereign debt credit default swap premium, referring to a

South Korea's consumer price growth continued to stay above 1 percent in June on a rise of agricultural goods and the service sector, government data showed Tuesday.The country's consumer price index climbed 1.5 percent last month from a year earlier, the same pace from the previous month's 1.5 percent on-year gain, according to the data compiled by Statistics Korea.The June figure is well below the Bank of Korea's target of 2 percent for the year, stoking speculation that the central bank's mon

The weakening of the won in recent weeks carries both benefits and risks for the Korean economy that is being held back by a simultaneous downturn in investment, consumption and exports. Policymakers therefore face a thorny task to take proper steps in response to the weakening won that is set to have contradictory effects on the economy.The value of the Korean currency against the dollar fell to an eight-month low of 1,124.2 won per dollar in the Seoul foreign exchange market on June 28 before

South Korea may not be able to meet its 3 percent growth target this year amid a host of challenges ranging from poor employment figures to weak investment and consumption, local observers said Sunday.The forecasts by a growing number of private economists have raised speculation that Seoul may be compelled to downgrade its annual growth estimate -- a tell tale sign of things not going to plan. Skeptics said that Asia's fourth largest economy is further encumbered by a possible outflow of foreig

South Korea's exports exceeded $50 billion for the four consecutive months to June, but fell slightly compared with a year earlier due to high base effect and fewer working days, government data showed Sunday.Outbound shipments reached $51.23 billion last month, slipping 0.09 percent from a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports surged 10.7 percent on-year to $44.91 billion.South Korea's trade surplus came to $6.32 billion, marking 77 stra