High-earning households in South Korea saw their monthly income from business operations gain at the fastest clip in seven years in the first quarter on a brisk property market, government data showed Thursday.The average monthly "business income" of the top 20 percent households in the income bracket stood at 1.43 million won ($1,274) in the January-March period of this year, up 8.4 percent from a year earlier, according to the data by Statistics Korea. It marks the largest on-year ga

The government on Wednesday unveiled its plan to impose higher taxes on rich individuals and large businesses, seeking to fund President Moon Jae-in’s plans to boost employment and to support small-sized businesses.“We have decided that an adjustment in tax rates is needed to secure the nation’s tax revenues,” Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon said in a ministry-led taxing policy meeting Wednesday.But considering financial circu

South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the US, Canada, India, China and Thailand, the Korea Trade-Investment Promotion Agency said in a statement. A total of 135 import regulations were taken agains

More than 90 percent of small business owners say they plan to lay off workers following the government’s minimum wage hike next year, according to a survey by the Korea Federation of Micro Enterprise on Wednesday.　The survey polled 532 business owners from July 21 to 28 and found that 92.4 percent said they would most likely have to cut staff once the new minimum wage increase is implemented, while 68.1 percent said they definitely planned to lay off employees.  　In addition to futur

President Moon Jae-in’s income-led growth policy risks derailing efforts to accelerate structural reforms and encourage industrial innovation, economists say.His economic policy directions, which were unveiled last week, barely address the two tasks, seen as crucial to boosting the country’s long-term growth potential.Korea’s manufacturing industries have been faltering in recent years, except for a few bright spots such as the semiconductor sector. Local manufacturers ran

A report by KB Financial Group’s research center showed that the number of those in South Korea with assets worth 1 billion won or more reached 242,000 at the end of last year, up by 14.8 percent from the previous year.

Revenue from taxes levied on cigarettes is forecast to reach 3 trillion won ($2.8 billion) for the first time ever this year, government data showed Wednesday.Starting in January 2015, South Korea jacked up the price of cigarettes by 80 percent from 2,500 won per pack to 4,500 won, in an effort to curb smoking. Following this move, taxes collected from the sale of individual cigarette packs jumped from 354 won to 841 won.According to the data by the Ministry of Health and Welfare, revenues from

State subsidies for childbirth and child rearing have helped increase South Korea's birthrate, but the effect is weakening over time, a report said Wednesday.According to the report from the Center for Economic Catch-up, subsidies can take credit for 0.122 of 0.163, or 75 percent, increase in the nation's birthrate between 2005 and 2015. The birthrate during the period rose from 1.076 to 1.239. Such effects, however, are waning after policy changes from 2012-2013 to pay a uniform amount to all h

The savings rate of South Korean households is expected to lapse into negative territory in a decade due the country's rapid population aging, a central bank report said Wednesday.The Bank of Korea report estimated the household savings rate to start to register negative growth starting in 2026 in step with the country's fast population aging.The figure is forecast to fall from 8.9 percent in 2015 to -3.6 percent in 2030, when the ratio of people aged 65 and older to total population is likely t

The delinquency rate of South Korean banks' won-denominated loans fell to a record low in June as banks significantly resolved distressed loans, government data showed Wednesday.The rate for bank loans more than 30 days overdue stood at 0.43 percent at the end of June, down 0.15 percentage point from a month earlier, according to the data by the Financial Supervisory Service. Compared to a year ago, the rate was down 0.28 percentage point, it said. The end-June reading was the lowest rate since

South Korea continued to see brisk exports last month, backed by a rise in oil prices, recovering global trade and a rise in shipments of semiconductors, data from the Ministry of Trade, Industry and Energy and Korea International Trade Association showed Tuesday.Exports climbed 19.5 percent on-year in July, continuing its rise for nine consecutive months and posting double-digit growth for seven straight months. Outbound shipments reached $48.85 billion, up from $40.88 billion a year ago. Trade

South Korea’s consumer prices surged in July at the fastest pace in four months, mainly due to a recent rise in fruit and vegetable prices after a period of alternating droughts and floods, government data showed Tuesday.Faced by record-high inflation in the costs of living necessities, the government pledged to offer discounts of up to 50 percent on selected vegetables and to increase the stock of livestock and marine products, in preparation for national holidays in early October.The nat

International ratings agency Standard and Poor's said Tuesday it has assigned an "intermediate risk" rating to South Korea's property and casualty insurance industry, saying that the industry's strength is undermined by security risks from North Korea. In a report on the insurance industry and country risk assessment, S&P said South Korea's non-life insurers "will remain stable over the near to medium term." The assessment was based on South Korea's growing economy,

South Korea's Cabinet on Tuesday approved a measure to remove import tariffs on egg products in the latest effort to resolve a supply shortage sparked by outbreaks of bird flu here, officials said.The move will allow local companies to import 28,000 tons of eggs -- 13,000 tons of shell eggs and 600 tons of hatching eggs and 14,400 tons of other products -- without tariffs up until the end of this year.The government said egg products can be brought in from Australia, New Zealand, Denmark, the Ne

The number of people in South Korea with financial assets worth more than 1 billion won ($892,295) rose 14.8 percent on year to 242,000 last year, thanks to the robust stock market, a report showed Tuesday. According to the annual survey by KB Financial Group Inc.'s research institute, people classified as wealthy held a total of 552 trillion won worth of financial assets in 2016, accounting for 16.3 percent of total financial assets owned by all households. Compared with a year ago, the ratio w