SEJONG -- The nation’s top economic policymaker on Friday unveiled plans to help facilitate investments in cash-strapped startups, suggesting hefty tax benefits for both corporate and individual investors. At a ministerial meeting in Seoul, Deputy Prime Minister and Finance Minister Choo Kyung-ho pointed to the situation whereby the private sector’s investments in startups have contracted in the wake of externally and domestically unfavorable factors in the economy. “Venture

A Hana Bank Counterfeit Notes Response Center official examines a $100 bill on Thursday at the center located in Jung-gu, central Seoul. As the Korean won weakens against the US doller, South Korea's foreign exchange reserves shrank for the third consecutive month in October to $414.01 billion, down by $2.76 billion since September.

South Korea’s financial authorities said Thursday they would closely monitor for any signs of increasing volatility in the financial markets following a big US rate hike -- the fourth consecutive 75-point increase since June amid persistent inflation. “Uncertainties are certainly growing and we’ll be extra vigilant in our response to what may come in our way,” Finance Minister Choo Kyung-ho said at a meeting he called to discuss Wednesday’s rate increase with the co

'News Sentiment Index' tumbles on rate hikes, weak Korean won

Gas, electric charges hit record-high in October

The leaders of South Korea’s five banking giants on Tuesday agreed to provide 95 trillion won ($67 billion) in liquidity by year-end to shore up local financial markets, rocked by a recent credit default, in what many see as a response to the government’s request for the financial groups’ support. Early in October, a state-backed local developer missed a bond payment, freezing bond and short-term money markets in a blow to market expectations for a government guarantee. The gov

Consumption depressed by tragedy clouds economic outlook

South Korea's exports logged an on-year decline in October for the first time in two years on sluggish global demand amid high inflation and an economic slowdown, the trade ministry said Tuesday. The country also suffered a trade deficit for the seventh consecutive month on high global energy prices, sparking concerns over its growth momentum. Outbound shipments fell 5.7 percent on-year to come to $52.48 billion last month, according to the data compiled by the Ministry of Trade, Industry a

Loans taken out by South Korean companies this month from major local banks increased by 8.8 trillion won ($6.18 billion), the biggest monthly rise in 13 months, sparking concerns over fresh liquidity strains amid global headwinds sapping business confidence. Data from the five lenders -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- showed conglomerates or large companies holding at least 10 trillion won in assets accounted for 66 percent of the 8.8 trillion won surge in borrowing as of Thur

SEJONG -- The number of seniors engaging in economic activities has increased, seemingly due to their worsened living conditions involving lower-than-expected annuity income as well as reduced cash support from their children, a central bank report showed Monday. According to an analysis on factors of rising employment rate among seniors from the Bank of Korea, the tally for employed people aged 60 or over increased by 2.66 million during the period of 2010-2021. This made up 82 percent of the

South Korea's tax revenue grew 43.1 trillion won ($30.3 billion) in the first nine months of 2022 from a year earlier, data showed Monday, due to improved corporate income tax. Tax revenue amounted to 317.6 trillion won in the January-September period, compared with 274.5 trillion won tallied the previous year, according to the Ministry of Economy and Finance. In September, the government collected 28.3 trillion won in taxes, up 2.1 trillion won from a year earlier. The ministry attributed

South Korea’s employment elasticity to GDP growth is expected to fall drastically next year amid a widespread of recession fears and corporate belt-tightening across industries, a report found Sunday. According to the report released by the Korea Chamber of Commerce and Industry, the nation’s employment elasticity -- the percentage change in employment associated with a 1 percent growth in GDP -- posted a record high this year. Based on Bank of Korea estimates, this year Korea is exp

After years of pandemic disruptions, one of Seoul's most festive districts hit by deadly tragedy

South Korea will continue to look into suspicious real estate transactions by foreigners as a recent investigation found increasing illegalities involving foreigners' home purchases, the land ministry said Friday. The portion of suspicious home purchases by foreigners rose to 1.21 percent, or 6,772 cases, out of the country's total 560,000 suspicious cases this year through September, the Ministry of Land, Infrastructure and Transport said in a statement. The portion is already higher

The Bank of Korea will hold its rate-setting meeting a total of eight times in 2023, with the year's first gathering of monetary policymakers set for Jan. 13, the central bank said Friday. The meeting will also be held Feb. 23, April 13, May 25, July 13, Aug. 24, Oct. 19 and Nov. 30, according to the schedule uploaded on the website of the BOK. The BOK's rate-setting meeting draws keen attention as it determines the level of its key policy rate that serves as a benchmark for market rat