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Economy

Sat, December 3, 2022 | 01:12

BOK expected to hike key rate by quarter percentage point at Thursday's meeting

BOK expected to hike key rate by quarter percentage point at Thursday's meeting

The Bank of Korea (BOK) is anticipated to go for a 25 basis point increase at this year's final rate-setting meeting to strike a balance between inflation and the adverse effects of its accelerated credit tightening in 2022, according to analysts, Sunday. Scheduled on Thursday, the meeting will come as the currency and stock markets here took a beating in general throughout t...

Yi Whan-woo | 2022-11-21 08:29

Manufacturing sentiment for Dec. improves amid recession woes: poll

Manufacturing sentiment for Dec. improves amid recession woes: poll

Korea's manufacturing confidence has improved for December despite lingering concerns over a global economic slowdown, a poll showed Sunday.

2022-11-20 15:41

NTS addresses double taxation problems

NTS addresses double taxation problems

The National Tax Service (NTS) announced that it has addressed hundreds of double taxation issues that weighed on businesses. The tax agency said it has resolved a total of 430 cases related to double taxation jointly with foreign tax authorities under double taxation avoidance agreements between March 2018 and October this year. March 2018 is when the NTS launched the Mutual...

Yoon Ja-young | 2022-11-20 12:54

Appointment of 'parachute CEOs' likely once more in finance sector

Appointment of 'parachute CEOs' likely once more in finance sector

The government appears to be preparing to fill in top posts of multiple financial services companies with pro-government figures, with tenures of targeted firms' CEOs set to expire starting in December. Such possible preparation for “parachute appointees,” meaning those who have been appointed into high-level positions due to their connections with the current government or r...

Yi Whan-woo | 2022-11-19 08:12

Lenders set aside more loan loss reserves against chain of economic risks

Lenders set aside more loan loss reserves against chain of economic risks

Major banks in Korea are setting aside more loan loss reserves to cope with a chain of pandemic-induced economic pressures that are pushing more borrowers toward the possible risk of default. The default risks used to center on small business owners, whose sales plunged due to the spread of the COVID-19 virus and social distancing measures following the pandemic outbreak. The...

Yi Whan-woo | 2022-11-17 15:03

Korea's fiscal deficit widens through Sept.

Korea's fiscal deficit widens through Sept.

Korea's fiscal deficit widened 17.1 trillion won ($12.8 billion) in the first nine months of 2022 compared to a year earlier as the country spent more on supporting vulnerable people amid the prolonged pandemic, data showed Thursday.

2022-11-17 10:42

Delinquency ratio on bank loans down in Sept. on beefed-up monitoring on unpaid payment

Delinquency ratio on bank loans down in Sept. on beefed-up monitoring on unpaid payment

The delinquency ratio on loans extended by banks in Korea declined in September as they beefed up efforts to monitor and reduce payment in arrears, data showed Wednesday.

2022-11-16 13:41

Korea's kimchi imports hit new high in Oct.

Korea's kimchi imports hit new high in Oct.

Korea's imports of kimchi touched an all-time monthly high in October amid runaway inflation in the country, government data showed Wednesday.

2022-11-16 09:41

Korea to celebrate 3rd Kimchi Day

BOK official says monetary policy challenge deepens following Fed's rate hike

BOK official says monetary policy challenge deepens following Fed's rate hike

A policymaker of the Bank of Korea (BOK) said Tuesday that the widening interest rate gap with the United States has deepened the challenge for South Korea's monetary policy going forward.

2022-11-15 19:16

Dispute over tax increase on hefty capital gains worries investors

Dispute over tax increase on hefty capital gains worries investors

The government and the main opposition Democratic Party of Korea (DPK) remain poles apart over the timing of expanding their capital gains tax policy to tax more investors on stocks, bonds, derivatives and other financial products. The discord worries retail investors who trusted that the plan to impose taxes of up to 25 percent on annual capital gains exceeding 50 million wo...

Yi Whan-woo | 2022-11-15 15:47

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