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Finance

Economy

Wed, July 6, 2022 | 13:57

Gov't to expand fuel tax cuts amid soaring energy costs

The government plans to expand fuel tax cuts in July as part of efforts to ease inflationary pressure from surging energy costs, the finance minister said Sunday. The government will expand tax cuts on fuel consumption to a legal cap of 37 percent from the current 30 percent, according to Finance Minister Choo Kyung-ho. The measure will be effective until the end of this year.

2022-06-19 14:58

Survey shows most global CEOs expect recession

Most corporate leaders worldwide now expect an economic downturn by the end of next year if not sooner, as rising energy prices and the war in Ukraine increases uncertainty, according to a survey released Friday. The survey showed "more than 60 percent of CEOs and top executives globally say they expect a recession in their primary region of operations within the next 12 to 1...

2022-06-19 11:05

What's next for stock market after Fed's giant step?

Bitcoin slides below $20,000 to lowest level in 18 months

Bitcoin tumbled more than 13 percent at one point Saturday, crashing below the closely watched $20,000 level to its weakest value in 18 months, as it extended a slide on investor worries about growing troubles in the industry and the general pull-back from riskier assets. The digital currency sector has been pummeled this week after cryptocurrency lending company Celsius froz...

2022-06-19 09:27

Gov't considers expanding fuel tax cuts amid surging prices

The government is considering expanding fuel tax cuts, as part of efforts to ease inflationary pressure that has been building up amid surging energy prices, according to officials at the finance ministry, Saturday.

2022-06-18 16:00

Yoon says cutting corporate tax could raise competitiveness

President Yoon Suk-yeol said Friday that the government's plan to cut the corporate tax will help companies raise their competitiveness.

2022-06-17 13:42

Korean economy feared to lose steam amid external uncertainties

The economy is at risk of losing steam as deteriorating external economic conditions are feared to dent investment and export growth amid high inflation, the finance ministry said Friday.

2022-06-17 13:37

FSC to loosen household debt rules for first-time home buyers

The country's financial authority will loosen household loan regulations for first-time home buyers, while strengthening income-based loan restrains for most debtors. The two-pronged approach aims to stably manage the country's growing household debt level, considering each debtor's unique condition. According to the Financial Services Commission's (FSC) announcement on Thurs...

Anna J. Park | 2022-06-16 16:55

Korea to overhaul visa system to attract more highly-skilled foreigners

The government has decided to fix its visa policy for foreign nationals in a bid to attract more highly-skilled professionals from abroad - a move aimed at tackling the population decline and reinvigorating the nation's growth potential. This move is part of the Yoon Suk-yeol administration's economic policy directions unveiled by the Ministry of Economy and Finance, Thursday...

Anna J. Park | 2022-06-16 16:54

Bank of Korea pressed to take 'big step'

The Bank of Korea (BOK) is under pressure to take a big rate hike of 50 basis points during the upcoming rate-setting meeting in mid-July, after the U.S. Fed decided on the “giant step” of increasing its benchmark rate by 0.75 percentage point. BOK Governor Rhee Chang-yong also left open the possibility of taking the unprecedented big step, saying that the central bank will “...

2022-06-16 16:51

Fed attacks inflation with its largest rate hike since 1994

Korea to cut corporate taxes, redress industrial accident law

The government will cut the maximum income tax rate for businesses to 22 percent from 25 percent in a bid to facilitate corporate investments and create more jobs, while easing the property tax burden on homeowners. Beginning in July, the government will also work on the shortcomings of the so-called Serious Accidents Punishment Act and amend it if necessary. Effective from J...

2022-06-16 16:40

Yoon vows bold deregulation, labor reforms amid stagflation fears

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