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Reporter : Yoon Ja-young
Mon, August 8, 2022 | 08:08
KOSPI coupling with Shanghai bourse amid trade war
The country's main KOSPI is decoupling from the U.S. bourse while coupling with the Chinese index amid an intensifying trade conflict between the two super powers. Global liquidity heading back to the United States as well as Korea's heavy dependence on China for exports are dragging down the KOSPI from further rises.
Expansionary fiscal policies draw criticism
The government acknowledged Wednesday that the economy is in poor condition, lowering its economic growth outlook for this year as well as next. Economists, however, say even its 2.9 percent growth target could be hard to attain if it continues sticking to fiscal injections while ignoring fundamental problems such as tough regulations. The government suggested that the econom...
Government lowers down growth target to 2.9 pct.
Tax refunds for low-income households will be increased to help them weather the faltering economy, while the tax on passenger vehicles will be cut to 3.5 percent from the current 5 percent until the end of the year. These are part of government measures to sustain low-income households suffering from the economic slowdown while boosting consumption.
Half of young workers earn less than W1.5 mil. as first salary
Half of young people get less than 1.5 million won ($1,328) as a monthly salary at their first job. The ratio of such low-paid jobs, however, decreased from a year ago thanks to the minimum wage hike.
Credit card firms, insurers hit by minimum wage hike
The steep minimum wage hike is adding to concern of insurance companies and credit card firms. While insurers will have to pay more insurance benefits following the rising minimum wage, credit card firms are being pressured to lower commissions to share the burden with small merchants.
SK Innovation launches campaign to protect mangroves
SK Innovation has launched a campaign for donations of mangrove seedlings to protect the environment.
Moon says 8,350 won 'not enough'
President Moon Jae-in apologized Monday for failing to achieve the 10,000 won minimum wage by 2020 as he had pledged during the presidential election. The country's top economic policymaker, meanwhile, said that the minimum wage hike could weigh on economic policies in the latter half of the year.
Large firms to share wage hike burden of subcontractors
Conglomerates will have to share the burden of subcontractors hit by the steep minimum wage hike. They should not force subcontractors to supply exclusively for them or restrict their exports of technology. These are part of the subcontractor law revision by the Fair Trade Commission (FTC) that will go into effect from Tuesday.
To beat summer heat
Models show diverse home meal replacements and ingredients traditionally known as “invigorating” food for summer at a Home plus store in downtown Seoul, Monday. The discount chain offers “samgyetang,” or ginseng chicken soup, as well as abalone and eel at discounted prices. / Yonhap
Analysts upbeat about new Hyosung affiliates
The new companies that spun off from Hyosung went in different directions on the day they debuted on the stock market. Analysts are mostly positive about them since each has a competitive edge in their respective businesses.