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Sat, August 24, 2019 | 00:26

Fiscal soundness in question

The government is coming under pressure to be more efficient and prudent in managing its debt, spending and tax revenue. This comes amid increasing calls to boost welfare funding for an aging society, as well as expand fiscal measures to counter low growth. Analysts say the country's fiscal position could worsen if it carries out excessive and rapid stimulus measures without ...

Park Hyong-ki | 2019-06-13 15:47

Bank of Korea chief signals key rate cut

Bank of Korea (BOK) Governor Lee Ju-yeol hinted at a possible key rate cut during his remarks at a central bank event Wednesday. Lee has been adamant over the past several months about keeping the nation's policy rate unchanged at the current 1.75 percent, claiming the global economy will recover while the inflation rate will also climb above 1 percent in the second half of t...

Jhoo Dong-chan | 2019-06-12 16:43

Gov't reduces SME inheritance tax burden

The government has proposed to loosen the requirements for owners of small- and medium-sized enterprises (SME) and their children to receive tax benefits when the latter inherit the former's business, the finance ministry said Tuesday. They will be able to receive inheritance tax deductions of up to 50 billion won ($42.3 million) as long as the new generation runs the company...

Park Hyong-ki | 2019-06-11 16:17

Fostering startups

Financial Services Commission Chairman Choi Jong-ku, fifth from right, cuts a ribbon with Korea Federation of Banks Chairman Kim Tae-young, third from left, and Korea Credit Guarantee Fund (KODIT) Chairman Yoon Dae-hee, fourth from left, and other guests at a ceremony to build the Mapo Innovation Town in western Seoul, June 19. The financial regulator is creating the facility...

Lee Kyung-min | 2019-06-10 18:30

Banks required to inform borrowers of rights to loan rate cut

Commercial banks and savings banks are seeking ways to better inform customers about when they can apply for a borrowing rate cut, Friday, ahead of a revised bill, which will take effect June 12, bank officials said Friday.

Lee Kyung-min | 2019-06-07 17:09

Korea isolated from 'global jobs boom'

Korea is isolated from the boom in global employment, as its unemployment rate has continued to rise while most advanced economies have seen unemployment declining. The employment data is the product of a number of factors but experts said the key culprit behind Korea's isolation was the Moon Jae-in administration's income-led growth strategy defined by rapid hikes of the hou...

Lee Kyung-min | 2019-06-05 17:51

Gov't to revise tax scheme on beer

The government has decided to change its taxation system on beer by adopting a quantity-based code instead of a manufacturing price-based one, the Ministry of Economy and Finance said Wednesday. The revision, aimed at fixing the tax imbalance between domestic and imported beers, is the first in half a century following years of ministry flip-flopping on its stance on what loc...

Lee Kyung-min | 2019-06-05 17:51

Korean economy contracts 0.4% in Q1

The Korean economy grew at its slowest pace in 10 years due to a continued fall in investment and exports, central bank data showed Tuesday. The Bank of Korea (BOK) said the country's gross domestic product (GDP) contracted 0.4 percent in the first quarter of 2019 from a quarter ago, a major setback from the previous quarter's 0.9 percent expansion.

Lee Kyung-min | 2019-06-04 18:16

'Structural reform essential to boost economic resilience'

The nation's top banker has called for Korean firms to speed up structural reforms to improve their economic fundamentals and better cushion any external blows to reap the benefits from rising global links. He also said the global community should join forces to fight rising protectionism that has been destabilizing the global economy.

Lee Kyung-min | 2019-06-03 17:20

Gov't to boost big data in finance

The Financial Services Commission (FSC) and the state-run Korea Credit Information Services (KCIS) will open a new database called CreDB as part of steps to boost big data analysis, the regulator said Monday.They will enable fintech startups and financial companies to gather and sample as much as 2 million unidentified personal data from the CreDB to analyze and study financi...

Park Hyong-ki | 2019-06-03 17:20

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