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Economy

Thu, March 30, 2023 | 16:36

Korea to scrap customs form for travelers without dutiable goods

Korea to scrap customs form for travelers without dutiable goods

Korea will no longer require international arrivals - both Korean and foreign nationals - to fill out customs forms starting in May if they are not carrying dutiable goods, the Korea Customs Service (KCS) said Thursday. The customs agency said the plan was initially scheduled to be implemented in July but will be brought forward by two months in line with the government's str...

2023-03-30 15:56

College students turn to 1,000 won breakfast to beat inflation

College students turn to 1,000 won breakfast to beat inflation

College students burdened by inflation are enthusiastically praising the government's cheaply-priced breakfast policy. Dubbed the 1,000 won breakfast, this affordable meal typically includes rice, soup and several side dishes, all for just 1,000 won ($0.77).

2023-03-30 15:37

BOK's 2022 net dips on losses from securities trading

BOK's 2022 net dips on losses from securities trading

Korea's central bank Thursday reported a sharp drop in its net profit for last year due in part to increased losses from trading of securities.

2023-03-30 13:59

Banks' average capital adequacy ratio rises in Q4

Banks' average capital adequacy ratio rises in Q4

Korean banks saw their financial health improve on-year in the fourth quarter of last year from three months earlier due to a decrease in risk-weighted assets, data showed Thursday.

2023-03-30 13:59

Exports of instant noodles hit record high in 2022

Exports of instant noodles hit record high in 2022

Korea's exports of instant noodles reached an all-time high in 2022, boosted by the global popularity of Korean food and culture, data showed Thursday.

2023-03-30 11:32

Korea to ease entry rules to boost tourism, domestic spending

Korea to ease entry rules to boost tourism, domestic spending

Korea will temporarily exempt citizens of 22 visa-waiver countries from needing electronic travel authorization, simplifying entry procedures in a bid to boost tourism and spur domestic spending, the government said Wednesday. The government also said it will restore transit visa exemptions for travelers from 34 countries and allow them to stay here for up to 30 days.

2023-03-29 17:02

Digital financial literacy lags among seniors, low-income earners

Digital financial literacy lags among seniors, low-income earners

Although Koreans' level of financial literacy has improved compared to 2020, their ability to navigate financial services with the skills needed to use digital technologies remains low, particularly among seniors and low-income earners, the Bank of Korea (BOK) reported on Wednesday.

2023-03-29 16:42

Yoon calls for boosting domestic consumption

Yoon calls for boosting domestic consumption

President Yoon Suk Yeol instructed the government Wednesday to draw up measures to boost domestic consumption to help revive the economy.

2023-03-29 14:24

Over 1,000 financially vulnerable Koreans apply for new emergency gov't loans

Over 1,000 financially vulnerable Koreans apply for new emergency gov't loans

On Tuesday morning, a man in his 60s sighed as he pressed the button for the elevator in front of the Korea Inclusive Finance Agency in Seoul. Looking exhausted, he was holding several documents received during a consultation with the agency. He had just applied for an emergency loan offered by the government.

2023-03-28 16:34

2024 budget to focus on tackling low birthrate

2024 budget to focus on tackling low birthrate

The government announced on Tuesday that it is prioritizing tackling the low birthrate in an “engaging and thorough manner” in drawing up next year's budget amid snowballing concerns over a looming demographic crisis. The budget will also be spent on labor, education and pension reforms.

2023-03-28 16:33

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