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Thu, October 6, 2022 | 07:16
Finance minister defends corporate tax rate cut plan, requests swift Assembly approval
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho defended the government's plan to reduce the maximum corporate tax rate to 22 percent from 25 percent during a parliamentary audit, Tuesday, arguing it is designed to benefit small and medium-sized enterprises (SMEs) more than larger businesses.
Cost of dining out hits 30-year high despite slowing inflation growth
The cost of dining out rose to the highest level seen in more than 30 years, while the prices of some vegetable items jumped more than 90 percent despite a slowdown in overall consumer price growth in Korea in September for the second straight month, according to Statistics Korea, Wednesday.
Finance minister vows to take preemptive steps to avert crisis
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said Tuesday that the government is considering all options to cope with the volatility of the stock and currency markets in a preemptive manner.
Hana Bank subsidiary launches QR code-based cash withdrawal service in Vietnam
Hana Bank said Tuesday that its overseas subsidiary, which is aimed at electronic financial services, launched a new service in Vietnam that allows customers to withdraw cash by using a QR code.
Weak yen leads to shopping boom on Japanese online market
More Koreans are buying goods directly from online malls in Japan as the weak yen persists against the Korean won. It was considered virtually a norm that 100 yen be traded at 1,000 won or slightly higher, but the Japanese currency has remained at a lower level due to the ultra-loose monetary policy embraced by the Bank of Japan.
Gov't goes all out to curb won's sharp fall against dollar
The government is making all-out efforts to curb the won's sharp fall against the U.S. dollar, in a desperate bid to prevent a massive outflow of capital. This move comes as the value of the Korean won has dropped by about 20 percent against the dollar this year and concerns are growing over a possible shortage of foreign currency. The fiscal and monetary authorities as well ...
North Korea fires 2 missiles into East Sea in latest show of force
North Korea launched what appear to have been two short-range ballistic missiles into the East Sea, Wednesday, apparently in another show of force against the latest joint military drills between South Korea and the United States. The South's Joint Chiefs of Staff (JCS) said it detected the launches of two North Korean missiles from the Sunan area of Pyongyang between 6:10 p....
Gov't to resume operating $6.9 bil. fund aimed at stabilizing market
The Korean currency plunged below a 13-and-a-half-year low of 1,440 won per dollar at one point during Wednesday's trade, while the benchmark KOSPI closed under the 2,200 point level for the first time in more than two years. The won closed at 1,439.9 per dollar, depreciating by 18.4 won from Tuesday's close, after falling to as low as 1442.2 per dollar during intraday tradin...
KDB rushes to sell off tax-financed companies according to gov't fiscal policy
The planned sale of Daewoo Shipbuilding & Marine Engineering (DSME) is prompting speculation that its main creditor, state-run lender Korea Development Bank (KDB), is moving fast to sell off tax-financed companies in accordance with the government's focus on curbing the national debt. Announced on Monday, the KDB's plan has raised controversy that it is selling the debt-ridde...
Korea hosts 10th gathering of finance ministries in Asia-Pacific region
Korea is hosting the 10th gathering of finance ministry officials in the Asia-Pacific region this week, with this year's topics focused on improving and sustaining fiscal health in the coming post-pandemic era. The 2022 gathering of the Public Expenditure Management Network in Asia (PEMNA), a peer-learning network of financial bureaucrats specialized in public expenditure man...
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