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Fri, August 19, 2022 | 01:21
South Korea on alert over falling exports
The Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy are hammering out last-minute details on ways to help revitalize exports by small- and medium-sized enterprises (SME), according to the former, Wednesday. Finance Minister Hong Nam-ki said the two bodies have been working together since January to come up with measures aimed at revitalizing ove...
Economy lacks 'lighthouse' factories
The country does not have a single innovative manufacturer on the global list by McKinsey Global Institute and the World Economic Forum (WEF). The WEF and McKinsey's research group recently issued a report, listing 16 global manufacturers' factories that meet the criteria of being “innovative and game changers” that have seen growth through the use of emerging technologies re...
Gov't mulls reducing stock transaction tax
The government is moving to cut stock transaction taxes in response to growing calls from politicians, businesses and investors. This is a major shift from its earlier stance that it would not consider changes to the tax currently set at 0.3 percent. The Ministry of Economy and Finance said Thursday that it is expected to begin discussing plans with the ruling Democratic Part...
Industrial output growth dips to record low
Indices measuring current and future economic cycles have both fallen simultaneously for seven straight months, according to Statistics Korea, Thursday. This comes as overall industrial output has dropped to a record low. The overall output grew only 1 percent from a year ago, the lowest increase rate since Statistics Korea began compiling this data in 2000.
Helping young debtors
Shinhan Financial Group Chairman Cho Yong-byoung, second from right, poses with officials from CrePass, the Student Aid Foundation and the Korea Credit Bureau at the group's office in Seoul, Wednesday, after forming a business alliance to help young people under heavy student debt. Under the accord, they will help 300 young people manage their debts. Courtesy of Shinhan Finan...
Falling exports, sentiment weighing on economy
Weakening exports and business sentiment have prompted the government to start mapping out another fiscal measure. Finance Minister Hong Nam-ki said Wednesday the administration will come up with another plan to revive exports of tech products, energy plants, agricultural goods and entertainment content. This comes as the country's exports are expected to fall in January foll...
Korean-Chinese check card
KEB Hana Bank CEO Ham Young-joo, right, poses with chief executives from Hana Card and the Bank of Jilin during a ceremony to celebrate the launch of a Union Pay check card at Hana Financial Group's headquarters in Seoul, Wednesday. Cardholders can use the check card freely whenever they are in Korea or China. The two lenders forged strategic ties in 2010. Courtesy of KEB Han...
Goldman Sachs suffers brain exodus
Goldman Sachs in Seoul is suffering from a “brain exodus” as an increasing number of its investment bankers are leaving the company for local private equity firms, according to industry sources. It is common to see investment bankers switching sides within the industry. But almost all, especially those who had worked trying to sell assets to potential buyers, want to go “wher...
Gov't unveils W24 tril. projects for regional economies
The government will spend over 24.1 trillion won ($21.5 billion) to develop highways, ports, airports and industrial centers nationwide to create jobs and revitalize regional economies, according to the Ministry of Economy and Finance, Tuesday. Finance Minister Hong Nam-ki said his ministry will pursue projects that will rebuild provincial regions facing not only a slowdown b...
Strategic platform ties
K bank CEO Shim Sung-hoon, left, shakes hands with TMON CEO Lee Jae-hoo after establishing strategic ties at the bank's office in Seoul, Tuesday. Under the deal, TMON will market and promote products sold through the daily deal platform via the mobile bank. Courtesy of K bank
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