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Reporter : Yoon Ja-young
Tue, August 16, 2022 | 10:47
Coordination between Asia-Pacific central banks
Bank of Korea Governor Rhee Chang-yong, fifth from left, poses with Financial Supervisory Service (FSS) Governor Lee Bok-hyun, fourth from left, and other participants of the Executives' Meeting of East Asia-Pacific Central Banks held at the Korean central bank's headquarters in downtown Seoul, Tuesday. Participating at the meeting ― either online or in-person ― were the cent...
Data shows banks reject most consumer demands to lower loan interest rates
If a person gets promoted and receives a higher income or accumulates more assets, they have a legal right to demand banks or other lenders to slash interest rates levied on their borrowings. However, seven out of 10 requests to lower interest rates are rejected, according to the latest data. Data Rep. Yun Chang-hyun of the ruling People Power Party obtained from the Financia...
Pelosi's Taiwan visit pushes Korean confectionery shares to soar
U.S. House Speaker Nancy Pelosi's visit to Taiwan is having an unexpected positive effect on Korean confectionary companies. Their stock prices rose steeply on Wednesday on reports that China banned importation of Taiwanese food items on the eve of the contentious visit.
Social media influencers under suspicion of avoiding taxes
Despite the explosive growth of e-commerce by social media influencers and creators, only a handful of them are paying taxes. According to National Tax Service (NTS) data submitted to Rep. Yang Ki-dae of the main opposition Democratic Party of Korea, only 785 influencers making money through social media paid taxes in 2020. They reported a total of 14.1 billion won ($10.8 mil...
Korea expected to overtake Japan in total exports
Korea's gap with Japan in total exports narrowed to its smallest amount ever, triggering expectations that it will surpass the neighboring economic powerhouse soon. According to the Ministry of Trade, Industry and Energy, Korea's total exports this year as of May were $16.2 billion less than that of Japan. It compares with the same period last year.
Dunamu to support youths who have to leave foster care centers
Underprivileged children and minors who have been living in foster care facilities, foster homes, or other shelters for teenagers face a harsh reality when they come of age. They have to leave such facilities and stand on their own when they reach 18, according to the Child Welfare Act. But because they do not have homes to reside in or stable jobs, they often suffer economic...
Soaring housing prices pull down birth rate: study
As the nation's total population decreased for the first time last year, with the birthrate falling to the world's lowest, a study showed that soaring housing prices are one of the main reasons. According to a study by Kang Dong-ik and Song Kyung-ho, both researchers at the Korea Institute of Public Finance, a 100 percent hike in housing prices slashes the number of kids each...
Mobile driver's licenses launched
Participants in the launching ceremony for mobile driver's licenses around the country, including Financial Supervisory Service Deputy Governor Lee Joon-soo, second from left, Interior and Safety Minister Lee Sang-min, fifth from left, Shinhan Bank CEO Jin Ok-dong, seventh from left, Kakao Bank CEO Yoon Ho-young, eighth from left, and Naver Financial CEO Park Sang-jin, 10th f...
Tax agency reveals luxurious life of alleged tax evaders
Purchasing a number of super cars including Lamborghini and Bentley, enjoying luxurious trips overseas and buying up real estate, these are examples of what suspects of tax evasion have done with the money they hid from the tax agency.
Top financial regulator with industry representatives
Financial Services Commission (FSC) Chairman Kim Joo-hyun, center, talks with heads of financial industry lobby groups at the Korea Federation of Banks (KFB) headquarters in Seoul, Wednesday. At the meeting were KFB Chairman Kim Gwang-soo, Korea Life Insurance Association Chairman...
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