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Fri, August 19, 2022 | 22:44
Sejong City apartments turn into 'jackpot' for gov't workers
A special housing supply program for government workers relocating to Sejong City has turned into a “jackpot,” guaranteeing them hundreds of millions of won in profit. Amid a backlash from other Sejong City residents who are suffering from soaring housing prices, the government is facing pressure to thoroughly overhaul the program. The relocation of the central government to ...
Mask-free summit over Maryland crab cake
The summit between President Moon Jae-in and President Joe Biden made scenes notably different from the previous meeting Biden had with a foreign leader as the U.S. exhibited built up confidence on the containment of COVID-19 there.
Demographic shocks clouding Korea's future
Kim Young-ji, a working mother in Seoul, gave up having a second child. She had dreamed of having at least two babies, but it wasn't long before she faced the harsh reality. As Korean women such as Kim are shunning childbirth like Kim, the number of babies born in the second quarter totaled only 82,000, down 8.7 percent from a year ago. The country's birthrate, or the number ...
South and North Korea need single currency
South and North Korea should use a single currency to form an economic union in the mid to long term, the Korea Institute of Finance (KIF)noted in a report Sunday. “When investment increases in North Korea along with inter-Korean trade of goods and services, the flow of capital will naturally follow. It will lead to problems such as settlements and which currencies should be ...
Economic imbalance deepening
The imbalance in the Korean economy is deepening as record-high exports are failing to sustain faltering domestic investment and consumption. This indicates that booming exports in a few industries, such as semiconductors, have not led to growth in corporate investment, consumer spending and employment. According to the Ministry of Trade, Industry and Energy, the country's exports totaled $51.2 billion in August, up 8.7 percent from a year ago. Exports so far this year have increased 6.6 percent to $399.8 billion, the highest ever.
[INTERVIEW] Korean firms eyeing global procurement market
The global procurement market with an estimated value of $6 trillion can open up new opportunities for exporters. Korea has many competitive companies as an industrial powerhouse, but they often have trouble advancing into overseas procurement markets due to barriers.
New statistics chief vows to confront pressure
The newly appointed statistics chief said he will stick to data and confront political pressure.
Government to supply 300,000 homes
The government has decided to develop around 30 regions in and around Seoul to provide over 300,000 homes by 2022, in a bid to put a lid on the upward spiral of housing prices. At the same time, it has designated four more districts of Seoul _ Jongno-gu, Jung-gu, Dongdaemun-gu and Dongjak-gu _ as anti-speculation zones, subject to strict restrictions on housing speculation.
Insurers hit by 'IFRS 17' shocks
The country's life insurance companies are suffering from plunging sales as they prepare for a new accounting rule that will be adopted in 2021.
Gov't renews war on real estate speculation
As Seoul's housing market is showing signs of overheating, the government is renewing its fight against property speculation, including tax audits and designation of anti-speculation zones. At a meeting Thursday on key economic issues presided over by Economy and Finance Minister Kim Dong-yeon, the government decided to additionally designate anti-speculation zones in Seoul, ...