Updated: 1 hour 24 min ago
South Korea should strengthen its diplomacy to local actors outside Washington to cut a win-win deal from Korea-U.S. Free Trade Agreement (KORUS FTA) renegotiations and steel tariff talks, U.S. trade experts said Sunday.
As the U.S. Federal Reserve is widely expected to raise its base rate this week, concern is growing that the reversal of key rates between Korea and the United States will trigger capital flight from Seoul.
Unlike previous administrations which stimulated the housing market and construction to pull up economic growth, the Moon Jae-in administration has vowed to stabilize the price of homes for the working class. It turns out, however, its policies only turned new apartments in the upscale southern districts of Seoul into lotteries, and only millionaires with enough cash are admitted to this game.
Household debt-to gross domestic product (GDP) soared to a record high at the end of the third quarter last year, reports said Sunday, quoting data from the Bank for International Settlements (BIS).
Nearly 24 percent of Korean workers are found to be “low-wage earners,” according to the Organization of Economic Cooperation and Development (OECD), Sunday.
South Korea should speed up its move to join a multilateral Pacific trade pact signed by 11 regional nations to cushion the blow from a potential trade war, analysts said Sunday.
With Korea and China set to start negotiations to expand the scope of their bilateral trade agreement to services and investment this week, experts say it could be a meaningful opening of the door to China's $1 trillion services market.
The National Pension Service (NPS) will hand over much of its voting rights to a private committee, to prevent them from being abused by the government or politicians.
The United States is pressuring Korea in the talks to revise the bilateral free trade agreement (FTA), using the tariffs on steel as leverage.
While the government is expected to discuss raising property taxes at a special committee, it won't be easy to reach a consensus as resistance by taxpayers will be inevitable.
The nation's financial watchdog said it will regulate card companies' irregular double-charging practices in foreign currency transactions. An increasing number of Koreans now travel abroad and also buy directly from overseas online, but criticism is mounting over dynamic currency conversion (DCC) charges, a system used for foreign currency transactions and service charges when buying goods from foreign retailers. The DCC fees account for 3 percent to 8 percent of the value of a purchase.
Kumho Asiana Group's headquarters building near Gwanghwamun, downtown Seoul, will be sold to German-based Deutsche Asset Management, industry officials said Thursday. Asiana Airlines announced the building's owner signed a contract with a foreign asset management company earlier this month to sell the building, but the group's air carrier unit did not specify the company's name in the public announcement. “An on-spot inspection has been under way, but neither the specific price nor the mode of the transaction have been decided,” the airliner said in response to the Korea Exchange's request to disclose details about the deal.
Small businesses that hire a young jobseeker as a regular worker will get a 9 million won subsidy; while the new employee will exempt from income tax for five years. These measures are part of the government's plan to tackle youth unemployment unveiled Thursday, which aims at creating up to 220,000 jobs for young people by 2021.
The revision of the D-9-1 trade visa will go into effect this month, said the Ministry of Justice that handles immigration issues. Under the revised rules, foreign traders will be able to extend their visas with written transaction records issued by domestic transaction banks or their business partners here. Previously, only certificates issued by the Korea International Trade Association (KITA) were recognized.
The government is doing its utmost to get an exemption from the Donald Trump administration's tariff offensive on steel products, which is scheduled to go into effect March 23. If imposed, targeted countries will sustain a 25 percent tariff on steel and 10 percent on their aluminum products exported to the U.S., a severe blow especially to medium-sized steelmakers in Korea.
The Korean economy faces a rocky road ahead, with its exports expected to dwindle in the coming years, due to a “triple whammy” from abroad.These are: a trade war initiated by the United States, China's policy shift toward “quality growth” from the old quantitative growth model, and the emergence of larger multilateral trade pacts.
Korea Development Bank (KDB) said it will invest a combined 2.5 trillion won ($1.88 billion) in small- and medium-sized enterprises (SMEs) by 2022 as part of its efforts to prop up the economy and create jobs.
Chief executive at Ripple, the world's third-largest cryptocurrency by market cap, said Wednesday that the Korean government needs to implement policy measures to regulate cryptocurrency trading, but “properly.”
The nation's job growth struggled last month as it fell to its lowest level in eight years, according to government data, Wednesday. The total number of employed people in the nation in February was 26.08 million, up 104,000, or 0.4 percent, from a year earlier said Statistics Korea. The year-on-year increase was in stark contrast to the previous month's gain of 334,000. Worse, it was the smallest growth since January 2010 when the number of jobs fell by 10,000.
The nation's finance minister hinted that the government may form a supplementary budget within the first half of this year to tackle chronic youth unemployment. He also stressed that the market and businesses are the main job creators.