Finance Minister promises preemptive response to Brexit

[THE INVESTOR] South Korea will prepare for the possible impact of UK’s departure from the European Union through stronger international cooperation and stable management of foreign reserves, Finance Minister Yoo Il-ho said on July 8.Speaking at a meeting of economy-related ministers in Seoul, Yoo, who also doubles as deputy prime minister for economic affairs, said that the government will maintain healthy foreign reserves, saying that it was the “last bastion” for Korean economy.Finance Minist

July 8, 2016

Seoul to consider possible Korea-UK FTA

[THE INVESTOR] South Korea will review opening free trade agreement negotiations with the UK, and to work with the European Union to minimize the impact of Brexit, should the decision be finalized. These and other measures for responding to the fallout from UK’s June 24 referendum were discussed at the meeting of economy-related ministers held on July 8. Pixabay.comAt the meeting, the attending ministers said that the impact of the UK leaving the EU will be analyzed and that the government will

July 8, 2016

S. Korean economy burdened by slow employment, external factors

[THE INVESTOR] South Korean economy continues to be plagued by a sluggish labor market despite improving domestic spending, the Ministry of Strategy and Finance said in a report on July 8.According to the report, consumer spending is on the rise, but the rate at which employment is rising has dropped and industrial output has yet to recover fully.  Job fair sponsored by a South Korean companayThe ministry also said that UK’s departure from the European Union and other domestic and international

July 8, 2016

Thriving underground economy presents terrorism financing threat

[THE INVESTOR] South Korea’s growing underground economy may pose vulnerability to terrorism financing, according to experts. “The size of the Korea’s underground economy is large, about 30 percent of the total gross domestic product,” Kang Kyung-hoon, a professor at Dongguk University, said at a public hearing on the danger of money laundering in Korea, hosted by the Korea Institute of Finance on July 7.  “Terrorism funds have been rarely generated (in Korea), but the danger still persists.”The

July 7, 2016

Koreans report record amount of inheritance, gift tax in 2015

[THE INVESTOR] South Koreans have declared a record amount of inheritance, gift tax last year, the National Tax Service said on July 5. According to the NTS’ report, Korean people filed a total of 2.189 trillion won (US$ 1.9 billion) in inheritance tax in 2015, a 32.5 percent increase from the previous year. A total of 5,452 people received inheritance, an increase of 13.8 percent on-year.The gift tax stood at 2.362 trillion won last year, up 25.8 percent from the previous year. A total of 98,04

July 6, 2016

FM promises gov’t intervention in case of economic crisis

[THE INVESTOR] The government will intervene should external risks facing the South Korean economy be realized, Deputy Prime Minister Yoo Il-ho said on July 6.Speaking at the conference on government finances held in Seoul, Yoo said that the government will intervene if the Korean economy is hit by external factors. Finance Minister Yoo Il-ho“If external risks are realized, state finances (will be used) to overcome the crisis as it was in the past,” Yoo said. He added that concerned ministries m

July 6, 2016