Govt. discovers W9.3tr assets under borrowed names in 2012-16: data

The government discovered 9.3 trillion won ($8.2 billion) worth of assets stashed away under borrowed names by more than 11,000 people over the past five years, data showed Thursday.South Korea first introduced the real-name financial system in 1993 to stave off money laundering and tax evasion by banning transactions under phony or borrowed names and requiring people to use real names to open bank accounts or purchase stocks. As many as 11,776 people were caught concealing assets under the name

Oct. 26, 2017

Korea's economic growth hits 7-year high in Q3

South Korea's economic growth hit a seven-year record high in the third quarter due to increased construction investment and exports, central bank data showed Thursday.In the July-September period, the country's gross domestic product increased 1.4 percent from the previous quarter, faster than the previous quarter's 0.6 percent on-quarter gain, according to preliminary data from the Bank of Korea.The on-quarter growth is the fastest since the second quarter of 2010, when the economy rose 1.7 pe

Oct. 26, 2017

Korea to hold public hearing on FTA renegotiation with US

South Korea will hold a public hearing next month on the renegotiation of a free trade pact with the United States, Seoul's trade ministry said Wednesday, as the two countries move to reset the terms at Washington's call. The hearing on the Korea-U.S. free trade agreement (FTA), slated for Nov. 10, will be an opportunity to exchange public views and collect opinions from experts in the related fields, the Ministry of Trade, Industry and Energy said. The public hearing is part of the legal p

Oct. 25, 2017

Monthly rent highest for 20s, 30s in Gangnam

Among Seoul’s lower-income bracket, those in their 20s and 30s residing in the southern part of Seoul paid the highest amount of monthly rent, while those aged 60 and over living downtown paid the least, data showed Wednesday. According to an analysis submitted by Seoul Metropolitan Government to the parliamentary land, infrastructure and transport committee, the younger generation in Gangnam-gu, Seocho-gu, Songpa-gu and Gangdong-gu -- all located in the southeastern part of Seoul -- paid

Oct. 25, 2017

Pro-labor policies risk hurting productivity

Concerns are growing that President Moon-Jae-in’s push for reducing work hours along with a steep increase in the minimum wage may further aggravate Korea’s labor productivity, which remains near the bottom among major economies.In a meeting with his aides last week, Moon said that, without job sharing through reduced work hours, it would be impossible to significantly raise the country’s employment rate and improve the quality of people’s lives. He cited a report from th

Oct. 25, 2017

Venture minister nominee stresses role of small biz, startups

The nominee for the Ministry of SMEs and Startups said Wednesday the South Korean economy can make the next leap forward when venture firms and small businesses are successful. Hong Jong-haak, a former lawmaker of the ruling Democratic Party, made the remark two days after President Moon Jae-in appointed him to head the newly created office. "During the election campaign, I and others envisioned the four pillars of economic growth based on jobs, incomes, co-prosperity and innovation, and ma

Oct. 25, 2017

Sin taxes collected by govt. up sharply fueled by dues slapped on tobacco: data

The amount of sin taxes levied on tobacco, liquor and gambling has risen dramatically in recent years due mainly to the sharp rise in dues levied on cigarettes, government data showed Wednesday.The government increased taxes on cigarettes by 2,000 won ($1.70) per pack from Jan. 1, 2015, raising the price to 4,500 won, and compelled tobacco companies to place graphic images showing the harmful effects of smoking on the upper part of cigarette packs in 2016 as part of efforts to discourage smoking

Oct. 25, 2017

Data show large sums of untaxed wealth transfers

An average of about 60 trillion won ($53.09 billion) worth of wealth has been transferred or handed down every year since 2003, but less than half of the recipients had to pay taxes, data showed Wednesday.According to records from the National Tax Service that were analyzed by the office of Rep. Park Gwang-on for parliamentary audits, 251.56 trillion won of various assets were inherited by 2.73 million people in the 2003-2016 period. During the same period, 281.87 trillion won of wealth was tran

Oct. 25, 2017

South Korea to tighten loan rules to curb household debts

The South Korean government on Tuesday came up with a comprehensive scheme to curb the nation’s whopping level of household debt by tightening loan availability for multiple-home owners and categorizing borrowers’ financial capacities to encourage debt repayment.The regulations is a follow-up to the Aug. 2 real estate measures and aimed to crub the mounting household debt hovering at nearly 1,400 trillion won. “The household debt issue is one of the core risks to our economy, a

Oct. 24, 2017

[Monitor] Younger generation taking out more loans

An increasing number of younger people are taking out loans from lenders, according to data released by Rep. Um Yong-soo of the Liberty Korea Party during the parliamentary audit session.Using the numbers given by the Bank of Korea, Rep. Um said that the household debt held by those aged 30 and younger increased by 28.6 trillion won ($25.3 billion) between January and June this year from the previous six-month period. Another set of data released by Rep. Je Youn-kyung of the Democratic Party of

Oct. 24, 2017

About half of salaried workers paid less than W2m per month: data

Nearly half of South Korea's salaried workers were paid 2 million won ($1,772) or less in monthly wages during the first six months of this year, government data showed Tuesday.About 32.6 percent of the country's 19.7 million salaried workers were paid between 1-2 million won per month while 10.4 percent received less than 1 million won, according to the figures by Korea Statistics. About 27.3 percent were paid 2-3 million won, 14.9 percent 3-4 million won and 14.8 percent over 4 million won. Th

Oct. 24, 2017

Legislator calls for measures to revive Gwangyang Port

GWANGYANG -- A ruling party legislator called Tuesday for urgent measures to revive Gwangyang Port, a major seaport in South Korea whose cargo processing volume is rapidly diminishing.Rep. Lee Gae-ho, elected from the constituency including the southern city of Gwangyang, said the volume of cargo handled at the port has fallen for five consecutive years. "There were less than 2.3 million TEUs processed at Gwangyang last year, and the goal for 2.33 million TEUs this year is also unlikely to

Oct. 24, 2017

Korea, Vietnam hold economic committee meeting to discuss cooperation

South Korea and Vietnam held a joint economic committee meeting on Tuesday to discuss cooperation in various areas and tackle any stumbling blocks that could hamper further development.The meeting, the 16th of its kind, was held in Seoul between Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and his Vietnamese counterpart Nguyen The Phuong.  "South Korea-Vietnam relations have developed into something special," Yun said at the start of the meeting. "The South Kor

Oct. 24, 2017

President Moon to meet labor leaders over his new policies

President Moon Jae-in was set to hold a special meeting Tuesday with leaders of the country's top labor organizations over his new economic and labor policies.The meeting will be held at the presidential office Cheong Wa Dae.It was initially expected to involve officials from the country's two largest umbrella labor organizations -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- as well as several sectored and independent labor unions, but the KCTU has said

Oct. 24, 2017

Many tax evaders receive lenient punishment: data

Many people caught not paying taxes receive lenient punishment, parliamentary data showed Tuesday.Only 13,548 tax evaders have been indicted in the past five years, constituting 20.9 percent of total evaders in comparison to the average indictment ratio of 37.9 percent of other crime suspects, the findings by the National Assembly Research Service said.As many as 49.1 percent of those indicted were tried without physical detention, with 45.3 percent receiving summary trials. Only 5.7 percent wer

Oct. 24, 2017

IFEZ development to be delayed to 2030

INCHEON -- The development of Incheon Free Economic Zone, initially scheduled for completion by 2022, will be delayed to 2030 due to slowed investment in the aftermath of the global financial crisis and real estate market slump, officials said Tuesday.Known as IFEZ, the project was designated in August 2003 as South Korea's first such zone where foreign investors would receive tax and administrative benefits and services to promote their business activities in the country.The Ministry of Trade,

Oct. 24, 2017

Korea’s reshoring policy far from effective

Few Korean companies have brought home overseas production in recent years in contrast to a sharp rise in the number of the country’s firms operating abroad.In 2012, the government began strengthening measures to facilitate the reshoring of manufacturing companies. Since then, just 41 Korean manufacturers have transferred overseas factories back to the country, according to data from the Ministry of Trade, Industry and Energy.During the same period, more than 17,000 Korean businesses have

Oct. 23, 2017

Exports up 6.9% this month despite long holiday

Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. 　Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e

Oct. 23, 2017

Govt. to lower borrowing costs for those most in need

South Korea's top economic chief said Monday that he will lower borrowing costs for people with low credit ratings to reduce their financial burden ahead of the scheduled announcement of tighter rules on household loans.Finance Minister Kim Dong-yeon made the comment during a visit to a government-run financial support center in Seoul along with Financial Services Commission Chairman Choi Jong-ku and Financial Supervisory Service Gov. Choe Heung-sik. "It is necessary for the government to m

Oct. 23, 2017

Moon to hold meeting with labor leaders this week

President Moon Jae-in is scheduled to hold a meeting with officials and leaders from top labor organizations this week, an official from the presidential office Cheong Wa Dae said Monday.The meeting will be held Tuesday and will involve dozens of labor leaders, including those from the two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions.The talks will nearly complete the president's series of discussions with all major economic players

Oct. 23, 2017