S. Korea to impose tax on virtual assets next year as planned: finance minister

Finance Minister Hong Nam-ki said Wednesday the government will impose a tax on gains from virtual assets, such as cryptocurrencies, next year as planned. Hong reiterated the stance, adding necessary infrastructure is in place and delaying the taxation plan further could hurt the reliability of government policy. 　 “It appears to be difficult to readjust or delay taxation on virtual assets, considering legal stability or policy reliability,” Hong told lawmakers during a parliamentary

Oct. 6, 2021

S. Korea’s housing prices see largest surge in 15 years

South Korea’s housing prices in the first nine months of this year spiked nearly 12 percent, surpassing the annual gains observed in 2001 and 2006, when the instability of the local real estate market triggered by the previous financial crisis concerned onlookers and buyers, data showed Wednesday. According to KB Kookmin Bank’s real estate platform Liiv, the median housing price across Asia’s fourth-largest economy gained 11.98 percent in the January-September period. The fig

Oct. 6, 2021

S. Korea to post more excess tax revenue this year: finance minister

Finance Minister Hong Nam-ki said Wednesday the government is expected to log a larger-than-expected surplus in tax revenue this year as the economic recovery gathers pace. In July, the government forecast the country is expected to collect 314.3 trillion won ($264 billion) in tax revenue for this year, up 31.5 trillion won from its earlier forecast of 282.7 trillion won. But the National Assembly Budget Office forecast a larger surplus, saying that the country may record excess tax revenue of

Oct. 6, 2021

Additional debt control measures underway: FSC chief

The nation’s top financial regulator said Wednesday it is preparing to announce new measures to curb snowballing household debts.  “South Korea‘s growth pace of household debt has been much more rapid than other countries. The Financial Services Commission has been stepping-up efforts to prevent households’ high indebtedness from posing a major threat to the Korean economy,” said FSC Chairman Koh Seung-beom at a parliamentary audit session for the financial re

Oct. 6, 2021

Internet banking transactions at new record high in H1

South Korea's internet banking services continued to grow in the first half, with the number of users and daily transactions rising to new highs, central bank data showed Wednesday. The number of internet banking users, including mobile banking, came to 186.5 million as of end-June, up 5.6 percent from six months earlier, according to the data from the Bank of Korea (BOK). The figure is the simple sum of all registered users at 18 internet and mobile banking service providers in the country,

Oct. 6, 2021

S. Korea calls for multilateral discussion on Europe's new carbon policy

South Korea's trade ministry on Wednesday called for the members of the World Trade Organization (WTO) to hold discussions to prevent global environmental regulations, including Europe's new carbon policy, from hindering global free trade. The European Union announced earlier that it will adopt the Carbon Border Adjustment Mechanism (CBAM), which is expected to be fully implemented in 2026 following a transition period of three years. "We need to hold multilateral discussions to avoid env

Oct. 6, 2021

Exports of agricultural goods up 12.3% through Sept.

South Korea's exports of agricultural products rose 12.3 percent on-year in the first nine months of 2021 on the back of the strong popularity of "hallyu," the Korean wave of pop culture, around the globe. Outbound shipments of foodstuffs came to $6.1 billion in the January-September period, compared with $5.5 billion posted a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs.   Experts said the Korean Wave generated by K-p

Oct. 6, 2021

Imported car sales down 6.6% in Sept on part shortages

Sales of imported vehicles in South Korea fell 6.6 percent in September from a year earlier due to fewer working days and supply glitch that stemmed from parts shortages, an industry association said Wednesday. The number of newly registered foreign vehicles fell to 20,406 units last month from 21,839 a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. "The monthly sales results are attributable to fewer working days due to the Chuseok h

Oct. 6, 2021

Seoul expresses concerns over Washington's info-sharing request on chipmakers

South Korea's trade ministry on Wednesday expressed concerns over Washington's latest request to local chipmakers to share information on their supply chains amid growing concerns over the leak of major trade secrets. Trade Minister Yeo Han-koo met his US counterpart, Katherine Tai, in Paris on the sidelines of the council meeting of the Organization for Economic Co-operation and Development (OECD), sharing opinions on various bilateral trade issues, according to the Ministry of Trade, Industry

Oct. 6, 2021

Inflation growth hits over 2% for 6th straight month in Sept.

South Korea's consumer prices grew more than 2 percent for the sixth consecutive month in September, due largely to high oil prices, data showed Wednesday, indicating a build-up of inflationary pressure amid an economic recovery. The consumer prices rose 2.5 percent in September from a year earlier, slowing from a 2.6 percent on-year gain in August, according to the data compiled by Statistics Korea. Compared with a month earlier, consumer inflation rose 0.5 percent last month. Core inflation

Oct. 6, 2021

S. Korea's FX reserves hit record high in September

South Korea's foreign reserves rose to an all-time high in September due to a rise in profits from investment of foreign currency assets, central bank data showed Wednesday. The nation's foreign reserves came to $463.97 billion as of end-September, up $40 million from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bull

Oct. 6, 2021

[Newsmaker] Finance minister blasted for failing to curb housing prices

Finance Minister Hong Nam-ki came under fire during a parliamentary inspection on Tuesday for failing to stop the relentless rise in housing prices despite dozens of policy measures implemented in recent months. To address the nationwide outcry over soaring housing prices, the Moon Jae-in administration has introduced 26 sets of real estate policies. The latest centered on raising taxes on owners of multiple homes and rooting out property speculation. But there are signs these policies may ba

Oct. 5, 2021

Samsung heir stays S. Korea's richest stockholder

Lee Jae-yong, the chief of South Korea's top conglomerate Samsung Group, remains the country's richest stockholder despite a fall in the value of his shareholdings, a corporate tracker said Tuesday. Stock holdings of Lee, vice chairman of global tech titan Samsung Electronics Co., were valued at 14.17 trillion won ($11.9 billion) as of end-September, the largest among local conglomerate owners, according to Korea CXO Institute. Yet the value of his stock holdings was down about 1.39 trillion won

Oct. 5, 2021

Online shopping rises 16.8% in Aug. amid pandemic

Online shopping in South Korea grew 16.8 percent from a year earlier on solid demand for food delivery services and foodstuffs amid the protracted pandemic, data showed Tuesday. The value of online shopping transactions stood at 15.8 trillion won ($13.3 billion) in August, compared with 13.5 trillion won the previous year, according to the data from Statistics Korea. The August reading fell from a record high of 16.2 trillion won in July, but the value of online shopping reached more than 15 tri

Oct. 5, 2021

Top 4 take up bulk of major conglomerates' 2020 earnings

Earnings by South Korea's top four conglomerates accounted for more than 80 percent of the 30 leading business groups' total net profit in 2020 in a show of their dominance in Asia's fourth-largest economy, government data showed Tuesday. Samsung, Hyundai Motor, SK and LG groups posted a combined net income of 37.6 trillion won ($31.7 billion) last year, up 2.2 trillion won from a year earlier, according to the data that the Fair Trade Commission presented for an annual parliamentary audition. T

Oct. 5, 2021

Retailer confidence worsens for Q4 amid coronavirus resurgence

South Korean retailers' confidence fell below par for the fourth quarter of the year due to strict social distancing measures to stem the spread of the new coronavirus, a poll showed Tuesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) came to 99 for the October-December period, down 7 points from three months earlier. It marks the first on-quarter drop in three quarters. The RBSI stood at 106 in the third quarter and 103 in the first quarter. The fig

Oct. 5, 2021

Imported luxury bag sales surpass W174b despite pandemic

Sales of imported high-end bags in South Korea soared last year despite a slump in private consumption induced by COVID-19 pandemic woes, data showed Monday. The estimated total of imported luxury bag sales, calculated on the basis of special consumption taxes and surtaxes imposed on shoppers, came in at 174.1 billion won ($147.3 million) in 2020, said Rep. Suh Byung-soo of the main opposition People Power Party, quoting data compiled by the National Tax Service and Korea Customs Service. Last

Oct. 4, 2021

[Law Talk] Amendment of the E-Commerce Act in 20 years redresses unfair practices on online platforms

Users of delivery apps, online secondhand marketplaces and social network services have greatly increased due to the continued pandemic. The aggregate turnover of food delivery service providers in South Korea has increased by 78.6 percent in 2020 compared to the previous year, and monthly active users of Karrot -- an online secondhand marketplace -- increased threefold every year over the past three years. As such, the online market is rapidly growing and transactions are transforming to center

Oct. 4, 2021

[Weekender] Standing on their own: North Korean refugees test startup dreams

Ahn Myeong-hee, a 31-year-old defector from North Korea, was overwhelmed by the hardworking people, the rapidly changing social phenomena and the highly competitive environment when she first arrived in the South. “One day I was standing at a subway station and watching people walking fast. It made me think that I’d really have to live my life to the full to become successful,” Ahn said. “At the same time, I appreciated the fact that you can see the outcome as much as t

Oct. 2, 2021

S. Korean builder sentiment rebounds in September

South Korea's construction business sentiment bounced back in August from a month earlier due largely to seasonal factors, a poll showed Friday. The construction business survey index (CBSI) came to 94.9 last month, up 5.5 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. However, the September figure remains below par. A reading below 100 indicates builders are pessimistic about the current state of the construction industry and

Oct. 1, 2021