The Improper Solicitation and Graft Act has continuously been questioned over the crippling effect it allegedly holds over domestic consumption, but after a year in implementation, its impact on most sectors of the economy turned out to have been limited, according to the latest data.The anti-graft law, often dubbed the Kim Young-ran law after its initiator, did weigh down on upmarket restaurants, floricultural industries and liquor shops but key economic indexes displayed little fluctuation, th

Economy Sept. 25, 2017

Citibank Korea, the local branch of New York-based Citigroup, on Friday recommended current CEO Park Jin-hei as the sole candidate for the next term, officials said.Park is to assume his second term in office once his candidacy is confirmed at meetings of the board of directors and stockholders, both slated for next Wednesday. The top official joined Citibank Korea in 1984, after graduating from Seoul National University and working at the Korea Development Institute.Since taking office as CEO i

Market Sept. 22, 2017

South Korea’s stocks closed low Friday, extending its losing streak amid mounting tensions over North Korea’s nuclear and missile programs.The benchmark Kospi closed at 2,388.71, down 17.79 points or 0.74 percent from a day earlier, and the secondary Kosdaq also fell by 12.16 points or 1.84 percent to close at 648.95.Domestic individuals and foreign investors net purchased 41.8 billion won ($36.8 million) and 27.9 billion won respectively on the main bourse, while institutions net so

Market Sept. 22, 2017

The central bank said Thursday that the US Federal Reserve’s belt-tightening gesture should have a limited impact on Korea’s economy.“I do not think that the Fed’s decision will have a big impact on domestic financial markets,” Bank of Korea Gov. Lee Ju-yeol told reporters on the way to his office.The US central bank on Wednesday announced it will shrink its portfolio of bonds by $10 billion a month starting in October and gradually increase the amount over the next

Market Sept. 21, 2017

Seeking to expand the investment opportunities of South Korean companies in the profitable Southeast Asian infrastructure market, the Export-Import Bank of Korea has hosted a forum to encourage business in Indonesia, according to officials Thursday.The Indonesia Infrastructure Investment Forum was held Wednesday at Millennium Seoul Hilton jointly by Eximbank and Indonesia’s Ministry of National Development Planning, upon the sponsorship of Korea’s Ministry of Strategy and Finance. At

Market Sept. 21, 2017

While the former Park Geun-hye administration’s slogan of “creative economy” may have seemed somewhat abstract to many, the incumbent Moon Jae-in government narrowed the concept down to a distinct keyword -- startups.Such a message was clear in the promotion of the former Small and Medium Business Administration into the Ministry of SMEs and Startups, as well as the incoming launch of a presidential committee to promote the “fourth industrial revolution.”Despite such an ample gesture of encourag

Industry Sept. 19, 2017

Planned to encourage consumer spending and revitalize the domestic market, the government’s designation of Oct. 2 as a temporary holiday to fill the chain of holidays in early October comes amid discouraging indices and dilemmas faced by smaller merchants. “We still haven’t decided whether to keep our store closed throughout the holiday season or to partially open,” said Kim Rae-won, an owner of a small restaurant in central Seoul. “It is hard to figure out whether

Economy Sept. 17, 2017

South Korea’s financial market on Friday remained relatively unperturbed by North Korea’s launch of another ballistic missile, despite aggravated geopolitical tension on the Korean Peninsula.Financial decision makers nevertheless vowed for a full readiness posture, lest the continuing military threats from the North dampen investor sentiment in the long-term. The nation’s benchmark Kospi on Friday closed at 2,386.07, up 8.41 points from the previous day. The secondary Kosdaq cl

Economy Sept. 15, 2017

Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon on Thursday reiterated the government’s plan to impose taxes on clergy, dismissing persistent complaints from Protestant church circles.“We shall make all preparations so that the religious taxation may take effect from next year without setbacks,” the minister told reporters after his meeting with Protestant leaders.“When I said that I would make a zero-based assessment of their demands, I mean

Economy Sept. 14, 2017

The state-run Korea Development Bank leading the creditors’ association of Kumho Tire has rejected a management plan from Kumho Asiana Group for saving the troubled tire company, asking for more details about its execution before the creditors’ meeting next week.The move puts more pressure on Kumho Asiana Chairman Park Sam-koo to come up with new measures to keep Kumho Tire afloat. If the revised plan is also rejected, the creditors will begin steps to remove Kumho Asiana Chairman Park Sam-koo f

Industry Sept. 13, 2017

SHARING THE DELIGHT -- Executive members and employees of Deloitte Anjin hand out green apples to passersby in Seoul‘s Yeouido on Wednesday, in a gesture of support for the local agricultural industry which reeled under alternating heat waves and heavy rains throughout summer. The Korean unit of New York-based accounting firm Deloitte has been holding its annual Impact Day here since 2010 as part of the global headquarters’ campaign to promote corporate social responsibility. (Deloitte Anjin)

Industry Sept. 13, 2017

In the wake of the Moon Jae-in government’s reinforced restrictions on housing loans, the increase in mortgage loans has slowed down while credit loans made a record leap in August, data showed Tuesday.According to the Bank of Korea’s monthly data on financial market trends, the balance for household loans stood at 744.2 trillion ($658.4 billion) as of the end of August, up 6.5 trillion won from the previous month.The on-month increase was down 200 billion won from that of July and d

Economy Sept. 12, 2017

Christine Lagarde, managing director of the International Monetary Fund, on Monday expressed optimism on South Korea’s economy for the upcoming years, despite external challenges including the North Korean military provocations.While assenting to President Moon Jae-in’s economic drive for inclusive growth, the IMF chief also raised some concerns that the nation’s structural reform should take guard against overpacing.“(The IMF) has a good and strong impression on the Kore

Economy Sept. 11, 2017

South Korea’s publicly offered overseas investment funds have recently reverted back to the popularity they enjoyed in the early 2000s, due to tax benefits and higher returns, data showed Friday.According to the Korea Financial Investment Association, the total net worth of these funds stood at 39.4 trillion won ($35 billion) as of Tuesday this week. This marked the first time in six years that the figure inched up toward the 40 trillion won mark.The figure has remained below the given mar

Market Sept. 8, 2017

Christine Lagarde, managing director of the International Monetary Fund, on Thursday asserted that the most effective solution to Asia’s aging population and consequent productivity decline is to boost the proportion of women in the workforce. “Korea and Japan, for example, could further increase their focus on reforming secondary earner taxation and boosting child care benefits and tax incentives for part-time work,” Lagarde said in a speech at a conference addressing the chal

Economy Sept. 7, 2017