South Korea has allocated more than 60 percent of its state budget for the first half of the year, in a rush to revitalize the stalled economy through active fiscal spending, the finance minister said Wednesday.Though this latest figure was down from an earlier suggested target of 71 percent, the government said the front-loading policy was crucial to achieve an economic rebound. “(The government) will make all-out efforts to execute the economic revitalizing budget as swiftly as poss

Economy Jan. 8, 2020

Dispelling concerns about the economic ramifications of the latest US-Iran conflict, the Ministry of Economy and Finance said Tuesday that the geopolitical tensions would have limited impact on domestic oil supplies.Acknowledging the increased level of volatility, however, it said it would consider the release of the country’s strategic oil reserves if necessary. “So far, there have been no setbacks in trade and shipments of Middle Eastern crude oil (for South Korea),” sai

Economy Jan. 7, 2020

The Korean Intellectual Property Office on Tuesday released a statement to dispel the latest concerns that the trademark for “Pengsoo,” a YouTube celebrity penguin character, may be acquired by an irrelevant third party.“An increasing number of third parties have been submitting trademark applications (ahead of the original content creators), seeking to make profits,” the IP office said.“Following news reports related to the Pengsoo trademark issue, we felt the need

Market Jan. 7, 2020

The state-run Industrial Bank of Korea on Friday faced a dispute over the appointment of its new chief, as its labor union protests what it called the government’s “abuse of authority.” On Friday, newly appointed CEO Yoon Jong-won, 59, a former senior presidential secretary for economic affairs, failed to enter the bank’s headquarters in central Seoul amid protests by union members, who barricaded all entrances to the building starting early in the morning. The previ

Market Jan. 3, 2020

At the turn of each year, Korean people buzz about the new animal of the year based upon the Chinese zodiac and everything it stands for.The deep-rooted culture, which goes all the way back to ancient totemism, has been transfigured in modern society into a wish-making slogan or marketing keyword.Following the year 2019, which marked the year of the “Golden Pig,” this is the year of “White Mouse,” a symbol of wealth, fortune and prosperity. While the mouse is the first an

Culture Jan. 3, 2020

With a new year stretching ahead, the chiefs of Korea’s top-tier banking groups underlined the urgent need to restore customers’ trust, defining the latest market situation as a “crisis.”While pointing to external factors such as slow economic growth and low interest rates, they also referred to disputed sales of derivatives-linked funds that led to extensive customer damages last year.“Shinhan should look beyond market ranking and aim for first class in the true se

Market Jan. 2, 2020

Gearing up for the new year, South Korea’s top financial officials steeled themselves to face persistent external challenges and to spark new momentum for growth.Given the current trend toward low interest rates, which is likely to last for a while, policymakers vowed further efforts to steady the consequent overheating of the real estate market, saying this excessive liquidity needs to be diverted to innovative businesses.　“We need to maintain an easing monetary policy as the domest

Economy Dec. 31, 2019

The government on Monday expressed confidence that the South Korean economy will rebound in 2020, dispelling market concerns on the various growth forecasts.It also assessed that the latest mortgage loan restrictions have already been effective in reining in the overheated housing market. “I am confident that our economy may rebound next year and I am not just saying this out of personal sentiments or wishful thinking,” said Deputy Prime Minister and Finance Minister Hong Nam-ki, in

Economy Dec. 30, 2019

In line with its all-out efforts to revitalize the economy by any means in the upcoming year, South Korea will introduce a set of new tax rules to reinforce sanctions for delinquent taxpayers and expand tax reduction benefits for innovative small-sized businesses, the Ministry of Economy and Finance said Monday.In a pan-government policy brochure titled “Things to change in 2020,” the government listed key policy changes that will take shape in 2020, many of them slated to take effec

Economy Dec. 30, 2019

In line with its policy initiative to boost innovative growth, South Korea will expand administrative and financial benefits for small companies with source technology and banks that approve loans based on intangible intellectual assets, the country’s intellectual property office said Sunday.Starting Tuesday, the Korean Intellectual Property Office will offer a 50 percent discount on its annual IP fees for banks that hold collateral in the form of patents, utility model rights or design ri

Economy Dec. 29, 2019

Starting as early as mid-January, home buyers caught breaking the government’s real estate regulations will immediately have to redeem their mortgage loans, financial authorities said Sunday.The Financial Services Commission is working on an additional set of measures to restrain speculative buying sprees in the housing market, focusing on jeonse loan borrowers, officials said Sunday.Under the forthcoming rules, jeonse loan borrowers who purchase a residence priced over 900 million won ($7

Economy Dec. 29, 2019

The combined assets of the overseas subsidiaries of South Korean financial groups have expanded nearly 40 percent over the past three years, data showed Wednesday.According to data by the state-run Korea Deposit Insurance Corp., the total assets owned by overseas subsidiaries of South Korea’s major 10 financial groups tallied 61.6 trillion won ($529.2 billion) as of end-June.The list includes Shinhan Financial Group, Hana Financial Group, Woori Financial Group, KB Financial Group, JB Finan

Market Dec. 25, 2019

Reflecting the slowing economy and prolonged low interest rates, investors here have increasingly turned their eyes to real estate, gold and overseas securities, South Korea’s stock market operator said Wednesday.Based on a survey of industry experts and media correspondents, the Korea Exchange selected its top 10 news stories about the domestic stock and derivative markets this year.A representative phenomenon was the soaring demand for real estate investment trusts, or REITs, led by the

Market Dec. 25, 2019

The South Korean government on Tuesday vowed to further accelerate its fiscal spending next year, seeking to revitalize the economy following years of sluggish growth.The Ministry of Economy and Finance confirmed the fiscal allocation plan for 2020 at a Cabinet meeting under the chairmanship of Prime Minister Lee Nak-yon.Under the fiscal program, 71.4 percent of the annual expenditure or 305 trillion won ($262 billion) out of 414.1 trillion won has been allocated for the January-June period -- t

Economy Dec. 24, 2019

In order to carry forward financial innovation next year, it is crucial to induce market funds into innovative industries, instead of the oversupplied housing mortgage sector, according to the top financial regulator Monday.“The funds (in the domestic capital market) are excessively focused on household lending, which mostly comprise housing mortgage loans,” said Financial Services Commission Chairman Eun Sung-soo at a financial policy meeting held at the Korea Deposit Insurance Corp

Economy Dec. 23, 2019