Perplexed by the market backlash against new reinforced housing loan regulations, South Korea’s government hurriedly added that it would soon introduce exception clauses for people buying homes to live in rather than for investment purposes. The Ministry of Land, Infrastructure and Transport and the Financial Services Commission on Thursday issued a statement pushing back at local reports that accused the government of discriminating against non-homeowning citizens. “(The governmen

Economy June 18, 2020

North Korea’s recent demolition of the inter-Korean liaison office in Kaesong will have a limited impact on the domestic financial market, South Korea’s fiscal and monetary authorities said Wednesday. The Bank of Korea held a meeting Wednesday morning under the chairmanship of Deputy Gov. Yoon Myun-shik to review the global financial market’s response to the North Korean action and the impact on the domestic market. At around 2:50 p.m. on the previous day, North Korea dem

Economy June 17, 2020

South Korea is about to unveil additional regulations to curb housing prices, mainly by deterring the rampant practice of speculative buying made possible by the country’s unique jeonse lease system, officials said Tuesday. The government will hold a ministerial meeting Wednesday under the chairmanship of Deputy Prime Minister and Finance Minister Hong Nam-ki, where the Ministry of Land, Infrastructure and Transport is to report a new set of real estate policies. After the suggested pol

Economy June 16, 2020

The Ministry of Economy and Finance on Monday vowed maximum efforts to help domestic businesses win overseas orders, seeking economic revitalization amid the prolonged COVID-19 fallout. South Korea’s preemptive policy move reflected its expectations that key economies will soon expand infrastructure businesses in order to recover from the epidemic crisis. “The government has selected 30 key projects totaling $100 billion, focusing on those that are likely to be successfully com

Economy June 15, 2020

The now seldomly frequented Hwanghak-dong, near the tourist spot of Dongdaemun Design Plaza, was once an up-and-rising, sophisticated neighborhood in Seoul in the 1980s. After Seoul hosted its first Asian Games in 1986 and the Olympic Games in 1988, the country was suddenly flooded with Western culture. With the move came the surge in demand for eating out and diverse kitchenware and tableware. The Hwanghak-dong street, where sellers of kitchen appliances and furniture flocked for business,

Culture June 13, 2020

While continuing efforts to activate investments and create jobs amid the COVID-19 crisis, South Korea’s top fiscal policymaker once again vowed to stabilize the real estate market, viewing the country’s overheated housing costs as a key economic challenge. The warning tone hinted that the current Moon Jae-in administration prolonging its tight grip over the bubble-prone housing market, regardless of the separate struggle to stimulate the economy at all means. “The regula

Economy June 11, 2020

  Despite the unprecedented economic crisis triggered by COVID-19, the contraction of South Korea’s economy will remain limited due to its effective strategy to contain the spread, according to the Organization for Economic Cooperation and Development. Also, while recognizing the record-low performances anticipated for the second quarter, the Paris-based organization predicted that the global economy will enter a slow and gradual recovery by the latter half of this year. “Th

Economy June 10, 2020

The World Bank has added South Korea to the list of countries that are providing efficient emergency medical services to its employees, Seoul’s Finance Ministry said Tuesday. The multilateral agency’s decision is seen as its recognition of Korea’s successful handling of the COVID-19 pandemic. “The World Bank has decided to name Korea as a medical evacuation destination to take care of the emergent medical needs of its employees located in the East Asia and Pacific reg

Economy June 9, 2020

Despite some recovery on the back of the government’s expansionary fiscal moves, South Korea’s economy is continuing to contract, as the negative impact of COVID-19 spreads across all industries, a state-run think tank warned Sunday. The pessimistic analysis came as the country is exerting all policy efforts to boost the virus-hit economy, including a 35.3 trillion-won ($29.2 billion) supplementary budget bill submitted to the National Assembly on Thursday. “The Korean econo

Economy June 7, 2020

South Korea will allow consumers to receive foreign currencies via non-face-to-face delivery services, to induce competition among service providers and promote innovation, the nation’s fiscal chief said Thursday. The government will also seek to commercialize urban air mobility services, such as drone taxis, to alleviate the ground traffic congestion and create a new growth engine for the economy. “Innovation in the foreign exchange sector has recently expanded beyond mere proc

Economy June 4, 2020

South Korea has finalized the single-largest supplementary budget worth 35.3 trillion won ($29 billion), marking its third set of extra fiscal spending in the face of the COVID-19 pandemic, the Ministry of Economy and Finance said Wednesday. The supplementary budget bill was approved in an extraordinary Cabinet meeting held at Seoul Government Complex to overcome the economic crisis and brace for the forthcoming post-coronavirus era. It is slated to be submitted to the National Assembly on T

Economy June 3, 2020

South Korea’s consumer prices shed 0.3 percent on-year in May, marking the first annual contraction in eight months, due to the fall in global oil prices and the persisting COVID-19 pandemic, data showed Tuesday. The consumer price index for May stood at 104.71, down 0.3 percentage point from a year earlier and down 0.2 percentage point from a month earlier, according to data tallied by Statistics Korea. This was the second time that the annual inflation rate fell below zero since th

Economy June 2, 2020

South Korea’s government and ruling party on Monday vowed to effectuate “the single-largest supplementary budget ever” within this month to head off the economic fallout of the COVID-19 pandemic. Seeking synergy with the upcoming “mega budget,” the country also rolled out its economic policy road map for the second half of the year, including its own version of the “New Deal” package. “The government plans to submit the supplementary budget bill

Economy June 1, 2020

The combined market cap value of South Korea’s 10 largest companies account for almost 45 percent of the entire market, as IT and bio companies gained popularity amid the continued COVID-19 pandemic, data showed Sunday. According to the country’s bourse operator Korea Exchange, out of the 789 listed companies on the main bourse Kospi, the top 10 companies accounted for 44.7 percent in market cap as of Friday. The figure was up 2.6 percentage point from Jan. 2 this year -- before

Market May 31, 2020

Weighed down by the prolonged COVID-19 pandemic, South Korean manufacturers saw their business confidence sink to the lowest level in over 12 years for the upcoming month, central bank data showed Wednesday. The business sentiment index -- BSI -- for the domestic manufacturing sector came to 49 for June, down from 50 for this month, according to the Bank of Korea. While a reading below 100 indicates a pessimist market sentiment, the latest figure marked the lowest since February 2009, in the

Economy May 27, 2020