The government will spend over 26 trillion won ($23.9 billion) to develop new towns and build infrastructure in the first half of the year in a bid to curb soaring housing prices, the Finance Ministry said on Wednesday. Finance Minister Hong Nam-ki unveiled detailed plans for a government-led 110 trillion won investment project program that will be carried out throughout the year by public agencies, state-run firms and private companies. “The investment project will center on housing s

Economy Jan. 6, 2021

Finance Minister Hong Nam-ki on Tuesday called for banks and other financial firms to channel more funds into sectors like green cars and biotechnology to help the virus-hit economy come back strong. The country’s top economic policymaker underlined the importance of the financial industry’s role in helping the nation‘s economy rebound this year and moving toward becoming a pacesetting economy. “There is abundant liquidity in the market. But inflows into future growth

Economy Jan. 5, 2021

Finance Minister Hong Nam-ki on Monday reiterated the government’s commitment for economic growth of 3.2 percent this year and stressed its drive to stabilize soaring housing price at the same time. Urging ministry officials to prepare for structural changes in the post COVID-19 era, Hong vowed to make all-out efforts to achieve the target of a 3.2 percent economic growth and to create 150,000 additional jobs this year. “We must promote domestic consumption as much as possible un

Economy Jan. 4, 2021

South Korea‘s consumer price inflation hovered below 1 percent this year for the second consecutive year, data showed Thursday. According to data by Statistics Korea, the consumer price index stood at 105.42 in 2020, up 0.5 percent from a year earlier. In 2019, the index rose 0.4 percent. Core inflation, which excludes volatile food and oil prices, grew 0.4 percent in 2020, the lowest since a 0.2 percent fall in 1999. It marks the first time annual inflation has stayed below 1 percent

Economy Dec. 31, 2020

South Korea has unveiled the third batch of its economic relief package worth 9.3 trillion won ($8.49 billion) to support the country‘s small businesses and contract workers hit hard by the COVID-19 pandemic, amid growing fears of a virus resurgence and its impact on slowing down the economic recovery. Under the government plan, some 5.8 million people will benefit from the aid program. Direct cash payments will begin Jan. 11. A swift economic recovery and finding a solution to inequal

Economy Dec. 29, 2020

The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur

Economy Dec. 28, 2020

As the year draws to a close, many people are navigating rules made necessary by the pandemic as they try to mark the end of a challenging 2020, with restaurants closing early and colleagues working from home. Alarming new daily cases of COVID-19 have dashed hopes that the drastic changes the virus brought to the way people live, work and socialize would get back to normal by the end of this year, resulting in series of cancellation of plans for holiday get-togethers. Seven in 10 South Korean

Social Affairs Dec. 28, 2020

Around 30 percent of the COVID-19 relief funds universally handed out by the government in May were spent to boost sluggish domestic consumption, with the rest used for debt payments or savings, a state-run think tank said Wednesday. According to a report released by the Korea Development Institute, some 4 trillion won ($3.65 billion) has been spent through credit and debit cards, accounting for between 26.2 percent and 36.1 percent of an estimated 11.1 trillion to 15.3 trillion won granted by

Economy Dec. 23, 2020

Finance Minister Hong Nam-ki said Tuesday that the government will provide 460,000 housing units next year, while strengthening monitoring on manipulation attempts in the real estate market. “If the plan is implemented without any hitches, we expect it will help stabilize the market as (we are set to) supply more new homes than the average amount,” Hong said during a meeting on the real estate market with the chiefs of related ministries at the Seoul Government Complex. Over

Economy Dec. 22, 2020

Hundreds of Army and police personnel will be dispatched to break the chain of infection of the novel coronavirus, which has seen an average of more than 600 cases diagnosed each day over the past week here. Despite the government’s stronger social distancing measures implemented from earlier this week, cases have continued to grow daily with no signs of abating. Sharp upticks in new cases, which began in mid-November and centered on Seoul and surrounding areas, have drawn concerns t

Social Affairs Dec. 11, 2020

The Ministry of Justice convened a hearing Thursday to decide the level of disciplinary action against Prosecutor General Yoon Seok-youl over a series of alleged irregularities, in an unprecedented move that highlights a long-simmering conflict between the top prosecutor and Justice Minister Choo Mi-ae. Yoon absented himself from the meeting, which started at 10:30 a.m. at Gwacheon Government Complex and will determine whether he is subject to disciplinary action over allegations raised by the

Social Affairs Dec. 10, 2020

The ruling Democratic Party of Korea resolved on Wednesday to move 10 National Assembly standing committees to the administrative capital of Sejong, making its plan official in an effort to quell overpopulation in Seoul and achieve more balanced regional development. A party relocation plan steering group submitted a comprehensive report to the party’s supreme council on moving the parliament out of Seoul to Sejong. “The steering team has been working for about four months to re

Politics Dec. 9, 2020

President Moon Jae-in’s initiative to curb the immense power of state prosecutors is now at its halfway point, with related bills having cleared hurdles in the parliament. For the reform measures to really take root, prosecutors need to step up and play a greater role in driving internal and cultural changes among themselves, said Kim In-hoe, a professor at Inha University Law School in Seoul who is often dubbed the architect of Moon’s prosecution reform scheme, “Once a

Social Affairs Dec. 6, 2020

The ruling Democratic Party of Korea passed a bill that bans anti-Pyongyang leaflet campaigns, at a parliamentary committee session Wednesday. The bill is now headed for a legal review at the parliament‘s legislation committee before it reaches a final vote. The party’s members of the Foreign Affairs and Unification Committee voted on the Amendment Bill for the Development of Inter-Korean Relations Act initiated by Rep. Song Young-gil, who chairs the committee. Lawmakers of the

Politics Dec. 2, 2020

Health authorities on Tuesday vowed to guard against potential threats of the new coronavirus to ensure the safety of around 500,000 college hopefuls taking the national college entrance exam this Thursday. They also pledged to make all efforts to not allow a single test taker to miss the life-defining exam due to the virus. Even if one is diagnosed with the COVID-19 on the eve of the test date, they will still be able to sit the College Scholastic Aptitude Test, known here as Suneung. 　 &ldq

Social Affairs Dec. 1, 2020