Articles by Park Han-na
Park Han-na
hnpark@heraldcorp.com-
New global digital tax will push up Korea’s tax revenue: minister
The implementation of the new global digital tax regime will lead to a small increase in tax revenue for the South Korean government, the country’s finance minister said Thursday. The two-pillar tax proposal on taxing the digital economy and ushering in a global minimum tax rate, spearheaded by the Organization for Economic Cooperation and Development, was endorsed by 136 countries Friday. Pillar one aims to reallocate some tax revenue from where multinationals post profit to where the
Economy Oct. 14, 2021
-
Korea raises $1.3 billion via forex bonds
The government raised $1.3 billion by selling foreign exchange stabilization bonds at the second-lowest-ever rates despite heightened uncertainties in the global financial markets, the Finance Ministry said Thursday. It sold US dollar-denominated bonds worth $500 million with a maturity of 10 years to yield 1.769 percent, 25 basis points more than US Treasurys and five-year euro-denominated bonds worth 700 million euros ($809 million) with a negative yield of 0.053 percent. The bonds were iss
Economy Oct. 7, 2021
-
Shinhan continues investment spree for digital partnership
Shinhan Financial Group said Wednesday it has decided to invest 18 billion won ($15.1 million) into three startups offering cutting-edge technologies as part of its bigger plan to boost the group’s digital capabilities. Three startups that attracted the funding include Galaxy Corp. which owns intellectual property rights to virtual characters for metaverse platforms as well as Xinapse, an artificial intelligence technology-based startup. Shinhan plans to collaborate with the firms to e
Market 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
Economy Oct. 5, 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
Economy Oct. 2, 2021
-
Under-20s’ home purchases face nationwide probe
The government will clamp down on those suspected of taking expedient means to pass on wealth to their children as a part of measures to eradicate real estate speculation and fight corruption, Finance Minister Hong Nam-ki said Wednesday. Since March, the National Tax Service has been conducting a special investigation on suspected tax evasion by more than 800 people who sought to profit from speculative or illegal property transactions. The large-scale probe was launched in the wake of a scan
Economy Sept. 29, 2021
-
[KH Finance Forum] ‘Integrated strategy, bold investment key to digital transformation success’
Successful digital transformation requires not only technological change but also digital capabilities ranging from creating a strong customer experience to reinventing business models, the chief strategist for Shinhan Financial Group’s digitalization said Tuesday. “One of the key factors that causes setbacks is an unintegrated digital business transformation strategy that leads to an ambiguous vision and goal setting,” said Sunny Yi, chief digital officer of Shinhan Financial
Market Sept. 28, 2021
-
[Defector’s eye 2] Defector-turned-startup CEO tries his hand at developing social media platform
This is the second installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. For someone who came from an isolated and repressive state like North Korea, starting a business of his or her own in a free but competitive market is a mere dream. No matter how great their ideas are, a lack of business network, insufficient funds and im
Economy Sept. 14, 2021
-
Privatization of Woori Financial back on track
The government said Thursday it will open a bidding process to sell a part of its stake in Woori Financial Holdings, owned by the Korea Deposit Insurance Corporation, to multiple buyers in a bid to complete privatization of the banking giant. The state-run deposit insurer will put a 10 percent stake out of the 15.13 percent stake it holds in Woori Financial Holdings through competitive bidding, according to Financial Services Commission. Prospective buyers can bid for between 1 percent and 10
Market Sept. 9, 2021
-
Inflation pressure mounts as prices leap 2.6% in Aug
Consumer inflation rose 2.6 percent last month, staying above 2 percent for the fifth month in a row, on the back of higher agricultural product and international crude oil prices, Statistics Korea reported Thursday. It is the first time since 2017 that consumer inflation has remained above 2 percent for five consecutive months. Core inflation, which excludes volatile food and oil prices, rose 1.3 percent last month from a year earlier. Given that the government plans to dole out 11 trillio
Economy Sept. 2, 2021
-
Korea proposes largest-ever budget to speed up recovery of virus-hit economy
South Korea on Tuesday proposed a record 604.4 trillion won ($519 billion) budget for 2022, stressing the need for an expansionary fiscal policy to help the economy recover from the COVID-19 pandemic. The budget, endorsed by the Cabinet on Tuesday, represents an 8.3 percent hike from this year, less than the 8.9 percent increase for 2021 and 9.1 percent for 2020, according to the Ministry of Economy and Finance. The Moon Jae-in government’s final budget draft, however, has come under
Economy Aug. 31, 2021
-
State spending on strategic industries to surge 43% next year
South Korea will ramp up spending on the next-generation automobile, chip and bio-health sectors next year in an effort to nurture homegrown companies into leading players in the global market, the finance minister said Monday. Under a budget proposal for the 2022 fiscal year drawn up by the government, spending on the “Big 3” industries will increase to 6.3 trillion won ($5.41 billion), up 43 percent from the amount allocated this year. The budget plan will be presented to the pa
Economy Aug. 30, 2021
-
Korea to deliver W11tr in subsidies before Chuseok
South Korea will launch another round of COVID-19 cash handouts for nearly 90 percent of Koreans, as well as other financial support for small merchants, before the Chuseok holiday in September. Authorities plan to provide 11 trillion won ($9.4 billion) to people in the bottom 88 percent income bracket under this year’s second extra budget, worth 34.9 trillion won. The government aims to distribute 90 percent of the subsidies by the end of September. The beneficiaries will be selected
Economy Aug. 26, 2021
-
Korea plans another W605tr 'super budget' for 2022
South Korea plans to draw up another record-breaking budget of some 605 trillion won ($518.4 billion) for next year to strengthen the nation’s social safety net largely hurt by the prolonged pandemic, the ruling Democratic Party and the government said Tuesday. The so-called “super budget package” allows the Moon Jae-in government and his party to financially assist self-employed, small-business owners and low-income families, and to provide full college tuition from the thir
Economy Aug. 24, 2021
-
'Korean economy may lose steam due to household debts'
South Korea’s economy will grow 3.9 percent this year, an Asian regional macroeconomic surveillance organization said Monday, presenting a more pessimistic outlook than what the government forecast citing growing household debts. The ASEAN+3 Macroeconomic Research Office said Asia’s fourth-largest economy continues its strong rebound in 2021 buoyed by a sustained global recovery and robust demand for electronics and autos. But it warned that the country’s growing household d
Economy Aug. 23, 2021
Most Popular
-
1
Seoul Fireworks Festival ends smoothly, but leaves piles of trash
-
2
Can Jennie break the K-pop solo artist slump?
-
3
Yoon set for talks with Marcos in Philippines
-
4
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
5
'Culinary Class Wars' producers deny trying to spice up results
-
6
Ex-president's daughter investigated for drunk driving accident
-
7
[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
-
8
Seoulites celebrate coexistence at Wellness Seoul 2024
-
9
First lady’s Dior bag scandal to be at center of Assembly audit
-
10
Yoon honors veterans of Korean War in trip to Philippines