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Financial investment gains tax formally scrapped; crypto tax delayed
The Cabinet on Tuesday approved a tax reform plan that allows the cancellation of the financial investment gains tax, and postpones the implementation of the crypto gains tax for another two years. "Measures such as the complete abolishment of the capital gains tax on financial investment income and two-year postponement on taxing income from virtual asset trading are expected to contribute to the protection of local investors and encourage the capital market," Acting President Han Duck-soo said
Dec. 24, 2024 -
Consumer sentiment sees sharpest decline since pandemic
Spending tightens on concerns of prolonged instability from political turmoil, financial volatility South Korea's consumer sentiment in December saw its steepest decline in four years, weighed down by heightened economic uncertainty amid the fallout from President Yoon Suk Yeol's martial law declaration, a central bank survey showed Tuesday. The composite consumer sentiment index fell to 88.4 in December, down 12.3 points from November's 100.7, according to a Bank of Korea survey. This marks the
Dec. 24, 2024 -
S. Korea updates trade investigation rules ahead of FTA with Manila
The government has revised the trade investigation law to include Manila in the list of countries subject to safeguard measures, ahead of the implementation of a bilateral free trade agreement with Southeast Asian country, the industry ministry said Tuesday. The revised enforcement decree on the investigation of unfair international trade practices comes as the bilateral FTA is set to go into effect next Tuesday, according to the Ministry of Trade, Industry and Energy. Under the rule, South Kore
Dec. 24, 2024 -
Govt. adopts rules to support development of autonomous vessels
South Korea has approved an enforcement decree to accelerate the development of autonomous vessels, laying the groundwork for global leadership in the rapidly growing industry, the industry ministry said Tuesday. The enforcement decree on the act for the development of autonomous vessels was passed during a Cabinet meeting held on the day, according to the Ministry of Trade, Industry and Energy. The move comes as South Korea aims to launch full-fledged efforts for the development of autonomous v
Dec. 24, 2024 -
S. Korea changes rule on resource development amid East Sea exploration
South Korea has revised a maritime resource development rule to offer more business predictability for investors in an ongoing project to search for oil and gas in the East Sea, the industry ministry said Tuesday. The revised enforcement decree on submarine mineral resources development was passed during a Cabinet meeting held on the day, according to the Ministry of Trade, Industry and Energy, after the first drilling operation for the East Sea exploration began last week. "The revision aims to
Dec. 24, 2024 -
Seoul shares rise more than 1% on eased US inflation concerns
Seoul shares gained more than 1 percent Monday on the back of weaker-than-expected US inflation data for November, along with eased concerns over a possible government shutdown in the world's top economy. The Korean won depreciated against the greenback, breaching the 1,450 won level for the third straight session. The benchmark Korea Composite Stock Price Index added 37.86 points, or 1.57 percent, to close at 2,442.01. The trade volume was moderate at 415.4 million shares worth 7.18 trillion wo
Dec. 23, 2024 -
Finance minister projects sub-2% growth outlook for 2025
Minister hints at finalizing new trade strategy for Trump’s second presidency Finance Minister Choi Sang-mok on Monday said a downward revision of next year’s growth forecast will be "inevitable," with the growth rate expected to fall below 2 percent. "Given the significant downside risks, a downward adjustment to next year’s growth forecast appears inevitable, with the figure likely to fall slightly below the potential growth rate," Choi, who also serves as deputy prime minister, said during a
Dec. 23, 2024 -
Govt. to inject additional 'value-up funds' worth W300b into stock market
The government is set to swiftly deploy additional market stabilization measures, including the injection of the second phase of value-up funds worth 300 billion won ($207 million) into the country's stock market, Finance Minister Choi Sang-mok said Monday. Choi made the remarks during an emergency meeting with top economic and financial officials to address the heightened volatility in South Korea's financial and foreign exchange markets, which has been exacerbated by domestic political turmoil
Dec. 23, 2024 -
Exports increase 6.8% in Dec. 1-20 period on chip demand
South Korea's exports increased 6.8 percent on-year in the first 20 days of December on growing demand for semiconductors, data showed Monday. Outbound shipments reached $40.3 billion in the Dec. 1-20 period, compared with $37.73 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports jumped 7.5 percent on-year to $38.9 billion during the period, resulting in a trade surplus of $1.35 billion, the data showed. Adjusted for the number of working days, daily av
Dec. 23, 2024 -
KEPCO to freeze adjusted unit fuel cost for Q1
The state-run Korea Electric Power Corp. said Monday it plans to freeze the adjusted fuel cost for the first quarter of 2025. KEPCO said it will keep the adjusted unit fuel cost, a key part of the country's electricity rates, unchanged at 5 won ($0.003) per kilowatt-hour for the January-March period. The company has maintained the adjusted unit fuel cost at 5 won since the third quarter of 2022. In October, KEPCO decided to raise the electricity rate for industrial use by 9.7 percent, while thos
Dec. 23, 2024 -
Seoul shares open higher on eased US inflation woes
Seoul shares started higher Monday as investor sentiment was boosted by lower-than-expected inflation data from the United States for November. The benchmark Korea Composite Stock Price Index added 18.72 points, or 0.78 percent, to 2,422.87 in the first 15 minutes of trading. The US commerce department said personal consumption expenditure rose 2.4 percent on-year in November, coming in below market expectations. The data came after US Federal Reserve Chair Jerome Powell last week suggested two
Dec. 23, 2024 -
Corporate direct financing down in Nov.
Corporate direct financing in South Korea fell sharply in November from a month earlier on a fall in both stock and debt sales, data showed Monday. Local companies raised a combined 25.59 trillion won ($17.65 billion) last month by selling stocks and bonds, down 5.49 billion won, or 17.7 percent, from 31.09 trillion won in October, according to the data from the Financial Supervisory Service. Stock sales declined to 486 billion won last month from the previous month's 768 billion won, with share
Dec. 23, 2024 -
Number of debt workout scheme applicants expected to hit record high in 2024
The number of people newly seeking assistance through a debt workout program is expected to reach an all-time high this year, government data showed Sunday, amid the prolonged economic slowdown. Under the state-managed bailout scheme, the Credit Counseling and Recovery Service collaborates with financial companies to provide individuals on the brink of insolvency a second chance by restructuring their credit obligations and writing off debt when necessary. A total of 179,310 people applied for t
Dec. 22, 2024 -
Drillship for East Sea gas exploration launches operation
A drillship participating in a major resource exploration project in the East Sea began its first drilling operation early Friday, the state-run oil company said, marking the full-fledged start of the search for an estimated 3.5 billion to 14 billion barrels of oil and gas. The announcement followed the arrival of the West Capella, operated by Norway-based Seadrill Ltd., near the southeastern port city of Busan on Dec. 9 for supplies. The drillship reached its first drilling site Tuesday. The dr
Dec. 20, 2024 -
Seoul shares plunge nearly 2% on hawkish Fed, Micron shock; won tumbles
Seoul shares tumbled nearly 2 percent Thursday as risk appetite weakened after the US Federal Reserve hinted at a slower monetary easing cycle next year and US tech giant Micron Technology's sharp losses overnight. The Korean won was sliding against the US dollar. The benchmark Korea Composite Stock Price Index plummeted 48.5 points, or 1.95 percent, to close at 2,435.93. The local currency was trading at 1,451.9 won against the greenback at 3:30 p.m., down 16.4 won from the previous sessio
Dec. 19, 2024