Articles by Kim Yon-se
Kim Yon-se
-
Land Ministry likely to brief deregulatory housing measures
SEJONG -- President-elect Yoon Suk-yeol’s transition team is scheduled to receive a policy briefing from the Ministry of Land, Infrastructure and Transport over real estate issues later this week, government officials said Tuesday. In line with Yoon’s earlier pledges to supply 2.5 million housing units nationwide for five years if elected, the Land Ministry’s report could possibly include the market situation in terms of conducting land development as well as deregulations on
Economy March 22, 2022
-
Yoon’s pledge for seniors, soldiers, married couples to cost W68tr
SEJONG -- The three major cash payment pledges made by President-elect Yoon Suk-yeol are drawing wide attention, as the support targets make up a large portion of the population: seniors, soldiers and young parents. Yoon pledged that he, if elected, would raise the basic pension (also known as age pension) payouts for the elderly and wage for draftees. He also promised to pay parents with newborns wages for a certain period. Market insiders have raised concerns over how to fund Yoon‘s ca
Economy March 21, 2022
-
Index signals Seoul property market gaining vitality
SEJONG -- Recent indices are signaling a possible vitalization of the real estate market later this year, with expectations growing over deregulations, which had been pledged by President-elect Yoon Suk-yeol. A major property index showed Friday that the gap between the number of people, who want to purchase homes and those, who want to sell homes has somewhat narrowed. But the potential sellers still outnumbered potential buyers. According to the Korea Real Estate Board, the index for trading
Economy March 18, 2022
-
Korea to remove tariff on rare gases for chip manufacturing amid Ukraine war
SEJONG -- The Korean government will lower tariffs on a portion of imports for three major rare gases -- neon, xenon and krypton -- which are used during the process of manufacturing semiconductors down to zero percent, starting from next month. The action of slashing tariffs for a certain portion of imports of the three gases, but not for all, comes as part of the government’s countermeasures against the Ukraine-Russian war, the Ministry of Finance and Economy said Thursday. Deputy Prim
Economy March 17, 2022
-
Price of imported grains hits 8-year high
SEJONG -- The price of imported grains reached the highest in more than eight years, fanning hikes in the price tags of processed food and fodder in the nation, state data showed Wednesday. According to the Korea Customs Service, the nation’s monthly grain imports came to 1.96 million metric tons, which is worth $758 million in February. This indicates that the price per ton came to $386, up 26 percent from $306 a year earlier. Compared to $262 in February 2020, the growth posted 47.4 pe
Economy March 16, 2022
-
Market keen on Yoon’s pledge to ease capital gains tax
SEJONG -- A key issue in the real estate market this year is whether the coming Yoon Suk-yeol administration will follow up on his promise to grant a reprieve for a capital gains tax surchargers on owners of multiple homes in Seoul. President-elect Yoon had pledged to delay the application of extra taxation on owners of multiple homes for up to two years. His pledge came amid criticism that multiple homeowners had declined to sell their properties due to the high rate of capital gains tax. In
Economy March 15, 2022
-
Yoon’s pledge to ease mortgage rules draw attention
SEJONG -- The real estate market could see a boost in the second half of this year, as the coming Yoon Suk-yeol administration is seeking to ease mortgage rules for homebuyers. President-elect Yoon had pledged to raise the loan-to-value ratio up to 70 percent in Seoul and other regions, which is the same level during the Park Geun-hye administration from 2013-2017. But skyrocketing apartment prices have also put into question the proposal’s feasibility. Under a 70 percent loan-to-value c
Economy March 11, 2022
-
[Election 2022] How Moon’s failed housing policy impacted election
SEJONG -- A series of failed policies by the Moon Jae-in administration to tame South Korea’s housing market has been at the center of the presidential election this year, with candidates taking housing-related schemes to the fore of their campaigns. It is obvious that housing policy will be included in the first batch of to-do lists by President-elect Yoon Suk-yeol, as soon as he forms a transition committee. Should the policy be prioritized, the lesson learned from incumbent President
Economy March 10, 2022
-
Cheap Korean currency likely to fan inflation
SEJONG -- Concerns are growing over the possibility that the nation’s import prices will further shoot up in the wake of the continuously weakening Korean currency against the US dollar amid the Ukraine-Russia war. The unfavorable scenario has come to the fore amid the recent situation that import prices of raw materials, including crude, had already sharply climbed over the past several months. According to Statistics Korea, import prices grew 30.1 percent in January on-year. Amid inves
Economy March 9, 2022
-
Ukraine conflict poses unpredictable risks to Korean economy: official
SEJONG -- Vice Finance Minister Lee Eog-weon said Thursday the Ukraine-Russia conflict could have a “long-term” negative effect on the South Korean economy, and that the extent of coming impacts is unpredictable at the current stage. During a task force meeting in Seoul, Lee said the uncertainty from the geopolitical risk has expanded in the wake of the Russian invasion of Ukraine and as the international community continues to pile on sanctions against Russia. “It has gradua
Economy March 3, 2022
-
Korea strives to placate US after ‘belated’ sanction
SEJONG -- South Korea is struggling to avoid the current unfavorable situation, in which its tech-oriented companies should receive endorsement from the US before they export products to Russia. Though Korea has dispatched senior officials to the US to overcome the situation, critics are saying it is too late. The situation comes as the Korean government took a relatively passive stance in February, compared to other countries, in terms conducting economic and financial sanctions against Russi
Economy March 2, 2022
-
Average daily exports hit record-high in February
SEJONG -- The nation’s average exports a day reached an all-time high in February despite deepening market and geopolitical uncertainty, involving high raw materials prices worldwide and the Russia-Ukraine conflict, state data showed Tuesday. According to the Ministry of Trade, Industry and Energy, South Korea’s average daily exports recorded $2.69 billion last month, up 17.6 percent, compared to $2.29 billion posted a year earlier. This marked the highest since the nation started
Economy March 1, 2022
-
2022 fiscal deficit likely to surpass W70tr
SEJONG -- The nation is projected to see the fiscal deficit sharply increase this year in the wake of allocation of the supplementary budget worth 16.9 trillion won ($14 billion), state data showed Monday. In addition, there is a possibility that the fiscal deficit will further increase, as two major presidential candidates have pledged to draw up new supplementary budgets amid growing uncertainty over the economy due to external factors as well as the ongoing pandemic. According to the Minist
Economy Feb. 28, 2022
-
Korea, India agree to block double taxation
SEJONG -- The tax administrative agencies of South Korea and India have agreed to closely coordinate on easing tax burdens for businesses by holding a bilateral meeting of chiefs, the National Tax Service said Friday. The two also have decided to exchange know-how in uncovering practices of offshore tax evasion. During their meeting in New Delhi on Thursday, NTS commissioner Kim Dae-ji expressed gratitude to his counterpart Tarun Bajaj for the Indian tax authority’s recent policy to prev
Economy Feb. 25, 2022
-
Ministry mulls subsidy cut for hybrids
SEJONG -- Hybrid cars will likely be excluded from a government list of eco-friendly cars in the coming years, rendering hybrid-car owners no longer able to enjoy tax benefits or state-led purchase subsidies. During a ministerial meeting for the nation’s innovative growth in Seoul on Thursday, Deputy Prime Minister and Finance Minister Hong Nam-ki unveiled a policy to regard only electric cars and hydrogen-fueled cars as low-emission cars on a midterm policy direction. He said that the g
Economy Feb. 24, 2022
Most Popular
-
1
[Photo news] Rally against first couple
-
2
Korean battery makers brace for impact of US election
-
3
[Weekender] Welcome to S. Korea’s first ‘vegan village’
-
4
Rose makes history as 'APT.' claims No. 2 on British Official chart
-
5
$200m a year, 700,000 tons of rice, space tech: The deal for North Korea in joining Russia’s war
-
6
[Photo news] LGBT festival in Incheon
-
7
Temperatures to significantly drop from Monday
-
8
Who is writer of Hybe's controversial internal report?
-
9
Heaviest November rain in 101 years drenches Jeju
-
10
[What to see] Autumn gallery-hopping in Seoul