Articles by Kim Yon-se
Kim Yon-se
-
Korea wary of ‘long-term’ tension involving Ukraine
SEJONG -- A longer-than-expected standoff between Ukraine and Russia involving a possible war could deal a severe blow to the Korean economy, Vice Finance Minister Lee Eog-weon said Wednesday. During a task force meeting in Seoul, Lee said that particular impacts have yet to be seen in the local market at the current stage, despite the escalating tension between the two countries. “But (worsening geopolitical risk) over a long period would have negative effects on the nation’s over
Economy Feb. 23, 2022
-
Majority of households forecast fall in home prices: BOK
SEJONG -- At least 1 in 2 South Koreans were found to have predicted home prices to go down in the coming year, amid a variety of tight regulations and rising interest rates, data from the Bank of Korea showed Tuesday. According to the monthly consumer survey conducted by BOK, the index for households’ outlook on housing prices sat at 97 in February, down three points from a month earlier. The index indicates that the number of households predicting a decline in housing prices was higher
Economy Feb. 22, 2022
-
Average monthly wage climbs to W3.2m in 2020
SEJONG -- The average monthly salary for Korean employees climbed to 3.2 million won ($2,680) as of 2020 on the back of drastic hikes in the statutory minimum wage between 2018 and 2020, state data showed Monday. According to Statistics Korea, the average monthly wage for salaried workers rose by 430,000 won, or 15.5 percent, in just four years -- from 2.77 million won in 2016. During the period of 2016-2020, the minimum wage per hour surged by 42.4 percent from 6,030 won to 8,590 won, with th
Economy Feb. 21, 2022
-
Korea to make public food prices at franchises to tame inflation
SEJONG – Economic policymakers are moving to tame consumer prices under their assessment that inflationary pressures would continue this month, Vice Finance Minister Lee Eog-weon said Friday. Several policy measures set to be taken include making price tags of food products at large-scale dining franchises publicized and extending fuel tax redemption. “Prices of dining out increased by 5.5 percent in January on-year. This marked the highest growth (in almost 13 years) since 5.
Economy Feb. 18, 2022
-
Growth in number of employed hits 21-year high
SEJONG -- The number of employed in South Korea surged by more than 1 million in January, compared to a year earlier, on the back of both a base effect and economic recovery, state data showed Wednesday. According to Statistics Korea, the number of employed increased by 1.13 million in January on-year to 26.95 million. This marked the highest growth in more than 21 years since the tally shot up 1.21 million in March 2000. Women outnumbered men by about 24,000 -- 579,000 vs. 555,000 -- in the g
Economy Feb. 16, 2022
-
Korea to draw contingency plans amid Ukraine tension
SEJONG -- Korea’s economic policymakers are mapping out contingency plans to minimize shocks from the possibility of worsening relations between Ukraine and Russia, the Ministry of Economic and Finance said Tuesday. Their plans are mainly focused on protecting export-oriented enterprises and the financial market by carrying out a variety of emergency countermeasures. Vice Finance Minister Lee Eog-weon presided over a task force meeting during the day to cope with the geopolitical risk. P
Economy Feb. 15, 2022
-
January ICT exports hit record high
SEJONG -- The nation’s exports of information and communication technology products enjoyed their best January on record last month, state data showed Monday. The record was driven by growths in exports to five major destinations for ICT products -- China, Vietnam, the US, EU, and Japan. According to the Ministry of Science and ICT, Korea’s outbound shipments of ICT products recorded $19.6 billion last month, up 20.7 percent from $16.2 billion in January 2021 amid robust export p
Economy Feb. 14, 2022
-
Debt rollover likely be offered to self-employed
SEJONG -- Economic and financial policymakers are considering allowing self-employed people to roll over their debt as part of efforts to minimize insolvency amid the ongoing pandemic. The action comes during the meeting of chiefs from the Ministry of Economy and Finance, the Financial Services Commission, the Financial Supervisory Service and the Bank of Korea on Friday. They will finalize their decision by next month whether to offer a debt rollover to the self-employed and microbusiness own
Economy Feb. 11, 2022
-
Finance Minister warns against cartels in food prices
SEJONG -- The Finance Ministry will look into food prices in the market later this month to uncover whether there were irregular hikes in price tags via cartels, the nation’s top policymaker said Thursday. The action comes amid continuous growth, over 3 percent on-year, in consumer prices for several months. Sharp price increases in agricultural and livestock products, alongside rising fuel prices, are putting a heavier burden on households. In a meeting for economic policies in Seoul, D
Economy Feb. 10, 2022
-
Gasoline prices climb for 30 consecutive days
SEJONG -- Gasoline prices in South Korea climbed for the 30th consecutive day in tandem with international crude prices, adding to the burden on households and businesses. According to the Korea National Oil Corp., the price of gasoline rose to 1,688.19 won ($1.41) per liter on Tuesday. This marked a rebound stretching 30 consecutive days, starting from Jan. 10 after posting 1,621.3 won on Jan. 9. The current level marked the highest in more than two months -- since Nov. 22, when it reached 1,
Economy Feb. 8, 2022
-
Average foreign workers‘ annual pay likely to surpass W30m
SEJONG -- The average yearly wage for foreign workers in South Korea is estimated to have surpassed 30 million won ($25,000) for the first time in 2021, state data showed. The prediction is based on the year-end tax adjustments of foreign employees for their earnings in 2020 and 2019. According to the National Tax Service, about 545,000 foreign employees in the nation carried out year-end tax adjustments for their earnings in 2020. Their average wage posted 29.26 million won per annum, with th
Economy Feb. 7, 2022
-
[Newsmaker] Consumer prices grow over 3 percent for 4 consecutive months
SEJONG -- The nation’s consumer prices climbed 3 percent or more for the fourth consecutive month, despite the Bank of Korea’s three interest rate hikes between August 2021 and January. Statistics Korea said Friday that consumer prices grew 3.6 percent in January, compared to a year earlier. After the growth breached a 3 percent threshold -- 3.2 percent -- for the first time in more than nine years in October, it rose to 3.8 percent in November and 3.7 percent in December. This mar
Economy Feb. 4, 2022
-
Tax probe launched over irregular asset transfers to children
SEJONG -- The nation’s tax authority said Thursday that it has launched a full-fledged investigation into people engaging in irregular transfers of assets to their children. The action is aimed at turning up the heat on people, who sought to evade gift taxes by transferring their homes to children at prices lower than those on the trading market, according to the National Tax Service. Over the past several years, more and more homeowners were found to have chosen to give their homes to t
Market Feb. 3, 2022
-
Slowdown forecast after brisk 2021
SEJONG -- The nation’s growth in industrial output marked the highest in 11 years in 2021 on the back of both economic recovery and the base effect, or rapid bounce-back from sagging performance in the pandemic-hit 2020, Statistics Korea data showed Friday But indexes unveiled by the state-run agency suggest possible slowdown in the growth of production, retail sales and facilities investment for the coming months in 2022. Korea saw industrial output grow 4.8 percent on-year in 2021, the
Economy Jan. 28, 2022
-
Currency, stocks lose amid Fed’s remarks on rate hike
SEJONG -- South Korea’s stock index plunged and the currency lost its ground versus the US dollar on Thursday, following US policymakers’ stance overnight signaling an interest rate hike in March. The weaker position in the financial indices comes after senior officials from the Finance Ministry and the Bank of Korea forecasted earlier in the day that the hawkish position of the US Federal Reserve on the local capital market would bring limited effects. Fed chair Jerome Powell clar
Market Jan. 27, 2022
Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
20 minors registered as CEOs making over 100 million won
-
7
Yoon honors veterans of Korean War in trip to Philippines
-
8
K-pop CEOs sidestep key issues at National Assembly audit
-
9
Man killed by fellow hunter who mistook him for wild boar
-
10
North Korean troops killed, wounded in Ukraine war: Seoul defense minister