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Inflation to Bounce Back to Over 3 Pct in February: Finance Ministry

Inflation to Bounce Back to Over 3 Pct in February: Finance Ministry

SEOUL, Feb. 29 (Korea Bizwire) — Inflation could rise over 3 percent in South Korea in February on high prices of global oil and fresh food items, the finance ministry said Thursday, vowing all-out efforts to curb inflation. In January, consumer prices, a key gauge of inflation, rose 2.8 percent on-year, marking the first fall [...]

South Korea Eases Rules for Employees Selling Overseas Stock Rewards

South Korea Eases Rules for Employees Selling Overseas Stock Rewards

SEOUL, Feb. 28 (Korea Bizwire) – Employees of foreign companies in South Korea who receive shares from their overseas headquarters as performance rewards will now be able to sell them directly without needing to transfer them to a domestic brokerage firm first.  The Financial Services Commission announced on February 27 that a revision to the “Enforcement [...]

Banks’ Potential Uncollected Loans Jump 49 Pct in 2023 on High Interest Rates

Banks’ Potential Uncollected Loans Jump 49 Pct in 2023 on High Interest Rates

SEOUL, Feb. 27 (Korea Bizwire) — The potential uncollected loans by four major financial holding firms jumped 49 percent on year in 2023, as high interest rates took a toll on borrowers, data showed Tuesday. The value of potential uncollected loans came to 1.96 trillion won (US$1.47 billion) in 2023, up 48.8 percent from the [...]

S. Korea to Offer Tax Incentives to Boost Value of Listed Firms

S. Korea to Offer Tax Incentives to Boost Value of Listed Firms

SEOUL, Feb. 26 (Korea Bizwire) — The financial regulator said Monday that it will work to incentivize efforts by local businesses to enhance their own value that will in turn lead to increased returns to investors. The move comes as part of efforts to end the “Korea Discount,” where local shares are traded at prices [...]

Interest Rate Hikes Lead to Sharp Decline in Consumer Spending Among Homeowners in Their 30s and 40s

Interest Rate Hikes Lead to Sharp Decline in Consumer Spending Among Homeowners in Their 30s and 40s

SEOUL, Feb. 26 (Korea Bizwire) – Amidst the ongoing economic challenges marked by high inflation and interest rates, recent data has revealed that individuals in their 30s and 40s who have taken on debt to purchase homes are the ones who have most drastically cut back on their spending following the rise in interest rates. A [...]

Producer Prices up for 2nd Month in Jan. on Spike in Farm Food Prices, Service Fees

Producer Prices up for 2nd Month in Jan. on Spike in Farm Food Prices, Service Fees

SEOUL, Feb. 21 (Korea Bizwire) — South Korea’s producer prices rose for the second consecutive month in January, driven in part by soaring prices in agricultural goods and service fees, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, increased 0.5 percent in January from a month earlier, following [...]

Consumer Sentiment up for 3rd Month in February amid Moderating Inflation, Export Recovery

Consumer Sentiment up for 3rd Month in February amid Moderating Inflation, Export Recovery

SEOUL, Feb. 20 (Korea Bizwire) — South Korea’s consumer sentiment rose for a third consecutive month in February amid moderating inflation, a recovery in exports and hopes for an end to the Federal Reserve’s rate hikes, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 101.9 in February, up from 101.6 [...]

Manufacturing Sector Leads Economic Recovery amid Weak Domestic Demand: Gov’t

Manufacturing Sector Leads Economic Recovery amid Weak Domestic Demand: Gov’t

SEOUL, Feb. 16 (Korea Bizwire) — The South Korean economy has recovered centering on the manufacturing field, but private consumption and construction investment remained weak leading to widening disparities among sectors, the finance ministry said Friday. “Growing production and exports of the manufacturing sector have led an economic recovery recently amid moderating inflationary pressure,” the [...]

Gov’t, Banks to Provide Nearly 76 Tln Won in Financial Support for Local Businesses

Gov’t, Banks to Provide Nearly 76 Tln Won in Financial Support for Local Businesses

SEOUL, Feb. 15 (Korea Bizwire) — The Seoul government and five major banks here plan to provide nearly 76 trillion won (US$56.9 billion) this year to help local businesses invest in new advanced technologies and lower their financial burdens, the financial regulator said Thursday. The move comes amid high interest rates that have placed additional [...]