SEOUL, Aug. 6 (Korea Bizwire) — South Korea’s finance chief said Wednesday that the country’s Free Trade Agreement (FTA) with the United States remains effective, despite a recent tariff agreement between the two countries. Finance Minister Koo Yun-cheol made the remarks during a parliamentary session, following last week’s last-minute deal between Seoul and Washington. Under [...]
SEOUL, June 28 (Korea Bizwire) — Finance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation. Choo made the request during a meeting with members of the Korea Enterprises Federation (KEF), including Sohn Kyung-shik, federation chief and CJ Group chairman, and Rhee In-yong, [...]
SEOUL, Nov. 9 (Korea Bizwire) — President Moon Jae-in sacked the finance minister and his chief policy adviser Friday after the two top economic policymakers openly displayed a serious rift over how to handle the slumping economy. Moon named Hong Nam-ki, an economic technocrat who is currently serving as chief of the Office for Government [...]
SEOUL, Nov. 9 (Korea Bizwire) — President Moon Jae-in plans to replace his finance minister as early as this week, an official familiar with the issue said Thursday. The announcement on replacing Finance Minister Kim Dong-yeon could be made before Moon leaves for Singapore on Nov. 13 for annual summits with Southeast Asian and other [...]
SEOUL, Oct. 26 (Korea Bizwire) — Kim Dong-yeon, the Minister of Economy and Finance and Deputy Prime Minister, said yesterday that he was committed to implementing new transportation services, including carpooling. The minister also said that if a sharing economic model was the direction of the future, then he would be fully willing to throw [...]
SEJONG, Feb. 22 (Korea Bizwire) – South Korea’s chief economic policymaker said Thursday that the government is not ruling out the use of extra budgetary funds to help create more quality jobs for young people. “In order to finance job creation, the government does not rule out the formation of supplementary budget,” Finance Minister Kim Dong-yeon said in a meeting with reporters. “All policy tools will be mobilized [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s chief economic policymaker said Tuesday that the government will redouble efforts to successfully implement a series of measures aimed at smoothing out a rise in minimum wage that takes effect this year. In July last year, the country decided to increase its minimum wage by 16 percent [...]
SEJONG, Feb. 25 (Korea Bizwire) – South Korea’s finance minister will attend the Group of 20 meeting for top economic policymakers in China later this week to discuss a variety of global issues such as increased market volatility and toughened economic conditions, the finance ministry said Thursday. The Ministry of Strategy and Finance said Finance [...]
SEOUL/SEJONG, Feb. 11 (Korea Bizwire) – South Korea’s new economic policy team led by Finance Minister Yoo Il-ho is facing tough challenges as domestic and overseas developments threaten to drag down growth down the road, local observers said Thursday. The warning comes as slowdowns in China and emerging markets, contracting exports and weakening domestic consumption [...]
Finance Minister Yoo Il-ho (C) holds a meeting with bio-healthcare companies in Incheon on Feb. 4, 2016. (Image : Yonhap) INCHEON, Feb. 4 (Korea Bizwire) – South Korea’s finance minister said Thursday that the government has no immediate plan to draw up a supplementary budget to further stimulate the economy grappling with plunging exports and [...]