SEJONG, Jan. 26 (Korea Bizwire) – South Korea’s finance minister asked government ministries and agencies on Tuesday to make all-out efforts to frontload their budget spending in the first quarter to preemptively cope with rising economic uncertainties at home and abroad. “The government is pushing forward with the frontloading of fiscal spending in the first [...]
SEJONG, Jan. 18 (Korea Bizwire) – South Korea’s finance minister called Monday for preemptive measures to block any fallout from economic uncertainties including a Chinese slowdown. “Earlier than expected, external downside risks stemming from China are drawing nearer,” Finance Minister Yoo Il-ho was quoted as telling a meeting of senior ministry officials. “We have to [...]
SEOUL, Jan. 15 (Korea Bizwire) -South Korea’s finance minister and the central bank chief agreed Friday to strengthen cooperation in managing economic and monetary policies in a bid to tide over current challenges at home and abroad. At their first meeting since Finance Minister Yoo Il-ho took office on Wednesday, Yoo and Bank of Korea [...]
SEOUL, Jan. 13 (Korea Bizwire) – South Korea’s new finance minister and the central bank chief will have their first meeting later this week to share their views on the economy in the face of falling oil prices and a Chinese rout, the Bank of Korea (BOK) said Wednesday. Finance Minister Yoo Il-ho, who took [...]
SEJONG, Jan. 8 (Korea Bizwire) - South Korea’s finance minister nominee said Friday that he has no plan to tighten a set of eased mortgage regulations amid rising public demand to tackle mounting household debt. The government eased the loan-to-value (LTV) and the debt-to-income (DTI) rules in August 2014, shortly after the inauguration of Finance Minister [...]
SEOUL/SEJONG, Jan. 5 (Korea Bizwire) – China’s sudden stock crash could increase financial volatility requiring tougher government monitoring though its impact on the local market would be limited, South Korea’s top economic policymaker said Tuesday. In a meeting with leaders from the country’s financial sector in Seoul, Finance Minister Choi Kyung-hwan pointed out Monday’s crash [...]
SEJONG, Jan. 4 (Korea Bizwire) – South Korea’s finance minister said Monday that it is necessary to push for sweeping reforms in all sectors in order to succeed in a tough environment in the new year and achieve its economic goal. “We will face a more difficult environment in the new year. Global uncertainties are [...]
SEOUL/SEJONG, Dec. 30 (Korea Bizwire) - Corporate restructuring efforts aimed at bolstering South Korea’s overall competitiveness should entail pain sharing by all interested parties, the top economic policymaker said Wednesday. Chairing his last meeting of economy-related ministers in Seoul, Choi Kyung-hwan said all restructuring efforts must be resolved in a speedy manner for the best possible [...]
SEOUL/SEJONG, Dec. 21 (Yonhap) - Moody’s Investor Service’s latest upgrade of South Korea’s credit rating is expected to better insulate the country from a recent U.S. interest rate hike and other external uncertainties, Seoul’s top economic policymaker said Sunday. In a news conference held in Seoul, Finance Minister Choi Kyung-hwan stressed the global credit appraiser’s decision to give Asia’s fourth largest economy an Aa2 rating is a clear sign of its confidence in the [...]
SEOUL/SEJONG, Nov. 27 (Korea Bizwire) - Weak exports are starting to impact industrial output and business investment in South Korea, the country’s top economic policymaker said Friday. Chairing the meeting of foreign economy-related ministers in Seoul, Finance Minister Choi Kyung-hwan said outbound shipments in October plunged at the sharpest rate in more than two years. “This [...]