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The Korea Times

Entertainment & Arts

SCMP
Asia

The Korea Times

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Economy

Mon, February 6, 2023 | 22:02

Gov't urged to encourage reshoring of more Korean firms through deregulation

Gov't urged to encourage reshoring of more Korean firms through deregulation

The government needs to ease more business regulations to attract Korean enterprises active abroad to reshore their operations here, as a part of efforts to boost the market-driven economic strategy as addressed by President Yoon Suk-yeol, according to multiple studies and economists.

Yi Whan-woo | 2023-01-06 16:42

Duty-free sales to be allowed on all overseas flights out of rural airports

Duty-free sales to be allowed on all overseas flights out of rural airports

Any international flights departing from Korea's regional airports will be able offer duty-free shopping on board, the Korea Customs Service (KCS) announced on Thursday. In-flight duty-free sales on planes bound for overseas destinations have been allowed only under the condition that the duty-free items are loaded directly from the airports where the corresponding planes dep...

Yi Whan-woo | 2023-01-05 16:24

Pay in longer, get paid out later: one way to prevent pension depletion

Pay in longer, get paid out later: one way to prevent pension depletion

The younger the taxpayers are, the more they will pay over time and the longer they will have to wait to receive their retirement pensions. That idea was brought up this week during a National Assembly-driven discussion, as the country's population is dwindling and aging rapidly, and it is feared that the state-run pension fund will be depleted by the 2050s.

Yi Whan-woo | 2023-01-05 16:24

BOK chief to attend BIS meetings in Switzerland

BOK chief to attend BIS meetings in Switzerland

Korea's top central banker will attend meetings of the Bank for International Settlements (BIS) to be held in Switzerland early next week, his office said Thursday.

2023-01-05 13:48

Vietnam becomes source of largest trade surplus for Korea

Vietnam becomes source of largest trade surplus for Korea

Vietnam has become the source of Korea's largest trade surplus for the first time as the economic partnership between the two countries has expanded over the past few years amid shrinking trade with China, according to data released Wednesday. The Ministry of Trade, Industry and Energy said Korea posted a surplus of $34.25 billion in trade with Vietnam in 2022, with exports t...

Yi Whan-woo | 2023-01-04 16:57

Gov't to frontload 60% of 2023 budget in 1st half

Gov't to frontload 60% of 2023 budget in 1st half

The government said Wednesday that it will prioritize creating more jobs and stabilizing prices in the first half of this year by front-loading at least 60 percent of its 2023 budget, which is worth 638.7 trillion won ($500 billion).The decision came as the nation's economy is forecast to remain in the doldrums for the time being amid a global economic slowdown caused by high...

Yi Whan-woo | 2023-01-04 16:25

Home market rout in Korea deepens amid higher rates, economic slowdown

Home market rout in Korea deepens amid higher rates, economic slowdown

Home prices in Korea are cooling at a jaw-dropping clip amid soaring borrowing costs and an economic slowdown, portending that indebted home owners may face the toughest-ever challenge this year and Asia's fourth-largest economy may suffer a decline in private spending.

2023-01-04 13:49

Korea's foreign reserves expand in Dec. on dollar's descent

Korea's foreign reserves expand in Dec. on dollar's descent

Korea's foreign reserves continued to expand for the second straight month in December as the weakening dollar resulted in a rise in the converted value of holdings denominated in other currencies, central bank data showed Wednesday.

2023-01-04 10:05

[INTERVIEW] Korea to focus on transparency, infrastructure to become Asia's financial hub

INTERVIEWKorea to focus on transparency, infrastructure to become Asia's financial hub

Seoul's ranking as a favored global financial hub city has been on the rise since 2019, coming in at the 11th spot in this year's Global Financial Centers Index (GFCI). It is an impressive climb of 25 places in the past three years, since the city was ranked the 36th most favored in 2019. The ranking of the southeastern port city Busan, the second-largest city of Korea, also ...

Anna J. Park | 2023-01-04 08:18

Korea to bolster local chipmakers with bigger tax breaks

Korea to bolster local chipmakers with bigger tax breaks

The government will provide a bigger tax credit rate of 15 percent for conglomerates investing in semiconductor facilities and the tax incentive for small and medium-sized enterprises (SMEs) will also rise to 25 percent, the Ministry of Economy and Finance said Tuesday.

Lee Min-hyung | 2023-01-03 16:56

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