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The Korea Times

Entertainment & Arts

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Asia

The Korea Times

Finance

Economy

Mon, May 29, 2023 | 21:46

Gov't might scrap fuel tax cuts as fiscal revenue falls

Gov't might scrap fuel tax cuts as fiscal revenue falls

The government is considering gradually scrapping its years-long tax cut on fuel, in a desperate bid to counter a massive shortage of tax revenue that could hinder the country's economic recovery, according to sources familiar with the matter, Monday.

Yi Whan-woo | 2023-04-10 16:58

FSC chief vows to extend support for startups

FSC chief vows to extend support for startups

Financial Services Commission (FSC) Chairman Kim Joo-hyun pledged to provide financial support for startup companies that are suffering due to frozen investments at a meeting on Monday. The meeting was convened to gather feedback from the industry while preparing financial support measures for venture companies in light of concerns about the economic slowdown.

Lee Yeon-woo | 2023-04-10 16:26

Banks required to get approval for partial business closing from Sept.

Banks required to get approval for partial business closing from Sept.

Banks will be required to attain financial regulators' approval from September, when they partially close their businesses, or sell or acquire other banks' businesses, as part of government efforts to better protect consumers, according to the Financial Services Commission (FSC) on Sunday. The change comes with revisions to the country's Banking Act, which will take effect fr...

Anna J. Park | 2023-04-09 16:50

Korea's superrich have $24.5 mil. in assets on average

Korea's superrich have $24.5 mil. in assets on average

Korea's superrich had an average of 32.3 billion won ($24.5 million) of assets last year, and their yearly income came to about 1.23 billion won, a report showed Sunday.

2023-04-09 15:48

Super-rich favor investing in art

Super-rich favor investing in art

Super-rich favor investing in art

The super-rich in Korea favor art as a form of investment more than less wealthy groups of people, according to a report, Sunday. Released by Hana Institute of Finance, the “2023 Korea Wealth Report” defined the super-rich as people whose financial assets, such as stocks and bonds, exceed 10 billion won ($7.58 million) in value, or those whose aggregate wealth is worth at lea...

Yi Whan-woo | 2023-04-09 15:30

Bank of Korea may opt for another rate freeze this week

Bank of Korea may opt for another rate freeze this week

The Bank of Korea (BOK) is anticipated to freeze its benchmark interest rate this week for the second straight time, as inflation keeps falling while signs of an economic downturn are heightening, according to analysts, Sunday. The BOK is scheduled to hold a rate-setting meeting, Tuesday, after halting a monetary-tightening campaign that lasted for more than a year and kept t...

Yi Whan-woo | 2023-04-09 15:29

Korean economy remains 'lackluster' amid ailing exports

Korean economy remains 'lackluster' amid ailing exports

Korea's economy continues to remain sluggish due to weak exports, but its financial market remains relatively stable despite global uncertainties, a state-run think tank said Sunday.

2023-04-09 14:13

Korean economy falters amid trade deficit, negative external conditions

Korean economy falters amid trade deficit, negative external conditions

The Korean economy, which has just emerged from the impact of the COVID-19 pandemic, is facing another rough patch. Faltering key economic indices and lackluster corporate earnings, as well as unfavorable external conditions suggest that the Korean economy could deteriorate further, requiring a considerable amount of time to regain momentum.

Lee Yeon-woo | 2023-04-07 16:57

Koreans go on revenge spending spree in Q1 as social distancing fizzles out

Koreans go on revenge spending spree in Q1 as social distancing fizzles out

Lee Jin-seok, a 35-year-old office worker, increased his spending on trips after the government lifted the outdoor mask mandate in January. He plans to increase the frequency of trips not just in Korea, but also to neighboring countries despite the cost burden. Lee said he will continue traveling abroad, because the COVID-19 pandemic prevented him from doing so for the past t...

Lee Min-hyung | 2023-04-07 16:52

Tax revenue may be short of estimate this year: finance minister

Tax revenue may be short of estimate this year: finance minister

Korea's tax revenue may fall below an earlier estimate this year amid an economic slowdown, the finance minister said Friday.

2023-04-07 14:27

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