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Fri, June 23, 2017 | 08:59

Economy > Policies >

'Demand for new apartments will dampen'

The government’s recent move to tighten mortgage rules and restrict transactions of apartments under construction will dampen the appetite for new housing, analysts said Wednesday. But a range of measures announced Monday to rein in soaring apartment prices will not cool the overall housing market, given the ample liquidity and lack of other investment choices. The analysts said if the trend continues, policymakers will likely introduce stronger steps in the coming months to curb demand. “I think the June 19 measures will adversely affect those seeking to purchase new apartments because it b...

Policies | 2017-06-22 18:35

Borrowers get more vulnerable to income shock

The Korean government should come up with macroprudential measures to curb household debt to prevent the excessively rising debt from becoming a source of financial instability, a number of global economists warn. They said more and more households with lower income are becoming susceptible to higher interest rates. “It should be mindful that a group of borrowers with poor credit ratings and low income as well as self-employed borrowers are vulnerable to unfavorable interest rates and income shocks,” said Sumio Ishikawa, lead economist for Korea at the ASEAN+3 Macroeconomic Research Office (...

Policies | 2017-06-22 18:21

Korea's six-month jobless rate hits 13-year high

The number of people jobless for more than six months has reached a 13-year high. Of some 1,000,300 jobseekers in Korea, over 120,000, or 11.96 percent, have not worked for six months or longer, according to Statistics Korea. It is the highest figure since 2004 when it was 13.57 percent.

Policies | 2017-06-22 15:56

Protesters chant 'hire Koreans over foreigners' in Seoul rally

Economic team stresses unified voice

The top economic policymakers of the President Moon Jae-in administration agreed that they should have a unified voice, setting consistent economic policies for the market and businesses. Deputy Prime Minister and Strategy and Finance Minister Kim Dong-yeon had a meeting with Jang Ha-sung, presidential chief of staff for policy, and the Fair Trade Commission Chairman Kim Sang...

Policies | 2017-06-21 16:42

Shift to renewable energy requires social consensus

The permanent shutdown of the country’s first nuclear reactor Kori 1 signals a transition in energy policy from nuclear and coal-powered plants to LNG and renewable energy. While President Moon Jae-in has emphasized safe and eco-friendly as keywords for his energy policy, experts say society should reach a consensus on accepting higher rates. According to the Ministry of Trad...

Policies | 2017-06-20 16:48

What's on FTC hitlist after Booyoung

Large companies may have sweated after Kim Sang-jo, a hard-line antagonist of the chaebol governance, took charge of the Fair Trade Commission (FTC) this month. They may be in panic mode now seeing Kim probe Booyoung Group, a domestic builder. Observers speculate who would be the next targets. On their lips are Harim, Hanwha, Pizza Hut and some construction companies. The ant...

Policies | 2017-06-19 17:15

Gov't to tighten mortgage rules

The government said Monday it will toughen mortgage regulations and restrict transactions of apartments under construction as part of steps to cool the overheating real estate market. The land and finance ministries and the financial regulator jointly announced measures to stabilize the housing market - the first real estate market policy announced by the Moon Jae-in government. Unlike the two previous administrations that used the market as a means to boost the economy, Moon and his ministers have vowed to stabilize housing prices for the livelihood of the working class.

Policies | 2017-06-19 16:59

FTC chief to meet top four chaebol heads

The head of the country’s antitrust agency said that he plans to meet representatives from the country’s top four conglomerates within this week. “President Moon Jae-in has stressed that corporate reform should be done in a very cautious, rational and sustainable manner, and I totally agreed with him. For this, thorough discussions and communication with stakeholders is essential,” Fair Trade Commission (FTC) Chairman Kim Sang-jo said Monday.

Policies | 2017-06-19 16:40

SK shares 'deep change' with society

SK Group will continue to innovate the way it does business to strengthen its core competency and share the fruits of its “deep change” with society, Chairman Chey Tae-won said Monday. In a meeting with the heads of SK units, Chey said the companies still have a long way to go to catch up with major global players. He urged the heads of each entity to accelerate their efforts...

Policies | 2017-06-19 16:39

FTC's first target: Booyoung

The Fair Trade Commission (FTC) asked the prosecution to investigate Booyoung Group on charges the builder did not properly report its related companies for 14 years. The antitrust watchdog said Sunday the Seoul-based group has not reported seven companies that are related to Chairman Lee Joong-keun and his close relatives, from 2002 until last year. The commission said Booyoung repeatedly violated the relevant law so it could avoid regulations. Also, the seven firms in question became eligible to receive state support, which would have been impossible if they were classified as Booyoung-rel...

Policies | 2017-06-18 19:46

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