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Wed, December 19, 2018 | 10:09

Economy > Policies >

Feud between FSC, FSS deepening

A feud between the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) has come to the surface, after union members of the latter issued a statement Dec. 3 requesting President Moon Jae-in dismantle the FSC.

Policies | 2018-12-06 16:52

Entrepreneurs disapprove of SMEs minister's performance

Minister of SMEs and Startups Hong Jong-haak, who completed his first year in office on Nov. 21, has failed to meet expectations from small businesses, mainly due to his “inability” to implement corporate-friendly policies under labor-leaning President Moon Jae-in, a survey conducted by ministry correspondents showed Thursday.

Policies | 2018-12-06 15:10

Ex-President Chun included in list of tax delinquents

The National Tax Service (NTS) Wednesday disclosed a list of habitual delinquent taxpayers who each owe the tax office more than 200 million won ($179,388) worth of taxes. The list includes former Korean President Chun Doo-hwan and infamous lawyer Choi Yoo-jung who allegedly packed improper gains worth over 10 billion won in attorney's fees.

Policies | 2018-12-05 18:04

South Korea mulls tax on cryptocurrencies and ICOs, says financial minister nominee

The South Korean government is planning to tax cryptocurrencies and initial coin offerings (ICOs), says finance minister nominee Hong Nam-ki. In a written answer submitted to the National Assembly Sunday for his confirmation hearing, Hong said the taxation plan would be finalized in accordance with the creation and progress of the taxation infrastructure and the trend on inte...

Policies | 2018-12-03 16:17

Korea to issue more internet banking licenses to boost competition

The Financial authorities said they will issue internet banking licenses this month. The decision came after an expert group's report claiming the nation's banking industry lacks competition.

Policies | 2018-12-02 17:17

Consumers disgruntled over card fee reduction

The government's move to slash card transaction fees to benefit small business owners is drawing complaints from some credit cardholders.

Policies | 2018-12-02 17:12

South Korea's exports up 4.5% year-on-year in November

Exports rose 4.5 percent from a year earlier in November fueled by robust sales of memory chips and petrochemical products, government data showed Saturday. Outbound shipments reached US$51.92 billion last month, marking the seventh consecutive month for the amount to exceed $50 billion, according to the data compiled by the Ministry of Trade, Industry and Energy.

Policies | 2018-12-01 18:21

South Korea asks Turkey to provide compensation for safeguard measures on PET

The government has asked Turkey to provide compensation to Korean companies affected by provisional safeguard measures it imposed on polyethylene terephthalate (PET) imports, the trade ministry said Saturday.

Policies | 2018-12-01 18:18

BOK raises key rate to 1.75%

South Korea's central bank on Friday raised the country's policy rate to a 3 1/2-year high of 1.75 percent.

Policies | 2018-11-30 10:08

Big data emerging as new norm in financial industry

Big data and related technologies are emerging as the centerpiece of the financial industry according to Financial Supervisory Service (FSS) Governor Yoon Suk-heun. Not only Yoon, but also guest speakers stressed the importance of adopting such new technologies to accommodate the rapidly changing financial environment at a recent anniversary ceremony for the financial agency.

Policies | 2018-11-29 18:52

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