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Finance

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Thu, January 28, 2021 | 02:01

W100 tril. aid package set for economic stimulus

W100 tril. aid package set for economic stimulus

The government announced a 100 trillion won ($79 billion) economic rescue package Tuesday in a desperate bid to protect companies hit by the fallout from the coronavirus pandemic and prevent the concurrent economic turmoil from escalating into a financial crisis. The amount, which was agreed upon at the second meeting of the Emergency Economic Council chaired by President Moo...

2020-03-24 16:58

Olympics delay could be opportunity for currency swap

Olympics delay could be opportunity for currency swap

A possible postponement or cancellation of the 2020 Tokyo Olympics could serve to offer momentum for Korea to resume talks with Japan regarding a bilateral currency swap deal, according to domestic economists, Monday.

2020-03-24 15:42

Gyeonggi to give emergency basic income of 100,000 won to all Korean residents to cope with virus fallout

Gyeonggi to give emergency basic income of 100,000 won to all Korean residents to cope with virus fallout

Gyeonggi Province, which surrounds Seoul, decided Tuesday to provide money directly to all residents to cope with the impact of the coronavirus outbreak. Gov. Lee Jae-myung said 100,000 won (US$79.85) per person will be paid next month. The province has a population of about 13.64 million. A handful of local governments including those of Daegu, the nation's COVID-19 epicente...

2020-03-24 14:39

Moon pledges 100 trillion won of emergency funding for virus-stricken economy

Moon pledges 100 trillion won of emergency funding for virus-stricken economy

President Moon Jae-in unveiled plans Tuesday to double the size of his administration's emergency-financing aid package to 100 trillion won (US$80 billion) for businesses here under growing stress from the coronavirus pandemic, and he announced a set of special funds to stabilize South Korea's bond and securities markets. He stressed that the government would serve as a "stou...

2020-03-24 14:00

'Ban on short selling cannot be an effective policy'

'Ban on short selling cannot be an effective policy'

Since March 16, the financial authorities here have temporarily banned short-selling on the Korea Exchange. As the coronavirus pandemic raised concerns about a global economic recession, investors were terrified and the stock market panicked. In response to the stock price crash, the financial authorities decided to temporarily ban short selling for six months. Short selling ...

Anna J. Park | 2020-03-24 11:02

COVID-19 to have greater impact than SARS, MERS

COVID-19 to have greater impact than SARS, MERS

COVID-19's damage to the economy is expected to be much greater than that inflicted by previous epidemics like SARS and MERS, according to a report by the Korea Institute for Industrial Economics & Trade (KIET) Monday. The report emphasized that the government's policies should focus on providing necessary support to specific hard-hit industries, rather than providing univers...

Anna J. Park | 2020-03-23 17:38

Dollar shortage, foreign selloffs baffle Korea

Dollar shortage, foreign selloffs baffle Korea

The stock market will continue to experience extreme turbulence brought on by a mass foreign selloff, following global wave to secure what is increasingly becoming the ultimate safe-haven asset - the U.S. dollar - finance officials said Sunday. The pronounced “risk-averse” sentiment has come amid heightened fear of a global recession triggered by the COVID-19 pandemic.

2020-03-22 17:04

Korea to unveil W27 tril. market stabilization policy

Korea to unveil W27 tril. market stabilization policy

The nation's top financial regulator plans to unveil a 27 trillion won ($ 21.68 billion) comprehensive package of market stabilization policies this week, in a move to stop wild fluctuations of the stocks and bond markets due to the coronavirus pandemic. The Financial Services Commission (FSC) is expected to announce the measures on March 24 during an Emergency Economic Counc...

2020-03-22 16:34

Dollar shortage, foreign selloffs baffle Korea

[INTERVIEW] Decentralized ID to ensure personal data autonomy

[INTERVIEW] Decentralized ID to ensure personal data autonomy

The Decentralized Identity (DID) Alliance Korea, an open industry association created to develop a standardized, interoperable framework for decentralized identity services, will seek to become a global leader in the budding industry with much growth potential, the alliance head said Monday.

2020-03-22 09:42

Opinion split over efficacy of supplemental budget

Opinion split over efficacy of supplemental budget

Opinion is split over the government's plan to spend 11.7 trillion won ($9.15 billion) to keep the economy from crashing due to virus-induced economic fallout.

2020-03-20 18:26

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