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Policy

Top tax officials of Korea, Cambodia agree on swift exchange of data to tackle cross-border tax crimes

The top tax officials of Korea and Cambodia have agreed to cooperate in the “swift and accurate” exchange of data on assets linked to suspected cross-border tax crimes, the National Tax Service (NTS) said Sunday. The NTS said a memorandum of understanding was signed by Commissioner Lim Kwang-hyun and Kong Vibol, director general of Cambodia’s General Department of Taxation, during Lim’s visit to Phnom Penh for the fifth round of a bilateral meeting of top tax administrators last week. The agreement is aimed at “further materializing and documenting” the two countries’ previous deal, reached verbally in January in Seoul, on cross-border tax offenses and the exchange of related information, the NTS said. In particular, last week’s deal came after Cambodia-based online scams targeting Korean nationals, many of them students and job seekers, with illicit gains from the victims laundered out of the Southeast Asian country. “The two sides agreed that sharing transaction data on the suspects in a swift and accurate manner is essential to combat increasingly sophisticated offsh

Mar 15, 2026By Yi Whan-woo
Top tax officials of Korea, Cambodia agree on swift exchange of data to tackle cross-border tax crimes
Economy

Can AI save aging East Asian economies?

HONG KONG — Declining fertility rates have long been viewed as a drag on economic growth, but the outlook may not be entirely bleak for Asian economies such as China, Korea and Japan, analysts said. Demographic pressure is accelerating investment in robotics and artificial intelligence (AI) in these rapidly aging yet technologically advanced countries, helping offset labor shortages and sustain productivity even as populations shrink, they argued. Analysts at Bank of America (BofA) Global Research said China, Korea and Japan could witness tech-driven growth despite their aging populations. The commitment of these countries to AI and automation is likely to intensify as they face shrinking labor pools and rising wage pressures, according to a Feb. 24 report on low fertility rates in Asia. “The region’s deep semiconductor, tech hardware and machinery ecosystems make deployment faster and cheaper than other regions,” the report’s authors said, noting that China and Korea were already at the forefront of developing and adopting cutting-edge technologies. Korea boasts the world’s

Mar 15, 2026By Lee Yeon-woo
Can AI save aging East Asian economies?
Policy

US welcomes S. Korea's passage of investment bill as 'positive' step

U.S. President Donald Trump's administration welcomes the South Korean parliament's passage of a special bill on Seoul's pledge to invest $350 billion in the United States as a "positive step," a U.S. official said Friday. The official's remarks came after the National Assembly on Thursday (Seoul time) passed the bill facilitating the implementation of South Korea's investment commitment under a bilateral trade deal that the two governments struck last year. "We welcome South Korea's passage of their investment pledge as a positive, even if delayed, step towards implementing our trade deal," the official said in response to an email question from Yonhap News Agency. "The administration continues to monitor every country's compliance with our trade deals, and we look forward to Korea's full implementation of the other trade-related issues that were agreed to in our Joint Fact Sheet," the official added. The official was referring to the joint document that Seoul and Washington released in November to outline bilateral trade and security agreements, including Washington's agreement to lowe

Mar 13, 2026By Yonhap
US welcomes S. Korea's passage of investment bill as 'positive' step
Policy

Gov't revises electricity rates for industrial use to ease burden on companies

The government on Friday revised the electricity rate system for industrial use to help ease the cost burden of corporate power consumption. Under the plan endorsed by the Electricity Regulatory Commission, the peak electricity rate for daytime will be cut by up to 16.9 won per kilowatt-hour (kWh), while the peak rate for nighttime will go up by 5.1 won per kWh, according to the Ministry of Climate, Energy and Environment. In detail, the peak daytime rate will be reduced by 16.9 won during summer and winter, and by 13.2 won in the spring and autumn season. The new rates will take effect April 16. The scheme was designed to lower rates for daytime and increase rates for nighttime, as part of efforts to lower the cost burdens of companies. The Korea Electric Power Corp. raised the rate for industrial use by 9.7 percent in October 2024 to cope with its financial troubles. It is also structured to change the current scheme, designed to suppress daytime consumption while encouraging nighttime usage, while reflecting the expanding use of renewable energy sources, the ministry explained. It mark

Mar 13, 2026By Yonhap
Gov't revises electricity rates for industrial use to ease burden on companies
Economy

Money supply rises for 3rd month in Jan. on rising corporate deposits: BOK

Korea's money supply rose for the third consecutive month in January, driven by increases in exporters' foreign currency deposits and short-term funds awaiting investment, central bank data showed Friday. The country's M2, a key gauge of the money supply, stood at an average of 4,108.9 trillion won ($2.76 trillion) in January, up 0.7 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The figure rebounded in November following a decline a month earlier and extended the increase for the third consecutive month in January. M2 is a measure of the money supply that includes cash, demand deposits and other easily convertible financial instruments. "The increase was mainly driven by foreign currency deposits held by companies and households, including U.S. dollar deposits by exporters," Choi Yoo-jin, chief of the BOK's financial statistics team, said. "Demand deposits also rose as funds awaiting investment expanded amid a strong stock market." By entity, liquidity increased by 18.9 trillion won among non-financial corporations, 15.2 trillion won among f

Mar 13, 2026By Yonhap
Money supply rises for 3rd month in Jan. on rising corporate deposits: BOK
Policy

Industry minister says fuel price cap system already showing price stabilization effect

Industry Minister Kim Jung-kwan said Friday the government's fuel price cap system is already showing signs of stabilizing prices less than a day after taking effect. Kim held a meeting with officials from Korean oil refineries, gas stations and the Korea National Oil Corp. to review the domestic energy markets on the first day of the fuel price cap system's implementation. The temporary cap system took effect at midnight Thursday as part of the government's efforts to ease soaring fuel prices and reduce burdens on consumers, setting maximum prices of products oil refineries supply to gas stations and distributors. The initial price ceiling was set at 1,724 won ($1.16) per liter for regular gasoline, 1,713 won per liter for diesel and 1,320 won per liter for lamp oil. The maximum price threshold will be readjusted every two weeks to reflect changes in international oil prices until the government decides to end the system when it determines that domestic fuel prices have been stabilized. After the meeting, Kim told reporters the market is already experiencing price cuts on the first day o

Mar 13, 2026By Yonhap
Industry minister says fuel price cap system already showing price stabilization effect
Policy

Gov't to draft extra budget using excess tax revenue: budget ministry

The government said Friday it plans to swiftly draw up a supplementary budget using excess tax revenue, without issuing additional state bonds, to help ease livelihood burdens stemming from the impact of the Middle East conflict. Acting Budget Minister Lim Ki-geun made the remarks during a vice-ministerial interagency meeting, according to the Ministry of Planning and Budget, one day after President Lee Jae Myung ordered prompt preparations for an extra budget to cope with the fallout from the ongoing regional conflict. "The supplementary budget will be drawn up using expected excess tax revenue without issuing additional government bonds to minimize its impact on the government bond and foreign exchange markets," Lim said. "We will immediately begin preparations and submit a proposal to the National Assembly at the earliest possible date." The extra budget is expected to focus on easing logistics and fuel cost burdens amid surging global oil prices, supporting livelihoods for low-income households, small merchants and farmers, and helping exporters affected by external shocks. The minis

Mar 13, 2026By Yonhap
Gov't to draft extra budget using excess tax revenue: budget ministry
Others

Citi Korea reinforces support for Yanolja's global expansion

Citi Korea has strengthened its global business-to-business (B2B) payments collaboration with Yanolja, a global leisure and travel technology platform, by expanding the deployment of Citi’s Virtual Card Account (VCA) to Yanolja's enterprise solution member, the lender said Thursday. The collaboration was formalized at the Citi Asia Digital Leaders Summit held in Shenzhen, China, where senior executives from Citi and Yanolja, including Marc Luet, head of Citi's cluster and banking for Japan, Asia North and Australia (JANA) and Yanolja founder Lee Su-jin. Yanolja will integrate Citi’s global B2B payments solutions into its enterprise solution member, enabling consistent operational standards and controls across multicountry transaction platforms. As digital companies expand into multiple markets, payments infrastructure has evolved to become a core enabler of operational resilience and scalable global growth. Citi’s VCA solution enables clients to expand into new markets without large-scale system overhauls while maintaining their existing operating models. The solution allows corpora

Mar 13, 2026By Lee Kyung-min
Citi Korea reinforces support for Yanolja's global expansion
Economy

Korean won falls further against dollar amid oil price surge, supply woes

The Korean currency fell markedly for the second straight session against the U.S. dollar Friday as Middle East tensions pushed oil prices higher and fueled concerns about supply disruptions. The won was quoted at 1,493.7 won per dollar, down 12.5 won from the previous session, after posting a 14.7 won decline in the previous session. The weakness came as global oil prices spiked again overnight, hovering around $100 per barrel, after Iran's new leader, Mojtaba Khamenei, warned that the Strait of Hormuz would remain closed, raising concerns about supply disruptions and escalating tensions in the Middle East. The foreign exchange and stock markets have shown high volatility since last week as the U.S.-Israeli attacks on Iran have escalated tensions across the broader region. On Monday, the local currency fell to 1,495.5 against the greenback, the lowest level since March 12, 2009, when the country was reeling from the global financial crisis. Higher oil prices put downward pressure on the Korean won as they increase the country's demand for dollars to pay for crude imports. Korea depends h

Mar 13, 2026By Yonhap
Korean won falls further against dollar amid oil price surge, supply woes
Economy

Seoul shares down for 2nd day on prolonged Hormuz shutdown; won decline

Korean stocks closed lower Friday as investors cautiously watched situations involving the Strait of Hormuz after the new Iranian leader vowed to maintain the blockade of the sea channel. The local currency fell against the greenback. The Korea Composite Stock Price Index (KOSPI) moved down 96.01 points, or 1.72 percent, to close at 5,487.24. The KOSPI fell 0.48 percent Thursday. Trade volume was moderate at 893.6 billion shares worth 22.9 trillion won ($15.3 billion), with losers outpacing gainers 552 to 336. Foreigners sold a net 1.46 trillion won, while individuals bought a net 2.45 trillion won. Institutions offloaded a net 1 trillion won. Global crude prices continued to fluctuate, surpassing $100 per barrel again after Mojtaba Khamenei, who was named to succeed his father as Iran's new leader, vowed to continue the blockade at the crucial waterway. "While the U.S. holds clear dominance in military power, the actual upper hand appears to lie with Iran due to the Strait of Hormuz," Han Ji-young, a researcher at Kiwoom Securities, said. Lee Kyoung-min, a researcher at Daishin Securities

Mar 13, 2026By Yonhap
Seoul shares down for 2nd day on prolonged Hormuz shutdown; won decline
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