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  • Economy

    Weakening won emerges as hurdle to Korea's US investment package

    Korea's weakening currency is emerging as a challenge to the country's planned $350 billion investment package in the United States, analysts said Thursday, as a senior finance ministry official prepares to travel to Washington for talks on foreign exchange market stability. Moon Ji-sung, deputy minister for international affairs at the Ministry of Finance and Economy, will meet senior U.S. Treasury officials in Washington on Friday (local time), according to government sources. Moon's trip is viewed as unusual, as senior officials overseeing foreign exchange policy rarely make separate visits to Washington outside regular consultation channels between the two countries' finance authorities. While the ministry declined to comment on the details of Moon's visit, market watchers expect the discussions to focus on ensuring that exchange rate volatility does not disrupt implementation of Korea's investment commitments in the U.S. The Korean won has remained under pressure in recent weeks, with the won-dollar exchange rate hovering around 1,500-level and trading near its weakest level since 2

    3 MIN READBy Lee Hyo-jin
    Weakening won emerges as hurdle to Korea's US investment package
  • Economy

    InterviewHong Kong's role as Korea-China business bridge grows, Chinese chamber chief says

    3 MIN READBy Lee Yeon-woo
    Hong Kong's role as Korea-China business bridge grows, Chinese chamber chief says
  • Economy

    Seoul shares close higher as AI woes ease amid Middle East uncertainties

    1 MIN READBy Yonhap
    Seoul shares close higher as AI woes ease amid Middle East uncertainties
  • Policy

    Korea's tax agency seeks transformation from tax collector to integrated revenue authority

    3 MIN READBy Jun Ji-hye
    Korea's tax agency seeks transformation from tax collector to integrated revenue authority
  • Economy

    Gov't calls on exporters to address FX volatility

    1 MIN READBy Yonhap
    Gov't calls on exporters to address FX volatility
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Policy

More newlyweds delay marriage registration to keep housing benefits

Longtime real estate broker Lim Mi-ae says she was surprised in 2014 when she met and brokered a deal for a newlywed couple in their 30s who had postponed registering their marriage to maintain housing benefits for singles. “Although I didn’t say anything to their face at the time, I thought they were crazy —undermining the idea of marriage just for financial gain,” Lim said. “But over the years, I’ve started seeing more and more couples like them.” Lim’s observation isn’t wrong. The number of newlyweds delaying official marriage registration with the government has nearly doubled over the past decade, according to the Ministry of Data and Statistics. In this year’s National Assembly audit data submitted to Rep. Chung Il-young of the ruling Democratic Party of Korea, the ministry reported that 19 percent of couples in 2024 delayed registering their marriage for over a year after their wedding. That figure has steadily risen from the 10.9 percent recorded in 2014, hitting 12.5 percent in 2017, 12.8 percent in 2020, 15.3 percent in 2022 and 16.8 percent in 2023. “This t

Oct 16, 2025By Yi Whan-woo
More newlyweds delay marriage registration to keep housing benefits
Economy

Korea logs $61.8 bil. fiscal deficit in first 8 months of year

Korea's fiscal deficit reached over 88 trillion won ($61.8 billion) in the first eight months of the year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 88.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance. The figure marks the second largest on record for the January-August period after that of 2020, according to the ministry. Total revenue grew 35 trillion won from the same period last year to 431.7 trillion won. In detail, tax revenue expanded 28.6 trillion won on-year to 260.8 trillion won. Total expenditures increased 38.4 trillion won on-year to 485.4 trillion won. The government earlier projected the shortfall to align with the original annual target of around 111.6 trillion won toward the end of the year.

Oct 16, 2025By Yonhap
Korea logs $61.8 bil. fiscal deficit in first 8 months of year
Economy

BOK chief discusses economy, financial trends with Chinese, Japanese central bank heads

Bank of Korea (BOK) Gov. Rhee Chang-yong has met with his Chinese and Japanese counterparts and discussed economic and financial issues of mutual interest, the Korean central bank said Thursday. During the 14th Trilateral Governors' Meeting held in Washington on Wednesday (local time), Rhee, People's Bank of China (PBOC) Gov. Pan Gongsheng and Bank of Japan (BOJ) Gov. Kazuo Ueda exchanged views on recent economic and financial developments, according to the BOK. The three countries have held the annual meeting since 2009 to promote regional economic and financial stability, and the BOK will host next year's session, it added.

Oct 16, 2025By Yonhap
BOK chief discusses economy, financial trends with Chinese, Japanese central bank heads
Economy

Prices for basic necessities rise faster than overall inflation over past 5 years: study

Prices for everyday necessities, such as housing, food and clothing, have risen at a faster pace than overall inflation over the past five years, a study showed Thursday. According to the research conducted by Kim Sang-bong, an economics professor at Hansung University, commissioned by the Federation of Korean Industries, the cost of basic necessities increased by an average of 4.6 percent annually between 2019 and 2024. The study noted that the rate is higher than the 2.8 percent average annual rise in consumer prices during the same period. The report attributed the steeper increase to sharp rises particularly in housing and food-related costs. Housing costs jumped 5.5 percent annually on average, while food-related prices climbed 4.6 percent. Clothing prices rose 2.9 percent, according to the research. It cited global energy and agricultural price increases, high retail costs and rising labor expenses as key drivers behind the surge in prices of daily necessities. "The steep rise in prices of essential goods directly linked to daily life has likely heightened the inflation burden felt b

Oct 16, 2025By Yonhap
Prices for basic necessities rise faster than overall inflation over past 5 years: study
Economy

Global investment banks turn bullish on Korean stocks

Global investment banks are turning bullish on Korea’s stock market, citing momentum from an AI-led boom and ongoing corporate governance reforms, industry officials said Wednesday. That same day, the benchmark KOSPI hit an intraday high of 3,659.91 and closed at 3,657.28 — both record highs — as easing U.S.–China tensions and growing expectations of a U.S. Federal Reserve rate cut boosted investor sentiment. Foreign and institutional investors drove the rally, net buying stocks worth 129.6 billion won ($91.3 million) and 799 billion won, respectively, while retail investors sold off 981.2 billion won. Further gains are seen as likely. Morgan Stanley raised its KOSPI target to 3,800 from 3,250 in a report Monday, and said the index could reach 4,200 if tech stocks maintain their rally and broader industry recovery continues. The report cautioned that global trade tensions may trigger short-term volatility, but added that structural growth drivers including supercycles in AI, power generation, defense and K-culture are boosting the index's long-term potential. It particularly reco

Oct 15, 2025By Lee Yeon-woo
Global investment banks turn bullish on Korean stocks
Economy

Gold, silver bars sell out as popular 'safe' asset

Lee Jong-won, an office worker in his 30s, visited a bank branch in Seoul last week to buy gold bars, only to be shocked that they had all sold out. “I wasn’t looking to get rich fast. I just wanted something safe,” he said. Lee said he would settle for silver, but they were unavailable as well. “Gold made sense given everything — the economy, still-high borrowing costs and prices of everything going up. I thought silver might be the next best choice. But apparently, I wasn’t the only one thinking that.” Lee is among many who are rushing to buy gold and silver to protect their assets in an uncertain economic environment. The collective move has led to demand outpacing the supply, and as a result many commercial lenders are experiencing a shortage of gold and silver bars. Also surging are gold banking balances at the commercial lenders. Gold banking is a process whereby customers can buy and sell gold using their bank accounts. According to the banking sector, both gold bars and silver bars are selling out, and some banks are reporting delivery delays of over 10 days due to in

Oct 15, 2025By Lee Kyung-min
Gold, silver bars sell out as popular 'safe' asset
Economy

Banks scramble to offload bad debt amid prolonged economic slowdown

Leading commercial lenders are rushing to sell off bad debt, prompted by heightened corporate distress and credit default concerns amid prolonged economic downturn, market watchers said Wednesday. The sharp uptick in the nonperforming loans (NPL) sell-off is a warning sign. A rise in debt service burdens for self-employed and small businesses means deteriorating financial soundness for banks. Many say Korea’s credit conditions will be tighter in the months to come, further exacerbating the downturn in business investment and household spending amid deeper growth challenges of the country. NPLs are loans that are 90 days past due on its principal or interest payments. The classification indicates that the borrower is in default and the lender considers it unlikely that the loan will be fully repaid without taking action, such as seizing collateral. According to financial market data, the country’s four leading banks — KB Kookmin, Shinhan, Hana and Woori — sold over 2 trillion won ($1.4 billion) in bad debt in the first half of this year, up 12.2 percent from a year earlier, in wha

Oct 15, 2025By Lee Kyung-min
Banks scramble to offload bad debt amid prolonged economic slowdown
Economy

Gov't to request state audit of controversial East Sea gas development project

The Ministry of Trade, Industry and Resources said Wednesday it has decided to ask the state auditor to look into controversies surrounding a gas field development project in the East Sea by the Korea National Oil Corp. (KNOC), including its selection of a U.S.-based geoscience consulting firm that many believed was not qualified to work as an advisory firm. Industry Minister Kim Jung-kwan has ordered the ministry to ask the Board of Audit and Inspection (BAI) to look into why the KNOC selected the U.S. firm, Act-Geo, and why it had canceled a seismic safety review for exploratory drilling in the East Sea gas prospect, according to his office. The move comes after lawmakers raised concerns over Act-Geo's credibility and other allegations. The ministry said it also plans to ask the BAI to investigate the promotion of KNOC executives responsible for the project, despite the results of the first exploratory drilling that offered no proof of economic feasibility of the project. The former Yoon Suk Yeol administration announced in 2024 the potential discovery of seven oil and gas reserves in

Oct 15, 2025By Yonhap
Gov't to request state audit of controversial East Sea gas development project
Economy

Gov't to 'rationalize' property tax system: finance minister

Finance Minister Koo Yoon-cheol said Wednesday the government will soon propose a comprehensive plan to "rationalize" the real estate taxation system, amid rapidly rising housing prices in the wider Seoul area. "(The government) will devise a property tax reform plan after carefully considering factors such as encouraging capital flows into productive sectors, the principle of fair burden-sharing and public receptiveness," Koo said during a press conference to announce the third major housing policy package under the Lee Jae Myung administration. Under the plan, the government designated all 21 remaining districts in Seoul as speculative zones, effectively placing all 25 districts of the capital under stricter regulatory status. Twelve cities in Gyeonggi Province that surrounds the capital were also newly designated as regulatory zones. The finance minister said the government will examine tax adjustments, including property holding and transaction taxes. However, he emphasized that the direction and timing of any tax reforms would be determined after a comprehensive review of potential

Oct 15, 2025By Yonhap
Gov't to 'rationalize' property tax system: finance minister
Economy

Gov't designates all Seoul districts as speculative zones to curb home prices, hints at tax hikes

The government on Wednesday designated all 21 remaining districts in Seoul as speculative zones while introducing tougher lending rules to rein in rapidly rising housing prices in the capital region, a move it said may also require tax revisions in the near future. The decision came during a ministerial meeting held at the government complex in Seoul, attended by Finance Minister Koo Yun-cheol and Land Minister Kim Yun-duk, as well as key financial officials. The new speculative zone designations add to the existing four districts of Gangnam, Seocho, Songpa and Yongsan, effectively placing all 25 districts in Seoul under the speculative zone status. Twelve cities in Gyeonggi Province, including Gwacheon, Yongin, Uiwang and Hanam, were also newly designated as regulatory zones. The new designations will take effect Thursday. It marked the third set of housing market stabilization measures announced under the new administration since June. Apartment prices in Seoul have been on a steep increase in recent months, especially in neighborhoods around the Han River, fueling speculative demand an

Oct 15, 2025By Yonhap
Gov't designates all Seoul districts as speculative zones to curb home prices, hints at tax hikes
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