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  • Economy

    Expected BOK rate hike prompts concern over rising interest burdens on households, firms

    Expectations of imminent interest rate hikes by the Bank of Korea (BOK) are adding to pressure on households and businesses already struggling with rising borrowing costs, analysts said Sunday. Lending rates at major banks have continued to climb as BOK Gov. Shin Hyun-song struck a hawkish tone following a Monetary Policy Board meeting on May 28, reinforcing market expectations that the central bank could begin raising rates as early as July. According to banking industry data, fixed-rate mortgage loans offered by the country's five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — carried interest rates ranging from 4.39 percent to 7.33 percent as of Friday. The upper end of the range was up 0.33 percentage point from a month earlier, when rates stood between 4.4 percent and 7 percent. It marked the first time since October 2022 that the highest fixed mortgage rate among the five major lenders exceeded 7.3 percent. Personal credit loan rates have also moved higher. As of Friday, interest rates on personal credit loans for top-tier borrowers with one-year maturities ra

    2 MIN READBy Lee Hyo-jin
    Expected BOK rate hike prompts concern over rising interest burdens on households, firms
  • Policy

    Top policymakers vow stern action against speculative FX market activities as won weakens

    2 MIN READBy Yonhap
    Top policymakers vow stern action against speculative FX market activities as won weakens
  • Cryptocurrency

    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation

    2 MIN READBy Lee Hyo-jin
    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation
  • Economy

    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June

    1 MIN READBy Yonhap
    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June
  • Economy

    Seoul stocks, won hammered by massive foreign selling

    2 MIN READBy Park Han-sol
    Seoul stocks, won hammered by massive foreign selling
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Economy

Tax revenue up 41 tln won through August

his image, provided by Yonhap News TV, depicts the collection of taxes. YonhapKorea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday.Tax revenue amounted to 289.3 trillion won in the January-August period, compared with 248.2 trillion won the previous year, according to the ministry.In August alone, the government collected 28.3 trillion won in tax revenue, up 3.7 trillion won from a year ago.Korea has seen a surplus in tax revenue as Asia's fourth-largest economy has recovered from the fallout of the pandemic.In the first eight months, the nation collected corporate taxes of 82.5 trillion won, up 27.7 trillion won from a year earlier, as corporate earnings increased. The collection of income taxes also rose 11.9 trillion won on-year to 91.1 trillion won.The collection of value-added taxes rose 4.2 trillion won to 58.3 trillion won, due largely to increased private spending and imports.But the collection of stock transacti

Sep 29, 2022
Tax revenue up 41 tln won through August
Cryptocurrency

Dunamu CEO cries foul over politicians' skepticism of cryptocurrencies

Dunamu CEO Lee Sirgoo delivers a keynote speech during the American Chamber of Commerce in Korea's (AMCHAM) blockchain seminar at Conrad Seoul, Thursday. Courtesy of AMCHAMAMCHAM hosts blockchain seminar for balanced regulationsBy Park Jae-hyukDunamu CEO Lee Sirgoo urged politicians to reform the current regulations on digital assets in line with international standards, without hesitating to express his concerns over lawmakers and government officials maintaining negative views concerning blockchain and cryptocurrencies.“I was summoned to next Thursday's National Assembly audit as a witness to answer questions on how to protect consumers amid the rapid growth of the virtual assets market and how to prevent accidents similar to the Terra-Luna crisis,” Lee said in his keynote speech during the American Chamber of Commerce in Korea's (AMCHAM) blockchain seminar, Thursday. “I have attended National Assembly audits several times, but I have always been unable to explain the industry's position to lawmakers.”The head of the company operating Upbit, the nation's lea

Sep 29, 2022By Park Jae-hyuk
Dunamu CEO cries foul over politicians' skepticism of cryptocurrencies
Economy

Trade terms hit record low in August

Containers for exports and imports are stacked at a pier in Korea's largest port city of Busan on Sept. 1. YonhapKorea's terms of trade fell to the lowest point in August, marked by a fall in prices of semiconductors and petrochemicals, central bank data showed Thursday.The nation's net terms-of-trade index for goods ― a gauge of overall trade terms ― came to 82.49 in August, down 10.3 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK).The reading marked the lowest number since relevant data began to be compiled in 1988.The index is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy for each unit of exports. A lower index means worse trade terms.The trade terms worsened last month as the overall import costs outgrew the export prices, according to the BOK data. (Yonhap)

Sep 29, 2022
Trade terms hit record low in August
Economy

Seoul shares open higher after rout amid recession fears

An electronic signboard, left, at the dealing room of Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI), Sept. 29. YonhapSeoul stocks opened higher tracking overnight Wall Street gains, after plunging to the lowest level in more than two years the previous session on growing recession fears.The Korean won also rebounded to the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 28.66 points, or 1.32 percent, to 2,197.95 in the first 15 minutes of trading.The KOSPI ended at 2,169.29 on Wednesday, the lowest since July 20, 2020, amid combative monetary tightening policies in major economies to stifle high inflation. The Korean won also tumbled to a 13-year low against the greenback.Overnight, U.S. stocks mounted a rally after the Bank of England moved to stabilize its financial markets by buying bonds.The Dow Jones Industrial Average added 1.88 percent, snapping a six-day losing streak. The SP 500 rose 1.97 percent, and the tech-heavy Nasdaq Composite went up 2.05 percent.In Seoul, most top-cap shares traded higher.Market bellwether

Sep 29, 2022
Seoul shares open higher after rout amid recession fears
Economy

Gov't to resume operating $6.9 bil. fund aimed at stabilizing market

Electronic signboards at a dealing room of Hana Bank in Seoul show the benchmark KOSPI fell 2.45 percent to 2,169.29 points, Wednesday, while the Korean currency closed at 1,439.9 won per dollar, weakening by 18.40 won from the previous close. YonhapKOSPI falls below 2,200; won-dollar rate nears 1,440By Yi Whan-wooThe Korean currency plunged below a 13-and-a-half-year low of 1,440 won per dollar at one point during Wednesday's trade, while the benchmark KOSPI closed under the 2,200 point level for the first time in more than two years.The won closed at 1,439.9 per dollar, depreciating by 18.4 won from Tuesday's close, after falling to as low as 1442.2 per dollar during intraday trading as the dollar strengthened relentlessly against other key currencies amid fears of disrupted energy supplies to Europe.It marked the first time for the Korean currency to slide below the 1,440 level since March 16, 2009, when it ended at 1,488 won in the midst of the 2008-09 global financial crisis.The won's extended losing streak against the greenback came as the U.S. dollar index against a basket of

Sep 28, 2022By Yi Whan-woo
Gov't to resume operating $6.9 bil. fund aimed at stabilizing market
Economy

Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable

GettyimagesbankFitch's rating for Korea has been AA-, the fourth-highest level on the agency's table, since September 2012.Fitch said Korea's robust external finances, resilient macroeconomic performance and a dynamic export sector are balanced against geopolitical risks from North Korea and structural challenges from an aging population.The agency forecast the Korean economy to grow 2.6 percent this year and 1.9 percent in 2023. It said a global slowdown and a switch to consumption on services will likely weigh on exports and facility investment.On inflation, the agency said the growth of Korea's consumer prices is likely to reach 5 percent by year-end and slow to 1.5 percent by the end of 2023.Consumer prices, a key gauge of inflation, jumped 5.7 percent on-year last month, slowing from a 6.3 percent surge in July, as global oil prices receded.The Bank of Korea (BOK) forecast Asia's fourth-largest economy to grow 2.6 percent and its 2022 inflation outlook stood at 5.2 percent.Fitch expected the BOK to raise its policy rate by another 25 basis points to 2.75 percent this year, despi

Sep 28, 2022
Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable
Economy

Seoul stocks sink to over 2-year low on recession woes; Korean won at over 13-year trough

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) trading 1.19 percent lower from the previous session on Sept. 28. YonhapSeoul stocks dropped to the lowest level in more than two years and the Korean won tumbled to a 13-year low Wednesday on deepening concerns over a global recession in the wake of aggressive monetary tightening in major economies.The benchmark Korea Composite Stock Price Index (KOSPI) fell by 54.57 points, or 2.45 percent, to end at 2,169.29, the lowest since July 20, 2020, when the market closed at 2,198.20.The KOSPI dived more than 3 percent on Monday before inching up 0.13 percent the following session.Trading volume was moderate at 586.26 million shares worth 9.06 trillion won ($6.28 billion), with decliners far outnumbering gainers 823 to 91.Institutions and foreigners sold a net 178.24 billion won and 149.74 billion won worth of shares, respectively, effectively offsetting buying by individual investors worth 325.1 billion won.The stock market opened lower, tracking an overnight fall on Wal

Sep 28, 2022
Seoul stocks sink to over 2-year low on recession woes; Korean won at over 13-year trough
Economy

Contribution Tax agency bolstering social welfare through Real Time Information

gettyimagesbankA stepping stone to addressing blind areas in the nation's benefit system By Kim Tae-hoNational Tax Service Vice Commissioner Kim Tae-hoSince the National Tax Service (NTS) was established in 1966, its main role was to collect taxes to finance the nation's revenue demands. In 2009, the NTS began distributing Earned Income Tax Credits as part of the government's effort to redistribute wealth and encourage work. Over the years, its role has grown in relation to assisting the government's welfare programs. The NTS is being asked to undertake broader responsibilities in delivering welfare benefits, particularly in response to difficulties posed by the pandemic and economic polarization. Tax administrations worldwide are responding to calls to assist in their governments' welfare and social insurance initiatives by paying out financial subsidies to citizens and providing income-related information to other agencies. To address challenges posed by the spread of COVID-19, the Korean government placed a high priority on building a social safety net that can protect job securit

Sep 28, 2022
[Contribution] Tax agency bolstering social welfare through Real Time Information
Economy

Retail sales up 15.4% in August amid eased virus curbs

Various food and other items are displayed at a department store in Seoul ahead of Chuseok, Aug. 19. YonhapRetail sales in Korea marked the largest on-year growth so far this year in August on the back of the increase in people's outdoor activities amid eased antivirus curbs and preparations for the Chuseok holiday, data showed Wednesday.The combined sales of 25 major offline and online retailers came to 14.61 trillion won S$10.21 billion) last month, up 15.4 percent from 12.7 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.It marked the sixth consecutive month of on-year growth.Sales from offline stores rose 14.5 percent in August on the solid demand for luxury goods, clothing and other fashion items, and sporting goods.Of the offline stores, department stores saw their sales surge 24.8 percent on-year, which was led by rising demand for foodstuff and clothing ahead of the Chuseok holiday, according to the ministry.Chuseok, or the Korean fall harvest celebration, fell on Sept. 10 this year.Sales of convenience stores also wen

Sep 28, 2022
Retail sales up 15.4% in August amid eased virus curbs
Economy

Seoul shares open lower on recession woes

An electronic signboard at the dealing room of Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI), Sept. 28. YonhapKorean stocks opened lower Wednesday, tracking overnight losses on Wall Street, amid lingering concerns over the impact of aggressive monetary tightening in major economies on growth momentum.The benchmark Korea Composite Stock Price Index (KOSPI) shed 11.98 points, or 0.54 percent, to 2,211.88 in the first 15 minutes of trading.Overnight, the Dow Jones Industrial Average shed 0.43 percent, while the tech-heavy Nasdaq Composite inched up 0.25 percent.The market has been in disarray, with the KOSPI sinking more than 3 percent on Monday before inching up 0.13 percent the following session, as aggressive monetary tightening in the United States and other countries to curb inflation stoked fears of an economic recession.In Seoul, top-cap shares traded mixed.Market bellwether Samsung Electronics inched down 0.18 percent, while chip giant SK hynix jumped 1.1 percent.Battery maker LG Energy Solutions grew 0.9 percent, but major chemical firm LG Che

Sep 28, 2022
Seoul shares open lower on recession woes
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