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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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Economy

Hong Kong remains important trade partner for S. Korea

A view of Hong Kong's Kwai Tsing container terminal / gettyimagesbankTrade set to expand when Hong Kong joins RCEPBy Kim Bo-eunHONG KONG ― The geopolitical situation in Asia continues to evolve, but Korea and Hong Kong remain important trading partners, data shows. Bilateral trade is set to get a further boost in the coming years when Hong Kong joins the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade bloc, which Korea is also a member of.In the first three month of this year, Hong Kong's exports to Korea totaled $2.38 billion, up 10.8 percent compared to the same period of 2021, figures released by Hong Kong's Census and Statistics Department on Thursday showed, although there was a small year-on-year fall of 1.1 percent in March.Data from the Korea International Trade Association shows Hong Kong was Korea's seventh-largest trade partner as of 2021, with the value of exports and imports adding up to $39.71 billion. This figure was up 23 percent from $31.19 billion in 2020. Korea is Hong Kong's fifth-largest trade partner.Hong Kong was the fourth-largest

Apr 28, 2022By Kim Bo-eun
Hong Kong remains important trade partner for S. Korea
Economy

Finance minister nominee says fiscal policymakers should join monetary policy meetings

Choo Kyung-ho, right, the nominee for deputy prime minister and minister of economy and finance, attends a meeting of the presidential transition committee at its office in Jongno District, Seoul, Monday. Joint Press CorpsBy Yi Whan-wooDeputy Prime Minister and Minister of Economy and Finance nominee Choo Kyung-ho cited the need for key fiscal policymakers to maintain their right to join monetary policy meetings of the central bank and speak up with their opinions.Choo's view comes amid the growing importance of coordination between fiscal and monetary policies, with the incoming Yoon Suk-yeol administration seeking to expand government spending and curb soaring inflation at the same time. The vice finance minister and the Financial Services Commission (FSC) vice chairman have the right to attend Bank of Korea (BOK) monetary policy meetings if they find it necessary and share their thoughts on issues that require a policy mix.But no fiscal policymakers have exercised such rights since February 2013.“Such rights should not be discarded but should be kept for joint responses on t

Apr 28, 2022By Yi Whan-woo
Finance minister nominee says fiscal policymakers should join monetary policy meetings
Economy

Hometax video contest winners

National Tax Service (NTS) Vice Commissioner Lim Kwang-hyun, center, poses with winners of a short-form video contest, Thursday. Each of the contestants, who are NTS officials, produced tutorial videos on the tax agency's electronic tax invoice system Hometax. Courtesy of NTS

Apr 28, 2022
Hometax video contest winners
Economy

Incoming gov't to provide COVID-19 relief grants to 5.51 million small businesses

Transition team chief Ahn Cheol-soo explains the incoming government's plans to support pandemic-hit small businesses during a press conference at the transition team's office in Seoul, April 28. YonhapThe incoming government of President-elect Yoon Suk-yeol plans to provide COVID-19 relief grants to 5.51 million small businesses and merchants immediately after an extra budget bill is passed, Yoon's transition team said Thursday. Transition team chief Ahn Cheol-soo, who also doubles as the head of the team's special COVID-19 response panel, announced a 100-day road map that aims to fully compensate the pandemic-hit small business owners after working on it for about a month. Ahn said 5.51 million small businesses suffered an estimated 54 trillion won ($42.4 billion) worth of damage in the past two years due to the pandemic."The exact calculation of damage is the basic of the basics," Ahn said. "I cannot understand why (the current government) has not done it."Ahn added the incoming government plans to provide grants based on the businesses' size and revenue losses, meaning those who

Apr 28, 2022
Incoming gov't to provide COVID-19 relief grants to 5.51 million small businesses
Economy

FSC unveils guideline on 'fractional investment' to enhance investor protection

The Financial Services Commission headquarters in Seoul / YonhapKorea's financial regulator unveiled a guideline on the operation of "fractional investment," Thursday, vowing to step up monitoring of the fast-growing industry.The Financial Services Commission (FSC) also said it will determine whether fractional investment has the nature of "securities" by "comprehensively" taking into consideration terms of contracts and details on investment methods of each case.The guideline came about a week after the FSC categorized Musicow, the country's first copyright trading platform, as a tool for securities trading, a decision that will put the tech startup under regulatory monitoring.Launched in 2016, Musicow allows investors to buy or sell a stake in music copyrights on its platform in a way similar to securities trading. Despite such similarities and a fast-growing user base, especially among those in their 20s and 30s, the company has not been under the same regulatory scrutiny as other financial services firms, raising worries that investors would not be sufficiently protected if it we

Apr 28, 2022
FSC unveils guideline on 'fractional investment' to enhance investor protection
Economy

Trade terms worsen for 12th month in March amid fast-rising import prices

The Bank of Korea / Yonhap Korea's terms of trade worsened for the 12th straight month in March as import prices rose at a faster pace due mainly to the rising costs for buying oil and commodities, central bank data showed Thursday.The nation's net terms-of-trade index for goods ― a gauge of overall trade terms ― stood at 87.3 last month, down 6.3 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK).This marked the 12th straight month that the index has declined year-on-year since April when it fell 0.6 percent.The BOK said the worsened trade terms were due to fast-rising import prices amid global supply disruptions and the war in Ukraine. Korea depends heavily on imports for energy needs.Import prices jumped 22.2 percent year-on-year in March, while export prices grew 14.5 percent over the same period, the data showed. (Yonhap)

Apr 28, 2022
Trade terms worsen for 12th month in March amid fast-rising import prices
Economy

Retail sales up 7% in March amid worst COVID-19 wave

gettyimagesbankRetail sales in Korea rose 7.1 percent in March from a year earlier on the back of growing demand for foodstuff, daily items and luxury goods amid the worst wave of the COVID-19 pandemic, the industry ministry said Thursday.The combined sales of 25 major offline and online retailers reached 13.69 trillion won ($10.81 billion) last month, up from 12.8 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.Sales from offline stores rose 6.3 percent, with demand for luxury goods surging 21.1 percent and foodstuff 6.1 percent, the data showed.People appear to have purchased more luxury goods instead of spending vacations overseas amid the Omicron-driven worst wave of the pandemic across the country, ministry officials said.Among offline retailers, department stores saw their sales advance 7.8 percent on rising demand for luxury goods and their various promotions in spring.Convenience store sales increased 11.5 percent, thanks to solid demand for smaller packages of food and living items.Smaller supermarkets saw their sales

Apr 28, 2022
Retail sales up 7% in March amid worst COVID-19 wave
Economy

Business sentiment improves for May on expectations for more demand

gettyimagesbank Korean's business sentiment improved for May amid expectations that the government's lifting of COVID-19 pandemic-related curbs could boost demand, a central bank poll showed Thursday.The business sentiment index (BSI) for local companies came to 86 for May, up three points from the previous month, according to the survey by the Bank of Korea (BOK).The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists.The rise came as the government recently lifted most social distancing rules, except for the mask mandate, as part of efforts to return to normal from the coronavirus pandemic.The BSI for manufacturers rose from 85 to 88 over the same period, and the index for non-manufacturing firms from 82 to 85.The sentiment for manufacturers, in particular, improved in the hope that demand for such products as cosmetics and others will mount, the BOK said.The BSI for large comp

Apr 28, 2022
Business sentiment improves for May on expectations for more demand
Economy

Korea to stabilize FX market amid won's fall against US dollar

Finance Minister Hong Nam-ki / YonhapKorea's top economic policymaker said Thursday the government will take measures to stabilize the foreign exchange market, if needed, as the Korean currency has fallen against the U.S. dollar at a fast pace.Finance Minister Hong Nam-ki made the verbal intervention as the Korean currency hit an over two-year low against the greenback Wednesday amid heightened external economic uncertainty.The local currency ended at 1,265.20 won against the greenback, down 14.4 won from Tuesday's close. It marked the first time in more than two years that the won slid to the 1,260 level."The government is closely monitoring the FX market in a bid to curb (the won's) excessive one-sided movements, and it plans to take measures to stabilize the market, if needed," Hong said. (Yonhap)

Apr 28, 2022
Korea to stabilize FX market amid won's fall against US dollar
Economy

Korean won dips to lowest level in 25 months on growing uncertainties

An electronic signboard at Hana Bank in Seoul shows the Korean currency closing at a 25-month low of 1,265.20 won per dollar, up 14.40 won from the previous close, Wednesday. YonhapRapid depreciation feared to take toll on stock market, stoke inflation furtherBy Yi Whan-wooThe Korean won dipped to the lowest level in over two years Wednesday, as the local currency is quickly losing ground against the U.S. dollar amid lingering uncertainties over a faster-than-expected U.S. Federal Reserve tapering coupled with fears of slowing growth in China.The weakening of the local currency can be a double-edged sword for the Korean economy, while the rapid depreciation could do more harm than good by stoking inflation further and having a far-reaching impact on the entire Korean economy.The won closed at 1,265.20 won against the greenback Wednesday, down 14.40 won from Tuesday's close and the weakest level since March 23, 2020 when it ended at 1,266.50 won.The won's depreciation is attributed to investors' growing preference for safe haven assets fueled by increased external economic risks assoc

Apr 27, 2022By Yi Whan-woo
Korean won dips to lowest level in 25 months on growing uncertainties
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