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Finance

Economy

Mon, July 4, 2022 | 15:33

Korea to overhaul visa system to attract more highly-skilled foreigners

The government has decided to fix its visa policy for foreign nationals in a bid to attract more highly-skilled professionals from abroad - a move aimed at tackling the population decline and reinvigorating the nation's growth potential. This move is part of the Yoon Suk-yeol administration's economic policy directions unveiled by the Ministry of Economy and Finance, Thursday...

Anna J. Park | 2022-06-16 16:54

Bank of Korea pressed to take 'big step'

The Bank of Korea (BOK) is under pressure to take a big rate hike of 50 basis points during the upcoming rate-setting meeting in mid-July, after the U.S. Fed decided on the “giant step” of increasing its benchmark rate by 0.75 percentage point. BOK Governor Rhee Chang-yong also left open the possibility of taking the unprecedented big step, saying that the central bank will “...

Lee Min-hyung | 2022-06-16 16:51

Fed attacks inflation with its largest rate hike since 1994

Korea to cut corporate taxes, redress industrial accident law

The government will cut the maximum income tax rate for businesses to 22 percent from 25 percent in a bid to facilitate corporate investments and create more jobs, while easing the property tax burden on homeowners. Beginning in July, the government will also work on the shortcomings of the so-called Serious Accidents Punishment Act and amend it if necessary. Effective from J...

Yi Whan-woo | 2022-06-16 16:40

Yoon vows bold deregulation, labor reforms amid stagflation fears

Ex-Bank of Korea chief takes helm of Yuhan Foundation

Former Bank of Korea Governor Kim Choong-soo has taken office as the new leader of the Yuhan Foundation amid hopes that the economics expert will help the non-profit organization fulfill its role further under his three-year tenure. Starting from Tuesday, Kim started his role as the new chairman of the educational and social organization. He is widely known for his economic e...

Lee Min-hyung | 2022-06-16 14:52

Korea's national debt tops 1,000 trillion won for 1st time

Korea's national debt surpassed the 1,000 trillion won ($781.07 billion) mark for the first time ever amid the government's expansionary fiscal spending to support the economic recovery, data showed Thursday.

2022-06-16 11:34

Import prices up in May due to rising oil prices

Korea's import costs grew in May as crude oil prices increased, central bank data showed Thursday.

2022-06-16 09:53

Gov't to closely monitor market after Fed's aggressive monetary tightening

The government will keep close tabs on the financial market following the Federal Reserve's overnight rate hike decision as worries are growing over heightening volatility from the U.S.' aggressive monetary tightening, the country's top financial policymaker said Thursday.

2022-06-16 09:46

Korea Times Forum features Policy Suggestions to Yoon Government

The Korea Times will host a forum, titled "Policy Suggestions to Yoon Government," at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, June 21. The forum will discuss the Yoon Suk-yeol administration's economic vision and offer suggestions to help businesses enjoy sustainable growth.

2022-06-15 17:29

Return to normalcy campaign accelerates employment

The country reported job growth for 15 months straight in May amid recovery momentum, but this growth may slow down due to inflation and other looming economic risks, according to officials and analysts, Wednesday. The outlook comes as Statistics Korea announced that the number of employed people nationwide increased by 935,000 year-on-year in May to mark the 15th consecutive...

Yi Whan-woo | 2022-06-15 16:55

Seoul stocks dive to fresh 19-month low amid woes over Fed's rate decision

Korean stocks sank to a fresh 19-month low Wednesday, extending their losing streak for a seventh day ahead of the U.S. Federal Reserve's interest rate decision amid high inflation and concerns over a global recession. The local currency also fell against the U.S. dollar.

2022-06-15 16:39

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