Articles by Park Han-na
Park Han-na
hnpark@heraldcorp.com-
Samsung Electronics, SK hynix likely to be subjected to new global tax rules
South Korean conglomerates Samsung Electronics and SK hynix are likely to be subject to a global minimum tax rate that multinational companies will have to pay regardless of where their headquarters are. Some 130 countries and jurisdictions, representing more than 90 percent of global gross domestic product, endorsed a set of tax plans aimed at addressing the tax challenges arising from the digitalization of the economy, according to the Paris-based Organization for Economic Cooperation and D
Economy July 2, 2021
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Fiscal chief promises blockbuster R&Ds funding to keep battery leadership
South Korea will carry out massive public-private R&D collaboration projects to capture the biggest share of the global rechargeable battery market by 2030, the country’s top economic policymaker said Thursday. Finance Minister Hong Nam-ki said the government will soon announce detailed strategic plans to make the country the largest producer of next-generation rechargeable batteries to stay ahead of global rivals. In 2020, Korean rechargeable battery makers topped the world marke
Economy July 1, 2021
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‘House prices may fall over rate hike, regulations’
Finance Minister Hong Nam-ki warned Wednesday that the housing market was overvalued, and that a scheduled tightening of loan regulations and a possible interest rate hike could see home prices fall. During a government meeting on the real estate market, Hong urged market participants to refrain from buying homes based on expectations of future price increases. “An inflow of liquidity into the housing market could slow down as the country is set to implement measures to slow the growt
Economy June 30, 2021
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Fiscal chief vows ‘complete’ economic recovery this year
Aiming for the complete recovery of the South Korean economy, the government will deploy a series of policies inducing domestic consumption and supporting pandemic-hit businesses and exporters in the second half, the Finance Ministry said Monday. “The direction of economic policy for the second half of 2021 was established with a focus on two goals -- complete economic recovery and a major structural transformation into a leading economy,” Finance Minister Hong Nam-ki said while
Economy June 28, 2021
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Korea’s financial vulnerabilities highest since 2008 financial crisis: BOK
South Korea’s central bank said Monday that the country’s financial vulnerabilities had increased to their highest level since the 2008 financial crisis, calling for efforts to prevent a deepening of the financial imbalance caused by the heated real estate and digital asset markets. The nation’s financial vulnerability index climbed to 58.9 in the first three months of 2021, surpassing 41.9, the figure it reported in the fourth quarter of 2019, before COVID-19 hit the country
Economy June 22, 2021
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[Market Close-up] Market drops over US Fed’s rate hike plan, but officials say Seoul safe from volatility
The Seoul stock market traded bearishly Thursday after the US Federal Reserve projected rate hikes in 2023, ending a brief winning streak this week on economic and corporate improvements. But upon watching the market drop in response to the Fed’s hawkish stance, South Korean policymakers expressed confidence about dealing with any resulting volatility in the financial market. First Vice Finance Minister Lee Eog-weon said Asia’s fourth-largest economy may be affected to some extent
Economy June 17, 2021
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South Korea’s financial system at risk over fast-growing household debt
South Korea’s household debt is inviting concerns about the country’s economic resilience as its accumulated debt has grown more, relative to income, than that of any other economy. Asia’s fourth-largest economy continues to see a rapid rise in household debt, largely due to increased borrowing to make ends meet in the aftermath of the COVID-19 pandemic and to fund real estate purchases and stock investments amid record-low interest rates. As of the end of March, outstandin
Economy June 14, 2021
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Employment rate recovers to 80% of pre-pandemic levels, minister says
The recovery of South Korea’s job market picked up steam as more than 600,000 positions were added back to the economy in May, surpassing that mark for the second consecutive month, government data showed Wednesday. Statistics Korea found that the number of employed people reached 27.6 million last month, 619,000 more than a year earlier, as Asia’s fourth-largest economy continued its recovery from the virus-caused downturn. The base effect from severe job losses last year lifted
Economy June 9, 2021
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State developer to slash 20% jobs over land purchase scandal
Two thousand employees at South Korea’s troubled state housing developer will be out of jobs as a result of a reform triggered by a massive land speculation scandal, the government said Monday. The Korea Land and Housing Corp. will streamline its organizational structure, cutting 20 percent of the company’s workforce, to focus on its key functions -- housing welfare and home supply. Other noncore administrative functions will be abolished or transferred to other bodies such as the
Economy June 7, 2021
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Seoul apartment prices near peak, finance minister says
Apartment prices in Seoul have risen to the levels where they were before the global financial crisis of 2008, which prompted a severe market correction, Finance Minister Hong Nam-ki said Thursday. “I have a serious concern about one-sided anticipation that the housing market will become unstable again in the second half of this year because of new regulations that will come into effect from June,” the minister said during a policy meeting. Along with the government’s hous
Economy June 3, 2021
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OECD upgrades South Korea’s GDP growth forecast to 3.8%
The South Korean economy is forecast to grow 3.8 percent this year on the back of strong export growth and expansionary macroeconomic policy, the Organization for Economic Cooperation and Development said Monday, ramping up its previous projection of 3.3 percent. “Strong overseas demand for IT products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable household
Economy May 31, 2021
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Korea to build mega biomedical database by 2028
The government will spend some 1 trillion won ($894.8 million) on building a mega database to collect medical information of 1 million people in a bid to foster the biohealth industry as a new growth engine, officials said Wednesday. “In response to the rapidly changing biotechnology industry environment, we will provide all-round support, such as R&D intensive investment in core technologies, including new drugs and innovative medical devices; commercialization support; expansion of
Economy May 26, 2021
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Renewed real estate measures coming up in June: finance minister
Finance Minister Hong Nam-ki said Thursday that the government will roll out changes to housing policies which may include real estate taxation reforms as early as next month. While maintaining the key framework and the stance of the real estate policy announced on Feb. 4, which focuses on easing building regulations and supporting redevelopment projects in urban areas to shore up the number of new houses, “some changes will be presented within the next month after collecting public opi
Economy May 20, 2021
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NH NongHyup launches biometric boarding service
NH NongHyup Bank, one of South Korea‘s five major banks, said Tuesday it has launched biometric boarding service via mobile applications for the first time as a financial institution here. Customers who registered their palm vein patterns at the bank’s branches will be able to travel aboard a domestic flight through contactless biometric boarding process at Gimpo International Airport, Jeju International Airport and Gimhae Airport, the bank said. Up until now, registration of bio
Market May 18, 2021
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Climate response fund to be set up in 2022 to bolster renewable energy transition
The South Korean government will support the development and commercialization of clean energy technologies and set up a climate response fund next year to achieve the goal of going carbon neutral by 2050. Finance Minister Hong Nam-ki said Monday that preparation for the scenario to achieve net zero emissions is “in full swing,” while stressing the importance of a preemptive policy response related to climate cooperation. South Korea plans to bolster its original target of reduci
Economy May 17, 2021
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