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hongnamki

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Greenbelt-protected land may be developed

Despite the dire housing shortage in Seoul and a brewing property bubble, 150 square kilometers (58 square miles) sits virtually empty within the city. The government has its eye on these areas and is hoping to develop of the land.

2020.7.16

A shopper in front of the meat section at a discount mart in Seoul on Thursday. While the consumer price was flat in June, meat prices went up thanks to the emergency relief grant. Pork prices were up more than 16 percent while Korean beef went up 10 percent. [YONHAP]

Deflation bullet dodged by rounding up to 0

Inflation was essentially flat last month, with the government giving itself a gimme because the number was close enough to zero.Consumer prices in June fell 0.01 percent on year.

2020.7.2

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Finance Minister Hong Nam-ki announces a plan to tax profits on stock investment starting 2023 during a meeting at the government complex in Seoul on Thursday. [YONHAP]

Profits from stock market to be taxed in 2022

The government proposed to tax annual net profits exceeding 20 million won ($16,500) made from investments in stocks and other financial instruments, which could affect many retail investors.

2020.6.25

Finance Minister Hong Nam-ki, right, heads to a meeting of ministers at the government complex in Seoul on Tuesday. [YONHAP]

There's no such thing as a free lunch, Hong confirms

The basic income is facing significant resistance at the highest levels.Finance Minister Hong Nam-ki said he “could not agree” with the idea of granting every person in the country a monthly stipend.

2020.6.16

Finance Minister Hong Nam-ki, third from left, speaks during the government meeting held in Seoul on Thursday. [YONHAP]

Assets of struggling companies to be purchased by government

At least 2 trillion won ($1.67 billion) of struggling company assets are to be purchased by a government-backed fund as the administration continues to support stressed balance sheets in corporate Korea. Some chaebol will be included in the program.

2020.6.11

People line up at a job center in Jung District, central Seoul, on Wednesday to attend a presentation on how to apply for unemployment paychecks. [YONHAP]

Record unemployment figures, but job loss is starting to slow

According to Statistics Korea on Wednesday, 392,000 fewer people were employed in May compared to a year earlier, bringing the total number of employed people to 26.9 million. Total unemployed in May stood at 1.27 million.

2020.6.10

Finance Minister Hong Nam-ki, left, and Prime Minister Chung Sye-kyun in a cabinet meeting in central Seoul on Wednesday where the government announced on the size of the third supplementary budget for this year. [YONHAP]

Supersized supplementary budget is proposed

A supersized supplementary budget was proposed by the government on Wednesday, with the package weighing in at a whopping 35.3 trillion won ($29 billion).If passed, it will be the largest extra budget ever.

2020.6.3

President Moon Jae-in hosts an emergency economic meeting, his first in 40 days, at the Blue House on Monday. [YONHAP]

Moon's Korean New Deal detailed

The government vowed on Monday to invest 76 trillion won in Korean New Deal by 2025.The goal is to get Korea through the coronavirus crisis and create stable jobs i through sustainable growth concentrating on digital and green industries.

2020.6.1

The entry of Kia Motor's plant in Gwangju on May 25. The plant has been shut down since May 25 due to the declining sales overseas. [YONHAP]

Soup-to-nuts support being offered by the government

A special 500 billion won loan guarantee facility will be established by the government, with some help from the auto manufacturers, to support car parts companies.Major sales events will be held for two weeks to support small business.

2020.5.28

Finance Minister Hong Nam-ki, second from right, speaks during a government emergency economic council meeting on Thursday at the government complex in central Seoul. [YONHAP]

1.6 million new jobs promised by the government

The minister said the hiring of 48,000 government and government-owned institution employees and public companies employees starting this month will be accelerated.

2020.5.14