South Korea s service output and retail sales suffered in the fourth quarter of last year, amid tightened social distancing measures.
According to Statistics Korea on Tuesday, there was a decline in service output in the fourth quarter in all but one out of the country s 16 provinces and major cities.
Only Seoul saw a point-nine percent rise in service output, thanks to high real estate transactions with much of the industry concentrated in the capital region and a boom in the stock market. Strong performances in the insurance and finance industries also helped offset other setbacks caused by the pandemic. But retail sales were also down in almost all regions.
South Korea s Financial Services Commission decided Wednesday to extend the ban on stock short-selling until May 2nd.
Those who support the ban say it will reduce risks and volatility, while those against it want to use it to make money trading. The Financial Services Commission has decided to partially allow short-selling starting May 3rd. Short-selling will be allowed for shares of large firms listed on benchmark KOSPI and the secondary KOSDAQ. This includes 200 firms out of the 917 on KOSPI, and 150 out of the 1,470 on the KOSDAQ. Short-selling will still be banned for the remaining 2,37. Short-selling is the act of selling stocks that you have borrowed, then buying them back at a lower price later on.
This is according to the ministry s basic policy plans for 2021 announced on Monday.
The ministry s three main tasks for this year include laying a solid foundation for a carbon neutral society, producing tangible results under the Green New Deal initiative, and establishing a system to prevent environmental problems causing a threat to public health and safety. We will come up with a scenario to become carbon neutral by 2050. We will push to increase the 2030 greenhouse gas reduction target, and also cut greenhouse gases from the waste sector by 19 percent this year, compared to 2017.
The government also says it s aiming to bring 300-thousand units of electric or hydrogen cars to the roads this year.