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Job market woes deepen in Korea
Posted : 2021-02-10 16:04
By Lee Kyung-min
Korea shed 982,000 jobs in January following social distancing measures that were strengthened on Dec. 8 due to a third wave of COVID-19 infections, continuing a rapid decline in jobs seen over the previous 11 months.
Data from Statistics Korea showed Wednesday that the year-on-year decline of nearly 1 million jobs amid the pandemic was the sharpest drop, comparable to 1.27 million lost in December 1998 in the aftermath of the Asian financial crisis.
Employment data in the forthcoming months is not expected to show a dramatic recovery since small- and medium-sized enterprises (SMEs) remained shut for the final two months of 2020 and have barely resumed operation in January.
Experts raise questions over gov t home supply plan
Posted : 2021-02-04 16:42
Updated : 2021-02-05 09:07
Minister of Land, Infrastructure and Transport Byeon Chang-heum speaks during a press briefing at the Seoul Government Complex in Gwanghwamun, Thursday. Courtesy of Ministry of Land, Infrastructure and Transport
Gov t to supply 836,000 new homes nationwide for next five years
By Lee Kyung-min
The government plans to supply 836,000 houses nationwide by 2025 through state-run redevelopment and reconstruction, as part of continued efforts to stabilize housing prices that have nearly doubled over the past few years.
This is a notable change from the two dozen previous botched real estate policies, defined by demand control including a heavier tax on multiple homeowners and tighter lending rules for mortgage seekers among other measures to curb property speculation.
Posted : 2021-02-03 19:59
Updated : 2021-02-03 21:23
Financial Services Commission Chairman Eun Sung-soo, speaks during a press briefing at the Seoul Government Complex in Gwanghwamun, Wednesday. Yonhap Outright abolishment not an option given foreign, institutional investors make up 80% of the market
By Lee Kyung-min
The Financial Services Commission (FSC) said Wednesday that it will extend a ban on short-selling until May 2, 90 days longer than its scheduled expiration date of March 15. The move is seen as a much-rushed measure designed to placate retail investors seeking collective action to vote in non-ruling party figures in the upcoming April mayoral by-election.
Starting May 3, short-selling will be allowed for shares of the top 200 companies on the benchmark KOSPI and those of the top 150 firms on the secondary Kosdaq. They account for a respective 22 percent of 917 KOSPI-listed companies and 10 percent of 1,470 KOSDQ-listed ones. Shares of other less frequently t