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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.
By Lee Kyung-min
The U.S. GameStop saga is unlikely to materialize in Korea, due largely to a tighter financial market system where small retail investors have limited influence in spiking up share prices through short-selling, according to market watchers, Wednesday.
The much-politicized investment method is widely used by foreign and institutional investors seeking profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.
Melvin Capital Management, a New York-based hedge fund that bet against the American consumer electronics and gaming merchandise retailer, lost over half its assets after the shares skyrocketed 2,000 percent in January, driven by organized purchases from small retail investors seeking to dry up short-selling funds. The firm s assets dipped to $8 billion as of January, from $12.5 billion in early 2000.
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