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Korea

Japanese Companies Operating in Korea Pay a Low Tax Rate

Although Japanese companies earned nearly 48 trillion won in sales in Korea in the past four years, they paid only 300 billion won in taxes. According to the data the National Tax Service submitted to lawmaker Kim Doo-kwan of the ruling Democratic Party on Oct. 28, Japanese companies operating in Korea paid a total of 301 billion won in taxes ... Read More »

Czech gov’t foiled Korean arms smuggling plot, intelligence service says

The Czech intelligence services foiled a North Korean attempt to smuggle arms through the country, the country’s Security Information Service (BIS) and local media reports indicated this week. In a plot reportedly uncovered in 2012 and 2013 and uncovered by Slovakian outlet Deník N, a North Korean diplomat working as an economic attaché in Germany contacted a local businessman asking ... Read More »

Korean in net for smuggling 4.5kg of gold

A 32-year-old Korean national was arrested by the Department of Revenue Intelligence (DRI), an anti-smuggling wing of the customs department at the Jaipur airport with an illegal possession of 4.5 kg of gold in biscuit form. The price of the gold seized from the possession of the tourist worth nearly 1.85 crore in the international market. This is first ever ... Read More »

Taiwan and Korea move to expand their tech influence as US-China trade war drags on

With the United States and China still locked in a trade battle, non-Chinese tech companies in Asia are looking to seize on the opportunity and expand their influence in the tech industry. That maneuvering was on display at the Consumer Electronics Show this past week, one of the world’s largest consumer technology trade shows where more than 4,500 companies put ... Read More »

Korea’s Exports Fall 10.3 Percent in 2019

South Korea’s exports fell 10.3 percent on year in 2019, the first two-digit decline in 10 years. The Ministry of Trade, Industry and Energy (MOTIE) said on Jan. 1 that Korea’s exports in 2019 totaled US$54.41 billion, down 10.3 percent from 2018. As a result, Korea posted a negative growth in exports in three years since 2016. It is the ... Read More »

China-Japan-Korea summit: Business alone won’t heal deep wounds

Riven by legacies of unimaginable war atrocities, decades of Japanese occupation and colonial rule, Asia’s top three economies — China, Japan and South Korea — held a meeting last week. The heads of government for the three countries met in the thriving Chinese city of Chengdu and pledged, among other things, to accelerate their long-standing free-trade negotiations. That’s an admirable ... Read More »

Korea’s exports down 2% in first 20 days of December

South Korea’s exports fell 2 percent in the first 20 days of December mainly due to decreased shipments of semiconductors and ships, customs data showed Monday. The country’s exports stood at $30.4 billion in the Dec. 1-20 period, compared with $31.06 billion in the same period last year, according to the Korea Customs Service. By product, exports of semiconductors and ... Read More »

‘Shipbuilders, chipmakers tipped to turn around in 2020’

South Korea’s major exporters such as shipbuilders and chipmakers are likely to see their business performances improve next year as eased uncertainties over the Sino-American trade dispute help jack up demand overseas, analysts said on Monday. Last week, the United States and China announced a much-awaited phase-one deal for their protracted trade war, which has weighed heavily on the global ... Read More »

Korea is the ‘most undervalued’ equity market in North Asia

South Korean stocks are currently the “most undervalued” among the North Asian equity markets, according to one strategist from State Street Global Markets. South Korea’s market performance has lagged far behind its regional peers so far this year. Into Monday’s market close, the Kospi has only risen around 2.3% year to date. In comparison, Japan’s Nikkei 225 has soared about ... Read More »

Korea’s Trade Dependence on China Soars in Seven Years

The Korea International Trade Association announced that North Korea’s trade with China accounted for 91.8 percent of the total trade value of North Korea last year, increasing more than five-fold in seven years. Back in 2001, Japan, China and South Korea accounted for 30.1 percent, 17.3 percent and 8.8 percent of North Korea’s total trade value, respectively. Last year, however, ... Read More »

Japan beer exports to Korea hit zero amid trade spat

Japanese beer exports to South Korea hit zero last month amid boycotts sparked by a simmering trade row between the Asian neighbours. Official figures on Thursday showed Japan food exports were down 58.1% in October, according to broadcaster NHK. Sake shipments tumbled more than 90% and instant noodles also flat-lined, it said. What began as a diplomatic feud over wartime ... Read More »

Korea’s Exports Likely to Decrease Even If US-China Trade Talks Succeed

The International Monetary Fund (IMF) said in its report that the potential trade agreement between the United States and China is likely to include managed trade elements, that is, purchases from each other, the agreement is expected to contribute to the global economy in the form of lower tariffs and reduced policy uncertainties, and yet exports from South Korea, Japan ... Read More »

President Moon to Meet with Chinese Business Leaders in December

President Moon Jae-in will meet with key business leaders from China at the Blue House on Dec. 4 as part of his efforts to lift China’s prolonged ban on Korean products. The Korea Chamber of Commerce and Industry (KCCI) told officials of major Korean companies such as Hyundai Motor and SK on Nov. 14 that a dialogue between Korean and ... Read More »

Korea’s Auto Industry Loses 10,000 of Its Workers This Year

With Korea’s vehicle output falling rapidly, the number of employees in the automobile industry declined by about 10,000 this year. That is, about 1,000 workers per month have left the industry. As the automobile industry, which is a foundation of the Korean manufacturing industry, undergoes a crisis of “production cliff,” workplaces and jobs are disappearing at once, causing concerns that ... Read More »

Descente slashes net profit outlook by 82% amid Korea boycott of Japanese goods

Sportswear-maker Descente Ltd. on Wednesday sharply slashed its net profit outlook for fiscal 2019, hit by a widespread boycott of Japanese products in its mainstay South Korean market. The seller of Umbro, Le Coq Sportif and Munsingwear brands said it expects group net profit to plummet 82.3 percent to ¥700 million ($6.4 million) in the year to March 2020, down ... Read More »

Korean Government Completes Procedures for CABEI Membership

The South Korean government announced on Oct. 31 that an amendment to the Act on the Measures for the Admission to International Financial Institutions passed the plenary session of the National Assembly. The purpose of the amendment is for South Korea to become a member of the Central American Bank for Economic Integration (CABEI). The multilateral development bank, which has ... Read More »

2 Firms in Japan Framed in Car Smuggling to N. Korea: Probe

Two companies in Japan allegedly involved in the smuggling of German-made luxury cars to North Korea handled the vehicles without knowing that they were bound for the reclusive country, according to a summary of an investigation report by a team of lawyers. Mino Logistics Japan Co. in the western city of Osaka and affiliated Zuisyo Co. in Hyogo Prefecture, near ... Read More »

Vietnamese woman accused of smuggling drugs to Korea

A Vietnamese woman was nabbed by police in her home country for allegedly trying to smuggle drugs into Korea, a Vietnamese media outlet said. The VN Express reported that Le Thi Loan, a 29-year-old Vietnamese national married to a Korean man, was caught Wednesday for allegedly attempting to traffic narcotics to Seoul. Vietnamese police seized another Vietnamese woman with 140 ... Read More »

Korea cuts rates to record low to boost growth

The Bank of Korea on Wednesday cut its main policy rate by a quarter point to a record low of 1.25 per cent to shore up growth as the export-driven economy struggles with global trade frictions and weaker chip prices. Calls for monetary policy easing have increased recently, following the country’s first drop in consumer prices in September and 10 ... Read More »

Samsung Electronics flags 56% fall in third quarter profits

Samsung Electronics says it expects operating profits to drop more than 50% in Q3 amid a continued slump in the global chip market. Operating profits for July to September was expected to reach 7.7 trillion won (US$6.4 billion), down 56.2% from a year earlier – this from the world’s largest maker of smartphones and memory chips. It marks the fourth ... Read More »