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Weak South Korean economy and cooling North Korea ties threatening Moon Jae-in’s political future

SEOUL – South Korea’s Moon Jae-in has staked his presidency on tackling two big challenges: North Korea and the economy. Both are proving to be stubborn foes. The country’s gross domestic product contracted 0.3 percent in the first quarter — the biggest decline in a decade — the Bank of Korea said Thursday. The blow came just two days before ... Read More »

Finance minister stresses innovation at industrial trade fair in Russia

SEJONG :South Korea’s chief economic policymaker said Monday that innovation is one of the important values sought after in many industries and stressed that positive changes from such innovation should be shared with many people. Seoul’s Finance Minister Kim Dong-yeon made the remarks in a keynote speech at INNOPROM-2018, the major industrial trade fair which runs in Ekaterinburg, Russia, from ... Read More »

Man arrested at OR Tambo after almost R7m found in luggage

PRETORIA – A 27-year-old man was arrested and R6.9-million in cash in American and South African currency was seized at the OR Tambo International Airport, police say. A team acting on intelligence intercepted luggage suspected of containing undeclared cash on Saturday. After verifying that the bag did indeed contain an amount of $199,300 and R4,5-million — which is a total ... Read More »

South Korea’s Mar ethanol imports up 53%

SEOUL: South Korea’s ethanol imports rose 52.52% year on year to 28,946 mt in March, and were up 10.25% month on month, Korea Customs Service data released Wednesday showed. Undenatured ethanol comprised 14,895 mt of the total, up 91% year on year and up 111.13% from February. Australia was the main supplier of undenatured ethanol in March at 10,042 mt, ... Read More »

South Korea’s November Iran crude oil imports fall to 5month low

SEOUL: South Korea’s Iranian crude oil imports in November dropped to the lowest level since June, due to reduced shipments from the Middle Eastern country to Asia affected by its production issues. South Korea’s November imports from Iran were around 1.3 million tons, or 316,575 barrels per day (bpd), customs data showed on Friday. The import volume was 25.2 percent ... Read More »

South Korea to tax Bitcoin profits, ban foreigners from trading,

SEOL: South Korea will ban minors and foreigners from trading in virtual currency or creating bank accounts for them in the country, the government announced. The announcement follows an emergency meeting by deputy ministers of financial regulators due to overheated security trading in virtual currency. Last week, the price of Bitcoin, the most popular of the currencies, fluctuated between 14 ... Read More »

South Korea’s visa extension refusal to tax-debt foreigners pays off

  SEOL: The government has refused to extend the visas of foreigners with unpaid taxes since May. And the crackdown has paid off, data shows. Many foreigners have cleared their debt to get an extension, with voluntarily paid overdue taxes reaching 8.2 billion won ($8.26 million) between May and September, Ministry of Justice data showed Friday. It accounted for 5 ... Read More »

US Customs voews to block imports made by North Korea workers

  SEOUL: U.S. Customs and Border Protection says it is ready to block U.S. imports of seafood — as well as any other goods — produced by North Korean laborers who work in China. An Associated Press investigation tracked salmon, squid and cod processed by North Korean laborers working abroad to American stores, including Walmart and ALDI. The North Korean ... Read More »

South Korea targeting double-digit jump in tax revenue

SEOUL: South Korea’s Ministry of Strategy and Finance has said it will aim to increase tax revenues by 10.9 percent during the 2018 Budget period. The Ministry said this would be on top of the increased revenues brought about by the 2017 tax reform bill, which was enacted on December 20, 2016, but it did not disclose details of potential ... Read More »

Shipping companies fined by Korean FTC for collusion

SEOUL: A total of nine automobile shipping companies from four countries, including Korea and Japan, have been fined 43 billion won (US $43 million) for illegal collusion. The Korean Fair Trade Commission (FTC) announced on August 21 that nine operators of automobile shipping services from Korea, Japan, Norway and Chile had engaged in collusion in the bidding for contracts with ... Read More »

South Korea’s exports post double-digit increase for Aug2017

SEOUL: South Korea’s exports posted a double-digit increase during the Aug. 1-20 period due to demand for semiconductors and oil products, customs data showed Monday. Exports, which account for about half of the economy, reached 25.1 billion US dollars for the first 20 days of this month, according to the Korea Customs Service. It was 11.6 percent up from the ... Read More »

India notifies rules for safeguard probes against South Korea

NEW DELHI: The government has come out with a set of procedures to start investigations aimed at imposing safeguard duty against import from South Korea, with which India has a free trade agreement in place. The move comes against the backdrop of surge in gold imports from South Korea. India and South Korea implemented a comprehensive free trade agreement (FTA) ... Read More »

South Korea logs 66 straight months of trade surplus in July

SEOUL: South Korea’s trade surplus remained in the black for the 66th month in a row in July amid brisk outbound shipments, customs data showed Tuesday. The country’s trade surplus came to US$10.3 billion last month, slightly down from a surplus of $10.7 billion tallied a month earlier, according to the data from the Korea Customs Service. Asia’s fourth-largest economy ... Read More »

South Korean corporate tax hike risks investment decline

SEOUL: South Korean President Moon Jae-in, elected in May following the impeachment of his predecessor Park Geun-hye, wants to raise the corporate income tax rate for large companies to provide more resources for social welfare spending. On the surface, South Korea seems to have ample room to do this, given that its corporate tax rate is low in comparison to ... Read More »

South Korea’s KOMIPO buys 750,000t of coal for Oct-H2 2018

SEOUL: South Korea Midland Power Co Ltd (KOMIPO) has bought a total of 750,000 tonnes of coal for loading between October and the second-half of 2018 via tenders, a source from the utility said on Tuesday. The utility has bought 250,000 tonnes of Australian coal for October while the rest will be shipped from South Africa, the source said without ... Read More »

South Korea’s per capita GDP to overtake Italy in 2018

SEOUL: South Korea’s per capita gross domestic product is expected to edge past Italy’s in 2018, the government predicted Sunday, based on growth forecast data. The prediction, if it is met, will place the country’s per capita GDP at slightly more than $30,000 and just over that of the European country. South Korea was ranked 29th worldwide, with Italy standing ... Read More »

South Korea posts biggest services account deficit in H1 on falling Chinese tourists

SEOUL: South Korea posted the biggest-ever services account deficit in the first half of this year as a falling number of Chinese tourists visiting the country led to a surge in the travel account deficit, central bank data showed Thursday. Services account balance, which measures the flow of travel, transport costs and royalties, logged a deficit of 15.74 billion U.S. ... Read More »

South Korea’s exports grow for ninth straight month

SEOUL: South Korean exports expanded for a ninth straight month in July on growing overseas demand for computer data storage devices, memory chips and other goods, as the global economy gains strength. Exports in July rose 19.5% from a year earlier to $48.85 billion after the prior month’s revised 13.6% gain, according to preliminary data from the trade ministry and ... Read More »

South Korea to unveil tax hike plan next week

SEOUL: The South Korean government will unveil its plan to increase taxes for the superrich and biggest businesses next week, government officials said Saturday. On Wednesday, Finance Minister Kim Dong-yeon is scheduled to announce a set of tax code revisions, which is regularly done twice a year, they said. The issue of a tax increase has emerged as a hot ... Read More »

South Korea July exports seen posting double-digit growth on tech boom

SEOUL: Robust demand for South Korea’s memory chips and ships are expected to have boosted exports for a ninth month in a row in July, a Reuters poll showed on Wednesday, underscoring strengthening momentum in Asia’s fourth-largest economy. The median forecast of the 10 analysts polled was for exports to soar 17.4 percent from a year earlier, accelerating from 13.6 ... Read More »