Friday , February 23 2018
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Korea

Korea aims to increase medical device exports to Saudi Arabia

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SEOUL: Representing the Saudi side are ranking SFDA officials, including Vice Executive for Medical Devices Nazeeh Alothmany, Executive Director of Registration and Licensing Abdullah Salem Al-Dobaib, and Executive Director of Surveillance and Biometrics Essam M. Al Mohandis. They will also visit Osong Medical Innovation Foundation, a clinical trial examination institute for medical devices, on Thursday, and a local medical device ... Read More »

North Korea economy on Turnbull US agenda

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SEOUL: Malcolm Turnbull will talk North Korea and business tax cuts with Donald Trump in Washington as he takes a break from the Barnaby Joyce scandal. The prime minister has lined up a series of high-level meetings with top US officials, as well as a visit to the White House with President Trump. Mr Turnbull is expected to address the ... Read More »

Seoul opposes Washington’s plan to slap extra tax on steel imports

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SEOUL: South Korea’s steel manufacturers over the weekend, following the latest signals from the United States to drastically increase the tariff rate for steel imports as part of President Donald Trump’s trade protectionist policy. While figuring out a countermeasure, companies complained that the suggested action plan was not only excessive but also unfair as it unaccountably excluded some of the ... Read More »

South Korea’s January crude imports from iran fall

SEOUL: South Korea’s crude oil imports from Iran fell 47% in January from a year ago to 950,013 tons, or 224,632 barrels per day, the lowest since October 2016, customs data showed on Thursday.  The fall in South Korea’s Iranian oil intake partly reflects the sinking last month of an Iranian tanker carrying 136,000 tons of condensate after a collision ... Read More »

S.Korea’s Jan crude imports from Iran fall to 15month low

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SEOUL: South Korea’s crude oil imports from Iran fell 47 percent in January from a year ago to 950,013 tonnes, or 224,632 barrels per day (bpd), the lowest since October 2016, customs data showed on Thursday. The fall in South Korea’s Iranian oil intake partly reflects the sinking last month of an Iranian tanker carrying 136,000 tonnes of condensate after ... Read More »

S.Korea’s Jan crude imports from Iran fall to 15month low

iran

SEOUL:  South Korea’s crude oil imports from Iran fell 47 percent in January from a year ago to 950,013 tonnes, or 224,632 barrels per day (bpd), the lowest since October 2016, customs data showed on Thursday. The fall in South Korea’s Iranian oil intake partly reflects the sinking last month of an Iranian tanker carrying 136,000 tonnes of condensate after ... Read More »

South Korea indicates it will take more permissive stance on cryptocurrencies

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SEOUL:  South Korea’s government gave the strongest signal yet that it will allow cryptocurrency exchanges to keep operating in the country, a welcome development for traders who had feared an outright ban in one of the world’s biggest markets for digital assets. Policy makers will focus on making cryptocurrency trading transparent rather than outlawing it altogether, Hong Nam-ki, minister of ... Read More »

South Korea’s Jan ethanol imports drop 32% on month

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SEOUL: South Korea’s ethanol imports slid 32% month on month to 23,018 mt in January, according to data released Tuesday by the Korea Customs Service. The imports in January, however, spiked 215% from 7,308 mt in January 2017. The import volume of undenatured ethanol fell 23.8% from December to 10,940 mt in January. Australia was the biggest supplier of undenatured ... Read More »

S. Korea to seal currency swap deal with Switzerland

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SEOUL: South Korea is going to sign a currency swap deal with Switzerland, all eyes are on whether the country will be also able to clinch a bilateral currency swap agreement with Japan and the United States. The Bank of Korea (BOK) will sign the 11.2 trillion won (US$10.6 billion) agreement in Zurich, Switzerland, on February 20. The currency swap deal ... Read More »

South Korea eyes Myanmar investments in manufacturing

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SEOUL: South Korea cooperation in six ongoing highway projects, which includes the $1.9 billion, 460 kilometer Mandalay-Myitkyina Expressway and the $2 billion, 811 km Pathein-Monywa-Shwebo Road. There are also opportunities for the private sector to contribute to highway upgrading and bridge construction. U Min Min Oo, Assistant Secretary at the MOEE, said investments across the entire Myanmar oil and gas ... Read More »

South Korea reports third straight annual budget surplus in 2017

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SEOUL:  South Korea reported a budget surplus for a third straight year in 2017 after a rise in corporate tax payments boosted government revenue, official figures showed on Friday. Gross revenue for 2017 was 359.5 trillion won ($328.79 billion), while expenditures amounted to 342.9 trillion won, resulting in a surplus of 16.2 trillion won, the finance ministry said in a ... Read More »

S. Korea’s agro-food exports jump 14 pct in Jan

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SEOUL: South Korea’s exports of agricultural products and food sharply rose in January, aided by a jump in shipments to Japan, China and other Asian countries, the government said Thursday. South Korea exported US$557 million worth of agricultural products and food in January, up 13.7 percent from $490 million tallied a year earlier, according to the Ministry of Agriculture, Food ... Read More »

North Korea earned US$200m from banned exports

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SEOUL: North Korea violated United Nations sanctions to earn nearly US$200 million in 2017 from banned commodity exports, according to a confidential report by independent UN monitors, which also accused Pyongyang of supplying weapons to Syria and Myanmar. The report to a UN Security Council sanctions committee, seen by Reuters on Friday (Feb 4), said North Korea had shipped coal to ports, ... Read More »

Korea earned $200m from banned exports

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SEOUL: North Korea violated United Nations sanctions to earn nearly $200 million in 2017 from banned commodity exports, according to a confidential report by independent U.N. monitors, which also accused Pyongyang of supplying weapons to Syria and Myanmar. The report to a U.N. Security Council sanctions committee, seen by Reuters on Friday, said North Korea had shipped coal to ports, ... Read More »

Bitcoin’s brutal week is even worse in south korea

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SEOUL: The deepening selloff in cryptocurrencies has just claimed another victim: Bitcoin’s kimchi premium Prices for the virtual currency in South Korea have tumbled back in line with those on overseas exchanges for the first time in seven weeks, erasing a gap that had swelled to 51 percent in early January. The premium had been so persistent  and so unique ... Read More »

South Korea ends anonymous Cryptocurrency trading

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SEOUL: Korean cryptocurrency traders will no longer be able to trade cryptocurrencies like Bitcoin and Ethereum anonymously. Last week, major cryptocurrency exchanges in the local market including Korbit and Bithumb announced that starting Jan. 30, anonymous traders will be prohibited from investing in the market. Beginning today, investors are required to undergo a rigorous verification process to invest in the market. Kookmin ... Read More »

S. Korea’s passenger car exports drop 16.2 pct in Q4

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SEOUL: Overseas sales of South Korea-made passenger cars plunged sharply in the fourth quarter of 2017 from a year earlier due to a year-end adjustment of inventories, customs data showed Wednesday. The total value of passenger car exports reached US$9 billion during the October-December period, down 16.2 percent from a year earlier. The on-year dip marks the largest since the ... Read More »

New cryptocurrency rules just came into effect in South Korea

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SEOUL: South Korean regulatory plans to tackle cryptocurrency speculation spooked investors earlier this month. But as the new rules take effect on Tuesday, participants in the market are sounding a positive note. South Korea’s Financial Services Commission on Tuesday confirmed to CNBC that new measures outlined by the body earlier this month had been implemented, but a spokesperson said in an email ... Read More »

South Korea may delay widening capital gains tax net for foreign investors

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SEOUL :  South Korea’s finance minister said on Monday that the government may delay the implementation of a proposed widening of its capital gains tax base for foreign investors, which was due to take effect from July. Kim Dong-yeon said he had received feedback from representatives of the international investment community about the proposal and that he would review the ... Read More »

S. Korea’s exports of petrochemical products reach all time high in 2017

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SEOUL: Exports of petrochemical products by South Korean refiners reached an all-time high last year with China becoming the biggest importer of Korean oil products amid recovering oil demand, data showed on Wednesday. According to Korea Petroleum Association on Wednesday, SK Energy Co., GS Caltex Co., S-Oil Corp., Hyundai Oilbank Co., and other Korean refiners together exported a record high ... Read More »