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Tuesday , December 12 2017
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Korea

Booyoung group chief banned from overseas travel in tax evasion probe,

SEOL: The chairman of South Korea’s medium sized conglomerate Booyoung group has been banned from overseas travel in a widening investigation of alleged tax evasion. The Ministry of Justice recently slapped an overseas travel ban on Chairman Lee Joong-keun after reviewing documents from the state tax agency and the fair trade regulator. In April last year, the National tax service ... Read More »

South Korea protests status as tax haven on EU blacklist by Alex M. Parker,

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SEOL:  South Korea protested its inclusion on a European Union list of “uncooperative” tax jurisdictions, claiming it violates the country’s state sovereignty. The 17 country list, announced Dec. 5, included many countries accused of being tax havens, including Panama, and Trinidad and Tobago. But EU’s finance ministers surprised many observers by including South Korea, a member of the Organization for ... Read More »

Turkey, SK look to capitalize on free trade agreement, boost service trade

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ISTANBUL: Prime Minister Binali Yıldırım and his South Korean counterpart Lee Nak-yeon agreed at a joint press conference Wednesday on stepping up cooperation, on the second day of Yıldırım’s trip to the Asian country, announcing the completion of the approval processes for the Free Trade Agreement (FTA), which was signed in 2012 and expanded in 2015. The duo also stated ... Read More »

South Korea hikes top corporate taxes

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SEOL:  South Korea has raised the income tax rate for the nation’s highest- fight inequality and create jobs. The tax vote came just hours before the nation’s Parliament passed a 428.8 trillion won (S$528 billion) Budget for 2018 after midnight in Seoul yesterday. The Budget is expected to raise revenue by nearly 8 per cent to help fund spending on ... Read More »

Korean exports to China surge despite THAAD boycott

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SEOL: Exports to China have risen despite fears that its unofficial boycott of Korean products would hit them hard. China remains the top importer of Korean products, and new data suggests Korea’s economy is robust enough to weather economic retaliation from abroad. According to the Korea Customs Service on Monday, exports to China declined for three months after Seoul’s decision ... Read More »

Korean Exports to China Surge Despite THAAD Boycott

korea

SEOL: Exports to China have risen despite fears that its unofficial boycott of Korean products would hit them hard. China remains the top importer of Korean products, and new data suggests Korea’s economy is robust enough to weather economic retaliation from abroad. According to the Korea Customs Service on Monday, exports to China declined for three months after Seoul’s decision ... Read More »

Korean pear exports to Vietnam surge to $4.96M

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SEOUL: Korean exports of pears and apples to Vietnam have soared in the past years, according to the Korea Agriculture Food Trade Association.  Korea’s pear exports to Vietnam surged by around 95 times in the 2011-16 period, from US$52,000 in 2011 to $4.96 million last year. Its apple exports to Vietnam also went up by 928.8 per cent in the period, from ... Read More »

South Korea’s October crude oil imports from Iran down 9.5 on-month

KOREA

SEOUL:South Korea’s imports of Iranian crude oil fell 9.5 percent in October from the previous month as the Middle Eastern country cut crude and condensate exports to Asia due to production setbacks. South Korea, one of Iran’s main Asian clients, brought in 1.65 million tonnes of Iranian crude in October, or 390,675 barrels per day (bpd), customs data showed on ... Read More »

North Korean diplomats accused of smuggling ivory, rhino horn

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  SEOL: Place Braconnier, in the heart of Kinshasa, the capital of the Democratic Republic of the Congo, inherits its name from the general who commanded the first colonial Belgian outpost there back in 1882. But any association with him has mostly been forgotten. As it happens, braconnier is French for “poacher,” and for decades Place Braconnier—Poacher Square—has been synonymous ... Read More »

South Korean households’ overseas spending up 5.5% in Q3

prices increases

SEOUL: South Korean households’ overseas spending rose 5.5 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday. South Korean households spent $6.95 billion overseas in the July-September period, compared with 6.59 billion won in the same period last year, the Bank of Korea said. The data included expenditures ... Read More »

South Korea’s economic recovery not strong enough to be felt by many people yet

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SEOUL: South Korea’s economic recovery isn’t strong enough yet to be felt by many people, although it is on track to grow 3 per cent this year, the finance minister said on Thursday. “External risks have been easing, as the nation avoided the currency manipulator label by the US, but (the recovery) is not yet strong enough to be fully ... Read More »

S.Korea Oct inflation eases to slowest in 10 mths

inflation

SEOUL: Following are details of South Korea’s consumer price index data for October, released by Statistics Korea on Wednesday (changes in percent, weighting in percent of overall index): WEIGHTING M/M Y/Y Consumer Price Index 100.00 -0.2 +1.8 By sector Agricultural, livestock, fisheries 7.79 -5.0 +3.0 products Industrial goods 32.58 +0.5 +1.5 Service sector 55.19 +0.2 +2.0 Other categories Core consumer ... Read More »

S.Korea’s business sentiment falls on less business days

business confidence fall

SEOUL: Sentiment among South Korean businesses declined this month on less business days, caused by the 10-day Chuseok holiday, central bank data showed Tuesday. The business sentiment index (BSI) in all industries stood at 78 in October, down 3 points from the previous month, according to the Bank of Korea (BOK). The reading below 100 indicates pessimist outnumbered optimists. The ... Read More »

Korea’s pharmaceutical exports reach 3.6 trillion won

pharma exports

SEOUL: South Korea is situated on the periphery of the global pharmaceutical industry map. The global drug market reached US$1.1 trillion (1,244 trillion won) as of last year, the South Korean market stood at 21.7 trillion won (US$19.19 billion), accounting for a 0.012 percent of the total. There are no South Korean pharmaceutical companies ranked among the global top 50 ... Read More »

South Korea growth fastest in seven years as exports boom

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SEOUL: South Korea’s economy grew at its fastest pace in more than seven years last quarter as robust exports offset weakness in consumption, reinforcing the case for higher interest rates. Gross domestic product rose 1.4 percent in the third quarter, the Bank of Korea said on Thursday, exceeding the 0.8 percent forecast in a Reuters survey and marking the biggest ... Read More »

Bank of Korea seen hiking rates November 30 for first time in over six years

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SEOUL: South Korea’s central bank is expected to raise interest rates for the first time in over six years at its Nov. 30 meeting, months earlier than previously anticipated, after the economy grew at a robust pace in the third quarter, a Reuters poll showed. A rate increase would mark the Bank of Korea’s (BOK) first tightening since June 2011, ... Read More »

S. Korea’s passenger car exports soar 30.1% in Q3

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SEJONG: Overseas sales of South Korea-made passenger cars soared 30.1 percent in the third quarter of this year on the back of recovering global demand, customs data showed Thursday. The total value of passenger car exports reached US$9.4 billion during the July-September period, up from $7.2 billion tallied a year earlier, according to the data by the Korea Customs Service ... Read More »

S.Korea’s Sept foreign currency deposits edge down from Aug.

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SEOUL:  South Korea’s foreign currency bank deposits at end-September slipped slightly from August as exporters withdrew dollars, the Bank of Korea said on Wednesday. Total foreign exchange deposits decreased by $3.48 billion $63.66 billion as of end-September from $67.14 billion in August, the BOK said in a statement. Read More »

South Korea producer price inflation accelerates in September

Finland inflation highest since Sep-2014

SEOUL: South Korea’s producer price inflation accelerated further in September, preliminary figures from the Bank of Korea showed Monday. The producer price index climbed 3.6 percent year-over-year in September, faster than the 3.3 percent increase in August. Prices for manufacturing industry products grew 4.9 percent annually in September and those of agricultural, forestry and marine products rose by 3.9 percent. ... Read More »

S. Korea’s exports rise 6.9% in Oct. 1-20

Morocco’s auto industry exports likely to rise to $10b by 2020

SEJONG: South Korea’s exports rose 6.9 percent during the first 20 days of October compared to a year earlier, led by brisk sales in semiconductors and ships, data showed Saturday. Asia’s fourth-largest economy shipped out US$26.7 billion worth of goods from Oct. 1-20, despite short working days during the long-haul Chuseok holiday that ran for the first 10 days of ... Read More »