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Resolution 2397 may cut N. Korea’s annual exports by $250m

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SEOUL: The latest United Nations sanctions are expected to cut North Korea’s foreign currency revenue from exports by approximately US$250 million a year, the foreign ministry here forecast Saturday. “North Korea is projected to suffer an export loss of about $250 million due to the newest U.N. sanctions resolution. The amount accounts for about 10 percent of its annual exports,” ... Read More »

Korea energy imports from the U.S. more than double this year

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SEOL: South Korea’s energy imports from the United States more than doubled this year as the country tried to diversify import sourcing away from the Middle East and address trade deficit with the U.S. through energy commerce. According to the Korea International Trade Association on Wednesday, Korea imported $4.09 billion in fuel from the U.S. from January to November this ... Read More »

S. Korea Increasing energy imports from US

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SEOL: South Korea’s crude oil, petroleum product, LNG, LPG and coal imports from the United States totaled US$4.009 billion from January to November this year, up 148.2% from a year ago, according to the Korea International Trade Association (KITA) on December 20. Specifically, LPG imports from the U.S. increased 57.9% year on year to US$1.71 billion, accounting for 64.5% of ... Read More »

Korean drugmakers import from UK export to Japan the most

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SEOL: South Korean pharmaceutical companies’ largest export destination of raw materials and finished products are Japan, while their biggest import source is the United Kingdom, industry data showed Monday. According to the 2017 pharmaceutical industry data and statistics information released by the Korea Pharmaceutical and Bio-Pharma Manufacturers’ Association, Korea exported $3.12 billion (3.39 trillion won) worth pharmaceutical ingredients and finished ... Read More »

Korea suspected again in crypto exchange attacks

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SEOL: South Korea’s chief intelligence agency suspects that North Korean hackers are behind attacks on the country’s most trafficked bitcoin exchange. According to a report this week by the BBC, the National Intelligence Service (NIS) has officially passed evidence of the allegations to prosecutors that would affirm attacks on a Bithumb employee’s home computer dating back to February amount to ... Read More »

Korea mulling capital gains tax on Bitcoins

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SEOL: The Korean government is mulling measures to impose capital gains tax, among other taxes, on cryptocurrency investments, according to media reports on Dec. 18. It will reportedly convene a task force, made up of officials from the Ministry of strategy and finance, the National tax service and cryptocurrency experts to discuss tax measures on Bitcoins and other cryptocurrencies.  The ... Read More »

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

south korea

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 »

Senior Korean official to protest EU’s tax haven blacklisting

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SEOL: A senior foreign ministry official will protest the European Union’s recent blacklisting of South Korea as a tax haven country during a meeting in Brussels Friday, a government source said. Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon left for Brussels on Thursday to attend a regular Korea EU meeting, a ministry official told Yonhap on the condition of ... Read More »

EU could take Korea off tax Haven Blacklist,

korea

SEOL: The EU has told the Korean government that it could remove it from a blacklist of offshore tax havens next month if Seoul scraps tax breaks for foreign businesses. EU finance ministers upset Korea by putting it on a blacklist of 17 tax havens where it keeps company with Bahrain, Mongolia, Namibia, Tobago and Trinidad. The Ministry of Strategy ... Read More »

S. Korea’s tax income sharply up through Oct,

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SEOL: South Korea’s national tax revenue continued to increase in the first 10 months of the year amid signs of an economic recovery, the finance ministry said Tuesday. It collected 236.9 trillion won (US$216.9 billion) in taxes in the January-October period, up 21.2 trillion won from the same period last year, according to the Ministry of Strategy and Finance. The ... Read More »

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

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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 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

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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 »