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Singapore charges shipping company for arms smuggling to North Korea

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SINGAPORE: Singapore has filed criminal charges against Chinpo Shipping Company for assisting in smuggling missiles and fighter jets from Cuba to North Korea. Chinpo Shipping Company allegedly transferred US$72,000 (S$90,000) to C B Fenton and Co, a Panama shipping agent, on July 8 last year, knowing that the money could be used to contribute to the “nuclear-related, ballistic missile-related, or ... Read More »

Drug trafficking: Three persons including 2 Koreans sentenced to death

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SEOUL: Three persons including two Koreans and one Japanese were sentenced to death while three other termed for life imprisonment by the Chinese Customs for drug trafficking in the country. Three persons including a Japanese were awarded death sentence by the intermediate people’s court of Nantong City in the eastern Jiangsu province while three others, among them two Korean, were ... Read More »

South Korea downgrades growth forecast

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SOUTH KOREA: South Korea, the world’s 4th largest economy has decided to cut its growth forecasts for the following and coming year in in order to protect and guard consumers and business sentiment. The Ministry of Strategy and Finance said on Monday the economy would now grow by 3.4% this year, down from the 3.7% it forecast in July. Growth ... Read More »

Fear of nuclear cyber attacks: South Korea rules out any danger, declares all 23 atomic reactors safe

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SEOUL: South Korea ruled out the possibility that a recent string of cyber-attacks on its nuclear power operator could cause a malfunction at any of the country’s 23 atomic reactors. The designs and manuals for two reactors have been published on Twitter over the past week, along with personal information on some 10,000 workers at Korea Hydro and Nuclear Power ... Read More »

18 handguns smuggling: Atlanta baggage handler charged for assisting man

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KOREA: Eugene Harvey, 31 years old, who is a baggage handler at Delta Air Lines has been accused of letting a man smuggle 18 handguns on to a flight from Atlanta to New York. This, prosecutors added, has been happening for years with the involvement of other assault weapons. Eugene Harvey, 31, has been charged with helping a former Delta ... Read More »

Five charged for trying to smuggle 153 guns into New York

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NEW YORK: Five American men have been accused of smuggling airline guns. All of them were said to be in contact with the pilot, plotting to smuggle 153 guns into New York. The guns were to be carried out in 17 commercial flights. The airline security breach put hundreds of travelers at risk and was allegedly aided by a Delta ... Read More »

South Korea’s Customs to launch crackdown on tobacco smugglers

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SOUTH KOREA: South Korea’s Customs has decided to launch crackdown on tobacco smugglers as the demand for cheaper cigarettes has been planned for the next year. The moves come as the government is to raise tobacco prices by 2,000 won (US$1.78) per pack starting on Jan. 1, the first increase since December 2004. It represents an almost 80-percent increase in ... Read More »

Falling oil price sensitive to changes in price at pumps in Korea

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SEOUL: Yoon Kyun-soo, 33, fills up his car once a week at a nearby gas station. Because he commutes from his home in Sangdo-dong, Dongjak District, to his office in Yeouido every day, Yoon is sensitive to changes in the price at the pump. Since crude oil fell below $100 a barrel in early September, prices have declined steadily. By ... Read More »

Samsung’s Cheil doubles upon debut after $1.4 billion listing in South Korea’s largest conglomerate

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SEOUL: Samsung’s Cheil Industries Incorporation doubled on its debut on Thursday in the latest in a series of steps toward generational succession for South Korea’s largest conglomerate. Cheil is about 42 percent owned by Samsung Electronics Company Limited Chairman Lee Kun hee and his three children, and is expected to be the main vehicle through which the family will keep control of ... Read More »

Ratio of drug smuggling through foreigners increases by 34pc in Korea

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SEOUL: The cases of drug smuggled in Korea by foreigners’ increases by 34% this year. In which the high proportion has been taken up by language instructors. The Incheon Airport Customs said it detected 284 instances of drug smuggling in the first 11 months of the year, with a total of 30 kilograms of narcotics confiscated. Of the total, 63 ... Read More »

Sri Lanka, Korea join hands to establish $50m credit line to facilitate trade

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COLOMBO: Sri Lanka and Korea signed an agreement to facilitate their importers and exporters by setting up a revolving credit line of %50 million. This agreement was signed between Sri Lanka’s Hatton National Bank (HNB), and The Export-Import Bank of Korea’ (KEXIM). Jonathan Alles, Managing Director of HNB said that with foreign trade between Sri Lanka and Korea growing significantly, ... Read More »

Foreigner language instructors cause 34% increase in drug smuggling in South Korea

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SEOUL: The number of cases of foreigners illicit drugs smuggling into South Korea jumped 34 percent from a year ago with language instructors taking up the largest portion, customs data showed here the other day The Incheon Airport Customs said it detected 284 instances of drug smuggling in the first 11 months of the year, with a total of 30 ... Read More »

Korean Customs thwarts cigarette smuggling attempt

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SEOUL: The rapid increase in the trade of duty-free cigarettes has made Korean Customs Authority to reinforce the check and balance of tobacco smuggling. A price hike for cigarettes is also under implementation in order to take the demand down. In the run-up to a tobacco price hike on Jan. 1, the agency said it would closely monitor tourists purchasing ... Read More »

Korean refineries disapprove new customs duty

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SEOUL: Following a 3 percent increase in customs duty on crude oil imports by the government, Refineries have joined hands in rejecting the government’s plan. However the government is giving the reason of boosting revenue in this way. The government has exempted customs duty on crude oil imported for naphtha production, although it imposes a 3 percent customs duty on ... Read More »

South Korea in bid to increase its Free Economic Zones

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SEOUL: The Ministry of Energy, Trade and Industry has disclosed that South Korea is involved in a push to increase by using their tax and tariff exemptions, the attractiveness of its eight free economic zones (FEZs) for foreign direct investment (FDI). Possible extensions of those exemption periods may also be granted. Foreign investments in FEZs are able to receive such ... Read More »

Singapore Premier seeks “aggressive” review of FTA with South Korea

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SEOUL: During his visit to South Korea, Prime Minister Lee Hsien Loong said that Singapore and Korea should “aggressively” review the Singapore-Korea Free Trade Agreement (FTA). He urged officials from both countries to hasten negotiations so that it can make a “quantum leap” and become level with some of the other free trade deals that each country has with other ... Read More »

Korea, Vietnam strike FTA deal to double trade to $70b

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BUSAN: Vietnam and South Korea have decided to increase their trade which expected to more than double to $70 billion by 2020 under a free trade pact completed this week after more than two years of negotiations. Under the agreement to be signed early next year, South Korea will cut taxes on imports of farm produce, seafood, garments and textiles, ... Read More »

Korean firm Global Tax Free launches operations in Singapore

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SINGAPORE: Korean tax refund services firm Global Tax Free has officially launched its operations in Singapore with around 80 partners in tow. The Korean tax refund services firm has been appointed as a central refund agent by the Inland Revenue Authority of Singapore. Founded in South Korea in 2005, Global Tax Free operates tax refund desks at the country’s major ... Read More »

Floating school for midshipmen docks at Port Klang

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PORT KLANG:  South Korea’s floating school for midshipmen arrives at Port Klang on a 96 day tour to 12 countries. It consists of 650 crew members including 150 midshipmen. Under the command of Rear Admiral Chun Jung-soo, the naval academy’s 69th class comprises the destroyer Choi Young and the fast combat support vessel Cheonji. It arrived here from its eighth ... Read More »

Customs officials ready to fix cigarette hoarding issue in North Korea

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PYONGYANG: Buying cigarettes in bulk would be no more pieces of cake for the smugglers as they now will have to pass through inspection procedures at duty free shops, which would be done by Customs officials. This is part of a plan to tackle the problem of cigarette hoarding ahead of a planned price hike. The Korea Customs Service said ... Read More »