South Korea news

South Korea

Multinational firms in South Korea tend to transfer much higher proportions of their revenues to their headquarters overseas in dividends and royalties than their Korean counterparts, an expert said Monday.Payments in royalties and dividends are categorized as expenses, which in turn lowers their reported earnings to the Korean authorities.Some companies may take advantage of such system to avoid paying corporate taxes, which needs extra monitoring by the National Tax Office, said Kim…
03.29 / 05:13
koreaherald.com
 Author: Gregory PenceHomepage: www.soundstagecomics.comTwitter: @…
03.29 / 05:13
koreaherald.com
South Korea’s Ministry of Food and Drug Safety on Tuesday slapped 3M Korea and two local drugmakers with a temporary import, marketing and sales ban for breaching local pharmaceutical regulations.The local branch of US-based 3M, 3M Korea, which produces and sells office supplies and medical products here, faces a one-month sales ban on three products the ministry found were imported and sold from 2011 to 2015 without undergoing proper declaration procedures.The three 3M products include t…
03.29 / 05:13
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Surplus funds held by South Korean households and nonprofit institutions fell in 2016 from a year earlier as they reduced their investments in stocks and bonds, central bank data showed Wednesday.The excess funds held by households and nonprofit institutions came to 70.5 trillion won ($63 billion) at the end of last year, down from 94.2 trillion won from the previous year, according to preliminary data from the Bank of Korea." (Yonhap)The surplus funds held by households and nonprofit…
03.29 / 04:28
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In an unusually tough anti-smoking move, one of Seoul's main boulevards will be declared a no-smoking zone and violators will face fines, officials said Wednesday.Seoul's Seocho-gu Ward Office said Gangnam-daero, a 5-kilometer-long major boulevard that cuts through the busy commercial district of Gangnam in southern Seoul, and its sidewalks will be designated as a no-smoking zone starting April 1.A civil servant cracks down on a smoking rule violator on Gangnam-daero in Seoul. (Seocho-gu…
03.29 / 03:46
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Rice production costs in South Korea fell for three straight years in 2016 due to a decline in land-borrowing expenses, a government report showed Wednesday.Farmers spent 674,340 won ($605) to grow rice on a 1,000-square meter paddy last year, down 2.5 percent from the previous year's 691,869 won, according to the report by Statistics Korea. (Yonhap)Total costs, including the ones to buy fertilizer and pesticides, inched up 0.8 percent on-year to 440,821 won, but the rise was offset by a…
03.29 / 03:46
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South Korea's corporate watchdog said Wednesday that it has imposed a combined 1.8 billion-won ($1.6 million) fine on two duty-free shop operators -- Lotte and Shilla -- for colluding on discount events.Hotel Lotte Co., the operator of the country's biggest Lotte Duty Free, and Hotel Shilla Co., the accommodations unit of Samsung Group that operates Shilla Duty Free, allegedly colluded to exclude electronic devices from their regular promotions held five times a year between September 2009…
03.29 / 03:46
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South Korea's top 50 brands are estimated to be worth 136 trillion won ($122 billion), data showed Wednesday, with Samsung Electronics Co. standing as the most expensive on the list.According to the data compiled by industry tracker Interbrand the combined brand value of South Korean company names advanced 6 percent on-year in 2017. (Yonhap)By company, Samsung Electronics topped the list with an estimate of 50.7 trillion won, followed by Hyundai Motor Co. and Kia Motors Corp. with 13.8…
03.29 / 03:08
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Prosecutors are looking into various allegations surrounding a former associate of ousted President Park Geun-hye's close friend, who made key testimonies in relation to an influence-peddling scandal that resulted in Park's removal from office, sources said Wednesday.Prosecutors questioned Ko Young-tae, who used to be Choi Soon-sil's close associate, on Tuesday over a number of complaints filed against him. In this file photo taken on Oct. 31, 2016, Ko Young-tae, an associate of Choi…
03.29 / 03:08
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A Democratic Party lawmaker defected Wednesday apparently to join a burgeoning middle-of-the-road campaign to challenge presidential frontrunner Moon Jae-in of the liberal party. Journalist-turned-lawmaker Rep. Choi Myung-gil announced his resignation from the largest party, pledging to support a party or a presidential candidate who can better change the country.  Rep. Choi Myung-gil announces his defection from the liberal Democratic Party in a press conference held at the National …
03.29 / 03:08
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South Korea's Woori Bank said Wednesday it has offered a won-denominated usance letter of credit worth 85 billion won ($76.2 million) to some Chinese banks, including the Bank of China and the Bank of Communications. The facility allows South Korean firms doing businesses in China to help ease their risks related to foreign currency fluctuations, Woori Bank said in a statement.  (Yonhap)Using the credit facility, a South Korean firm can swiftly receive a payment with the Korean currency …
03.29 / 03:08
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South Korea and India agreed to hold a meeting of their vice defense and foreign ministers this year in a move to bolster their "strategic cooperation" on political and security areas, Seoul's foreign ministry said Tuesday.First Vice Foreign Minister Lim Sung-nam speaks during a parliamentary session at the National Assembly in Seoul. (Yonhap)The agreement over the "two-plus-two meeting" was announced after Seoul's First Vice Foreign Ministry Lim Sung-nam held talks with his counterpart…
03.29 / 02:33
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South Korea and Egypt have signed an agreement on strengthening bilateral defense cooperation, the Ministry of National Defense said Wednesday, as Seoul is actively reaching out to African nations.South Korean Vice Defense Minister Hwang In-moo inked the memorandum of understanding with Egyptian Defense Minister Sedki Sobhy in Cairo on Tuesday (local time).A halal food restaurant in Itaewon, Seoul (Yonhap)The deal is expected to serve as a chance for promoting substantive military…
03.29 / 02:33
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South Korean companies on Wednesday called for joint efforts by Seoul and Beijing to resolve ongoing trade dispute in the wake of the latter's apparent economic retaliation against the former's companies and goods.In a seminar arranged by the Korea International Trade Association, exporters here called on the two governments to stick to free and fair trade principles and rule out "non-economic" factors in bilateral trade.  KITA Chairman and CEO Kim In-ho (Yonhap)"South Korea and China are …
03.29 / 02:33
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With spring just around the corner, Korean palaces will open up for people who'd love to enjoy a night view of historic palaces in Seoul, the Cultural Heritage Administration said Wednesday.The CHA will run night tour programs for Gyeongbok Palace and Changgyeong Palace on the third and fourth weeks from April to September, except for May-June for Gyeongbok and August-September for Changgyeong when construction is scheduled to improve lighting facilities.The two, built during the Joseon…
03.29 / 02:33
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South Korean petrochemicals firms, led by LG Chem Ltd., are seeking to diversify their export destinations and establish more overseas production facilities, in a bid to reduce their dependence on China, industry sources said Wednesday.According to the sources, LG Chem, the country's No. 1 player in the chemicals sector, is attempting to expand its presence in the North American and the European markets to sell its high-end products, thus trimming the portion of its exports to China that…
03.29 / 01:57
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Thousands of US rapid response troops, including the Stryker team, are taking part in a joint exercise in South Korea, the US military said Wednesday, as tensions run high on the peninsula amid North Korea's saber-rattling.The Army's 1st Stryker Brigade Combat Team has been deployed here for the ongoing Foal Eagle exercise after the Cobra Gold training in Thailand, according to the US Pacific CommandThe Stryker unit, code-named Task Force Ghost, is a motorized infantry force known for…
03.29 / 01:57
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Two South Korean suspects have been arrested for allegedly stealing a safe from the residence of the Cambodian ambassador in Seoul last week, police said Wednesday.A 38-year-old man, whose identity was withheld, was arrested near Seoul on Tuesday over allegations that he trespassed upon the residence on March 21 and ran away with a 30-kg safe, police said. (Yonhap)Police said they also nabbed his 50-year-old female accomplice, accused of helping the man carry the stolen safe and escape.…
03.29 / 01:57
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South Korea's export of cosmetics products to China jumped in the first two months of this year from a year earlier, industry data showed Wednesday, underscoring solid gains in trade despite the trade row between Beijing and Seoul over a US anti-missile system. The outbound shipments of cosmetics goods to the world's second-largest economy surged 51.6 percent on-year to $270 million in the January-February period, according to data by the Korea Cosmetics Association.  (Yonhap)They posted a …
03.29 / 01:57
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South Korea's major chipmaker SK hynix Inc. decided to join the preliminary bid to purchase the memory chip business of Japan's Toshiba Corp., industry sources said Wednesday.SK hynix is estimated to have suggested more than 10 trillion won ($8.9 billion) for the deal. (Yonhap)The South Korean company said it cannot comment on any details on the deal, including whether it actually aims to buy the memory business.Industry sources said SK hynix may seek to establish a consortium with…
03.29 / 01:57
koreaherald.com