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Archive by category Economy

S. Korea to Minimize Tax Probe on Smaller Firms

SEOUL, March 8 (Korea Bizwire) – South Korea’s top tax official vowed Thursday to minimize probes of small and medium-sized enterprises as the government is pushing to level the playing field for smaller firms in a country dominated by conglomerates. Han Seung-hee, commissioner of the National Tax Service, also offered to exclude startups and small companies that create new jobs from tax audits. “We will concentrate our capacity on supporting voluntary tax filing, while minimizing inspections [...]

KDB Presses GM Over Korean Unit’s Cost Structure

SEOUL, March 8 (Korea Bizwire) – The state-run Korea Development Bank (KDB) said Thursday it will not pump new funds into the South Korean unit of General Motors Co. unless the U.S. automaker discloses the cost structure of GM Korea Co. Lee Dong-gull, chairman and CEO of KDB, which holds a 17 percent stake in GM Korea, told reporters that a due diligence for GM Korea has [...]

Kakao Bank to Launch 500 Bln Won Rights Offer

SEOUL, Mar. 8 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Thursday it will launch a rights offering worth 500 billion won (US$467.7 million) by April to beef up its capital. It will be the second time that Kakao Bank, which was launched last July, raised its capital via a rights offer. [...]

Debit Card Spending Jumps Thanks to Tax Benefits and Rewards

SEOUL, March 8 (Korea Bizwire) — South Korean consumers are increasingly pulling out their debit cards to make purchases, thanks in part to the income tax deductions their use engenders and attractive loyalty programs, new data from the Bank of Korea (BOK) has revealed. According to the report released by the BOK on Tuesday, spending on [...]

Technology Financing in Need of a Shakeup

SEOUL, March 6 (Korea Bizwire) – Despite high growth in “technology financing”, loans granted to tech firms based on the potential of their technology, inconsistencies have been found in a majority of these transactions. The Hyundai Research Institute in a report on the current trends regarding domestic technology financing revealed technology credit loans amounted to [...]

Income Gap Makes Recruiting Young Workers Difficult for SMEs

SEJONG, March 6 (Korea Bizwire) — Young South Korean workers are avoiding small and medium-sized enterprises in fear of the long-term negative impact on their career and income, a new study has revealed. The report released by the Korea Development Institute (KDI) on Tuesday showed a worker’s first job has a significant impact on their career [...]

Chinese Investors Turn Net Buyers of Korean Stocks in 2017

SEOUL, Mar. 5 (Korea Bizwire) — Chinese investors turned net buyers of South Korean stocks in 2017 as Seoul and Beijing mended fences after a row over an advanced U.S. missile shield, data showed Monday. Investors from the neighboring country bought a net 388 billion won (US$358 million) worth of South Korean stocks last year, [...]

S. Korea Expected to Announce Nominee for Next BOK Chief Next Monday

SEOUL, March 2 (Korea Bizwire) – President Moon Jae-in is expected to announce the nominee for the next governor of the Bank of Korea (BOK) early next week, a presidential official said Friday. Asked whether the presidential office will make the announcement next Monday, the official replied, “It is likely.” BOK Gov. Lee Ju-yeol’s four-year term concludes at the end of this month and the new BOK head is facing challenges [...]

People With Monthly Incomes Over 4.49 Million Won to Pay More for Health Insurance

SEOUL, March 2 (Korea Bizwire) – People with monthly salaries exceeding 4.49 million won (US$4,155) will pay more for state health insurance starting in July, the government said Friday. According to the Ministry of Health and Welfare, a total of 2.44 million people, 13.6 percent of company-subscribed state insurance payers, will pay a maximum of [...]

BOK Tipped to Hike Key Rate in May or July

SEOUL, Feb. 28 (Korea Bizwire) — South Korea’s central bank is expected to raise its key interest rate in May or July in an effort to cope with rising U.S. rates, analysts said Wednesday. In a widely expected move, the monetary policy board of the Bank of Korea (BOK) held the base rate steady at [...]