SEJONG, March 27 (Korea Bizwire) — Less than half of foreign-run companies operating in South Korea paid corporate taxes in 2013, data by the country’s tax office showed Friday. According to the National Tax Service (NTS), there were 1,601 companies subject to corporate taxes at the end of 2013, but only 48 percent of the businesses, or [...]
SEOUL, March 25 (Korea Bizwire) – Nearly half of all Koreans are expected to reduce their consumption this year compared to last year, hinting that the retail and food service industries which suffered stagnant sales and reduced profits due to the sluggish economy last year will have to endure more hard times. According to market [...]
SEOUL, March 23 (Korea Bizwire) — The Korean Government is planning to establish 23 more ‘Ideal All’ studios, state-run work spaces where local citizens can freely participate in the development of new ideas for scientific and social change, and will accept applications for candidacy from public institutions such as libraries, post offices, universities, cultural centers and Community [...]
SEOUL, March 23 (Korea Bizwire) – South Korea formally signed a free trade agreement with New Zealand on Monday, the latest in a series of deals Seoul has inked to boost the country’s exports. South Korean President Park Geun-hye and New Zealand Prime Minister John Key observed the signing of a deal after their summit [...]
SEOUL, March 17 (Korea Bizwire) — South Korean companies’ earnings for 2014 dropped sharply on weak domestic demand and the strong local currency, but their bottom lines were found to have actually improved when tech giant Samsung Electronics and oil refiners were excluded from calculations, data showed on Tuesday. According to the data compiled by [...]
SEOUL, March 15 (Korea Bizwire) – The South Korean economy grew at a slower pace than the economies of the Group of 20 (G-20) countries on average in 2014 for the fourth year in a row, data showed Sunday.The real gross domestic product (GDP) of the G-20 nations grew 3.4 percent in 2014, a notch [...]
“Stagnated wages, rising household debts and the aging population weigh heavily on domestic consumption, and companies have become more reluctant to make investments due to a lack of demand and entrepreneurship.” “I want to ask the business community to focus on hiring the youth. The country’s youth unemployment rate reached nearly 10 percent, much [...]
SEOUL, March 12 (Korea Bizwire) — South Korea’s central bank unexpectedly slashed the base rate to a record low of 1.75 percent on Thursday, putting efforts to shore up growth on top of concerns over persistent household debt growth. The rate cut is the first since October, when the Bank of Korea (BOK) brought down the [...]
“We are closely monitoring the progress in TPP negotiations. However, we must carefully consider the kind of situation the country will face should South Korea be left out of the great global value chain.” “In that sense, I believe we must actively consider our participation in the TPP. South Korea cannot afford to be [...]
SEJONG, March 11 (Korea Bizwire) – The South Korean government on Wednesday set up a new help center for local businesses, especially small and medium-sized companies, seeking to explore the Chinese market using the country’s bilateral free trade agreement (FTA) with the neighboring country. The so-called China Desk was set up at the Korea International [...]