SEOUL, June 16 (Korea Bizwire) — South Korea will extend its fuel tax cuts and consumption tax reductions for electric vehicles (EVs) to ease the financial burden on consumers amid rising prices and weakening demand, the finance ministry said Monday. Under the latest extension, the current fuel tax reductions — a 10 percent cut on [...]
SEOUL, Nov. 14 (Korea Bizwire) – Researchers at the Korea Institute of Science and Technology (KIST) have achieved a major step forward in sustainable aviation by developing a new way to produce high-energy fuel from non-edible plant materials like wood and grass. The research team, led by senior researcher Ha Jeong-Myeong and researcher Yu Chun-jae from [...]
SEOUL, April 18 (Korea Bizwire) — South Korea plans to extend the consumption tax cut scheme on fuel, which is set to expire this month, through August, the finance ministry said Tuesday, despite concerns the government’s tax revenue may miss target amid an economic slowdown. Under the measure, a 25 percent discount on the consumption [...]
SEOUL, Dec. 19 (Korea Bizwire) — South Korea plans to extend the consumption tax cut scheme on fuel set to expire this month, through April 2023, the finance ministry said Monday, although the discount for gasoline will be adjusted in sync with stabilizing market prices. South Korea has been offering a 37-percent discount for consumption [...]
SEOUL, June 6 (Korea Bizwire) — The rising cost of driving a car, driven primarily by higher gasoline prices, is frustrating drivers. Among 12 types of expenditure in May under the consumer price index, transportation costs had jumped the most, by 14.5 percent, according to the data compiled by Statistics Korea. Transportation costs include transportation [...]
VANCOUVER, British Columbia, Oct. 1 (Korea Bizwire) — User-friendly smart contract creation tool Etherparty is excited to announce the opening of the public phase of the FUEL token crowdsale. It launches today, on Sunday, Oct. 1, 2017 at 9 A.M. PDT (12 PM EDT / 5PM BST / 4PM UTC) and runs until Oct. 31 [...]
DAEGU, June 22 (Korea Bizwire) – Oil theft in Korea is becoming more elaborate and highly organized. Two Korean males, referred to only as Lee (50) and Kim (57), were sentenced to four and three years in prison, respectively, for robbery and violation of the oil pipeline maintenance law. Song (56), who also took part [...]
SEJONG, Dec. 15 (Korea Bizwire) – South Korea will fuel demand for hydrogen cell cars by making them more affordable and building up necessary infrastructure, the government said Tuesday. The plan aims to bring down prices of fuel cell electric vehicle (FCEV) from around 85 million won (US$71,900) as of early this year to around [...]