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S. Korea Temporarily Cuts Fuel Taxes to Tackle Soaring Oil Prices

SEOUL, Nov. 12 (Korea Bizwire) — South Korea temporarily lowered fuel taxes Friday in an effort to ease the impact of surging oil prices on the country’s consumer inflation and people’s lives. Government officials said the 20 percent reduction in taxes on gasoline, diesel and liquefied petroleum gas (LPG) will remain in place for six [...]

Renault Samsung to Cut Output amid Poor Sales

SEOUL, Sept. 30 (Korea Bizwire) — Renault Samsung Motors Corp. said Monday it will reduce production at its sole local plant from next month amid lower demand for its vehicles. Renault Samsung plans to lower the units per hour (UPH) volume to 45 from the current 60 starting Oct. 7 as it suffers declining sales [...]