Tax agency cracks down on property-related tax evasion involving young people

South Korea’s tax agency is probing suspected tax evasion involving hundreds of young people who allegedly acquired houses, commercial buildings and stocks through undue wealth transfers from their parents. The National Tax Service said Thursday that it had launched a probe into 446 people in their early 30s or younger, saying they had “seriously hampered fairness” in society by increasing their wealth in an improper manner. The youngest property owner under investigation was

Sept. 30, 2021

S. Korea to unveil measures to curb snowballing household debt in October

South Korea will put forth its best efforts to curb the nation’s fast-growing household debt and roll out additional measures next month to do so, while allowing borrowers to take out loans within their repayment capabilities, the nation’s fiscal chief said Thursday. Deputy Prime Minister and Finance Minister Hong Nam-ki made the remark at a meeting of macroeconomic leaders here, where he was joined by Bank of Korea Gov. Lee Ju-yeol, recently appointed chief of the policymaking Fin

Sept. 30, 2021

LS Electric factory wins nod for technological innovation

A smart factory from LS Electric was awarded at the World Economic Forum for its innovative technologies and efforts to increase energy efficiency, the company said Thursday. According to the South Korean power solutions producer, its smart factory in Cheongju, North Chungcheong Province, was among winners of the “Lighthouse Factory” title awarded to factories that set an example in the manufacturing industry for effectively utilizing next-generation technologies like artific

Sept. 30, 2021

Banks' lending rates rise in August

South Korean banks' lending rates rose in August as the Bank of Korea (BOK) delivered its first pandemic-era rate hike, central bank data showed Thursday. The average interest rate charged on new bank loans came to 2.87 percent in August, up 0.1 percentage point from the previous month, according to preliminary data from the BOK. The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion

Sept. 30, 2021

POSCO breaks ground on battery recycling plant

POSCO, the world's fifth-largest steelmaker by output, said Thursday it has broken ground on a 120 billion won ($101 million) plant that will extract nickel and lithium, key materials for electric vehicle batteries. The plant by POSCO HY Clean Metal is capable of extracting nickel, lithium and cobalt from 12,000 tons of black mass annually. The recycling plant is set to be completed in the second half of next year in Yulchon Industrial Complex in South Jeolla Province. POSCO said it will receive

Sept. 30, 2021

S. Korea actively reviewing trans-Pacific trade pact

South Korea's trade ministry said Thursday it is reviewing joining a mega free trade pact comprising Asia-Pacific countries in line with its goal to play a leading role in trade in the region. "South Korea is considered an ideal partner for the CPTPP in terms of its competitiveness in different industries and technologies," Trade Minister Yeo Han-koo said during a meeting with local trade experts. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the

Sept. 30, 2021

Galaxy Z Fold3 can be used as digital car key for Genesis GV60

Samsung Electronics Co. said Thursday its latest smartphones, including the Galaxy Z Fold3, will be able to be used as a digital car key for a new electric vehicle from South Korean luxury automaker Genesis. The tech giant said its ultra-wideband (UWB)-based digital car key service with its Galaxy smartphones will be available for the Genesis GV60. At its Unpacked event in January, Samsung said it is working with several automakers, including Audi, BMW, Ford and Genesis, to develop digital key s

Sept. 30, 2021

Seoul stocks open lower on lingering US bond uncertainties

South Korean stocks opened lower Thursday as the bond yields in the United States remained high, raising concerns about an early inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 13.57 points, or 0.44 percent, to 3,046.7 points in the first 15 minutes of trading. The South Korean main index got off to a muted start after its US stock peers closed mixed. Overnight, the tech-heavy Nasdaq composite lost 0.24 percent, while the Dow Jones Industrial Average and the S&P 500 r

Sept. 30, 2021

Hanwha Q Cells' solar power plant in Texas comes online

Hanwha Q Cells, a solar solutions unit of South Korean conglomerate Hanwha Group, said Thursday it has completed the construction of a 168-megawatt solar power plant in the United States. Hanwha Q Cells said its US unit has recently begun operation of the solar farm in Fannin County, Texas, which is enough to power about 30,000 households a year. It is the second solar plant with over 100 MW capacity built in Texas, following a 235 MW facility in 2018, the firm said. Hanwha Q Cells has been expa

Sept. 30, 2021

Production, consumption, investment fall in Aug. amid 4th wave of pandemic

 South Korea's trade ministry said Tuesday it has agreed with Uruguay to make joint efforts to speed up negotiations for a free trade pact with a group of South American countries. Trade Minister Yeo Han-koo plans to meet his Uruguayan counterpart, Francisco Bustillo, virtually later in the day to discuss ways to expand economic ties, according to the Ministry of Trade, Industry and Energy. "Uruguay is one of the key partners for South Korea, as the two can make joint efforts to overco

Sept. 30, 2021

Genesis unveils 1st dedicated EV GV60

Genesis, the luxury brand of Hyundai Motor Co., on Thursday unveiled the GV60, its first electric car built on a dedicated EV platform, ahead of its local launch later this year. The GV60 SUV is equipped with a 77.4 kilowatt-hour battery and can travel up to 451 kilometers on a charge, Hyundai said in a statement. The GV60 has three available options: rear-wheel drive, four-wheel drive and four-wheel performance version. It is priced at 60 million won to 70 million won ($50,000-$60,000). Hyundai

Sept. 30, 2021

Under new law, Upbit set to verify 8.3 million users

Upbit, South Korea’s first cryptocurrency exchange to receive a green light from regulators, is gearing up to verify its massive number of users to fulfill the next important duty under the anti-money laundry act. Industry watchers believe Upbit’s user verification could take as long as three months due to its massive user base of 8.3 million and a public ID verification system operated by the Ministry of the Interior and Safety. The ministry’s identity verification system

Sept. 29, 2021

Posco to hold international forum for greener steel

Global steelmakers will come together to find ways to decarbonize steelmaking in a forum organized by Posco, the South Korean steel giant said Wednesday. The Hydrogen Iron & Steel Making Forum 2021, set to take place from Oct. 6-8 on both offline and online channels, is expected to provide a platform for industrywide discussion for major players around the world to join the global movement to reduce carbon emissions. “Hydrogen-based steel production technology is yet to be realize

Sept. 29, 2021

Apple’s forthcoming iPhone 13 launch in Korea to put pressure on Samsung

With Apple set to launch the iPhone 13 in South Korea in early October, Samsung Electronics appears under pressure to safeguard its share not only on its home turf, but also in the increasingly competitive global smartphone market. Korea’s major mobile carriers plan to accept preorders for the iPhone 13 from Friday, with the official release date slated for Oct. 8, heralding a new round of competition among smartphone makers, especially Samsung Electronics which holds a firm grip on the

Sept. 29, 2021

Netflix says it brought W5.6tr into Korean economy

US-based content streaming giant Netflix has generated economic effects in South Korea worth 5.6 trillion won ($4.73 billion) and created 16,000 local jobs since its 2016 entry here, the company said Wednesday. At its first event for its Korean partners, the firm released a report written by Deloitte on the effects of its presence and investment in the country. Netflix commissioned the study. Since it launched here in 2016, the company has invested about 770 billion won in domestic content

Sept. 29, 2021

S. Korea to launch domestically developed rocket on Oct. 21

The South Korean government has confirmed Wednesday that it will launch the country’s first fully domestically developed satellite launch vehicle Nuri on Oct. 21 as scheduled. The Ministry of Science and ICT said the rocket, also known as Korean Space Launch Vehicle II, will blast off at 4 p.m. from the Naro Space Center in Goheung, South Jeolla Province. The time, however, could be slightly changed in accordance with weather conditions, an official from the ministry said. The official

Sept. 29, 2021

GC Pharma in talks with J&J for COVID-19 vaccine deal

South Korean biopharmaceutical firm GC Pharma is in talks with Janssen  to sign a contract manufacturing deal for Janssen’s COVID-19 vaccine, according to industry sources Wednesday. The sources said Janssen conducted a site inspection of GC Pharma’s drug manufacturing facility in Ochang, North Chungcheong Province, this month. The inspection was said to have gone without any particular issues. GC Pharma, however, has remained silent on rumors of a potential deal with the ph

Sept. 29, 2021

Korea changes regulations too quickly: ECCK chief

Rules and regulations tend to change too quickly in South Korea without adequate input from stakeholders, often leaving foreign companies doing business here perplexed, the chief of the European Chamber of Commerce in Korea said Wednesday. “In many instances, the new policies lack the adequate evaluation on whether they will have the desired effect without unintended consequences,” Dirk Lukat, chairperson of the ECCK, said at an online press conference. The chief and other senio

Sept. 29, 2021

Seoul stocks down for 2nd day amid US bond yield woes

South Korean stocks slumped for second straight day to lose more than 1 percent Wednesday morning amid concerns about spiking bond yields and the US debt ceiling. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) dipped 37.65 points, or 1.22 percent, to close at 3,060.27 points. Trading volume was moderate at about 812 million shares worth some 15 trillion won ($12.7 billion), with losers outnumbering gainers 676 to 215. Foreigners sold a net 659

Sept. 29, 2021

Under-20s’ home purchases face nationwide probe

The government will clamp down on those suspected of taking expedient means to pass on wealth to their children as a part of measures to eradicate real estate speculation and fight corruption, Finance Minister Hong Nam-ki said Wednesday. Since March, the National Tax Service has been conducting a special investigation on suspected tax evasion by more than 800 people who sought to profit from speculative or illegal property transactions. The large-scale probe was launched in the wake of a scan

Sept. 29, 2021