The effective corporate tax rate for the country's largest companies fell below the official rate of 22 percent last year due to various adjustments, data from a conglomerate research firm showed Tuesday.Chaebul.com analyzed 131 companies who earned over 200 billion won ($179.37 million) in pre-tax profits and found their average corporate tax rate came to 18.9 percent after deductions.The selected companies included 11 affiliates of Hyundai Motor Group, nine from Samsung Group, seven under SK,

Economy July 25, 2017

South Korea and India will hold a meeting on Tuesday to discuss ways to increase their cooperation in the development aid sector, the foreign ministry here said.The round-table talks to be held in New Delhi later in the day will bring together South Korea's official development assistance provider KOICA, India's finance and technology development ministries and the United States' ODA operator USAID, as well as international organizations like the World Bank and the United Nations Development Pro

Foreign Affairs July 25, 2017

The government said Tuesday it has banned excessive use and sales of nitrous oxide, more commonly known as "laughing gas," that is increasingly used here as a party drug for entertainment purposes. The Ministry of Environment said an amendment in the decree regarding the management of chemical substances has been made, by which it has included nitrous oxide as a hallucinogen. Any inhalation, and sales or possession of the substance for inhalation purposes will now be banned and are punishable by

Social Affairs July 25, 2017

The move by the US Federal Reserve to reduce its massive asset holdings is expected to increase interest rates in emerging markets as a strong US dollar could spark equities fund outflows, a local think tank said Tuesday. The Fed is widely predicted to begin gradually scaling back the size of $4.5 trillion in Treasury bonds and other bond assets from September, as it has already raised interest rates from record lows set following the 2008 financial crisis. According to a report by local think t

Economy July 25, 2017

A C-130H transport plane from South Korea's Air Force left for the United States on Tuesday to join a multinational exercise.The Air Force said it is also sending 30 service members to the inaugural Mobility Guardian training organized by the US Air Mobility Command slated for early August.It is the command's largest regular drill, replacing the Air Mobility Rodeo, and focuses on airdropping paratroopers and cargo, as well as in-air refueling and medical evacuation missions. South Korean Air For

Defense July 25, 2017

Samsung Heavy Industries Co., a major shipyard here, is set to suspend work on another floating dock as it feels the pinch in the drop of new orders over the last few years, industry sources said Tuesday.According to the sources, Samsung Heavy shut down one of three on-road docks last month. The shipyard is also planning to shut down another dock later this month. Samsung Heavy runs eight docks, including four floating docks.The shipyard has been suspending part of its production facilities in g

Industry July 25, 2017

South Korea on Tuesday raised its growth forecast for 2017 by 0.4 percentage point to 3 percent as Asia's fourth-largest economy has been basking in brisk exports led by the global economic recovery. For the next year, the government expects the economy to pull off around 3 percent growth, according to the new economic policy plan endorsed by the Cabinet."In 2017, the economy will likely grow an improved 3 percent on the back of an upturn in exports and investment and fiscal expansion broug

Economy July 25, 2017

The top diplomats of South Korea and New Zealand discussed North Korea's nuclear problem and bilateral cooperation during a telephone conversation on Monday, the foreign ministry said.During the talks with New Zealand Minister of Foreign Affairs Gerry Brownlee, Foreign Minister Kang Kyung-wha shed light on the South Korean government's push to build peace on the Korean Peninsula, which she said is crucial in securing stability in the Asia Pacific region and beyond, according to the Ministry of F

North Korea July 25, 2017

South Korean biopharmaceutical firm Samsung Bioepis Co. said Tuesday that its biosimilar drug Renflexis was launched in the United States following the approval of the US Food and Drug Administration. In April, the FDA approved Renflexis -- a biosimilar referencing Janssen Biotech, Inc.'s blockbuster immunology medicine Remicade -- marking the first time that a product made by Samsung Bioepis has been given the green light to be marketed in the US, the company said.(Yonhap)The drug will be intro

Industry July 25, 2017

S. Korea's big name exporters have stepped up their lobbying activities in the United States after the Donald Trump administration took office, data showed Tuesday, apparently to smooth out potential trade issues.US Senate Lobbying Disclosure Database showed that tech giant Samsung Electronics spent $1.47 million on lobbying activities in the first half of this year, triple the $490,000 spent in the same period in 2016. The total this year breaks down to $680,000 in the first quarter and $790,00

Economy July 25, 2017

South Korean stocks opened nearly flat Tuesday as investors sought profit-taking after the market closed at a record-high level in the previous session.The benchmark Korea Composite Stock Price Index rose 0.35 point, or 0.01 percent, to 2,451.88 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 0.63 percent down, and SK hynix, a major chipmaker, also fell 1.23 percent.Hyundai Motor, the No. 1 automaker, moved up 1.03 percent.The local currency was trading at 1,117.00 won

Market July 25, 2017

South Korea's No. 2 chipmaker SK hynix Inc. said Tuesday its second-quarter net profit shot up nearly ninefold, apparently helped by a strong average sales price of dynamic random-access memory and NAND chips.The record-breaking net profit came to 2.46 trillion won ($2.2 billion), soaring from 286 billion won a year earlier, the company said in a regulatory filing. Operating profit also advanced 573.7 percent over the cited period to reach a record 3.05 trillion won. Sales came to an all-time hi

Market July 25, 2017

South Korean companies' equity and debt sales jumped 34.8 percent on year in the first half, due mainly to a rise in corporate bond issuance, government data showed Tuesday. Local companies raised 82.1 trillion won ($73.5 billion) by selling stocks and bonds in the January-June period, compared with 60.3 trillion won in April, according to the data from the Financial Supervisory Service. Stock sales, including three initial public offerings, reached some 4.9 trillion won, up 39.2 percent on-year

Market July 25, 2017

South Korea suggested the United States carry out a joint study on the economic impact of the Seoul-Washington free trade agreement before starting talks on its amendment, Seoul's trade ministry here said Tuesday."Regarding your request to convene a special session of the Joint Committee under the KORUS FTA, Korea agrees to hold the requested Joint Committee in accordance with the due procedures set in the agreement," Minister of Trade, Industry and Energy Paik Un-gyu said in a letter

Economy July 25, 2017

President Moon Jae-in will meet with business leaders to exchange opinions on various economic issues later this week, dividing them into two groups, the local chamber of commerce said Monday.On Sunday, the presidential office announced that the meetings with representatives from the top 14 business groups along with mid-sized food producer Ottogi will be held on Thursday and Friday at Cheong Wa Dae.The Korea Chamber of Commerce and Industry said Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doos

Industry July 25, 2017