South Korea's tax authorities said Wednesday that it has launched probes into 30 offshore tax evasion cases as part of its efforts to clamp down on tax dodging.The National Tax Service (NTS) said the investigation is targeting companies and individuals who have allegedly concealed their wealth using offshore paper companies in various tax havens around the world.A total of 1.3 trillion won (US$1.08 billion) in taxes were slapped on evaders as a result of its offshore probes last year, up 5 perce

Jan. 27, 2016

(KOTRA)South Korea's spending on information technology products and services is expected to grow 2.4 percent in 2016 from the previous year, data showed Friday.Asia's fourth-largest economy is expected to spend 86.1 trillion won ($71.4 billion) on IT products and services this year, according to the data compiled by industry tracker Gartner Inc.Of the amount, expenditures on fixed-line and mobile network services are estimated to account for 40.8 trillion won, followed by spending on smartphone

Technology Jan. 22, 2016

A local court on Friday ordered three credit card-related companies, hit by a massive data leak in 2014, to give 100,000 won ($83) to each victim, a ruling that could set a precedent for other similar lawsuits.The Seoul Central District Court ruled in favor of a total of some 5,000 customers who filed four separate suits against KB Kookmin Card Co., NH Nonghyup Card Co., and a credit rating agency, the Korea Credit Bureau.In 2014, some 100 million clients' personal data, including bank account n

Business Jan. 22, 2016

Hyundai Rotem Co., a train-making affiliate of Hyundai Motor Group, said Friday that it has inked a deal to construct a subway line and other necessary systems in the Philippines for 530 billion won ($440.2 million).The deals signed with ULC, a local company, calls for Hyundai Rotem to build a subway line linking a station in Manila to another in Bulacan which is located in the northern part of the country.It will also provide the trains to be deployed for the line along with other necessary com

Industry Jan. 22, 2016

South Korea's ICT ministry said Friday it will determine whether to license the country's fourth mobile carrier next week after months of deliberation on candidates.The three candidates passed an initial government assessment in November in line with the ministry's plan to inject more competition into the market, which is currently dominated by only three -- SK Telecom Co., KT Corp., and LG Uplus Corp. The Ministry of Science, ICT, and Future Planning, which oversees the country's communications

Technology Jan. 22, 2016

South Korean shipbuilders, reeling from massive losses, are planning to pay bonuses to their employees for the Lunar New Year's holiday, as part of efforts to boost morale, industry sources said Friday.According to the sources, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are set to pay one-off bonuses to employees, amounting to 100 percent of their basic monthly salaries.The Lunar New Year's falls on Feb. 8 this year, with a five-da

Industry Jan. 22, 2016

Kia Motors Corp., South Korea's second-largest carmaker, has set its sales target in Iran at around 20,000 units for this year as it is seeking to fully resume exports after years of suspension due to U.N.-led international sanctions, industry sources said Friday.Kia Motors' sales target in Iran was set "internally," the sources told the English division of Yonhap News Agency.Company officials did not confirm the figure, nor did they elaborate on when the company will resume exports to Iran in f

Mobility Jan. 22, 2016

South Korea tech giant Samsung Electronics Co. sold the largest number of so-called smart connected devices in the world in the first nine months of 2015, data showed Friday. Samsung Electronics sold 266 million smart connected devices -- a collective term for smartphones, tablets and personal computers -- worldwide in the January-September period, accounting for 19.3 percent of the total, the International Data Corporation said. U.S. tech behemoth Apple ranked second, selling 205 million iPhone

Technology Jan. 22, 2016

Trade volume between South and North Korea reached an all-time high in 2015 despite strained inter-Korean ties over the North's pursuit of nuclear weapons, a trade association here said Thursday.Trade between the two Koreas came to $2.71 billion last year, up 15.8 percent from a year earlier, according to the data provided by the Korea International Trade Association. The figure was the largest ever on record. South Korea's shipments to the North grew 11 percent on-year to $1.26 billion, while i

Jan. 21, 2016

Approximately four in 10 South Korean households have no concrete plans to cope with life after retirement, a report showed Thursday.The report by the Korea Institute for Health and Social Affairs on circumstances facing senior citizens showed 38.5 percent of local households are unprepared for old age, while those who claim they are ready expect difficulties in maintaining current living standards."Many South Koreans don't have plans for life after retirement because they have to educate their

Jan. 21, 2016

The global market for Ultra HD TVs is set to lead the global TV industry throughout 2016, data showed Thursday, beating its full HD rivals in market share for the first time. According to the data compiled by industry tracker IHS, UHD TVs are expected to take up 49 percent of global TV sales this year, hovering far above the 36.6 percent estimated for full HD models. LG Electronics' UHD TVs UHD TVs, often referred to as 4K TVs, boast a resolution of 3,840×2,160, while their full HD counterparts

Technology Jan. 21, 2016

 South Korea's central bank moved quickly to minimize the fallout from what could be North Korea's nuclear test on the local economy Wednesday, convening an emergency meeting of the monetary policy board.   "In regard to the North Korean issue, the Bank of Korea plans to hold an emergency meeting of its monetary and financial policy task force at 2 p.m. today," the bank said in a short text message. The Bank of Korea (Yonhap News)   The decision to hold an emergency meeting comes only hours afte

Business Jan. 6, 2016

Woori Bank president Lee Kwang-goo (left) poses with Indonesia Investment Coordinating Board chairman Franky Sibarani after signing a mutual cooperative agreement for strategic partnership in downtown Seoul on Friday. (Woori Bank)　

Latest News Dec. 20, 2015

BOK Gov. Lee Ju-yeol presides over a meeting of the monetary policy committee in Seoul on Thursday. South Korea's central bank froze its benchmark interest rate at a record low of 1.5 percent for November on Thursday, as it continues to gauge the impact of its previous rate cuts amid recovering local demand and a looming U.S. rate hike.   This marks the fifth consecutive month the Bank of Korea  has kept the policy rate unchanged at the current level since it slashed the rate by a quarter percen

Nov. 12, 2015