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Reporter : Yoon Ja-young
Fri, August 19, 2022 | 22:39
Unauthorized inter-Korean coal trade confirmed
South Korea received 6.6 billion won ($5.86 million) worth of North Korean coal and pig iron, of which the country of origin was fabricated, the nation's customs agency said, Friday. Cheong Wa Dae said there is no conflict between South Korea and the U.S. regarding the issue as the two countries are coordinating closely with mutual trust.
Korea to nurture 'platform economy'
The government will expand investment into the “platform economy,” as a part of efforts to attain innovative growth through bold regulatory reforms, the country's finance minister said Thursday.
Elizabeth Bae to lead BCW Korea
BCW announced Wednesday that it appointed Elizabeth Bae as its new leader for its Korean operation. It also named Kim Bum-sung as its managing director for corporate practice.
Block chain special zone considered in Jeju
The government will consider designating Jeju Island as a special zone to develop the blockchain and electric vehicle industries. If designated as such, it is expected to draw 63.2 billion won in investment over the next five years and create 1,800 jobs. Daegu will see deregulation to nurture its brain science research as well as getting government support to establish an R&D center. These are part of the government plans to spur innovative growth efforts by local governments.
Economics of extreme heat
The weather is one of the key factors that determine human behavior. While there are beneficiaries and losers when the mercury shoots up, economists generally agree that the extreme heat works negatively on the economy. Hongcheon in Gangwon Province recently saw the temperature rise to 41 degrees Celsius, the highest since 1904 when the country started compiling data. As the ...
Cheong Wa Dae lacks sense of urgency
History teaches that the lack of a sense of urgency about economic situations begets a crisis. This lesson has made some market watchers uneasy about the Korean economy as Cheong Wa Dae is promoting it as being in good shape despite a series of warning signals.
Car insurance premiums to rise
Car insurance premiums are expected to rise by 3 percent to 4 percent in October as insurers are facing multiple factors that are pulling up their costs. According to sources in the industry, major insurance companies are pondering over details of the hike, such as when and how much they should raise premiums.
Finance minister faces dilemma over Samsung
Economy and Finance Minister Kim Dong-yeon is in a dilemma over his scheduled visit to Samsung Electronics today. Kim's planned visit to the nation's largest conglomerate may illustrate his sense of urgency about falling corporate investment but this is seemingly not shared by Cheong Wa Dae and the ruling party.
Taxes blamed for Korea's bland beers
The government's decision not to revise the alcohol tax for the time being is disappointing domestic breweries, both large and small. They say the absurd tax is depriving them of chances for fair competition against imported beers and even discouraging them from developing better products.
NPS suffering from falling investment return
The National Pension Service (NPS), which manages the 635 trillion won retirement fund of its 21.2 million subscribers, is suffering from falling investment return. An internal crisis which led to the absence of top fund managers is behind the poor performance, adding to the concern of subscribers who have left their life after retirement in their hands.
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