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The Korea Times

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Economy

Sat, September 23, 2023 | 00:56

Corporate sales, profitability worsen in Q2 amid higher costs, economic slump

Corporate sales, profitability worsen in Q2 amid higher costs, economic slump

Korean companies' sales and their profitability sharply worsened in the second quarter of the year, central bank data showed Tuesday, as they braced for higher borrowing costs and increased prices of raw materials amid an economic slump.

2023-09-12 14:00

[CONTRIBUTION] Latin America and the Caribbean's role in addressing global issues

CONTRIBUTIONLatin America and the Caribbean's role in addressing global issues

As I begin my first trip to Korea as president of the Inter-American Development Bank (IDB), the need for renewed cooperation between our regions becomes increasingly evident.

Yoon Ja-young2023-09-12 09:17

Gov't forecast of tax revenue draws skepticism

Gov't forecast of tax revenue draws skepticism

Skepticism over the government's forecast on tax revenue is intensifying, as predictions suggest another double-digit error rate for this year. Sources anticipate this year's tax shortfall to hit a record high of 60 trillion won, equivalent to a 15 percent error.

Lee Yeon-woo | 2023-09-11 16:52

Multinational firms evaded $375 mil. in customs duties over past 5 years

Multinational firms evaded $375 mil. in customs duties over past 5 years

Multinational firms in Korea were found to have evaded more than 500 billion won ($375 million) in customs duties for the past five years by failing to submit relevant data and documents, according to government data unveiled on Monday.

Lee Yeon-woo | 2023-09-11 16:36

Exports down 7.9% during first 10 days of Sept.

Exports down 7.9% during first 10 days of Sept.

Korea's exports fell 7.9 percent on-year in the first 10 days of September due to weak shipments of chips and petroleum products, data showed Monday.

2023-09-11 09:59

FSC vice chief promotes Korea's improved market accessibility to global investors

FSC vice chief promotes Korea's improved market accessibility to global investors

Financial Services Commission (FSC) Vice Chairman Kim So-young promoted the Korean government's efforts to improve market accessibility and regulations for global investors in an investor relations (IR) session in Hong Kong on Friday. According to the FSC on Sunday, the vice chief of the country's top financial regulator showcased the Korean government's latest moves to advan...

Anna J. Park | 2023-09-10 16:31

Assembly moves to punish bank CEOs for negligence

Assembly moves to punish bank CEOs for negligence

The National Assembly is expected to receive a bill for approval within this month, as part of accelerated efforts made by the government and the ruling party, to punish commercial bank CEOs if their companies are caught committing financial crimes, according to political and financial sources, Sunday.

Yi Whan-woo | 2023-09-10 16:27

FSS Governor visits Europe to attract financial investments

FSS Governor visits Europe to attract financial investments

Financial Supervisory Service (FSS) Governor Lee Bok-hyun has embarked on a week-long tour, Sunday, which will entail visits to three European countries: Switzerland, the U.K. and Germany. The tour aims to both promote the Korean financial industry and discuss global financial supervision issues.

Anna J. Park | 2023-09-10 15:55

No official export ban on urea by China in effect: finance ministry

No official export ban on urea by China in effect: finance ministry

Korea's finance ministry said Friday it has confirmed that China has not implemented an official ban on shipments of urea by fertilizer firms and noted that the domestic supply would remain stable even if there were any curbs.

2023-09-08 13:58

Rise in oil price clouds Korea's economic prospects: KDI

Rise in oil price clouds Korea's economic prospects: KDI

Korea's near-future economic outlook doesn't look good, a predicament largely caused by outside factors such as rising oil prices and China's domestic woes that are increasing global economic instability, according to a state-run think tank, Thursday.

Ko Dong-hwan | 2023-09-07 16:52

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