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Reporter : Yi Whan-woo
Sat, June 3, 2023 | 06:32
Global sugar price hike prompts concerns over domino effect in Korea
Global sugar prices are increasing sharply, prompting speculation that the cost of bread, ice cream, confectionary, soda and other sugar-based food and beverages in Korea will continue to go up due to the lingering effects of inflation.
Hana opens nursing room at bank branch to help tackle low birth rate
Hana Financial Group has opened a nursing room for pregnant women and new moms as a part of its broader strategy to tackle the nation's low birth rate and rapid population decline, the banking group announced on Sunday.
Delay in utility fee hikes feared to disrupt fiscal soundness
The government is apparently in a dilemma over whether it should raise utility fees, as it needs to balance easing the cost of living with curbing the snowballing debts of state-run energy companies. More than two weeks into the second quarter of the year, the government is still considering a possible price hike for this quarter on electricity and gas amid lingering concerns...
Customs agency on campaign against drugs, illegal imports
The Korea Customs Service (KCS) said Tuesday it has joined a massive campaign led by the government aimed at drug-related crime, drug trafficking and the punishment and rehabilitation of persons addicted to drugs.
Will government extend tax cut on fuel?
The government is anticipated to extend the years-long tax cut on fuel again later this week, to lessen the burden on people's livelihoods as global oil prices are back on an upward trajectory over supply uncertainty. However, the maximum legal cap for fuel tax is likely to be lowered by a smaller margin compared to before, as the government also needs to grapple with a massi...
Chip downcycle, lackluster private spending behind lowered growth outlook for Korea: IMF official
The International Monetary Fund (IMF) has slashed its 2023 growth forecast for Korea this month, the fourth consecutive downward revision of the country's economic outlook, due to the global chip downturn and weakening domestic consumer expenditure, a senior IMF official said.
BOK chief warns against blind optimism for rate cut
Bank of Korea (BOK) Governor Rhee Chang-yong warned against market expectations for the BOK to cut its key interest rate at its next monetary policy meeting on the heels of its back-to-back freezes this week.“The market should not look forward to a decline in the base rate this year, unless there is more convincing evidence for us go ahead with a rate cut against lingering un...
Korea's exports struggle in ASEAN, China markets
Korea's exports to ASEAN markets are declining - an unwanted path for the country eyeing the region as an alternative to China amid growing needs to diversify trade partnerships. According to the Ministry of Trade, Industry and Energy, Korea's outbound shipments to 10 ASEAN member countries combined shrank for the past six months from a year before - 5.7 percent in October, 1...
Korea's workforce grows older amid economic slowdown
Korea's workforce is graying rapidly, with the number of newly-hired people who are aged 60 or older hitting the highest level in nearly three years, according to data, Wednesday. The data released by Statistics Korea showed a total of 547,000 jobs were added year-on-year in March for the over-60 age group.
Korea to support Madagascar on electronic customs clearance system
The Korea Customs Service (KCS) has launched a project to help Madagascar to adopt Seoul's electronic customs clearance system on the East African country's path to advance trade-related administrative policies, the KCS said Wednesday. The project comes as Korea has exported its indigenously-developed electronic customs clearance system, UNI-PASS, to 16 countries, including s...
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