Korean tax office to gain access to Swiss bank accounts
The National Tax Service (NTS) said Thursday that it will be able to gain access to Swiss bank accounts held by Korean citizens, which it expects will help detect illegal slush funds and prevent overseas tax evasion. The tax office said the National Assembly ratified a revised treaty with Switzerland earlier this week that permits […]
Naver: online chaebol?
American Internet giant eBay has been controlling Korea’s electronic commerce markets through its affiliates Auction and Gmarket, but it remains to be seen whether local search king Naver could give it a run for its money. Search giant looks to launch open market service Naver, Korea’s near omnipresent portal accounting for over 70 percent of […]
Samsung mum on Apple ahead of critical rulings
It seems that Samsung Electronics is beginning to mince its words about its high-profile intellectual property fight with Apple ahead of crucial rulings in Germany. It was just months ago that the Korean technology giant had expressed bullishness in its legal battle with Apple, which doubles as its friend in parts but foe in finished […]
‘Samsung worker accused of shadowing CJ chairman’
CJ Group has claimed that a Samsung employee has been following its chairman around, demanding an apology from Samsung. Samsung declined to comment until the police conclude an investigation. CJ officials said Thursday that CEO Lee Jay-hyun’s guards caught a 42-year-old worker of Samsung C&T Corp., who they claim had been tailing the CEO for […]
‘Tesco supermarkets create more jobs than mom-and-pop stores’
Lawmakers have recently attempted to regulate discount chains’ efforts to set up convenience stores in city centers as well as residential areas in the name of protecting mom-and-pop stores and ordinary people. However, Home plus Chairman Lee Seung-han said in a recent interview with The Korea Times that its neighborhood Home plus Express supermarkets are […]
Pororo aims to be world’s beloved icon
Strategic marketing grabs global children Standing next to a Pororo statue, Ahn Ye-eun, 4, was jumping nonstop with excitement at a Pororo-themed park in Shindorim, southern Seoul. “She’s been speechless ever since she got here, she’s probably thinking she’s dreaming now,” said Yoo Jung-ran, 60, a grandmother who babysits Ahn and her brother, Hyun-sung, 7. […]
Let civic groups handle injustice
Capitalism suggests minimal state intervention in the market. The basic assumption of a free market economy has been challenged here after economic injustice issues such as the clash of interests between mom and pop stores and large retailers run by conglomerates happened. Corporations’ business activities have undercut the profits of owners of small stores, pushing […]
Household debt continues to climb
Financial authorities see Korea’s household debt mountain growing steeper in the coming months as banks continue to exploit the demand from families struggling to keep up with the rising costs of living. Amid increasing concerns that the historically high level of personal indebtedness is posing a serious threat to the country’s financial stability, the Financial […]
Indonesia-US cooperate in developing ‘unconventional gas’
Indonesia and the United States on Monday agreed to cooperate in developing “unconventional gas” in Indonesia as the country will learn from its counterpart about technology to develop non fossil fuel. Evita Legowo, director general of Oil and Gas in the Ministry for Energy and Mineral Resources, said in the U.S.-Indonesia Energy Investment Roundtable, that […]
Sindh province of Pakistan expects US $8 billion Korean investment
Sindh, the southern province of Pakistan, expects 7 to 8 billion US dollar investment in different sectors including energy, food, tourism and communication up to 2020 from Republic of Korea, as a large number of Korean companies are keen to invest here. Several Korean companies are already here executing different projects, said Mr. Zubair Motiwala, […]
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