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Reporter : Yi Whan-woo
Tue, February 27, 2024 | 09:40
Falling tax revenues raise alarm on gov't fiscal health
Tax revenues in Korea fell by nearly 40 trillion won ($31.4 billion) in the first half of 2023 from a year earlier, fueling concerns of a massive shortfall in the fiscal budget and the sustainability of the government's eased tax regulation.
Worker-management row escalates as KDB relocation plan materializes
Tensions between labor and management at Korea Development Bank (KDB) are escalating as the state-run lender is finalizing its plan to move its headquarters from Seoul to Busan.
Foreigners offset Korea's steep population decline
More foreigners are settling down in Korea as the number of Korean nationals declines, helping offset a steep fall in the country's total population that otherwise would have dropped below the 50 million mark last year, a study showed on Sunday.
Gov't to expand tax benefits for reshoring
The government will extend the duration of a tax break for Korean companies that bring their overseas production back home to 10 years from the current seven in a bid to facilitate investment and spur the ailing economy. It will also provide bigger tax breaks for a range of foreign workers who are increasingly prevalent in Korea's workforce amid a rapid population decline.
Financial firms eye MG Non-Life Insurance
MG Non-Life Insurance is increasingly drawing attention from multiple potential buyers after it was put up for sale last year, as acquisition of the mid-tier insurer appears a cost-effective means of business diversification.
IMF lowers Korea's growth forecast to 1.4% in 5th straight downward revision
The International Monetary Fund (IMF) lowered its 2023 growth forecast for Korea to 1.4 percent, Tuesday, in its fifth straight downward revision of the country's economic outlook for this year. Updated every three months, the IMF's latest growth estimate for Asia's fourth-largest economy is down from its forecast of 2.1 percent made in July 2022, 2 percent in October 2022, 1...
Korean economy grows 0.6% in Q2 amid plunging imports
The Korean economy expanded for the second consecutive quarter in the April-June period, as imports shrank at a faster pace than exports, which contributed to a net growth in trade. Preliminary estimates from the Bank of Korea (BOK) showed, Tuesday, that the nation's gross domestic product (GDP) increased 0.6 percent in the second quarter from the previous three months when i...
Gap widens between perceived inflation and official figure
Prices of agricultural, livestock and fishery products are surging, widening the gap between consumer price increases and the actual level of headline inflation that has cooled down to the 2 percent range.
Financial industry urged to capitalize on AI to create synergy in corporate world
Financial firms can capitalize on artificial intelligence (AI) to partner with shipping, warehouse and other logistics businesses and create a synergy in a corporate world that is being rapidly transformed by AI, an internationally-renowned AI expert said.
Leaders of KB, Sompo Holdings hold further discussions on cooperation
KB Financial Group Chairman Yoon Jong-kyoo met with CEO Kengo Sakurada of Japan's top-ranked insurance company Sompo Holdings for an in-depth discussion on cooperation between the companies, the Korean banking group said Friday.