The South Korean government is considering applying a tax rate of 20 percent to income derived from cryptocurrencies by regarding it as not transfer income but miscellaneous income, which includes lottery payouts, lecture fees, royalties, and the like.The Ministry of Economy and Finance decided in t

The Asia Region Funds Passport (ARFP) is scheduled to be implemented on May 27 this year, making cross-selling of public funds possible in South Korea, Australia, Japan, New Zealand and Thailand.The Financial Services Commission announced on Jan. 20 that it is revising subordinate provisions of the

The Ministry of Trade, Industry and Energy announced on Jan. 20 that the exports from the ICT sector of South Korea totaled US$176.9 billion with a year-on-year decline of 19.7 percent and the imports added up to US$108.4 billion with a year-on-year increase of 1 percent last year. The trade surplus

The South Korean government announced on Jan. 20 that finance, culture and innovation will be added to the 9-Bridge scheme for mutual cooperation between South Korea and Russia and it will establish mid- to long-term cooperation models and bilateral and multilateral FTA belts with northern countries

The Korean cosmetics industry is providing an experience that cannot be offered by ready-made cosmetics by reflecting users’ tastes and skin conditions as consumers have become pickier.Amorepacific joined hands with Link Solutions, a developer of 3D printers, in 2017. Through the partnership, their

Samsung Electronics and Sony have unveiled their micro LED TV products at CES 2020, but some display industry experts say that excessively high production cost will impede their popularization.One square meter of display modules for micro LED TVs costs US$50,000, according to industry experts and fo

GC Green Cross is stepping up efforts to upgrade its existing products and develop innovative new drugs based on its research capabilities accumulated through the localization of blood products and vaccines.The company is carrying out phase II and III clinical trials on HepaBig-Gin (GC1102), a recom

POSCO Chemical will supply core materials for electric vehicle (EV) batteries worth up to two trillion won (about US$1.7 billion) to LG Chem over the next three years.POSCO Chemical and LG Chem will sign a supply contract for anode materials, a key material for EV batteries, this week.The contract w

Hankook Tire has agreed to extend its global marketing partnership with Spain's prestigious football team, Real Madrid, to the 2022-2023 season.A signing ceremony was held at Santiago Bernabeu, Real Madrid's home ground, on Jan. 17 (local time) in the presence of Hankook Tire's European

The keywords of Samsung Electronics’ annual top executive reshuffle announced on Jan. 20 appeared to be performance and generational shift.The most notable feature of the reshuffle was the appointment of Roh Tae-mun as head of the smartphone business. Roh is known to have led the development of the

Hyundai Motor Co. is failing to increase its Palisade production volume despite the worldwide popularity of the flagship SUV. This is because unionized workers’ consent is required for an increase in production or overseas production.The management of the company is considering releasing the SUV in

Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries are further enhancing the competitiveness of the shipbuilding industry of South Korea by developing smart ships incorporating Industry 4.0 technologies. The smart ships they are building already achieved

uLikeKorea, a Korean smart livestock healthcare management company, has signed a memorandum of understanding (MOU) with Denmark’s largest telecommunication company TDC to launch the world’s first narrow band IoT (NB-IoT) biocapsule in Denmark.The MOU signing ceremony was attended by Michael Stugaard

The Ministry of Science and ICT is planning to provide innovative public services based on blockchain technology.The ministry’s keyword for its blockchain development projects is service popularization. In this regard, the ministry will allocate a budget of 16.1 billion won for blockchain R&D and re

More than 110 billion won out of LIME Asset Management’s 1.6 trillion won PEF investment that has yet to be redeemed has been found to be tied up in real estate project financing in Cambodia. RAUM Investment, a company closely related to LIME Asset Management, made an investment in a Cambodian resor

LG Household & Health Care is accelerating its penetration into the United States, the world's largest cosmetics market.The company has recently made its herbal cosmetics brand “Belif” available at online and offline stores of Ulta Beauty, the largest cosmetics retailer in the United States. “Be

The South Korean government plans to assemble a flight model of the Nuri, a space rocket it has been developing with purely Korean technology, in the second half of this year and complete a launch pad, where the rocket will be lifted off, in October this year.The Ministry of Science and ICT and the

Hyundai Motor Co. and Kia Motors Corp. will jointly make a strategic investment of 100 million euros in U.K. commercial electric vehicle (EV) company Arrival. The two Korean carmakers plan to cooperate with Arrival in developing small commercial EVs for downtown areas of cities and actively respond

The second public-private joint investigation committee on energy storage system (ESS) fire accidents has tentatively put the blame on defective batteries, battery industry insiders say.The committee held a meeting on Jan. 15 to finalize its report. Currently, it is carrying out verification work to

A nerve war has erupted between Samsung Electronics and Huawei over the No. 1 position in 5G smartphone sales. Huawei claimed on Jan. 15 that it has sold 6.9 million 5G phones. The announcement came 10 days after Samsung Electronics disclosed that it sold 6.7 million units in 2019.Samsung Electronic