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[Related] KOREA BUSINESS & ECONOMIC NEWS 2009
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2009 January 18 |
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Seriworld.org ~ Korea Economic Trends
Weekly Insight
Corporate View of Current Economy and Future Responses Based on Survey of 500 Listed Companies
NO.584, Sept. 7, 2009
I. Introduction
Korea’s real economy has continued to gain momentum since the second quarter of this year after bottoming out in the first quarter. To maintain a stable path to recovery, however, domestic demand in the private sector must be revitalized.1 Recent encouraging developments have mainly been fueled by government economic stimulus packages. Now, with mounting concerns over a burgeoning fiscal deficit and high inflation, continuing expansionary fiscal policy and quantitative easing in the long term would compound burdens. Also, Korea’s exports depend heavily on a global economy which the country cannot control, beyond other factors such as exchange rates or national competitiveness. Therefore, to expect an economic recovery led by exports amid a teetering global economy would be presumptuous as Korea lies vulnerable to external shocks. In other words, a recovery in domestic demand will be the key to sustaining the recent economic upturn.
For full article visit (copy/paste link below):
http://www.seriworld.org/03/wldKetV.html?mn=E&mncd=0302§no=3&key=db20090907002
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Rights Panel to Address Foreign Firms’ Complaints
By Lee Tae-hoon
Staff Reporter, The Korea Times, 03-09-2009 17:32
"A presidential commission opened a window to address complaints from foreign businesses, Tuesday..."
"He added that supporting foreign business activities through the new service would serve the national interest as well. The measure is part of the commission's efforts to protect the rights and interests of businesses. It launched a corporate ombudsman system in January.
The commission will uncover and improve regulations and systems that discourage foreign businesses from making investments in Korea through coordination with other government agencies and business organizations. In addition, the agency will also appoint an international businessman as an honorary ombudsman to create a new communication channel through which it can hear about the hardships that foreign businesses encounter while operating in Korea."
For full article visit:
http://www.koreatimes.co.kr/www/news/nation/2009/03/116_40958.html
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KOGAS and Woodside Sign MOU to Develop Gas Fields
By Angela Moon, Reuters. 04 March 2009
State-run Korea Gas Corp (KOGAS) has signed a memorandum of understanding (MOU) with Woodside Petroleum Ltd to jointly develop gas fields in Australia, South Korea's energy ministry said on Wednesday.
South Korea, the world's second-largest liquefied natural gas (LNG) buyer after Japan, is heavily dependent on foreign energy reserves. LNG accounts for about 20% of the country's power generation.
"The MOU includes joint exploration, development and production of WA-378-P, WA-396-P and WA-397-P fields, and joint participation in future LNG projects," the ministry said in a statement. The deal was signed during South Korean President Lee Myung-bak's visit to Australia.
Earlier in the day, South Korean bank Woori and Australia's top investment bank Macquarie signed a deal for a $1bn fund to invest in South Korea's infrastructure and renewable energy sectors.
For copy of full article please visit: http://www.offshore-technology.com/news/news50696.html and
Offshore Technology http://www.silobreaker.com/DocumentReader.aspx?Item=5_2262154009173295108
Woodside invites Korea Gas to invest in Australia basin
The Korea Herald, 2009.03.06
For copy of full article please visit: http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/03/06/200903060061.asp
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New tax breaks for firms that invest
JoongAng Daily, By Lee Sang-ryeul JoongAng Ilbo, March 4, 2009
‘A real estate tax reform plan is likely to be submitted ... as early as June.’
In order to encourage local companies to start new projects, the government will give tax benefits to firms that invest in facilities. Capital gains taxes imposed on owners of multiple homes or of land for non-business purposes will also be reduced, Finance Minister Yoon Jeung-hyun said.
For copy of full article please visit: http://joongangdaily.joins.com/article/view.asp?aid=2901784
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KITA Head Stresses Biz-Friendliness, FTAs
KITA Economic News #1086, By Jane Han, 2009-02-24
Sakong Il, the new chairman of the Korea International Trade Association (KITA) and architect of President Lee Myung-bak's economic policies, rekindled Tuesday the importance of a business-friendly government to help overcome today's economic challenges and offered his definition of friendliness beyond tax breaks and deregulation.
For copy of full article please visit: http://global.kita.net/news/01/read.jsp?seq=1086
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Foreign Investors Coming Back to Seoul Bourse
KITA Economic News #948, By Kim Jae-kyoung, 2009-01-14
Foreign investors, who unexpectedly triggered the collapse of the Seoul stock and currency markets last year, are coming back to the Seoul bourse, leading a year-beginning rally in the local equity market.
For copy of full article please visit: http://www.kita.org/
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Download : SERIWorld_KoreanEconomy_20090908.pdf
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