[THE INVESTOR] Tax breaks for replacements of old diesel cars and high-efficiency home appliances will be rolled out in the second half of the year, the Ministry of Strategy and Finance announced on June 28.Under the plans, those replacing diesel vehicles registered before Dec. 31, 2006 will be given a 3.5 percentage point cut in the special consumption tax of 5 percent for automobiles. Hyundai Motor EV Ioniq.The Finance Ministry said that the measure is aimed at weeding out old diesel vehicles

[THE INVESTOR] The South Korean government said on June 28 that it will draw up a 10 trillion-won (US$8.45 billion) extra budget to cope with a myriad of economic challenges including slumping domestic and overseas demand, and Britain’s recent vote to leave the European Union.Including the proposed extra budget, the Finance Ministry said it would need to inject 20 trillion won into Asia’s fourth-largest economy this year by utilizing tax revenue surpluses and various state-run funds.“We will map

[THE INVESTOR] The South Korean government will expand infrastructure for electric vehicles, and roll out measures for encouraging companies to cut greenhouse gases as part of its plans to boost environment-related businesses in the second half of the year. These and other related measures were included in the government’s economy-related plans for the second half revealed on June 28. Under the plans, a company that invests in alternative energy projects that lead to greenhouse gas reduction at

[THE INVESTOR] Korea will need as much as 26.6 trillion won (US$22.5 billion) in supplementary budget to weather negative elements from external and internal economic conditions, a think-tank said on June 26. In a report published on June 26, Hyundai Research Institute said that Korea needs between 11.5 trillion won and 26.6 trillion won in supplementary budget in order to offset negative factors from home and abroad. According to the report, Korea has about 113 trillion won remaining in this ye

[THE INVESTOR] Power prices could rise by 97 percent if the government opens the nation’s state-controlled energy supply market to the private sector, according to a study released on June 27. If the retail power market is privatized, electricity prices may drop in the initial phase but will rise continually, according to the report on major global economies’ policies related to the electricity supply. Under the plan announced on June 14 by the Ministry of Trade, Industry and Energy, the country

 [THE INVESTOR] The government is expected to unveil a plan to set aside about 10 trillion won ($8.4 billion) in supplementary budget Tuesday when it announces economic policy directions for the second half of this year.In a meeting with lawmakers from the ruling Saenuri Party on Friday, Finance Minister Yoo Il-ho said he would actively consider drawing up an extra budget if it was to pass parliament within the next month.Two days earlier, Yoo, who doubles as deputy prime minister for economic a