POSCO Group made an unusual comment on Friday, refuting the National Pension Service’s (NPS) claim that the steelmaker is suspected of using unfair methods to reappoint the incumbent chairman, Choi Jeong-woo, to lead the nation’s fifth-largest business group over the next three years.
POSCO Group made an unusual comment on Friday, refuting the National Pension Service’s (NPS) claim that the steelmaker is suspected of using unfair methods to reappoint the incumbent chairman, Choi Jeong-woo, to lead the nation’s fifth-largest business group over the next three years.
Business groups are calling for electricity rate cuts, in the form of lowering the ratio for both value-added tax and contributions to energy funds, according to market watchers, Thursday. Consumers monthly electricity bills charge a value-added tax of 10 percent in addition to a contribution rate of 3.7 percent of the electricity used every month.
The Yoon Suk Yeol administration has indicated its intention to meddle in the governance of former public enterprises that have long since been privatized - two decades ago - as the government forced financial holding companies recently to replace their chairmen. Concerns are therefore growing over the possibility of nepotism spreading to both KT and POSCO Holdings, based on who ends up replacing their chief executives.
Concerns are growing over the possibility that Korean semiconductor manufacturers are losing ground against their foreign rivals, as the National Assembly passed a bill intended to limit an increase in tax benefits for domestic chipmakers. Late last Friday, the ruling and opposition parties agreed to revise the Restriction of Special Taxation Act, in order to increase the tax credit for conglomerates semiconductor facility investments to 8 percent from 6 percent, while maintaining the credits for medium-size enterprises and smaller firms at 8 percent and 16 percent, respectively.