Articles by 박윤아
박윤아
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Tesla applies for certification in Korea prior to launch
[THE INVESTOR] Tesla Motors has requested certifications on emissions and noise from the Environment Ministry, prior to its launch in the country, industry officials said on Sept. 29. The US electric vehicle maker filed the applications on Sept. 27 for the 90D version of the Model S sedans. Because they are EVs, emissions certification is unnecessary, cutting the process time considerably, the officials said. The real hurdles will probably be with the transport ministry with whom it must regist
Sept. 29, 2016
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Korea’s business sentiment improves for Oct.
[THE INVESTOR] South Korean companies’ business sentiment for October edged up from a month earlier, according to the Federation of Korean Industries on Sept. 29.The business survey index (BSI) for October came to 96, up from 95 posted the previous month, The monthly index is based on a survey of 600 of the largest companies here. A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite.The index has remained below the 100 mark for four con
Sept. 29, 2016
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Gov’t offers 84% of earmarked support to Kaesong complex firms
[THE INVESTOR] The government has provided 84 percent of state funds -- 438.5 billion won (US$399.80 million) out of about 500 billion -- to South Korean companies that operated at the Kaesong Industrial Park, according to Seoul’s Unification Ministry on Sept. 28.Seoul shut down the factory zone in the North’s border city of Kaesong on Feb. 10 in response to the latter’s nuclear test in January and long-range rocket launch the following month.The shutdown of the complex may have caused 1.5 tril
Sept. 28, 2016
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Korean builders prepare restructuring plans as overseas orders dip
[THE INVESTOR] South Korean construction firms are preparing restructuring plans amid the decreasing number of global construction orders, according to company officials on Sept. 28. POSCO E&C, a construction arm of steelmaker POSCO, plans to cut 500 jobs by the end of this year via a voluntary retirement program. In the first half of the year, the company reported a loss of 177.1 billion won (US$161.6 million). POSCO E&C saw sales fall by more than 1 trillion won in the first six months of the
Sept. 28, 2016
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W3tr counterfeits smuggled into country since 2011
[THE INVESTOR] More than 3 trillion won (US$2.73 billion) worth counterfeit brand-name products, were caught over the past five years, according to the customs agency on Sept. 28. Records given to the parliamentary finance committee by the Korea Customs Service said the agency nabbed 3,088 smuggling cases involving fake goods, amounting to 3.24 trillion won, with watches replacing handbags as the most popular items,Fake watches accounted for 987.7 billion won. Handbags came next at 718.4 billio
Sept. 28, 2016
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Stricter restrictions on corporate internal trading urged
[THE INVESTOR] A legislative research body urged the South Korean government on Sept. 28 to tighten restrictions on corporate internal trading. The current law forbids inter-affiliate trading within a business group whose owner and family hold more than 30 percent of the shares in an affiliate. Such trading is blamed for allowing owner families easy and high profits by having subsidiaries award lucrative contracts to each other, undermining the principle of fair competition. The National Assembl
Sept. 28, 2016
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World Bank president reappointed for 2nd term
[THE INVESTOR] The World Bank reappointed Jim Yong Kim, its Korean-American president, to a second five-year term on Sept. 28Kim, a renowned health expert and educator, took office as head of the 187-nation organization in July 2012. His second-term, which begins in July next year, has been considered certain as no other candidates have come forward.Born in Seoul in 1959, Kim moved to the U.S. with his family when he was 5 years old. Kim had served as the president of Dartmouth College since 200
Sept. 28, 2016
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Seoul hosts foreign investment event
[THE INVESTOR] A two-day Foreign Investment Week to attract investors has opened on Sept. 28 in Seoul.FIW, the biggest government-led investment relation events in the country, includes business forums, person-to-person consulting sessions and on-site visiting, with 291 foreign firms attending, according to the Ministry of Trade, Industry and Energy.Some 70 Chinese investors are participating in the event, up from last year‘s 34, on the back of the free trade deal between Seoul and Beijing that
Sept. 28, 2016
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Korea retains 26th rank in global competitiveness: WEF
[THE INVESTOR] South Korea retained last year’s 26th rank out of 138 countries surveyed on global competitiveness in 2016, according to the World Economic Forum on Sept. 28. The ranking in the macroeconomic conditions improved to third from fifth, and that in infrastructure also bumped up to 10th from 13th, the report showed.However, in the health and primary education part, it lost six grades to finish 29th, and the ranking in the higher education and training part also dropped to 25th from 23r
Sept. 28, 2016
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Lotte founder’s third wife indicted over tax evasion
[THE INVESTOR] Lotte Group’s founder Shin Kyuk-ho’s third wife, who failed to comply to prosecutors’ summons, has been indicted on charges of tax evasion, authorities said on Sept. 27.Seo Mi-kyung, 57, is suspected of evading some hundreds of billions of won in gift taxes, according to the Seoul Central District Prosecutors’ Office.Shin’s common-law wife became the second member of the owner family to stand trial after his daughter Young-ja. The 74-year-old daughter was indicted in July on charg
Sept. 27, 2016
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Over 1m households at default risk: lawmaker
[THE INVESTOR] An increasing number of South Korean households face the risk of defaulting on their debts, a lawmaker said on Sept. 27. The number of “marginal” households came to 1.34 million as of March last year, a sharp increase from 1.12 million three years earlier, according to Rep. Lee Un-ju of the main opposition Minjoo Party of Korea.Their combined debts totaled 234.5 trillion won (US$210 billion).Marginal households refer to families with more financial liabilities than their financial
Sept. 27, 2016
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China’s leading O2O site to pick best Seoul restaurants
[THE INVESTOR] China’s leading social commerce site will pick popular restaurants in Seoul for Chinese travelers here, according to the state-run tourism agency said on Sept. 27.The state-run Korea Tourism Organization said it has signed an agreement with Meituan Dianping, China’s No. 1 restaurant and entertainment review and daily deals website, to share big data related to Chinese travelers.The first joint project will be selecting the best restaurants and gourmet streets in Seoul based on rev
Sept. 27, 2016
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23 Korean firms make profits for 66th consecutive quarter: data
[THE INVESTOR] A total of 23 South Korean companies have racked up profits for the past 66 consecutive quarters, according to industry data on Sept. 27.The companies, which include Hyundai Motor, Hyundai Mobis, SK Telecom and POSCO, have posted net profit from 2000 to the second quarter of the year, according to the data compiled by industry tracker CEO Score.Of the tallied firms, Naver, Hyundai Glovis and 17 others have not reported losses after they began to unveil quarterly business results,
Sept. 27, 2016
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Low pension subscription challenges Korea’s aging society
[THE INVESTOR] The low pension subscription rate in South Korea poses a serious challenge in managing the growing elderly population, according to a local research institute on Sept. 27. According to the Hana Institute of Finance, the subscription rate for personal and retirement pensions in South Korea is 23.4 percent. By comparison, this is less than one-third the rate in Germany (71.3 percent) and falls far behind other countries like the United States (47.1 percent) and Britain (43.3 percent
Sept. 27, 2016
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Korean refiners likely to see improved Q3 earnings
[THE INVESTOR] South Korean refiners may see better earnings than expected for the third quarter on the back of rebounded refining margins in August, according to industry sources on Sept. 27. The benchmark Singapore complex gross refining margin hovered above US$7 per barrel this month, sharply up from US$3.9 in August, according to the sources. Singapore is the regional trading hub of the benchmark Dubai crude.The margin is the difference between the total value of petroleum products from oil
Sept. 27, 2016
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