Articles by 박윤아
박윤아
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S. Korea ups 2017 defense budget by 4%
[THE INVESTOR] South Korea has increased its defense budget for next year by 4 percent amid growing threats from North Korea, the Defense Ministry said on Sept. 6. The government has allocated a total of 40.335 trillion won (US$36.50 billion) to bolstering the country’s defensive capabilities in 2017, up from 38.799 trillion won set for this year, the ministry said in a statement.“To counter the North’s asymmetrical threats coming from its weapons of mass destruction, the country badly needs to
Sept. 6, 2016
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Insurance fraud at record high: FSS
[THE INVESTOR] Fraudulent insurance claims caught by the authorities hit a record high in the first half of this year, data showed on Sept. 6.The related authorities caught insurance fraud cases worth 348 billion won (US$314 million) during the period, up 12.1 percent from a year earlier, according to the data compiled by the Financial Supervisory Service.The figure marks an all-time high in the biannual statistics. But the number of scammers caught declined 2.2 percent to 40,054. The FSS said t
Sept. 6, 2016
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Korean energy firms post strong sales: data
[THE INVESTOR] South Korean energy firms have been posting solid sales, better than electronics and automakers in terms of the number of companies whose sales exceed 1 trillion won (US$903.75 billion), according to a market tracker on Sept. 6.The Korea 2000 Corporate Research Institute analyzed 800 local energy firms based on their financial statements for 2015. Results showed that their total sales reached 306 trillion won, 98 percent of what electronics companies made in the same year.The Kore
Sept. 6, 2016
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Overseas spending by Koreans hits record high in H1
[THE INVESTOR] Overseas spending by South Koreans hit a record high in the first half of 2016 from a year earlier on increased outbound travel to neighboring countries, the central bank said on Sept. 6.South Korean households spent 13.6 trillion won (US$12 billion) overseas in the January-June period, up 10.7 percent from the same period last year, the Bank of Korea said.The figure accounts for 3.7 percent of households’ total spending in the first half.The first-half data does not include loca
Sept. 6, 2016
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Imported car sales plunge 12.5% in Aug.
[THE INVESTOR] Sales of imported vehicles in South Korea dropped sharply from a year earlier in August, industry data showed on Sept. 6.According to the data compiled by the Korea Automobile Importers and Distributors Association, 15,932 imported cars were registered here in August, down 12.5 percent from the same month last year.The sharp on-year drop came as the government revoked the sales licenses of 80 vehicle models sold by Audi Volkswagen Korea, the local importer of the German cars, for
Sept. 6, 2016
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Hanjin Shipping Chairman Cho Yang-ho steps down
[DISCLOSURE] Hanjin shipping (117930) announced on Sept. 5 that Cho Yang-ho has resigned from his post as chairman and Seok Tae-soo will be the sole representative of the company. The company is going through a court receivership due to financial difficulties. By Park Yuna (yunapark@heraldcorp.com)
Sept. 6, 2016
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Stic Investments to reduce capital by reverse stock split
[DISCLOSURE] DPC (026890) announced on Sept. 5 that its affiliate Stic Investments has decided to reduce its capital by reverse splitting its 4,874,000 stocks. The number of stocks issued by the company will decrease to 2,437,000 from 7,311,000. The reduction date is set for Sept. 20.By Park Yuna (yunapark@heraldcorp.com)
Sept. 5, 2016
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Imagis earns patent for pressure sensor for touch screen panels
[DISCLOSURE] Imagis (115610) announced on Sept. 5 that it has acquired a patent regarding a pressure sensor equipment for two-layered touch screen panels using underlying pressure detecting sensors.By Park Yuna (yunapark@heraldcorp.com)
Sept. 5, 2016
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Automated data collection to be used for economic forecasts: BOK
[THE INVESTOR] The Bank of Korea will use an automated system to collect, save and update raw data on exports, imports, output and other economic indicators for better economic projections, a bank official said on Sept. 5. So far, BOK officials have put raw data into the bank’s database by hand. A computer-assisted data collection system is expected to help the BOK save time in collecting and saving data. On Sept. 5, the BOK opened a bid to select a company to devise the automated data collectio
Sept. 5, 2016
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Lotte exec summoned over corruption allegations
[THE INVESTOR] A senior executive of retail giant Lotte was summoned on Sept. 5 as prosecutors accelerated a probe into the embattled conglomerate after one of its executives was found dead in an apparent suicide late last month.So Jin-sei, a close aide of the group chairman Shin Dong-bin and executive in charge of external affairs, was called in by the Seoul Central District Prosecutors’ Office as a suspect on charges of breach of trust.In mid-August, prosecutors summoned So to gain insight int
Sept. 5, 2016
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Note 7 recall may cut Samsung’s H2 profit by W820b
[THE INVESTOR] The mass recall of the Galaxy Note 7 smartphones over faulty batteries is expected to cut Samsung Electronics’ second-half operating profit by about 820 billion won (US$738.20 million), an analyst said on Sept. 5. Samsung announced a global recall of the Note 7 smartphones on Sept. 2 after some of their batteries caught fire while being charged. Samsung also decided to replace all Note 7 smartphones sold to customers with new ones.Hwang Min-sung, an analyst at Samsung Securities,
Sept. 5, 2016
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S. Korean gov’t to support Hanjin Shipping’s contractors
[THE INVESTOR] South Korea said on Sept. 5 that it will extend financial support for the contractors of Hanjin Shipping which has filed for court receivership.The government plans to use funds from the newly allocated supplementary budgets to help those firms, especially small and medium-sized ones with relatively good financial health but troubled by the Hanjin crisis, according to Yim Jong-yong, chairman of the Financial Services Commission.Hanjin Shipping has a total of 457 contractors here a
Sept. 5, 2016
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Global business fair on clean energy opens in Seoul
[THE INVESTOR] A three-day business fair opened in Seoul on Sept. 5 where hundreds of business and government representatives from nearly 50 countries will gather to exchange information and hold business meetings.The Global Green Hub Korea will be held until Sept. 7 with over 160 business and government officials from 47 countries seeking to find the right products or partners for their upcoming projects, according to the state-run Korea Trade-Investment Promotion Agency (KOTRA).The three-day f
Sept. 5, 2016
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Taxes on pension funds increase 25-fold
[THE INVESTOR]Taxes collected from pension funds have increased 25-fold over the past five years, tax authorities said on Sept 5.This is an indication that the people of the baby boom generation have started to retire in large numbers. The baby boom generation accounts for approximately 14 percent of South Korea‘s population and refers to people born between 1955 and 1963. Those born in 1955 are likely to have retired over the past four to five years as they turned 57, the average retirement age
Sept. 5, 2016
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Hanjin Shipping stocks plunge on court receivership
[THE INVESTOR] Stocks of Hanjin Shipping plunged on Sept. 5 after it filed for court protection last week stoking concerns that it may be liquidated soon.Hanjin Shipping stocks were trading at 964 won (US$0.90) on the Seoul bourse as of 10:00 a.m., down 22.26 percent from the previous session’s close. The trading of the shipper has been halted since Aug. 30. On Aug. 31, the shipper applied for receivership in South Korea after its creditors, led by the state-run Korea Development Bank rejected i
Sept. 5, 2016
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