Articles by 박윤아
박윤아
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KEXIM to provide US$44.6m to Mongolia
[THE INVESTOR] State-run policy lender Export-Import Bank of Korea announced on July 18 that it will provide US$44.6 million to Mongolia to help upgrade its transport system.KEXIM said it will use $25 million of its economic development cooperation fund to replace aging buses with new ones in Mongolia and use another $19.6 million to build classrooms equipped with information and communications technology, and develop digital textbooks.The export credit agency said its projects in Mongolia could
July 18, 2016
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Short-term floating capital hits record high
[THE INVESTOR] Amid record-low interest rates and increased uncertainties, the volume of short-term floating capital in South Korea hit an all-time high of more than 950 trillion won (US$835 billion), data showed on July 18.According to the Bank of Korea and the Korea Financial Investment Association, cash and other short-term capital totaled 958.9 trillion won as of end-May, up 15.1 trillion won from a month earlier. It stood at 866.3 trillion won in May last year.It marks the first time that s
July 18, 2016
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Volkswagen to recall cars over child lock problems
[THE INVESTOR] Audi Volkswagen Korea, the local importer and distributor of the German car brand, will recall 1,320 units over defects in their automatic child safety locks, the Transport Ministry said on July 18. The problems related to the child lock function were detected in Volkswagen Tiguan sport utility vehicles and three other models manufactured from Nov. 25 to Feb. 4, the ministry said. Free replacement services will be available starting on Monday at the company‘s service centers throu
July 18, 2016
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Workers at Samsung, Hyundai, Daewoo shipyards to stage strike this week
[THE INVESTOR] The workers at major shipbuilders are set to stage a joint strike this week, calling for an end to tough restructuring moves currently underway.According to the sources, unionized workers at the country’s big three shipyards -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries -- and five other smaller shipbuilders plan to launch a partial strike for four hours on July 18. Samsung Heavy's shipyard in Geoje / The InvestorAn estimated 30
July 18, 2016
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Credit card firms fined for consumer data leak
[THE INVESTOR] Three credit card companies hit by massive data leaks were ordered by a local court on July 15 to pay fines for failing to protect customer information.In 2014, an employee at a local credit rating agency was found to have stolen card holders’ information, including bank account numbers, addresses and credit ratings, from KB Kookmin Card, NongHyup Bank and Lotte Card from June 2012 to December 2013. The Seoul Central District Court ordered KB Kookmin Card and NongHyup Bank to pay
July 15, 2016
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CJ chairman in quandary over presidential pardon
[THE INVESTOR] Korean conglomerate CJ Group is in a quandary with the ongoing court appeal by its chairman complicated by chances that he will get a presidential pardoned next month, group insiders said on July 15.Lee Jay-hyun, who controls the group’s businesses that sprawl from food and pharmaceuticals to entertainment and home shopping, is awaiting the Supreme Court’s ruling on charges against him that include embezzlement, tax evasion and breach of trust. His confinement is currently suspend
July 15, 2016
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Korea’s foreign currency deposits rise in June
[THE INVESTOR] Korea’s foreign currency deposits held at banks grew from a month earlier in June on a rise in US dollar deposits from companies, central bank data showed on July 15.Outstanding foreign currency deposits held by local residents came to US$59.61 billion as of end-June, up $2.76 billion from the previous month, according to the data from the Bank of Korea.Foreign deposits include deposits held by foreigners who have stayed in the country for more than six months, as well as foreign
July 15, 2016
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Korean President calls on Asia, Europe to promote open and free trade
[THE INVESTOR] President Park Geun-hye on July 15 urged the Asian and European countries to join forces to promote open and free trade, even as she proposed resuming the long-stalled meeting of economic ministers from the two regions in South Korea next year. Speaking at the Asia-Europe Meeting summit, Park also stressed the need for the two regions’ consultative bloc to play a central role in tackling regional and global challenges including terrorism, violent extremism, climate change and Nor
July 15, 2016
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Korea’s trade surplus hits record-high in June
[THE INVESTOR] Korea‘s trade surplus hit an all-time high in June as imports were dragged down at a faster pace than exports, customs data showed on July 15.The country’s trade surplus came to a record US$11.5 billion last month, up sharply from $6.99 billion in the previous month, according to the data from the Korea Customs Service.The amount of the June trade surplus broke the earlier record of $10.2 billion set in November last year.The figure also marked a 15.5 percent on-year rise from $9.
July 15, 2016
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Korea’s exports to China will continue to decline: BOK
[The INVESTOR] Korea’s exports to China will continue to decline on account of a change in China’s economic structure, a Bank of Korea report said on July 15.The central bank report noted that Korea needs to adjust its own economic structure to meet changing demands in the world‘s second-largest economy.The country’s exports to China are expected to shrink by an average US$5 billion per year over the next five years, it estimated.Such an outlook comes as China is increasingly focusing on its dom
July 15, 2016
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Hyundai’s i30 hatchback best-seller in Australia
[THE INVESTOR] Hyundai Motor’s i30 hatchback has become Australia’s top-selling vehicle in the first six months, data showed on July 15.The data compiled by Australia’s Federal Chamber of Automotive Industries showed that South Korea’s top automaker sold 21,171 units of its i30 hatchback in Australia in the January-June period, up 45 percent from a year earlier.Toyota Motor’s Hilux pickup truck took the second place, followed by the Toyota Corolla and the Mazda 3.Hyundai Motor sold a combined 54
July 15, 2016
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China lowers anti-dumping duties on Korean chemical maker
[THE INVESTOR] China has reduced its anti-dumping duties on acrylic fiber manufactured by a Korean chemical company to 4.1 percent, according to the Foreign Ministry here on July 14. Taekwang Industrial along with other companies from Japan and Turkey were accused of selling their products at below market prices in China that distorted the market and hurt domestic producers. Beijing began its probe into the allegation in July 2015 and issued a tentative ruling in April this year in which the Kor
July 14, 2016
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Park to renew calls to curb protectionism
[THE INVESTOR] President Park Geun-hye plans to renew her calls for the expansion of free trade to curb the rise of protectionism during this week’s Asia-Europe Meeting summit in Mongolia, she said July 14 in an interview with Mongolia’s Montsame news agency.In her written interview with the news agency, Park stressed that promoting free trade among nations across the world is a “shortcut” to achieving a global economic recovery.The interview was published a day before the two-day ASEM summit in
July 14, 2016
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Korea-Colombia FTA to take effect this week
[THE INVESTOR] The Korea-Colombia free trade agreement will go into effect from July 16. The agreement will eliminate tariffs on 4,390 Korean export products to the South American country, according to the Trade Ministry.Trade volume between the two countries last year reached US$1.45 billion, with Korea exporting $1.13 billion‘s worth for a $800 million trade surplus, according to the ministry on July 14. Colombia, with the third-largest population in South America at 47.6 million people, is re
July 14, 2016
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Korean corporate bonds interest global investors
[THE INVESTOR] Korea’s corporate global bonds have gained attention in overseas markets, aided by the country’s sturdy credit ratings, finance industry officials said on July 14.Korea Gas Corp. earlier this week sold US$900 million in 5- and 10-year dollar-denominated bonds. Presale estimated demand was for $4 billion from 240 institutions. The yield for five-year notes settled at 1.920 percent and 10-year notes at 2.325 percent. The yield for the latter was the lowest for a South Korean company
July 14, 2016
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