Articles by 박윤아
박윤아
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Hotel Shilla chief’s ex-husband demands W1tr assets
[THE INVESTOR] CEO of Hotel Shilla and eldest daughter of the Samsung group’s chief Lee Boo-jin ’s ex-husband has filed a suit, seeking over 1 trillion won (US$857 million) in property division, legal sources said on July 6.She is a daughter of Samsung Group chairman Lee Kun-hee, and younger sister of Samsung Electronics vice chairman Lee Jae-yong. Lee Boo-jin (left) and Im Woo-jaeIm Woo-jae, an adviser at Samsung Electro-Mechanics, filed the case with the Seoul Family Court late last month. He
July 6, 2016
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Baidu to offer information on Korean tourism
[THE INVESTOR] As part of Seoul’s efforts to attract more travelers from China, the dominant portal Baidu will offer tourism information on South Korea in Chinese, the state-run tourism agency here said on July 6.The Korea Tourism Organization signed an agreement with The Map Korea, the Korean search agent for Baidu, to offer about 47,000 items of Korean tourism information in Chinese. Baidu“We will continue to expand tourism information in foreign languages to deal with a rising number of indiv
July 6, 2016
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Credit card firms mull legal action against Visa
[THE INVESTOR] Following global payment network firm Visa’s recent decision to raise the card fees starting next year, a group of South Korean credit card companies said on July 6 they are mulling legal action. In May, Visa notified Korean card firms that it will collect a higher rate of card fees for Koreans’ overseas credit card purchases using its networks from Korean card companies starting in October. The Korean firms balked at the hike plan because there are no such plans in Japan and Chin
July 6, 2016
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Hanjin Shipping in talks to postpone debt repayment
[THE INVESTOR] Ailing Hanjin Shipping is in talks with a group of local and financial companies to delay the repayment of debts in a bid to stay afloat amid a protracted slump, industry sources said July 6.According to the sources, the country’s No. 1 shipping line is seeking to postpone the repayment of 2.5 trillion won (US$2.17 billion) debt borrowed to buy container ships and other vessels by up to three years, which market analysts say would help the shipper save billions of won. Hanjin Ship
July 6, 2016
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OECD workshop on system innovation in Seoul
[THE INVESTOR] A workshop to promote technology-based system innovation will be jointly hosted by South Korea and the Organization for Economic Cooperation and Development this week, the government said on July 6.The forum will be held in Seoul on July 7, co-organized by the Ministry of Science, ICT and Future Planning and the Working Group on Innovation and Technology Policy at the OECD Committee for Science and Technology Policy.More than 100 participants, including experts from Canada, Britai
July 6, 2016
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Toray sets up factory in Saemangeum
[THE INVESTOR] The Korean subsidiary of Japanese firm Toray Industries has completed the construction of a factory on reclaimed land in the southwestern coastal area of Saemangeum, officials said on July 6.Toray Advanced Materials Korea held a ceremony in the region located in Gunsan, North Jeolla Province, earlier in the day to mark the end of two years of construction worth 190 billion won (US$163 million), according to its spokesman Lee Jae-sun. It plans to make an additional investment of 11
July 6, 2016
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Weak exports stalling recovery of Korean economy: KDI
[THE INVESTOR] Weak exports and sluggish investment are offsetting a rise in private consumption, slowing down recovery of the South Korean economy, a state-run think-tank said July 6.“The slowdown in production-related indicators moderated, but the upward momentum in overall economic activities has been insignificant,” the Korea Development Institute said in its monthly evaluation of the country‘s economic conditions.“However, exports and facilities investment remained in a slump, while the man
July 6, 2016
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Loan delinquency rate of banks rises in May
[THE INVESTOR] The loan delinquency rate of South Korean banks slightly rose from a month earlier in May, mainly on account of an increase in bad corporate loans, the financial watchdog said on July 6.The average delinquency rate for bank loans came to 0.74 percent in May, up 0.1 percentage point from the previous month, according to the Financial Supervisory Service.The May tally hit the highest level since November.The increase, however, was largely attributed to a rise in corporate loans, esp
July 6, 2016
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Gov’t cuts support for foreign workers’ medical costs
[THE INVESTOR] The government has decided to cut its support for foreign workers’ medical costs starting next year due to a change in regulations, Health Ministry officials said on July 6.Foreign workers are currently given free medical care at public hospitals on bills up to 10 million won (US$8,628) to treat illnesses they are diagnosed with while in Korea. The government pays for 80 percent of the amount in excess of 10 million won, and the workers 20 percent.The support system was introduced
July 6, 2016
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Korea to revise rules for Internet-only banks
[THE INVESTOR] The rules and regulations for Internet-only banks will be revised to help kick-start the sector, the financial regulator said on July 6. Kbank, led by mobile services operator KT Corp., and Kakaobank, controlled by Korea Investment Holdings, are beefing up their preparations to obtain final approval from the Financial Services Commission in the third and fourth quarter, respectively, with an aim to begin operations within this year, the regulator said in a statement.The final appr
July 6, 2016
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Korea hit by falling kimchi consumption, rising imports
[THE INVESTOR] Kimchi consumption is falling in Korea even as imports from China are surging, research results showed on July 6.According to an industry analysis by the World Institute of Kimchi in Seoul, South Koreans on average consumed 25.3 kilograms of the dish at home in 2015. This roughly translates to daily consumption of 62.9 grams per person, an 11 percent fall from the estimate by the health ministry in 2010.The institute’s research found that 2 out of 100 South Koreans hadn’t eaten ki
July 6, 2016
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Hanjin Shipping in talks to postpone debt repayment
[THE INVESTOR] Ailing Hanjin Shipping is in talks with a group of local and financial companies to delay the repayment of debts in a bid to stay afloat amid a protracted slump, industry sources said July 6.According to the sources, the country’s No. 1 shipping line is seeking to postpone the repayment of 2.5 trillion won (US$2.17 billion) debt borrowed to buy container ships and other vessels by up to three years, which market analysts say would help the shipper save billions of won.Hanjin Shipp
July 6, 2016
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Hyundai, Kia H1 sales increase 4-fold in Mexico
[THE INVESTOR] Hyundai Motor and Kia Motors have nearly quadrupled their sales in Mexico in the first half of 2016 compared with a year ago, industry data showed on July 6.The two Korean carmakers sold a combined 40,264 units in Mexico in the first six months of the year, compared with 11,004 from a year earlier, data compiled by the Mexican Automotive Industry Association showed.Kia Motors has shown a strong performance since entering the Mexican market in July 2015, and has operated a local fa
July 6, 2016
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Korea seeks bigger role in global financial advisory group
[THE INVESTOR] Having increased its presence in a global financial advisory organization, Korea hopes to have a bigger say in setting international rules and standards, the financial regulators said July 5. Early this month, the Financial Services Commission and the Financial Supervisory Service acquired membership in the Committee1 under the International Organization of Securities Commissions (IOSCO) “to make its voice heard” in setting international rules and standards involving accounting, a
July 5, 2016
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30% big firms say red tape hinders business
[THE INVESTOR] Three out of 10 big companies in Korea consider red tape as a big hurdle to their new businesses, a poll showed on July 5.The survey of 141 local companies released by the Korea Economic Research Institute found that 29.3 percent faced difficulties in their new businesses due to regulations.The survey was conducted on the country’s 300 largest companies by revenue by the institute under the Federation of Korean Industries, the nation’s big business lobby, from 2013 to 2015.Among t
July 5, 2016
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