Articles by 박윤아
박윤아
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Korean Banks mull merit-based pay
[THE INVESTOR] Korean commercial banks are considering adopting the performance-based pay system to strengthen their competitiveness amid low growth and low margins, a banks’ lobby group said on July 5. “We will announce the guidelines this month to help our 17 member banks introduce the performance-linked pay system. Most banks will wait and see what the guidelines will be about before they introduce or consider introducing the system,” said Lee Kyung-hee, a spokeswoman for the Korea Federation
July 5, 2016
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Samsung Heavy faces industrial action this week
[THE INVESTOR] Workers at Samsung Heavy Industries will go on a partial strike this week to stall the company’s restructuring plan, the labor group announced on July 5.The group of workers at the company’s shipyard in Geoje, South Gyeongsang Province, announced that the partial strike is scheduled for Thursday.Samsung Heavy, a unit of the country’s top conglomerate Samsung, does not formally allow a labor union.Last week, worker members of the so-called “labor council” voted to go on a strike.S
July 5, 2016
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Hyundai Motor wage negotiations collapse
[THE INVESTOR] The wage negotiations between Hyundai Motor workers and management have collapsed paving the way for a prolonged strike, the firm’s labor union said on July 4.The union made the announcement at its meeting with the management at Ulsan, home to Hyundai’s main assembly plants, located some 410 kilometers southeast of Seoul.The union is expected to call for mediation with a state-run labor body to try to work out a wage deal with the management.The company did not make any immediate
July 5, 2016
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Visa to raise card fees from 2017 in Korea
[THE INVESTOR] Global payment network firm Visa said on July 5 it will raise fees for overseas credit card purchases made using Korean credit card companies starting next year.In May, Visa notified Korean card firms of its planned fee hikes from October 2016. In June, the country’s eight card issuers sent a joint letter to protest the planned hikes in Korea because there were no such plans in Japan and China. In a reply letter sent on July 1 to the Credit Finance Association (CREFIA), Visa said,
July 5, 2016
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Demand for bank loans to shrink in Q3: survey
[THE INVESTOR] Amid a government move to curtail the surge in household debt, demand for fresh loans from major commercial banks in Korea is expected to shrink in the third quarter, a poll showed on July 5.The overall index measuring demand for fresh bank loans came to 9 for the July-September period, down from 10 in the previous quarter, according to the Bank of Korea .A reading above zero means bank lending will continue to increase, while a reading below the benchmark means demand will likely
July 5, 2016
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S. Korean firms outrun by Chinese rivals: KERI
[THE INVESTOR] Chinese companies have already raced ahead of South Korean rivals in competitiveness and are quickly catching up in the high technology sector, an analysis by a private economic think tank said July 5.The Korea Economic Research Institute evaluated the non-financial listed firms of the two countries with 2007 and 2014 as comparison points. Assessment guidelines had eight areas, such as profitability and asset size.According to the analysis for 2014, Chinese counterparts outperform
July 5, 2016
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S. Korea picks service industry as new growth engine
[THE INVESTOR] The service industry will be fostered over the next five years as Korea’s new growth engine amid the sluggish manufacturing sector and faltering exports, the government said on July 5.In an economy-related ministers’ meeting held in Seoul, the government endorsed the plan to give higher tax rewards and research and development incentives to the service sector in a way that transforms the nation’s manufacturing-oriented economy. Deputy Finance Minister Lee Chan-woo holds a media br
July 5, 2016
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Automakers step up marketing as tax breaks expire
[THE INVESTOR] Automakers in Korea, both domestic and foreign, have beefed up their marketing with discounts and promotional events after the temporary excise tax break expired end-June, industry officials said July 5. The government temporarily slashed excise taxes by 30 percent on cars to 3.5 percent from August to June to bolster the sluggish domestic demand, which pushed up auto sales by 10.9 percent in the first half from a year earlier.To deal with a potential sales drop, several automaker
July 5, 2016
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Korean biotech firms get foothold in gene medicine market
[THE INVESTOR] South Korean biotech companies are making their presence felt in the global gene-based medicine market that is estimated to exceed US$790 million next year, a report said on July 5.Kolon Life Science, Sillajen and Viromed are conducting four of the 25 phase-3 clinical trials for gene medicine under way around the globe, with Kolon pursuing what may be the world‘s first such medicine for osteoarthritis.According to a report from the Biotech Policy Research Center, the global gene m
July 5, 2016
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Ailing shippers, shipbuilders face rating downgrades
[THE INVESTOR] South Korea’s ailing shipbuilders and shippers have faced rating downgrades amid their deepening financial woes and ongoing creditor-led restructuring, industry sources said on July 5.According to Korea Ratings, a total of 31 firms suffered a rating downgrade in the first half of the year, compared with 43 companies a year earlier.They include Daewoo Shipbuilding & Marine Engineering and other shipbuilders, along with the country’s major shipping lines such as Hanjin Shipping saw
July 5, 2016
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S. Korea seeks closer ties with foreign nuclear firms
[THE INVESTOR] South Korea will strengthen its ties with foreign nuclear firms as part of efforts to ramp up exports of its nuclear technology, the government said on July 5.In a meeting presided over by Vice Trade, Industry and Energy Minister Woo Tae-hee and joined by representatives from the Korea Electric Power Corp. and the Korea Hydro & Nuclear Power, participants discussed ways to promote South Korea’s exports of nuclear plants, in particular.They agreed to “diversify the model of nuclear
July 5, 2016
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Liquor brands bet on celebrity endorsements
[THE INVESTOR] Liquor companies in Korea, that face restricted advertising regulations, are increasingly relying on celebrity endorsements for higher returns, according to industry officials on July 4.The government has been tightening regulations on liquor ads, revising the law on national health improvement. Recent changes include barring liquor ads on TV from 7 a.m. to 10 p.m. to limit minors’ exposure to them. Advertising on radio, the Internet and public transportation are also restricted.L
July 5, 2016
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S. Korea’s forex reserves decline in June
[THE INVESTOR] South Korea’s foreign exchange reserves fell slightly from a month earlier in June, central bank data showed on July 5. As of the end of June, the country’s forex reserves came to US$369.9 billion, down $1.01 billion from the previous month, the Bank of Korea said in a statement.Forex reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion. The on-month drop wa
July 5, 2016
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Jaguar Land Rover to recall 4,980 vehicles in Korea
[THE INVESTOR] Jaguar Land Rover Korea will recall a combined 4,990 vehicles for safety reasons, the Transport Ministry said July 5.The license plate lamp of the Land Rover Discovery Sports Diesel has been found to sometimes separate from the car due to a possible crack, according to the ministry.Subject to the recall are 2,783 units of the vehicle model produced between Sept. 3, 2014 and March 5, 2016. Land Rover Discovery SportsThe ministry said another 2,197 units of four other Land Rover and
July 5, 2016
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S. Korea to invest W42tr in renewable energy by 2020
[THE INVESTOR] In efforts to expand the environmentally friendly power supply system in Korea, the government will invest 42 trillion won (US$36.6 billion) in the renewable energy sector by 2020, the Trade Ministry said July 5.Under the plan, new renewable power stations will be built by 2020 to produce 13 million kilowatts of electricity annually, an equivalent to that of 26 coal plants, according to the ministry.In order to attain the goal, the ministry said it will raise its scheduled renewab
July 5, 2016
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