Articles by 박윤아
박윤아
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Shipbuilders to face difficulties in H2: survey
[THE INVESTOR] Korean shipyards are like to face difficulties in the second half of this year, a new survey said on July 11, amid declining new orders over the protracted global economic slump.Korean shipbuilders clinched a combined 830,000 compensated gross ton worth of orders in the first half, down 88 percent from 6.85 million CGTs a year earlier, according to the data compiled by global research firm Clarkson Research Services.The first-half new orders mark the lowest figure that they have e
July 11, 2016
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No. of damaged banknotes shrinks in H1
[THE INVESTOR] The volume of damaged banknotes and their face value in the first half of the year decreased from six months earlier, the central bank said on July 11.Over the January-June period, the face value of damaged banknotes exchanged at local banks, including the Bank of Korea, stood at 1.51 trillion won (US$1.31 billion), 8.8 percent decreased from the second half of 2015, according to the BOK.They will still cost tens of billions of won to be replaced, one of the reasons for the centra
July 11, 2016
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Bizmen seek gov’t support for inter-Korean tour project losses
[THE INVESTOR] A group of South Korean businessmen called on the government on July 11 to support their losses in the inter-Korean tour program ahead of the eighth anniversary of the project’s suspension.The local businessmen who poured money into the joint tour program at Mount Gumgangsan on the North’s east coast should get financial compensation following Seoul’s decision on July 12, 2008.The government took such a step after a North Korean soldier shot and killed a female South Korean touris
July 11, 2016
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Woori Bank sale process to resume in Q3: sources
[THE INVESTOR] The process of selling its majority stake in Woori Bank will be resumed in the third quarter to help recover public funds, according to people familiar with the matter on July 11. This follows four failed attempt to privatize the state bank since 2010. In a meeting held last week, the public funds management committee under the Financial Services Commission reconfirmed the government’s stance to privatize Woori Bank and retrieve public money injected into the bank during the 1997
July 11, 2016
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BOK likely to hold policy rate steady in July: poll
[THE INVESTOR] The central bank is likely to maintain its key rate in July, one month after setting it to a record low level, a poll showed on July 11.The interest rate of the Asia’s fourth-largest economy is currently 1.25 percent. In a survey conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, all 12 economists polled predicted the Bank of Korea to assume a wait-and-see mode, partly to gauge the effect of its latest rate cut but also because of growing household debt. BO
July 11, 2016
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Renault Samsung’s sales up 25.9% in H1
[THE INVESTOR] Renault Samsung Motors has ramped up its sales in the first half of this year, riding on the advantage of a consumption tax cut program.The local unit of French automaker Renault said it sold a cumulative 46,916 units at home during the January-June period, up 25.9 percent from a year earlier. It marked the highest rate of sales growth among carmakers in South Korea.GM Korea said its cumulative sales at home during the first half of the year came to 81,172 units, up 24.9 percent f
July 11, 2016
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More Korean salaried workers moonlight, earn from non-job sources
[THE INVESTOR] An increasing number of salaried workers are making extra money outside of their main jobs, leading to higher state health insurance payments, according to statistics from health authorities on July 11.According to the statistics, 39,143 workers were ordered to pay more insurance money in 2015 because of the income they gained from business operations, dividends, leases and other non-job sources, numbers provided by the Ministry of Health and Welfare and the National Health Insura
July 11, 2016
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Assembly OKs revisions to income tax exemptions
[THE INVESTOR] The National Assembly has given the green signal to revisions to current income tax exemptions to create a stronger tax base, a report said on July 11.According to the report by the Assembly’s committee on budget and accounts assessing the 2015 fiscal year, 48 percent of income earners did not pay taxes in 2015. The non-tax paying population had reached a record 48.9 percent in 2005, but it fell to as low as 32 percent in the 2012-2013 period. It jumped back up to 48.1 percent in
July 11, 2016
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Korea, EU to jointly promote emissions trading system
[THE INVESTOR] Korea has joined hands with the European Union to develop the former’s greenhouse gas emissions trading system to counteract climate change, the Finance Ministry said on July 8.In a ceremony held in Seoul, the Seoul-Brussels joint emissions trading system cooperation project worth 3.5 million euros (US$3.9 million) was launched with Vice Finance Minister Choi Sang-mok and Ambassador of the EU to Korea Gerhard Sabathil attending, according to the ministry.“The EU-Korea ETS project
July 8, 2016
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Former head of VW Korea resummoned by prosecutors
[THE INVESTOR] Former managing director of Volkswagen Korea Park Dong-hoon, was resummoned by prosecutors on July 8 over the German carmaker’s alleged irregularities following last year’s emissions scandal.Park appeared before the Seoul Central District Prosecutors’ Office in the afternoon to be questioned over his alleged involvement in the company’s cheating on emissions tests by using so-called defeat device software.He declined to comment on any of the questions asked by reporters before ent
July 8, 2016
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Investors prefer safe assets amid uncertainty
[THE INVESTOR] Investors in South Korea are increasingly preferring safe assets and managing them on a short-term basis amid the increased uncertainties, according to data compiled by the Bank of Korea on July 8.The outstanding value of short-term financial products such as demand deposits and time deposits with a maturity of less than six months amounted to 876.2 trillion won (US$757 billion) as of end-May, up 3.3 percent from 848.6 trillion won at end-December, the data showed.Such short-term
July 8, 2016
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Hyundai Motor undecided over GE stake in Hyundai Capital
[THE INVESTOR] Hyundai Motor Group is yet to decide whether it will buy a 20-percent stake in its auto finance unit Hyundai Capital from General Electric, the carmaker said on July 8.GE acquired a 43.3-percent stake in Hyundai Capital from Hyundai Motor Group for 620 billion won (US$535 million) in 2004.Last year, the US company sold 20.1-percent and 3.2-percent stakes in Hyundai Capital to Kia Motors and Hyundai Motor -- the flagship units of Hyundai Motor Group -- for 607.1 billion won and 96.
July 8, 2016
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Korea to manage forex reserves amid Brexit: Finance Minster
[THE INVESTOR] Finance Minister Yoo Il-ho on July 8 said the authorities will manage the country’s foreign exchange reserves in a stable way to overcome the headwinds from Brexit.“To deal with rising financial uncertainties, we have to establish a firm safety valve,” he said in a minister-level meeting in Seoul. “The economic authorities will work to manage foreign exchange reserves in a stable mode, the last bulwark of the South Korean economy.” Finace Minister Yo IL-hoThe country’s forex reser
July 8, 2016
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SK provides W12.5b for young entrepreneurs
[THE INVESTOR] SK Group said on July 8 that it will provide 12.5 billion won (US$10.8 million) for young entrepreneurs to help initiate social enterprises through a management program over five years.SK signed a memorandum of understanding on July 8 with the Korea Advanced Institute of Science and Technology to groom a second group of entrepreneurs through the institute’s MBA program.The SK-KAIST program was launched in 2012 with 9.5 billion won from the business group for a five-year curriculum
July 8, 2016
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Haitai ramps up megahit snack production to no effect
[THE INVESTOR] Although Haitai Confectionary & Foods sought to capitalize on the popularity of its potato chips by opening a new plant, it appears to have been a bit late, as sales have since stagnated, retail figures showed on July 8.According to the company and data from Nielsen Korea, the monthly sales of Haitai’s Honey Butter Chip increased roughly 300 million won (US$259,629) in May and June, a small increase considering that the snack hits monthly total sales of 5 billion won. The sales of
July 8, 2016
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