Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Deflation concerns grow in Korea
Citing the nation’s continuously falling consumer prices, local experts are raising concerns that the Korean economy may suffer deflation.South Korea’s consumer price growth has been at the 1 percent level over the past two years. In November, the figure dropped to a solid 1 percent ― the lowest in nine months ― according to Statistics Korea. “The Korean economy has already fallen into a de-facto deflation considering that consumer prices tend to be set about 1 percent higher than real prices,”
Industry Dec. 3, 2014
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Korea to crack down on bulk sales of tobacco
The Korean government said Monday it would crack down on stores selling tobacco in bulk this month in the lead up to the Jan. 1 price hike. Proprietors caught selling large volumes of cigarettes will face up to two years in prison or a 50 million won ($45,000) fine. The announcement came after the ruling and opposition parties agreed last Friday to raise tobacco prices by 2,000 won. This was the first hike since the government raised the price by 500 won in 2004. A memo on a store window in Cheo
Industry Dec. 1, 2014
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Falling oil prices may lift consumption, investment
Tumbling oil prices, caused by Thursday’s decision by the Organization of the Petroleum Exporting Countries to maintain oil production levels, is expected to improve consumption and investment in oil-dependent companies, industry sources said. However, there are lingering worries that oil’s continued slump may push consumer prices low enough to cause deflation, damaging economic growth. “The drop in the cost of oil imports may be a good sign for the Korean economy as a whole except some industri
Industry Nov. 28, 2014
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Local consumers await Black Friday
Kim Yoo-jin, a high school teacher, has been eagerly waiting for America’s Thanksgiving holiday, definitely not to eat turkey but to shop online on Black Friday, the day following America’s biggest national holiday. Most major American retailers offer big discounts to kick off the holiday shopping season on that day. Kim has been expecting to buy some electronic devices as high-end gadgets are 50 percent cheaper than those in the local market on the big sales day. Sam’s Club, a retail company ow
Industry Nov. 27, 2014
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삼성 LA에 태양광 사업 진출하나
캡션 에릭 가세티 LA 시장에릭 가세티 로스앤젤레스(LA) 시장에 의하면 삼성 측이 미국 태양광 사업 프로젝트 (Solar Farm)등 수주를 위해 LA시와 협력 확대를 위한 MOU를 체결하고 매달 실무진 회의도 갖기로 했다. 23일부터 사흘간 우리나라를 방문한 가세티 시장은 방한 기간 중 김신 삼성물산 상사부문 사장을 만나 “삼성이 LA에서 진행되는 태양광 사업에 관심이 많지만 미국 내 건설 경험이 부족해 협조를 요청했다”고 24일 코리아헤럴드와의 인터뷰에서 전했다. 그는 “삼성이 LA에서 진행하는 지하철 확장공사와 노후화된 공항 현대화 사업 수주에도 참여할 예정이다“라고 전하며, 이미 지난해 9월 최치훈 삼성물산 건설부문 사장이 LA를 방문해 지하철과 공항 수주 건으로 협조를 요청했다고 밝혔다.에너지사업과 더불어 삼성물산 측은 LA에서 진행하는 지하철 확장공사와 노후화된 공항 현대화 사업 수주에도 참여할 예정이다. 캘리포니아 주는 현재 2020년까지 전기의 33%를 신재생에너지로
한국어판 Nov. 26, 2014
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Samsung eyes construction, energy projects in LA
A slew of top Korean companies including Samsung are looking at investment opportunities in Los Angeles, according to the city mayor, who is in Seoul this week. “We talked with some Korean firms about plans to invest in infrastructure in Los Angeles in the airport, public transportation and hotel areas,” said LA Mayor Eric Garcetti in an interview with The Korea Herald on Monday. Samsung C&T, for instance, is looking into opportunities to invest in solar power projects, and railway and airport c
Industry Nov. 25, 2014
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[Herald Interview] Korean rich should pay more tax: ADB
An economist from the Asia Development Bank urged Korea to consider levying more taxes on the rich to create a more balanced wealth distribution. “Korea, which was considered a success story in generating growth with equity in the 1970s and 1980s, has seen rising income inequality in recent years,” said Juzhong Zhuang, a deputy chief economist at the Asian Development Bank, in an interview with The Korea Herald. The latest OECD data showed Korea’s Gini coefficient ― a scale with zero being perfe
Nov. 23, 2014
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Watchdog estimates N.K. development costs at $500b
The nation’s top financial regulatory body this week estimated a cost of at least $500 billion to cover the financing the development of North Korea if the two Koreas are reunited.“It would take at least $500 billion to develop North Korea (after reunification), which includes economic development and costs for educating North Koreans,” said Shin Je-yoon, chairman of the Financial Services Commission, at a conference on inter-Korean unification and finance held in Seoul on Wednesday. Some $17 bi
Industry Nov. 20, 2014
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North Korea faces key vote in UN on human rights
An anxious North Korea will see Tuesday how the boldest effort yet to bring its leaders to account for alleged crimes against humanity will move forward, as the U.N. General Assembly's human rights committee votes on a resolution that demands the country's referral to the International Criminal Court.The vote follows a groundbreaking U.N. commission of inquiry report on North Korea early this year that declared the country's human rights situation ``exceeds all others in duration, intensity and
North Korea Nov. 18, 2014
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KDI discourages support for insolvent companies
The state-run Korea Development Institute on Tuesday called for a decrease in the financial support for insolvent companies as it could delay their restructuring and hamper their economic dynamism. The KDI said in its report that increasing support for so-called “zombie companies” ― insolvent companies relying on external financial support ― would have a negative impact on the economy as a whole. The existence of the companies would keep labor costs and interest rates high, thus having a negativ
Industry Nov. 18, 2014
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NK special envoy set to meet Putin
Russian President Vladimir Putin will meet with North Korean leader Kim Jong-un's special envoy later Tuesday, an official from Putin's office said.Choe Ryong-hae, the Workers' Party of Korea secretary, "is scheduled to pay a courtesy call on President Putin at 5 p.m. today," the Kremlin official told Yonhap News Agency.The public affairs office of the Kremlin later confirmed the planned meeting.Putin plans to have a closed-door meeting with Choe and there will be no press availability, it said.
North Korea Nov. 18, 2014
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[Newsmaker] Shanghai-H.K. link leaves KOSPI intact
The Shanghai-Hong Kong stock connect scheme ― touted as a milestone in the liberalization of China’s capital markets ― launched Monday, with very little impact on the Korean bourse. Korea’s stock market dipped only slightly as investors appeared to be taking a wait-and-see attitude. The government too said it would watch for further developments before taking any actions.“As we do not expect the trading scheme to lead to an immediate surge in capital outflows from Korea’s stock market in the sho
Nov. 17, 2014
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Korea bets on foreign investment for Foodpolis
The South Korean government is strongly committed to attracting foreign investment to make Foodpolis, Asia’s first food cluster, a success, officials said Friday. “The government will step up its efforts to strengthen the global competitiveness of the nation’s food industry and to encourage foreign investment in Foodpolis,” Lee Ju-myeung, head of the Agriculture Ministry’s Food Industry Policy Bureau, told international media and embassies at a briefing. The nation plans to invest 553 billion wo
Industry Nov. 14, 2014
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Korean M&As reach W11.2tr in H1
The value of mergers and acquisitions in South Korea amounted to 11.2 trillion won ($10.5 billion) in the first six months of this year on the back of mega deals like Daum Kakao Corp., the financial watchdog said Thursday.There were 82 mergers, spinoffs and business sales in the January-June period, compared with 133 cases worth 11.11 trillion won in the second half of 2013, according to the Financial Supervisory Service.Over the cited period, M&As in the global market soared 72.8 percent on-yea
Nov. 13, 2014
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BOK holds rate at 2%
In a widely expected move, South Korea’s central bank stood pat on its 2 percent base rate Thursday as it gauges the policy impact of two rate cuts earlier this year.The rate freeze came after the Bank of Korea lowered the policy rate by a quarter percentage point in August and October as part of efforts to bolster growth in Asia’s fourth-largest economy.Slowing growth momentum has been a major headache for policymakers as domestic demand has lagged and property transactions have failed to reviv
Nov. 13, 2014
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