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Thursday, March 23, 2017

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CEO Bezos of Amazon in “Method-2“ (from a twitter capture).

Korean SME-made Robot

23 March 2017 - 1:00pm
Cho Jin-young

Jeff Bezos, chief executive officer of Amazon, the world's largest e-commerce company and the fifth richest man in the world, became excited about taking control of a robot in its cockpit. This made big headlines. The robot was developed and made by a Korean small company.

Bezos went into the cockpit of the "Method-2" robot unveiled by Hankook Mirae Technology and directly controlled the robot at the “MARS 2017” Conference in California on March 20.

A participant recorded a video where Bezos in the cockpit of Method-2 controls the robot's arms and legs, and the video quickly...

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Snail regulates glycolytic activity via repression of phosphofructokinase platelet (PFKP) and the suppression of PFKP switches the glucose flux towards the pentose phosphate pathway (PPP).

Contribution to Cancer Treatment

23 March 2017 - 1:00pm
Choi Mun-hee

South Korean researchers discovered a survival mechanism that allows metastatic cancer cell to survive for the first time in the world.

The National Research Foundation of Korea announced on the 21st that the research team led by Professor Yook Jong-in of Yonsei University and Professor Hwang Geum-sook of Korea Basic Science Institute discovered a mechanism of how cancer cells survive and change metabolic pathway during ‘metastasis process’, which is a process where cancer cells spread to other organs from an organ where they were developed first.

Metastatic cancer cells...

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POSCO chairman Kwon Oh-joon (left) met Tom Schuessler, president of ExxonMobil who visited the POSCO Center in Seoul on March 22, and discussed ways to cooperate for creation of the synergies of both companies.

Manganese Steel

23 March 2017 - 12:45pm
Jung Min-hee

POSCO's new high manganese steel plate was first applied to oil sand slurry pipes of Exxon Mobil, the world's largest oil company. POSCO agreed to mass-produce and supply "high manganese steel for slurry pipes" jointly developed with ExxonMobil on March 22. The slurry pipe is used to transport oil sand mixtures.

"Thanks to close teamwork between ExxonMobil and POSCO, we were able to commercialize the new high-manganese steel technology used for drilling and oil sand fields and producing oil," said Tom Schuessler, president of ExxonMobil Upstream Research Company, who visited the...

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Jang Se-wook, vice chairman of Dongkuk Steel.

Long Cherished Dream

23 March 2017 - 12:45pm
Michael Herh

On March 22, Dongkuk Steel Mill held a ceremony to receive slabs (a rectangular semi-finished steel product made by cooling off melted iron) produced by Brazil's CSP Steel Mill which started to produce melted iron by inserting embers into furnaces and starting them in June of last year at its Dangjin Plant in South Chungcheong Province, Korea.

Brazil's CSP Steel Mill is a joint venture among Dongkuk Steel Mill, POSCO and Vale, the largest natural resources development company in Brazil, with a ratio of 30%, 20% and 50%. The steel mill is capable of producing 3 million tons of melted...

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The year-on-year growth rate of Korea exports to China has been negative for three consecutive years.

Shrinking Export to China

23 March 2017 - 12:30pm
Jung Suk-yee

A slowness in Korea’s exports to China is becoming prolonged as they contracted for three years in a row.

"Until 2014, there had been a boom in Korea's exports and imports as the trade between Korea and China hit over US$1 trillion. But since 2015, the bilateral trade has been on the skids," said the Korea Economic Research Institute (KERI) in its report entitled “Corporate Strategy and Policies for Elimination of Korean Export’s Reliance on China.”

"In particular, Korea’s dependence on China, the largest importer of Korean goods, is still high, while trade with China has...

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China’s infringement of copyright on Korean Hallyu contents is getting more serious amid its retaliation against the deployment of the U.S.-led THAAD) system in South Korea.

Two-faced China

23 March 2017 - 11:45am
Choi Mun-hee

Despite “hallyu ban” in China, South Korean actor Gong Yoo is getting popular. He is gaining huge popularity as the pirated version of South Korean drama “Goblin” is being circulated in China. 

However, the dramas “Goblin” and “Gong Yoo” cannot officially get into China due to China’s retaliation against South Korea over the deployment of the U.S.-led Terminal High Altitude Area Defense (THAAD) system. The same case is “The Legend of the Blue Sea,” a South Korean television series starring Hallyu stars Jun Ji-hyun and Lee Min-ho. The South Korean government sent 19 warning letters...

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The Korea’s financial authorities have decided to reduce the allowances for bad debts of banks which plan to convert the debt of Daewoo Shipbuilding & Marine Engineering (DSME) into equity.

Supports for DSME

23 March 2017 - 11:45am
Jung Min-hee

The financial authorities have decided to reduce the allowances for bad debts of banks which plan to convert the debt of Daewoo Shipbuilding & Marine Engineering (DSME) into equity. It will not downgrade DSME’s loan soundness rating to the “fixed” level but maintain the current “dangerous” level in order to lift the additional burden on the banks.

According to investment banking industry sources on March 22, the financial authorities plan to stretch the rules of “loan soundness classification” for banks even when they don’t have loan loss reserves if they carry out a debt-equity...

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South Korea sees a considerable wage gap between small and medium-sized enterprises (SMEs) and big enterprises.

Wage Gaps

23 March 2017 - 11:00am
Jung Suk-yee

There is a considerable wage gap between small and medium-sized enterprises (SMEs) and big enterprises in South Korea.

During the “Debate on the Easing of Wage Gap between SMEs and Conglomerates and the Improvement of Productivity” held at the building of the Korea Federation of Small and Medium-sized Businesses in Yeouido, Seoul, on March 22, the Korea Small Business Institute (KOSBI) said that the average monthly paycheck of SMEs last year stood at 3.23 million won (US$2,881), which was only 62.9 percent of 5.13 million won (US$4,576) provided by conglomerates. SMEs’ average...

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Korea Development Bank (KDB) on March 22 submitted for Kumho Tire’s shareholder council meeting to discuss on whether to allow chairman Park Sam-koo to form a consortium to purchase Kumho Tire.

Changing the Stance?

23 March 2017 - 10:45am
Jung Min-hee

Kumho’s main creditor Korea Development Bank (KDB) on March 22 submitted for Kumho Tire’s shareholder council meeting to discuss on whether to allow Kumho Asiana Group chairman Park Sam-koo to form a consortium to purchase Kumho Tire. The state-run bank was scheduled to submit it on March 20, but the process was delayed due to additional legal review.

Investment banking industry sources say that the KDB internally may check possible problems that occur when it disapproves the formation of the consortium. This is because the possibility of approving Park’s request to establish a...

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Clare Fearnley, New Zealand Ambassador to Korea, delivers a keynote address to over 40 local business community leaders at The Kiwi Chamber Inspire with Innovation Series at the Grand Hyatt Seoul on March 21, 2017.

Kiwi Chamber Event

22 March 2017 - 10:15pm
Matthew Weigand

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