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Saturday, November 18, 2017

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Bithumb's daily trade volume of bitcoins on August 19 ran to 2.6 trillion won (US$2.3 billion), more than the trading volume in the KOSDAQ market of Korea.

What Should Be Done?

18 November 2017 - 2:30am
Michael Herh

As virtual currency speculation has spread like wild fire among Korean people, the number of those who invested in virtual currencies and suffered loss is on the rise. A typical example is a sharp rise and fall in the value of Bitcoin Cash on November 12. The Bitcoin Cash, which traded at 1,069,200 won (US$960) at 3:50 pm on November 11, rose to 2,839,700 won (US$2,550) 24 hours later at 3:50 pm on November 12 on the coattails of a hard fork (the issuance of new virtual money to enhance the value of virtual currencies). 

As the exchange website was crowded with too many users,...

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The conclusion of TPP may become a bad factor to Korean companies that compete fiercely with Japanese companies in Latin America and Southeast Asia, including Mexico and Vietnam.

TPP Agreement Concluded

16 November 2017 - 10:15am
Michael Herh

Korean automakers are paying a lot of attention to the conclusion of the Japan-led Trans-Pacific Partnership (TPP) devoid of the United States. 

Although there will be no big immediate impact from the trade agreement as the US, the largest market in the world, did not join the partnership, the deal may become another bad factor to Korean companies that compete fiercely with Japanese companies in Latin America and Southeast Asia, including Mexico and Vietnam.

According to the automobile industry on November 15, it was forecast that Japan, the biggest competitor of the Korean...

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A 5.4-megnitude earthquake in South Korea triggered no disruption or damage to local semiconductor production lines as well as to the nation’s nuclear power plants including low- to mid-level radioactive waste disposal facilities.

No Damage to Even Sensitive Facilities

15 November 2017 - 10:00pm
Michael Herh

The Korea Meteorological Administration (KMA) announced that a 5.4-magnitude earthquake struck at 2:29 pm 9 km north of Buk-gu, Pohang City of North Gyeongsang Province on November 15. 

It was confirmed that the earthquake triggered no disruption or damage to semiconductor production lines at Samsung Electronics and SK Hynix. Some vibration-sensitive semiconductor equipment was temporarily shut down after detecting the earthquake but it turned out that there was no disruption to the production lines as they immediately restarted. 

Some vibration-sensitive equipment, such as...

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GM decided to produce small-sized SUVs, which had been imported from GM Korea, directly at European plants of Opel.

Crisis of GM Korea

15 November 2017 - 12:00pm
Michael Herh

A mounting crisis is facing GM Korea suffering from severely sluggish sales. A possibility of a decline in exports to Europe and sluggish new car sales among others are once again fueling a rumor about GM Korea's withdrawal from the Korean market which once subsided since new president Kaher Kazem, took office in September.

The crisis began when the Peugeot Citroen Group (PSA) announced on November 9 that the company decided to produce small-sized sports utility vehicles (SUVs), which had been imported from GM Korea, directly at European plants of Opel, a subsidiary...

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Overseas virtual currency exchanges are approaching Korean investors while. Korean virtual money exchanges are also seeking ways to enter overseas markets.

Expanding Territories

13 November 2017 - 8:30pm
Michael Herh

Overseas famous virtual currency exchanges are approaching Korean investors while providing Korean-language services. Korean virtual money exchanges are also seeking ways to enter overseas markets to attract foreign investors.

Famous overseas virtual currency exchanges are increasing Korean-language services, including Japan's largest virtual currency exchange “Bitflyer.” The exchange also enhances accessibility for overseas investors by offering English, Chinese, and French services. BitMEX has been officially providing its Korean service since November 1. 

Recently, Japan's...

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Korean President Moon Jae-in (center) and KCCI chairman Park Yong-man (2nd from left), attended in the Korea-Indonesia Business Forum" held in Jakarta, Indonesia on September 9 (local time).

Needed to Upgrade Cooperation

9 November 2017 - 8:45pm
Michael Herh

Park Yong-man, chairman of the Korea Chamber of Commerce and Industry (KCCI), stressed a need for the resumption of a negotiation over a comprehensive economic partnership agreement (CEPA) at a business forum in Indonesia.

"The traditional cooperation system between the two countries needs to be upgraded to" package cooperation including finance and technology,” Park said in the Korea-Indonesia Business Forum" held in Jakarta, Indonesia on September 9 (local time). 

"The Korean business community is accepting the new Korean government’s strengthening cooperation with the...

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SK Group chairman Chey allegedly took over a stake of close to 30% without showing its ownership structure clearly while the SK Group acquired SK Siltron.

Suspicion of Seeking Personal Interest

9 November 2017 - 12:00pm
Michael Herh

A civil group asked the Fair Trade Commission (FTC) to look into allegations that SK Group acquired a stake in SK Siltron for the personal interest of Chey Tae-won. 

According to the Solidarity for Economic Reform on November 8, the group sent an official letter to the FTC on the previous day to ask the FTC to investigate the case to find out whether or not the process of SK Group chairman Chey’s acquiring a 29.4% stake in SK Siltron corresponds to swindling controlling shareholders out of their personal interest.

SK Group chairman Chey allegedly took over a...

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U.S. President Donald Trump talks with participants including representatives from Korean business circles at the welcome dinner in the night of Nov. 7.

Strategic Decision

8 November 2017 - 7:00pm
Michael Herh

The Korea Chamber of Commerce and Industry (KCCI) announced that the organization held a meeting with Everett Eissenstat, vice chairman of US National Economic Commission (NEC), a key figure in the White House at Lotte Hotel in Sogong-dong, Seoul in the morning of November 8. 

The meeting was prepared at the behest of Korean companies to tell Eissenstat about difficulties that Korean companies face in their large-scale investments in the United States, in line with President Trump's visit. The meeting was held behind closed doors form for about an hour from 7:15 am. Major Korean...

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A panoramic view of Busan New Port.

Turbulence in Transshipment

8 November 2017 - 9:15am
Michael Herh

This year, Busan Port is expected to chalk up 20 million containers for the first time in its history but its transshipment cargo trend is unusual. 

According to logistics network data by the Busan Port Authority on November 7, until September of this year, Busan Port handled a total of 15,537,000 containers (based on 20-foot containers), 4.77% more than the same period of last year. Korea's import and export containers increased 7.06% to 7,634,000, but the number of transshipment containers at Busan Port from third countries swelled 2.56% only to 760,300.

This...

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US President Trump delivered the US’s position on negotiations over a revision of the Korea-US FTA and South Korea’s purchases of US military assets at exclusive and extended summit meetings with South Korean President Moon Jae-in on Nov. 7.

Showing Trade Pressure Cards

7 November 2017 - 10:00pm
Michael Herh

US President Donald Trump threw out a strong trade pressure card against South Korea. 

US President Trump delivered the US’s position on negotiations over a revision of the Korea-US free trade agreement (FTA), trade imbalance between South Korea and the United States and South Korea’s purchases of US military assets at exclusive and extended summit meetings with South Korean President Moon Jae-in. 

US President Trump did as expected because he implemented his “two-track” diplomacy of strengthening alliance with Japan and addressing the US’s trade deficit with...

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