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Friday, December 15, 2017

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SK chairman Chey Tae-won played a role as a bridge to establish the South Korea-China private economic cooperation consultative body by making use of his old Chinese networks.

S. Korea-China Business Council Launched

15 December 2017 - 10:30am
Jung Suk-yee

A South Korea-China private economic cooperation consultative body, which consists of leading businessmen in South Korea and China, will be established next year. For South Korea, the body will be participated in by heads of major groups, including SK Chairman Chey Tae-won who played a role as a bridge to form the consultative group.

The Korea Chamber of Commerce and Industry (KCCI) signed a memorandum of understanding (MOU) with the China Center for International Economic Exchanges (CCIEE) to set up the council of South Korea-China senior-level businessmen at the main office of the...

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South Korea stood sixth in world export up two notches from last year and its share of world trade is expected to reach 3% for the first time.

World’s 6th Largest Trade Country

15 December 2017 - 8:30am
Jung Suk-yee

The Ministry of Trade, Industry and Energy (MOTIE) of Korea and the Korea Customs Service conducted a preliminary evaluation as of 2:20 pm on December 14 and found that Korea successfully re-entered US$1 trillion in trade territory in three years. Korea stood sixth in world export up two notches from last year and its share of world trade is expected to reach 3% for the first time.

The MOTIE explained that this year, Korea ramped up its exports while breaking through US$500 billion in exports on November 17, fastest ever since the commencement of trade statistics in 1956 and this...

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Korea’s top 100 businesses greatly increased their investments, though their performance dramatically improved this year.

Owing to Investment Expansion

14 December 2017 - 12:15pm
Jung Suk-yee

The free cash flow of South Korea’s top 100 businesses in terms of market cap decreased a whopping 35 percent from last year. This is because they greatly increased their investments, though their performance dramatically improved this year.

According to South Korea-based corporate evaluation website CEO Score (CEO Park Joo-geun) on December 13, the total free cash flow of 97 out of top 100 enterprises in terms of market cap, which have data to compare with last year, came to 34.15 trillion won (US$31.44 billion) as of the end of the third quarter this year, down 34.8 percent from...

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The Fair Trade Commission (FTC) of Korea will decide whether or not it will order Samsung C&T to sell off additional shares as early as within this year.

Disposal of Samsung C&T Shares

14 December 2017 - 10:15am
Jung Suk-yee

The Fair Trade Commission (FTC) of Korea began a review of the disposal of five million Samsung C&T shares in accordance with the merger of Samsung C&T and Cheil Industries. The FTC will decide whether or not it will order Samsung C&T to sell off additional shares as early as within this year. To this end, the FTC is preparing a plan to amend the Guideline on the Enforcement of Law to Ban Cross-Shareholdings for Mergers.

According to the FTC and external experts on December 12, the Committee of the Whole of the FTC introduced an amendment to the guideline at the end of...

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The lack of joint press conference with regard to the summit talks between South Korea and China is said to hide their different opinions on THAAD deployment in South Korea.

Summit without Joint Press Conference

13 December 2017 - 10:15am
Jung Suk-yee

South Korean President Moon Jae-in and Chinese President Xi Jinping meet with each other in Beijing on December 14. Quite unprecedentedly, no joint press conference will take place with regard to the summit talks. It is said that the lack of press conference is to hide their different opinions on THAAD deployment in South Korea.

China’s THAAD retaliation is ongoing and the South Korean government is still passive in dealing with it. The China National Tourism Administration recently allowed travel agencies in Beijing and Shandong to sell packages for group tour in South Korea, but...

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Korea Native Chicken Association Chairman Moon Jung-jin urged the Ministry of Trade, Industry & Energy to repeal the KORUS FTA on December 10.

Hot Potato in KORUS FTA

12 December 2017 - 10:15am
Jung Suk-yee

South Korea’s agricultural and livestock imports from the United States have increased all the way since the implementation of the Korea-US free trade agreement (KORUS FTA) in March 2012. Under the circumstances, South Korea’s average annual trade deficit in the sector amounted to US$6.7 billion in 2012 to 2016 whereas it had been US$5.95 billion in 2007 to 2011.

The increase in imports has been led by fruits and vegetables, livestock products, and processed foods, which increased 82.6%, 57.8%, and 52.5% during the period, respectively. Meanwhile, cereal imports, which account for...

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South Korean Deputy Prime Minister Kim Dong-yeon (fifth from the left in the front row) and economic ministers visited the Second Pangyo Techno Valley on December 11.

Korean Version of Silicon Valley

12 December 2017 - 10:00am
Jung Suk-yee

The South Korean government announced its plan for the promotion of the Second Pangyo Techno Valley on December 11. According to the plan, the place is going to be home to the world’s best ecosystem for business startup and innovation comparable to the Silicon Valley in California and Zhongguancun in Beijing.

Spaces and support programs for startups are increased to a significant extent. Specifically, the spaces are increased from 500 in four buildings to 1,200 in nine while 30% of the total floor area is rented for free to 200 leading venture firms.

When it...

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Lee Chang-ki (right), head of the Fintech Business Department at NH Nonghyup Bank shalkes hands with David Rutter (left), chairman of R3CEV.

Blockchain-based Banking

11 December 2017 - 11:45am
Jung Suk-yee

NH Nonghyup Bank announced on December 8 that has joined R3CEV, the world's largest block-chain consortium.

R3CEV is a consortium of global financial companies with a focus on R3, a Blockchain technology developer which is developing and testing systems that can apply Blockchain technology to financial services.

NH Nonghyup Bank will also enhance Blockchain technology and present a pilot model with technical partnerships with fintech companies experience in commercializing Blockchain technology.

"We welcome NH Nonghyup Bank to the consortium," said David Rutter,...

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South Korea’s household debt-to-GDP ratio rose by one percentage point in the first half of this year alone, which was second only to that of China, 2.4 percentage points, among those of 43 countries.

Increasing Household Debt

11 December 2017 - 11:00am
Jung Suk-yee

The Bank for International Settlements (BIS) announced on December 10 that South Korea’s household debt-to-GDP ratio exceeded 90% to have a negative impact on its economic growth.

According to the BIS, the ratio amounted to 93.8% at the end of the first half of this year whereas it had been 73.7% at the end of the first quarter of 2009. The BIS explained that the ratio is likely to negatively affect South Korea’s long-term economic growth when it exceeds 80%.

The ratio is continuing to rise. It rose by one percentage point in the first half of this year alone. During the same...

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The net exports’ contribution to National economic growth rate is likely to be below zero for the third consecutive year for the first time since 1989 to 1991.

Negative Growth of Net Exports

11 December 2017 - 10:30am
Jung Suk-yee

South Korea’s net exports reduced the country’s economic growth rate by 0.9 percentage points in the third quarter of this year, according to the Bank of Korea on December 10.

This trend has continued for years. For example, the net exports’ contribution to economic growth was negative 1.9 percentage points in the first quarter of this year and negative 2.3 percentage points in the second quarter of this year. Although it reached positive 0.4 percentage points in 2014, it dropped to negative 1.0 percentage point in 2015 and reached 0.7 percentage points last year. This year, the...

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