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Monday, October 23, 2017

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The Federation of Korean Industries (FKI) of Korea and the Japan Business Federation of Japan held the “27th Korea-Japan Business Meeting” in Tokyo, Japan on October 20.

Complementary Cooperation

20 October 2017 - 6:45pm
Michael Herh

The Federation of Korean Industries (FKI) of Korea and the Japan Business Federation of Japan will actively cooperate to resolve the problems of Korean youth’s unemployment and Japanese companies’ difficulties in hiring talented workers by holding the “27th Korea-Japan Business Meeting” at the Japan Business Federation Building in Tokyo, Japan on October 20.

The Korean and Japanese economic circles agreed on the different employment situations of the two countries and decided to go ahead with a joint project for "win-win" growth. As part of this plan, the FKI and the Japan Business...

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Nine of global ongoing 10 clinical trials related to CRISPER-Cas9 are being conducted in China.

Genome Editing

20 October 2017 - 6:30pm
Cho Jin-young

China has monopolized global clinical trials in the field of genome editing technology that will dramatically change the bio industry, leading commercialization. With the China’s swift move, biotechnologically advanced countries, including the United States and Europe, have greatly eased gene-related regulations and are boosting efforts to research on commercialization. On the other hand, South Korea cannot even conduct basic research due to strict legal regulations, though it has global leading bio technology.

CRISPR-CAS9 is an enzyme protein that allows scientists to accurately...

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Hong Kyong-po (left), head of the Convergence Research Institute of the KT Institute of Convergence Technology, signed a business agreement with KT Mhows CEO Cho Hoon for virtual currency platform development.

IT Company’s Interest in Blockchain

20 October 2017 - 6:15pm
Cho Jin-young

KT announced on October 18 that it signed a business agreement with KT Mhows, one of its subsidiaries, to develop blockchain-based financial transaction technology.

The agreement is expected to enable the K-Coin, a virtual currency developed by KT, to circulate on the platform of KT Mhows.

The platform is not expected to be used for popular virtual currencies such as Bitcoin and Ethereum though. Instead, KT is planning to let users themselves buy and sell various types of points and vouchers on the platform. This service is scheduled to be launched next month.

These...

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A Samsung Electronics home appliance factory in Newberry, South Carolina.

Damage to US Customers

20 October 2017 - 3:00pm
Michael Herh

On October 19 (local time), it was accentuated that US consumers will suffer damage when a safeguard took effect and Samsung Electronics and LG Electronics both were building washing machine factories in the US in a public hearing about a safeguard on home washing machines held by the ITC (International Trade Commission) in Washington, DC of the US. In particular, some officials of the government of states in which the factories will be built strongly supported Samsung Electronics and LG Electronics and clarified their position against the safeguard.

According to the home appliance...

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Kim Ji-hyung, chairperson of the Public Debate Commission about Shin Kori Nuclear Power Plant Units 5 and 6, announced a recommendation for the government on October 20.

Right Way Chosen

20 October 2017 - 3:00pm
Michael Herh

The Public Debate Commission about Shin Kori Nuclear Power Plant Units 5 and 6 virtually arrived at a conclusion that they will recommend resuming the construction of the Shin Kori Nuclear Power Plant Units 5 and 6. 

Kim Ji-hyung, chairperson of the Public Debate Commission announced in a briefing at the Seoul Government Complex Building briefing at 10:00 am on October 20, "The final survey of 471 members of the participating citizen group showed that 59.5% chose the resumption of the construction work while 40.5% percent opposed it. The former eclipsed the latter by 19 percentage...

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Toray President Akihiro Nikkaku (left) and Toray Advanced Materials Korea President and CEO Lee Young-kwan held a press conference in Seoul on October 19 to announce new investment plans.

Aggressive Investment in Korea

20 October 2017 - 3:00pm
Jung Min-hee

Toray President Akihiro Nikkaku said on October 19 that his company will invest one trillion won in South Korea until 2020 via its local subsidiaries.

According to the company’s investment plan, Toray Advanced Materials Korea invests 115 billion won (US$103 million) in the production of polypropylene spunbond nonwoven fabrics and 100 billion won (US$90 million) in its manufacturing plant located in the Saemangeum Industrial Complex, which was built last year, for an increase in the production of polyphenylene sulfide (PPS) resins and compounds. Once the facility expansion is...

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It is said that Samsung Electronics and LG Electronics still have a way to go to catch up with those leading the development of self-driving cars

Software Matters

20 October 2017 - 10:45am
Cho Jin-young

Jeremy Carlson, principal analyst at IHS Automotive, said on October 19 that Korean companies such as Samsung Electronics and LG Electronics still have a way to go to catch up with those leading the development of self-driving cars.

“California recently allowed Samsung Electronics to test its self-driving cars but the same permission had been already given to 20 or so companies before,” he remarked, adding, “Google has been in the industry for a very long time and Korean companies have yet to collect and analyze more data to be successful in the industry.”

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Daewoo Shipbuilding & Marine Engineering (DSME) is expected to sign a new contract with Norwegian oil company Statoil. Estimated to have a total value of 650 billion won (US$580 million).

$580M Worth FPSO Contract

20 October 2017 - 10:45am
Jung Min-hee

According to industry sources, Daewoo Shipbuilding & Marine Engineering (DSME) is expected to sign a new contract with Norwegian oil company Statoil. Estimated to have a total value of 650 billion won (US$580 million), the contract is to build the hull and living quarter of a floating production, storage and offloading (FPSO) facility. The other two participants in the tender are Hyundai Heavy Industries and Samsung Heavy Industries.

The construction of the facility is estimated to take US$1.5 billion in total. The...

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LG Household & Health Care’s “Whoo” at Lane Crawford Department Store in Hong Kong.

Royal Cosmetics Brand

20 October 2017 - 10:45am
Choi Mun-hee

The royal cosmetics brand “Whoo” of LG Household & Health Care broke through 1 trillion won (US$900 million) sales early this month.

“Whoo” achieved sales of 1 trillion won for the first time on November 3 of last year since its brand launch but this year the brand reached the point a month earlier.

Since its launch in 2004, Hu posted 100 billion won (US$90 million) in sales in 2009. Its sales exceeded 200 billion won (US$180 million) in 2013, 400 billion won (US$360 million) in 2014, and 800 billion won (US$720 million) in 2015 and 1.2 trillion won (US$1.0 billion) last...

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SK Telecom announced on October 19 that it expanded the next-generation AI network TANGO to its entire telecommunication network area.

Optimizing Networks

20 October 2017 - 10:30am
Lee Song-hoon

SK Telecom announced on October 19 that the company expanded the next generation AI network “TANGO” (T Advanced Advanced Generation OSSOperational Supporting System) to the field of telecommunication networks.

It took about two years for SK Telecom to complete the development of the TANGO. It is a big data analysis- and machine learning-based AI network management system. The TANGO finds and solves network problems and optimizes itself.

SK Telecom has applied the TANGO to its fixed-line network since December of last year and expanded it to the wireless network this time....

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