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Saturday, November 18, 2017

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The business survey index (BSI) of the manufacturing sector of South Korea for January 2017 is 71, one point less than the estimate for December this year surveyed in November

Manufacturing Index

30 December 2016 - 1:00pm
Jung Suk-yee

The Bank of Korea announced on December 29 that the business survey index (BSI) of the manufacturing sector of South Korea for January 2017 is 71, one point less than the estimate for this month surveyed last month, whereas the BSI of the non-manufacturing sector rose one point to 74.

The reference value of the BSI is 100. The points falling short of the reference value mean that the majority of companies are pessimistic about future business conditions. The central bank conducted the survey from December 15 to 22 with 3,313 corporations across the country. It was answered by 2,886...

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South Korea’s total industrial production increased 1.6% between the end of October and the end of November this year.

Industrial Production

30 December 2016 - 1:00pm
Jung Suk-yee

The Korea National Statistical Office announced on December 29 that South Korea’s total industrial production increased 1.6% between the end of October and the end of November this year after having stood at 0% in August, 0.9% in September and negative 0.4% in October.

Specifically, the mining and manufacturing output increased 3.4%, led by automobile (11.4%) and communication and broadcasting equipment (30.6%), although electronic components and oil refining showed a negative growth of 3.0% and 2.4%, respectively. In November, the average capacity utilization in the manufacturing...

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Cho Hyun-joon, new chairman of Hyosung Group.

New Chair

30 December 2016 - 12:30pm
Jung Min-hee

Hyosung Group Chairman Cho Suck-rae is transferring the crown to his eldest son Cho Hyun-joon, currently president of the company. It represents a power shift to the third-generation of the group's owner family.

Hyosung Group said on December 29 through its 2017 general personnel reshuffle that President Cho Hyun-joon was promoted to chairman of the group. His post will be filled by the chairman’s third son, Cho Hyun-sang, executive vice president at the moment. Chairman Cho Suck-rae will retire, citing his old age and poor health, but he will still maintain his title as...

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Samsung Electronics ranked top in terms of smartphone market share in five regions in Q3 this year, except for the North American market.

Despite Galaxy Note 7 Fiasco

30 December 2016 - 12:30pm
Cho Jin-young

Despite its decision to discontinue production of the Galaxy Note 7 smartphones permanently, Samsung Electronics Co. ranked top in terms of smartphone market share in five regions in the third quarter this year, except for the North American market.

According to the data from Counterpoint Research on December 29, Samsung Electronics recorded the highest market share in Asia, Latin America (LATAM), Europe and Middle East-Africa (MEA) in the third quarter, excluding North America.

By region, the company had a 12.1 percent market share in Asia, sharing the first place with China...

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Café24’s shopping mall design.

For Easier Online Shopping

30 December 2016 - 12:30pm
Lee Song-hoon

It is expected that more overseas customers will enjoy fast and convenient shopping experience when they purchase products directly from multi-language versions of Korean online shopping mall sites.

Café24, a global e-commerce platform, announced on Dec. 29 that it has launched upgraded online site functions for Korean online shopping malls. The new functions help users minimize the waiting time when moving or scrolling websites regardless types of devices and browsers.

The new functions include Quick View which shows all kinds of product information such as colors, sizes,...

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Mirae Asset Daewoo, the integrated securities firm with merger between Daewoo Securities and Mirae Asset Securities, has been officially launched on Dec. 29.

New Mega-sized IB

30 December 2016 - 12:00pm
Jung Suk-yee

As Mirae Asset Daewoo Securities Co., former Daewoo Securities, successfully completed the merger with Mirae Asset Securities, it has been reborn as a mega-sized investment bank (IB) with equity capital of 6.6 trillion won (US$5.9 billion). The ambitious challenge of Mirae Asset Group chairman Park Hyeon-joo, who plans to foster the integrated company as “Goldman Sachs” and “Nomura Securities” in South Korea, is expected to be put to the test in earnest from now on.

Mirae Asset Daewoo, the integrated securities firm with merger between Daewoo Securities and Mirae Asset Securities,...

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Daelim Industrial has received a letter of award (LOA) from Iran’s Esfahan Oil Refining Co. (EORC) to improve oil refinery facilities, which is worth 2.3 trillion won (US$2.0 billion).

Iranian Oil Refinery Facility

30 December 2016 - 12:00pm
Jung Min-hee

Daelim Industrial Co., a major construction firm in South Korea, said on December 29 that it has received a letter of award (LOA) from Iran’s Esfahan Oil Refining Co. (EORC) to improve oil refinery facilities. The deal, which is worth 2.3 trillion won (US$2.0 billion), is the largest contract secured by a domestic construction company in Iran.

The project is to add facilities that will be used to produce high value-added products to the oil refinery in Isfahan, located 400 kilometers south of Tehran, the capital of Iran. Under the deal to be officially signed in January 2017, Daelim...

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Lotte World Tower underwent inspection on the overall sites by the “Joint Advisory Group for Permission of Using the Second Lotte World” consisting of 21 citizens and experts in 10 fields.

Skyscraper Safety Check

30 December 2016 - 12:00pm
Lee Song-hoon

Lotte World Tower recruited 5,000 Seoul citizens to participate in safety checks on a first-come-first-served basis on December 29 and closed the list early in an hour and 40 minutes after the opening.

The citizen group will directly check on major facilities for damage prevention in Lotte World Tower, such as the observatory, emergency stairs and evacuation safety areas, from January 6 to 11 next year.  

Lotte World Tower applied for approval of use to Seoul City on the 7th and underwent inspection on the overall sites by the “Joint Advisory Group for Permission of Using the...

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The leading global smartphone manufacturers are expected to unveil a number of mid- and low-priced smartphones at CES 2017 kicking off on January 5 in Las Vegas.

Low-priced Smartphone War

30 December 2016 - 11:45am
Cho Jin-young

According to industry sources, leading global smartphone manufacturers are expected to unveil a number of mid- and low-priced smartphones at CES 2017 kicking off on January 5 in Las Vegas.

Samsung Electronics is likely to exhibit 4.7-inch HD display Galaxy A3 along with 5.2-inch A5 and A7 coming with Super AMOLED full HD display. Estimated to be priced at 300,000 won or so, these models are expected to come with fingerprint recognition sensors to be compatible with Samsung Pay, too.

LG Electronics is planning to unveil five inexpensive smartphones at CES 2017, K10, K8, K4, K3...

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Cha Kwang-yul, chairman of the CHA Medical Group.

Illegal Medication

30 December 2016 - 11:15am
Choi Mun-hee

CHA Medical Group Chairman Cha Kwang-yul’s family was caught for being injected with immune cell treatments which were illegally produced.

The Ministry of Food and Drug Safety (MFDS) announced on December 29 that it found out that Chairman Cha Kwang-yul and his wife and daughter were medicated cell treatments that were illegally produced by CHA Biotech, a subsidiary of CHA Medical Group Group.

According to the investigation by the MFDS, CHA Biotech took blood samples from Cha’s family members and isolated and grew cells from the blood samples. Then, it manufactured cell...

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