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Monday, December 11, 2017

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Yeouido Marriott Hotel’s World Food Trip Package. (photo courtesy: Yeouido Marriott Hotel)

World Food Trip Package

11 December 2017 - 12:15pm
Choi Mun-hee

Chung Jung One of Daesang Corp. will present the third collaboration 'World Food Trip' package with Yeouido Marriott Hotel.

The hotel will present the 'World Food Trip' package which will provide warm and welcoming home-away-from-home relaxation and the joy of cooking with your loved ones and add to gourmets’ delight in a hotel room in a cold winter day until February 28, 2018.

The package includes a choice between one night at a one-bedroom apartment and one night at a one-bedroom suite in Yeouido Marriott Hotel and Chung Jung One's Asian or Italian food. Asian Food Trip is...

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Conceptual diagram of a full cell magnesium ion battery using a magnesium tin negative electrode material (left) and initial charging and discharging performance of the magnesium ion battery at a normal temperature (right). (photo courtesy:CNU)

Much Cheaper and Easier Battery

11 December 2017 - 12:15pm
Cho Jin-young

The National Research Foundation of Korea announced on December 10 that Chungnam National University professor Song Seung-wan and his research team developed a novel negative electrode material that is capable of realizing a magnesium ion battery. 

A magnesium ion battery is a secondary battery using a magnesium material instead of lithium. Magnesium is much cheaper and easier to come by than lithium. In theory, the energy density per unit volume of a magnesium ion battery is up to 170% of that of a lithium ion battery, and this is why the former is drawing much attention as a next-...

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Some say that Samsung C&T won the project of constructing the underground expressway in Singapore at the excessive low prices in order to kill the rumors of the replacement of President Choi Chi-hun.

Overreaching in Attempt

11 December 2017 - 12:00pm
Jung Min-hee

Criticism mounts as Samsung C&T won a large construction project abroad at excessive low prices again. It is appreciable that South Korea’s largest construction firm Samsung C&T saw its competitiveness be recognized in the global market but it is deplorable that it created severe competition with a low price strategy.

As Samsung C&T received an order with 10 percent lower price than the construction company which made a bid with the second lowest price, there are doubts whether the company made a bid below cost. Some say that it obtained the order at the excessive low...

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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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KB Kookmin Bank Lee Hwan-ju (left), head of the Foreign Exchange Business Division of KB Kookmin Bank pose with Edmundo Soriano, vice president of BDO Unibank after signing an agreement in the Philippines on Dec. 6.

Banking Alliance with BDO Unibank

11 December 2017 - 11:45am
Lee Song-hoon

KB Kookmin Bank announced on December 8 that the bank signed a business agreement with BDO Unibank on December 6 and promised to provide high quality financial services to Korean residents in the Philippines.

Currently, about 100 million Koreans are living in the Philippines and more than 1.5 million Korean tourists visit the Philippines annually.

BDO Unibank is the No. 1 bank with more than 1,100 branches and about 31,500 employees in the Philippines. The Philippine bank has been running Korea Desk, the largest department for Korean companies in Southeast Asia for eight...

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Korea National Oil Corporation (KNOC) has kept making an investment in Harvest, like a bottomless pit, after acquiring the cash-strapped Canadian crude oil developer in 2009.

Bottomless Pit

11 December 2017 - 11:30am
Jung Min-hee

Korea National Oil Corporation (KNOC) has decided to provide 500 billion won (US$457.54 million) worth of additional payment guarantee to Harvest, a Canada-based resources developer, including oil, which is in a liquidity crisis. Market experts point out that the KNOC is facing a growing a burden as the company has kept making an investment, like a bottomless pit, after acquiring cash-strapped Harvest in 2009.

According to the KNOC on December 10, Harvest issued a new bond worth US$200 million (218.58 billion won) earlier last month. The KNOC stood surety for Harvest when Harvest...

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After Samsung Heavy Industries announced. on Dec. 6, its plan to raise 1.5 trillion won (US$1.37 billion) by selling new shares and expected to post an operating loss next year, shipbuilding stocks have been on the decrease.

Excessive Concerns?

11 December 2017 - 11:15am
Yoon Yung Sil

The “Samsung Heavy Industries shock” made nearly 4 trillion won (US$3.65 billion) of major shipbuilding stock market caps disappear in the last three days. Some express concerns over poor performance while others take precautions against excessive concerns. However, it is not enough to prevent the bargain sale which seems nearly a panic.

On December 8, Samsung Heavy Industries and Hyundai Heavy Industries closed at 7,640 won (US$7) and 126,500 won (US$116), respectively, down 11.2 percent and 7.3 percent from the previous day. The drop-off rate of Samsung Heavy Industries reached 39...

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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 price of one bitcoin stood at 14,829,000 won (US$13,542) as of 2:50 pm on December 10, which dived about 40 percent in two days.

Plunged Bitcoin Prices

11 December 2017 - 10:45am
Yoon Yung Sil

Sky-high bitcoin prices are plunging due to the concerns over futures trading and the news of the introduction of the regulations.

According to cryptocurrency exchange giant Bithumb on December 10, the price of one bitcoin stood at 14,829,000 won (US$13,542) as of 2:50 pm on the same day. The figure dived about 40 percent in two days after it soared to 24.8 million won (US$22,648) at 9:28 am on the 8th.

Bitcoin prices surpassed 20 million won (US$18,265) at 0:00 am on the 8th in just 11 days after surpassing 10 million won (US$9,132) at 3:10 pm on November 26. As there are...

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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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