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Samsung Engineering CEO Choi Sung-an, right, and JUPC CEO Abdullah al-Shamrani exchange an engineering, procurement and construction (EPC) contract to build a petrochemical plant in Saudi Arabia at the signing ceremony.

Petrochemical Plant in Saudi Arabia

29 December 2017 - 11:00am
Jung Min-hee

Samsung Engineering has received a 740 billion won (US$692.56 million) deal to build a chemical plant in Saudi Arabia. This is the first large project won by the company after new president Choi Sung-an took office.

Samsung Engineering announced on December 28 that it signed an engineering, procurement and construction (EPC) contract with Jubail United Petrochemical Company (JUPC), an affiliate of Saudi Arabia’s state-run chemical firm SABIC, for “united ethylene oxide–ethylene glycol (EO/EG) II project” in Saudi Arabia. The project is worth 739.1 billion won (US$692.37 million) in...

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The number of employees at domestic venture firms stood at 764,000 and an average venture firm hired 22.9 staff.

Performances of Venture Firms

29 December 2017 - 11:00am
Yoon Yung Sil

The number of employees at local venture firms came to 764,000, which is almost the same with 769,395 posted by South Korea's six major conglomerates including Samsung Group.

According to the data compiled by the Ministry of SMEs and Startups and the Korea Venture Business Association, the number of employees at domestic venture firms stood at 764,000 and an average venture firm hired 22.9 staff. The data is based on a survey of 33,289 venture companies conducted last year.

The number of venture firms totaled 33,360 as of the end of last year. The combined...

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SK Telecom and the Korea Transportation Safety Authority have built 5G infrastructure in the main experimental zone of “K-City,” an autonomous driving test city.

Self-driving Based on 5G

29 December 2017 - 10:45am
Michael Herh

An autonomous drive test bed was created based on a test network for 5G mobile telecommunication which is a wired and wireless telecommunication network for the next generation. This marked the first time that 5G infrastructure was built in an autonomous driving test city for the first time in the world.

On December 28, SK Telecom and the Korea Transportation Safety Authority (KTSA) announced that they built 5G infrastructure in the main experimental zone of “K-City,” an autonomous driving test city.

SK Telecom and the KTSA prepared 5G infrastructure such as a...

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The profit Apple makes by selling one smartphone is about five times the profit Samsung makes by selling one smartphone.

5X More

29 December 2017 - 10:30am
Cho Jin-young

It has been found that the profit Apple makes by selling one smartphone is about five times the profit Samsung makes by selling one smartphone and this has resulted in Apple accounting for close to 60% of the total operating profits of the global smartphone market.

According to market research firm Counterpoint Research, Apple made a profit of US$151 per smartphone in the market in the third quarter of this year whereas the profit per unit of Samsung Electronics was US$31 and those of Huawei, Oppo, Vivo and Xiaomi were US$15, US$14, US$13 and US$2, respectively. As a result, Apple...

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Kumho Tire became independent from the Kumho Asiana Group

Independent Kumho Tire

29 December 2017 - 10:30am
Jung Min-hee

Kumho Tire being restructured under a voluntary agreement system with its creditors was separated from the Kumho Asiana Group.

On December 28, Kumho Tire announced that the company became independent from the Kumho Asiana Group pursuant to Article 14-2 of the Monopoly Regulation and Fair Trade Act.

The Fair Trade Commission approved the company’s separation from the Kumho Asiana Group on the previous day and officially notified Kumho Tire of the approval.

The separation pulled down Kumho Asiana Group's assets to 12.3 trillion won (US$11 billion) from 15.6 trillion won...

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A recent drop in the company’s stock price further has been fouling up the sale of Daewoo E&C expected to be sold off to a new owner soon.

Hurdles to Selling-off

29 December 2017 - 10:15am
Michael Herh

The sale of Daewoo E&C whose stock price has plunged every day is being delayed as its labor union went on a strike.

A recent drop in the company’s stock price further has been fouling up the sale of Daewoo E&C expected to be sold off to a new owner soon. On December 27, its stock price closed at 5,850 won (US$5.2), down to about one third of the price (15,000 won or US13.5) when the Korea Development Bank purchased Daewoo E&C stocks.

Daewoo E&C's stock price topped 7,000 won (US$6.3) on September 20 when Lee Dong-gul, chairman and chief executive officer of...

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The KOSPI renewed its highest record in terms of index, market cap and increase rate this year.

Surpassing Market Cap of 1,600 Trillion Won

29 December 2017 - 10:00am
Yoon Yung Sil

The KOSPI renewed its highest record in terms of index, market cap and increase rate this year.

The Korea Exchange (KRX) announced on December 28 that the KOSPI index hit an all-time high at 2,557 on November 7 this year, posting the highest rise at 21.8 percent in eight years after 49.7 percent in 2009.

With the global stock market having remained bullish by and large, the domestic stock market showed a remarkable growth. The KOSPI ranked sixth in terms of index increases among the Group of Twenty (G20) nations, climbing up eight places from the 14th in the...

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Some of the Samsung Galaxy Note 8 models do not work even though they are recharged after the battery became dead.

‘Bricked Phone’ Phenomenon

29 December 2017 - 10:00am
Cho Jin-young

Some of the Samsung Galaxy Note 8 suffered the so-called “bricked phone” phenomenon where the model does not work even though it is recharged after its battery became dead.

According to the smartphone industry on December 28, there were some reports recently in the United States that when the Galaxy Note 8 was not turned on although the phone was recharged once its battery was completely discharged. Local consumers’ cases on the official US website of Samsung say that this phenomenon happened to the smartphone in both wired and wireless charging systems.

"My wife's Galaxy...

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More than 5,000 Korean users participated in a suit against Apple for its intentional lowering of the performance of iPhones as of Dec. 28.

Chance for Galaxy?

29 December 2017 - 9:45am
Cho Jin-young

A class action suit for damages amounting to US$999.9 billion was filed on December 28 in the United States against Apple, whose maximum aggregate market value is US$900 billion. Similar lawsuits are likely to be filed in a number of countries, including Israel and South Korea.

“We began to gather people to participate in a suit against Apple at 10:00 a.m., December 28 and the number exceeded 5,000 at 4:00 p.m.,” said South Korean law firm Hannuri Law. The number is likely to keep rising over time. The law firm is planning to gather litigation participants until...

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The Korean government plans to consider even shutting down the exchanges when a frenzy of speculation doesn’t subside.

Measures against Cryptocurrency Speculation

29 December 2017 - 9:30am
Yoon Yung Sil

The South Korean government will adopt a real-name financial transaction system on cryptocurrency exchanges by the end of January next year. It will also ban banks from providing virtual account services that are currently used for trading cryptocurrencies. Until the real-name financial transaction system is introduced, investors will be prohibited from making a new investment through cryptocurrency exchanges and making an additional investment. The government plans to consider even shutting down the exchanges when a frenzy of speculation doesn’t subside.

The government announced...

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