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Monday, December 11, 2017

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South Korea’s annual natural gas imports from Russia is expected to increase from 1.5 million tons to five million tons.

S. Korea-Russia Business Council Launched

7 December 2017 - 11:30am
Choi Mun-hee

South Korea’s Presidential Committee on Northern Economic Cooperation holds its opening ceremony on December 7, appointing CJ Korea Express President and CEO Park Geun-tae as its first chairman. More than 100 local private and public companies, such as Samsung, Hyundai and SK, are scheduled to join the committee’s council for cooperation between South Korean and Russian companies.

These days, the two countries are planning to expand their cooperation in the energy sector. For example, the Russian government recently asked the Korea Gas Corporation (KOGAS) to invest in gas fields in...

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Samsung Electronics will mass-produce the Snapdragon 845 chipset, the next-generation mobile AP of Qualcomm

Strengthening Alliance

7 December 2017 - 11:30am
Cho Jin-young

The Foundry Division of Samsung Electronics will mass-produce the Snapdragon 845 chipset, the next-generation mobile AP of Qualcomm.

"We are looking forward to a new Snapdragon product. Samsung will continue to strengthen cooperation with Qualcomm," said Jung Eun-seung, president and head of the Foundry Business at Samsung Electronics in a keynote speech at the 2017 Qualcomm Snapdragon Technology Summit held in Maui, Hawaii on December 5 (local time).

"Qualcomm and Samsung Electronics have been a foundry partner for mobile platforms over the last 10 years," said Jung. "We...

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South Korean financial regulators have decided to place a ban on the bitcoin futures trading.

Trade of Bitcoin Futures

7 December 2017 - 11:00am
Yoon Yung Sil

The Financial Services Commission of Korea issued the directive that bans securities firms from intermediating bitcoin futures transactions, according to securities industry sources on December 6. This is because it doesn’t recognize bitcoin as an underlying asset of derivative products so bitcoin cannot be a subject for futures trading.

Securities brokers in South Korea, which were gearing up to introduce bitcoin futures trading to their clients, halted the process for now. Accordingly, eBest Investment & Securities Co. and Shinhan Financial Investment Co. canceled seminars for...

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South Korea’s top 10 companies in terms of the amount of corporate tax payment are estimated to pay an additional 1.3 trillion won (US$1.19 billion) from next year.

Additional Corporate Tax

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

As the new law passed to raise the top marginal corporate income tax rate by 3 percent from 22 percent to 25 percent at the National Assembly plenary session on December 5, South Korea’s top 10 companies in terms of the amount of corporate tax payment are estimated to pay an additional 1.3 trillion won (US$1.19 billion) from next year.

Based on the data of companies’ financial statements and credit rating service provider NICE Information Service Co. from the “Economy and Finance Note in 2017” report in March, the National Assembly Budget Office (NABO) estimated the corporate taxes...

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The opening page of Tumblr with an image implying an adult animation as a background image.

Under Heavy Fire

7 December 2017 - 10:45am
Choi Mun-hee

Controversy is brewing over US-based social media Tumblr's neglecting harmful posts. Tumblr is not subject to any Korean legal regulations simply because Tumblr is a foreign site and Tumblr headquarters in the United States does not regulate and manage problematic contents.

As of December 6, 54,000 netizens signed up for a petition to punish overseas sites such as Tumblr for the unauthorized distribution of harmful contents such as pornography in the "National Petition" corner on the website of Cheong Wa Dae (Korea’s White House). This petition posted on November 30 is now drawing...

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KHNP president Lee Kwan-sup, UK Business Minister Greg Clark, Korean industry and energy minister Baek Woon-kyu, and KEPCO president Jo Hwan-ik (from the left) signed a memorandum in London on November 27 (local time).

Amid Nuclear Phase-out Policy

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

The Korea Electric Power Corporation (KEPCO) announced on December 6 that it has been selected as the preferred bidder for the acquisition of Toshiba’s shares in NuGen.

The KEPCO and Toshiba are going to move ahead with negotiations for share acquisition for months to come. The KEPCO can acquire the shares from Toshiba once the negotiations are completed smoothly along with the South Korean government’s preliminary feasibility study and the UK government approves of the change in the ownership of NuGen. The KEPCO is expecting that it will be able to sign a share...

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Samsung Heavy Industries (SHI) plans to raise 1.5 trillion won (US$1.37 billion) by selling new shares in a rights offering in its bid to proactively respond to lack of funds. (photo courtesy: SHI)

Issuing $1.37B Worth New Shares

7 December 2017 - 10:15am
Jung Min-hee

Samsung Heavy Industries (SHI) announced on December 6 that it expects to post more than 700 billion won (US$640.15 million) in operating losses this year and next year and plans to raise 1.5 trillion won (US$1.37 billion) by selling new shares in a rights offering in its bid to proactively respond to lack of funds.

SHI’s order backlogs stood at US$20.6 billion (22.53 trillion won), or 72 ships, as of the end of October. The problem is that the amount of its orders received last year fell short of 10 percent of US$5.3 billion (5.8 trillion won) of the target for the year and sales...

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EU put Korea on a blacklist of areas uncooperative in the tax sector. (photo courtesy: Yonhap)

Absurd EU & Incompetent Korean Gov’t

6 December 2017 - 10:15pm
Michael Herh

The Korean government is showing haphazard responses to the EU’s announcement which put Korea on a blacklist of areas uncooperative in the tax sector.

The Korean government believes that the EU decided to accept the results of the evaluation of harmful taxation systems of the Group of 20 Major Countries (G20) by the Organization for Economic Cooperation and Development (OECD) in February of this year but suddenly made its own independent evaluation list. In this process, the EU requested Korea to promise to abolish or improve its tax exemption system for foreign investments next...

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Samsung Electronics set up sales target for next year, which is lower than this year’s sales figures.

Focusing on Premium TVs

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

Samsung Electronics Co., which has the largest share of the global television market, has made a sharp cut in its TV sales target for next year.

According to electronics and parts industry sources on December 5, Samsung Electronics set up its TV sales goal at 40 million units in the global market for next year. The industry expects that Samsung Electronics’ television sales would amount to 42 million to 43 million units this year, down 10 percent from 48 million last year. However, the company’s sales target for next year is lower than this year’s sales figures.

Samsung...

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Jeju Island’s land owned by foreigners increased by 970,000 square meters this year.

Land Owned by Foreigners

6 December 2017 - 11:30am
Choi Mun-hee

The Ministry of Land, Infrastructure and Transport said on December 4 that the area of Korean land owned by foreigners increased 0.3% (600,000 square meters) to 234.16 million square meters in the first half of 2017 from the previous year. The size accounts for 0.2% of the entire territory of Korea. However, its monetary value stood at 32.308 trillion won or US$2.9 billion (based on official land prices set by the government), down 1.4% from the end of last year. As of the end of last year, foreign-owned land in Korea valued at 32.38 trillion won.

Korean land owned by foreigners...

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