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Friday, December 15, 2017

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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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Both Spain and the U.S. are likely to overtake South Korea in car exports before the end of this year

Falling Behind in Exports

6 December 2017 - 11:15am
Jung Min-hee

It has been found that Mexico exported a total of 2,575,361 cars from January to October this year, beating South Korea by a margin of 458,722.

Last year, Mexico exported 2,768,268 cars to beat South Korea by approximately 140,000 and become the third-largest car exporter in the world behind Germany and Japan, which exported 4,651,053 and 4,634,033 cars, respectively. This year, South Korea’s monthly average automobile export volume is 210,000 and it is unlikely for South Korea to overtake Mexico during the remaining two months.

South Korea was the third-largest car exporter...

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Samsung SDI signed a contract with Tesla to supply cylindrical batteries in its energy storage project in South Australia.

From Lucid to Tesla

6 December 2017 - 11:15am
Jung Min-hee

Samsung SDI on December 5 that it signed a contract with Tesla to supply cylindrical batteries in its energy storage project in South Australia. The size of the contract is estimated at US$33 million.

South Australia, which relies much on alternative energy sources, launched an energy storage project last year and Tesla won the contract for the 100 MW-129 MWh battery storage project. Then, Tesla CEO Elon Musk promised to provide free electricity if he fails to put the factory into operation within 100 days from the signing of the contract. Experts point out that the contract between...

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A capture of the homepage of Samsung W2018.

Getting Attention to Specifications

6 December 2017 - 11:15am
Cho Jin-young

Samsung Electronics will launch a high-end folder phone priced three million won (US$2,700) in China.

Samsung Electronics announced on December 5 that it would take the wrap off its folder-type smartphone 'W2018' with China Telecom at Xiamen, Fujian Province of China on December 1 and launch it in China at the end of this month.

Since 2008, Samsung Electronics has been releasing products priced for from two to three million won with China Telecom. The products have targeted consumers who want some high-end products, not low-end ones. Samsung Electronics has not set the price...

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Samsung Electronics holds its Global Strategy Meetings on December 18 to 20 to seek new growth drivers.

Seeking Post-semiconductor

6 December 2017 - 11:00am
Cho Jin-young

Samsung Electronics holds its Global Strategy Meetings on December 18 to 20 to seek new growth drivers.

The upcoming meeting of the Device Solutions (DS) Division of the company is the first one under President Kim Ki-nam. “The president is expected to focus on how to further solidify the division’s leading positions in the global market,” said an industry insider, adding, “At the same time, the participants are likely to concentrate on how to move ahead after the current semiconductor boom, which is predicted to end soon.”

The main issue of the meeting of the...

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