Chungjungone, the food division of Daesang Corp, which produces the bacon product, announced that they have ceased the production of uncooked hams and sausage products made of European port amid rising concerns over public safety due to the hepatitis E virus.The company halted the production of “Bac
Daewoo Shipbuilding & Marine Engineering (DSME) discontinued the sell-off of its Special Ship Business (defense industry) Division, which had been gone ahead with as one of its management normalization projects, because of no economic benefit from the sell-off.DSME said it decided not to pursue the
South Korea’s foreign loans slightly increased in the second quarter of this year, reaching a record high. The related soundness indicators have continuously shown a favorable trend. According to a report “Foreign Loan Trend and Evaluation at End-June in 2017” released by the Ministry of Strategy an
Korea Maritime Promotion Corporation, a dedicated support organization for the shipping industry, will be established in Busan in June of next year with capital of 5 trillion won (US$4.5 billion).The Ministry of Oceans and Fisheries announced a plan to establish Korea Maritime Promotion Corporation
Google Korea held a press conference in Seoul on August 22 and released a report on effects the open Android ecosystem has on the South Korean economy.According to the report drawn up by consulting firm AlphaBeta, the open Android ecosystem reduces South Korean manufacturers’ time for development by
The US Trade Representative (USTR) who visited Seoul to begin a negotiation to revise the Korea-US Free Trade Agreement (FTA) returned empty-handed. The US aimed to prune trade deficits by hastily revising the FTA in the automobile and steel sectors among others. However, finally the US side did not
The US auto industry is strongly demanding the revision of the Korea-US Free Trade Agreement (FTA). Both Korea and the US will start discussion on the revision of the agreement on FTA revision on a full scale on August 22.According to the automobile industry on August 21, the US American Automotive
Toshiba said that it was litigation risk that delayed a formal contract with the Korea-US-Japan Alliance, which includes SK Hynix, although the alliance was selected as the preferred bidder for the sell-off of Toshiba Memory.According to the Mainichi Shimbun Newspaper of Japan on August 21, Toshiba
The US Trade Representative (USTR) will begin a full-scale investigation into unfair trade practices, including China’s infringements on intellectual property rights, in accordance with an executive order of President Donald Trump."After consultations with interested parties and other government age
South Korea and the United States entered into formal discussions to decide whether to revise the Korea-US FTA.The Ministry of Trade, Industry and Energy of Korea and the US Trade Representative (USTR) announced on August 18 that they will hold a special session of the Joint Korea-US Free Trade Agre
Dong-A Socio Holdings announced on August 17 that Dong-A Pharmaceutical signed a memorandum of understanding (MOU) for the supply of birth control pills with the population and family planning department under the Ministry of Health of Vietnam at the headquarters in Seoul on the 16th.The signing cer
Yoo Young-min, minister of science and ICT, began to seek ways to expand the Blockchain with experts from industry, academia and research institutes. This is because if the public and private sectors cooperate in the Blockchain sector, which is spreading beyond the financial sector to the manufactur
Financial Services Commission (FSC) Vice Chairman Kim Yong-beom said on August 17 that the FSC would reform the structure of fee-for-service health insurance plans so that even patients with a medical history and retirees aged 60 or over can take out a policy. He also mentioned that it would work on
Deputy Prime Minister and Minister of Strategy & Finance Kim Dong-yeon and Bank of Korea Governor Lee Ju-yeol had a meeting on August 16. There, they called on the Blue House (Presidential Office) to refrain from direct market intervention. This remark was to respond to the Blue House’s recent comme
The Korean corporation of Chinese Double Star filed an application to the Korean Ministry of Trade, Industry and Energy to acquire Kumho Tire on August 16."Xingwei Korea, the Korean corporation of Double Star, submitted an application for the takeover of Kumho Tire in the morning of August 16,” said
The European Union is planning to implement the General Data Protection Regulation (GDPR) in May next year so that any company violating it is subject to a fine equivalent to the bigger one of 4% of its annual global sales and 20 million euros.At present, South Korean small and medium-sized enterpri
As US President Donald Trump ordered an investigation into intellectual property infringement, taking aim at China not actively tackling the North Korean nuclear issue, North Korean nuclear tension is expected to lead to a trade dispute between the US and China.US President Donald Trump signed a pre
A survey has found that Korea's information and communication technology (ICT) competitiveness is only 80% of that of the US. In particular, it has been found in the fields of artificial intelligence (AI) and cloud (server leasing service) technologies, which are attracting attention in the era of t
The Korean Ministry of Land, Infrastructure and Transport announced on August 14 that a Korean consortium landed and finally signed a project to build a railroad system for the first section (Line 1) of the Jakarta Light Rail (LRT) in Indonesia. The Korean consortium consisted of the Korea Rail Netw
Kumho Tire creditors will deliver a trademark use contract to Kumho Industrial and enter into a contract finalization process this week. The deadline for signing the contract set by creditors is the end of this month.According to the financial and industrial world on August 13, the creditors will se