The number of counterfeit products spotted by the South Korean government over the last five years came to 9.20 million pieces. Cosmetics accounted for most of the fake products manufactured.The number of counterfeit items confiscated by authorities from Jan. 1, 2015, to July 31, 2019, stood at 9,17
The trade dispute between the United States and China is escalating once again, casting a dark shadow over the Asian stock market, including South Korea. South Korea's benchmark Kospi may dip below the 1,900 mark as investor sentiment has quickly cooled off due to the rekindled U.S.-China disput
The Ministry of Science and ICT of South Korea sent letters to local mobile carriers, Samsung Electronics and LG Electronics on Aug. 25, asking them to ensure consumers’ rights to choose and submit plans and proposals concerning the matter.The request has to do with the Samsung Galaxy Note 10. Samsu
The number of merger and acquisition (M&A) deals involving affiliates of conglomerates plunged in the first half of this year, suggesting that the government’s push for corporate governance reform has reached its final stage.A total of 349 M&A deals worth 201.90 trillion won (US$166.72 billion) were
A group of civic organizations have jointly filed a complaint with the Seoul Central District Prosecutors' Office against Woori Bank over its allegedly fraudulent sales of derivatives-linked securities (DLS) products.The groups included the Joint KIKO Countermeasure Committee, People's Solid
Japanese material and component manufacturers’ average R&D spending was 1.6 times that of their South Korean counterparts last year, according to a report released by the Korea Economic Research Institute on Aug. 25.The report was based on an analysis of 2,787 South Korean and 7,330 Japanese materia
The South Korean government decided not to extend the General Security of Military Information Agreement (GSOMIA) with Japan. South Korean companies are shocked in that the decision can result in Japan’s additional export curbs and economic retaliation with its enforcement ordinance for excluding So
The Seoul Administrative Court ruled in favor of Facebook in the first ruling of the administrative litigation between Facebook and the Korea Communications Commission (KCC).The KCC imposed a fine of 396 million won on Facebook in March 2018, claiming that it caused a decrease in connection speed by
Doosan Infracore has teamed up with an Indonesian engine production company to enter the Southeast Asian engine marketDoosan Infracore signed an engine production and sales contract with PT Boma Bisma Indra (BBI) in Surabaya, Indonesia on Aug. 21 (local time).Last year, Doosan Infracore signed a str
Sales of the world’s top three memory makers -- Samsung Electronics, SK Hynix, and Micron -- plunged by more than 30 percent in the first half of this year due to the slumping global semiconductor market.The world’s top 15 semiconductor makers' sales totaled US$148.72 billion in the first half,
Sales of U.S. dollar-denominated insurance products are surging amid growing fears of a recession. Prudential Life Insurance Korea sold 2,000 “Non-participating U.S. Dollar-denominated Whole Life Insurance” policies in July. The company had sold a total of 7,500 policies since October last year when
The South Korean government needs to come up with laws and systems related to blockchain technology and cryptocurrencies to encourage companies to invest in the blockchain industry, an industry report says.The report, released by BC Card Digital Research Institute and KT Economics & Management Resea
South Korea’s short-term external debt-to-foreign exchange reserves ratio hit a 57-month high at the end of June this year.The Bank of Korea and the Ministry of Economy and Finance announced on Aug. 21 that the ratio rose 2.8 percentage points in three months and reached 34.7 percent at the end of t
Samsung Electronics has reclaimed the No. 1 spot in the North America TV market by beating China's TCL.Samsung Electronics came in first with a 22.7 percent market share in North America TV market in the second quarter, market researcher IHS Markit said on Aug. 21. Its market share rose by 1.0 p
SK Siltron, a silicon wafer producer, is stepping up marketing efforts. The company’s headquarters in Korea has begun to directly handle overseas semiconductor customers, a task that has been left to overseas sales affiliates.SK Siltron’s main office in Korea has been carrying out sales activities f
Korea Development Bank (KDB) has issued 700 million Australian dollars (US$475.23 million or 574 billion won) worth of kangaroo bonds in the Australian bond market.The state-run bank announced on Aug. 21 that it succeeded in issuing large-scale kangaroo bonds at low interest rates on Aug. 20 despite
Korea's largest OTT service provider Wave will be launched in September as the Fair Trade Commission (FTC) has approved the marriage between Oksusu, SK Telecom's over the top (OTT) service, and three terrestrial broadcasters’ video streaming service Pooq.Wave will compete with Netflix and Yo
As the South Korean private equity fund (PEF) industry has grown in size at a rapid pace over the past decade, it is suffering “growing pains.” One symptom is the appearance of PEF products that allured investors with high returns but are about to make a huge loss. Another is the emergence of PEFs t
South Korea’s financial regulators are planning to launch a joint investigation into banks, securities companies and asset managers within this month as investors who purchased derivatives-linked fund (DLF) products based on the interest rates of major countries are highly likely to lose up to 95 pe
As cyber security threats increase due to the spread of the Internet of Things (IoT), artificial intelligence (AI) and 5G telecom services, Samsung Electronics is mobilizing all means available, including AI, social media information and bug bounty programs, to combat smartphone security risks. In p