Slowing exports weigh on S. Korea's economic growth: ministry
EconomyToday
South Korea's weak investment and slowing exports have undermined its economic growth, the finance ministry said Friday."Overall industrial output and consumption are on the rise, but a sluggish trend persists in exports and construction investment, weighing on economic growth," the Ministry of Economy and Finance said in its monthly economic assessment report. The report, called the "Green Book," is based on the latest economic indicators of such key factors as output, expor
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Seoul stocks open almost flat on lack of market momentumFinanceTodaySouth Korean stocks opened almost flat on Friday as investors attempted to cash in recent gains amid a lack of market momentum.The benchmark Korea Composite Stock Price Index inched down 0.91 point, or 0.04 percent, to 2,138.32 in the first 15 minutes of trading.Large caps were mixed, with market kingpin Samsung Electronics unchanged.No. 1 portal operator Naver shed 2.78 percent and carmaker Hyundai Motor was down 0.4 percent.In contrast, chipmaker SK hynix climbed 0.48 percent and POSCO, the No -
CJ ENM, Walt Disney neck-and-neck at S. Korean box officeIndustryTodayTwo film distributing powerhouses, CJ ENM and Walt Disney Company Korea, were neck-and-neck at the South Korean box office in the first 10 months of this year, data showed Friday.In January to October, CJ ENM, an entertainment unit of CJ Group, distributed 13 films, garnering 45.4 million admissions and taking up 24.5 percent of the total tickets sold.Walt Disney Company Korea, the local unit of the U.S.-based media titan, also managed 13 movies, which attracted 45.2 million moviegoers with a ma
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Samsung's smartphone share in Japan nearly triples in Q3IndustryTodaySamsung Electronics Co.'s share in the Japanese smartphone market nearly tripled in the third quarter from a year earlier thanks to robust sales of new models, industry data showed Monday. The Korean tech giant shipped about 500,000 smartphones in Japan in the July-September period to take up 6.7 percent of the country's smartphone market, according to the data compiled by Strategy Analytics. The third-quarter figure was sharply up from 2.4 percent from a year ago, while slipping from the -
G-Star 2019 sees record attendance from 36 countriesIndustryNov 14, 2019BUSAN -- Korea’s annual game exhibition G-Star 2019 kicked off Thursday with a record number of participants at Bexco in Busan.The event had 3,208 booths representing 691 companies from 36 countries, the biggest so far for the 15-year-old industry showcase and an 8.2 percent growth from a year earlier, the organizers said. G-Star runs through Sunday, at two halls respectively holding business-to-consumer and business-to-business booths.On the sidelines of the exhibit are G-Con game co -
Icelandic game company CEO says he prepared for Korean market for 20 yearsIndustryNov 14, 2019Hilmar Petursson ‘proud’ as he launches Eve Online in Korea -
S. Korea to increase budgetary support for display sector amid trade row with JapanIndustryNov 14, 2019South Korea's industry minister said Thursday that the government will increase its budget to support the local display-making sector next year in a move to keep the country's leading position in the key industrial segment.Sung Yun-mo, minister of trade, industry and energy, said the budget hike is meant, among other things, to support the development of next-generation technologies and their performance evaluation of smaller display manufacturers. He did not provide details on the proposed budg -
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[Herald Interview] ‘Korea should expedite knowledge-based assets development’IndustryNov 14, 2019Amid the tough business environment and deteriorating trade situation following worldwide conflicts, South Korea should expedite the development of knowledge-based assets and increase independence in related technologies to compete globally, according to the intellectual property office chief. “Advanced countries have been bolstering their industry dominance based on knowledge-based assets. Especially, a growing number of foreign companies have been preoccupying patents that are close -
Korea’s top IP office to support materials sector via big dataEconomyNov 14, 2019The Korean Intellectual Property Office said Thursday it plans to help boost competitiveness of the local materials, parts and equipment sectors and reduce their reliance on foreign technologies through its system of IP big data. According to the nation’s top IP office, its plan involves four goals: cut back foreign dependency of materials, parts and equipment-related technology; innovate South Korea’s research and development system to a more IP-centered one; bolster IP competitiven -
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[News Focus] Concerns mount over 52-hour workweek at SMEsIndustryNov 14, 2019Pressure is mounting on the Moon Jae-in administration and the National Assembly to tweak the mandatory 52-hour workweek regulation for companies, especially by small and medium-sized companies which are “not yet ready” to embrace it. From January next year, companies with less than 300 employees will have to abide by the new workweek regulation. Large firms with more than 300 workers have been following the rule since July 2018. If a company violates it, the employer can face up to -
Naver says Japanese affiliate Line in talks for merger with Yahoo JapanIndustryNov 14, 2019Naver Corp., South Korea's No. 1 internet portal, said Thursday that its Japanese chat app Line and internet portal Yahoo Japan have been in talks for a potential merger in a move that could form Japan's largest internet platform.Naver, which holds a 73 percent stake in Line, said it and Japanese telecom giant Softbank, which owns 45 percent of Yahoo's parent company Z Holdings, have been discussing a merger deal."Line has been considering various proposals to boost business competitiveness -
Toss operator converts shares to nonredeemableFinanceNov 14, 2019Viva Republica, operator of mobile financial service Toss, said Thursday that it has converted all of its redeemable convertible preferred shares to convertible preferred shares, in a move to enhance capital stability.Redeemable shares, or RCPS, refer to preferred stocks that the issuing company may trade for cash, while convertible shares, or CPS, allow the shareholder to exchange for common stocks. The latter is recognized as capital under both Korean Generally Accepted Accounting Standards (K -
LG Chem seeks USITC’s default judgement against SK InnovationIndustryNov 14, 2019In the latest development of dispute between two South Korean battery makers, LG Chem said Thursday it had requested court intervention by the US International Trade Commission, alleging that SK Innovation attempted to destroy key evidence.“Circumstances show that SK Innovation, ever since it has filed suit, has continued systematic attempts to destroy evidence, such as sending out email instructions to employees to destroy related evidence,” LG Chem said in a statement.The company s -
Hanwha president named PR person of the yearAutomodeNov 14, 2019Choi Sun-mok, president and the head of the communications committee at Hanwha Group, was on Thursday named the public relations person of the year by an association of publicists in Korea. Choi was given the award for his work of implementing a series of events including a Hanwha symphony festival and the annual firework festival, the organization said, adding that such events have helped Hanwha raise its profile and expand communication channels with the public.The president also led the compa -
Moon calls for 'K-beauty' strategy in biotech innovation projectIndustryNov 14, 2019President Moon Jae-in instructed his economy team Thursday to explore ways to develop South Korea's cosmetics industry in connection with the initiative to innovate the biotechnology sector, according to his office.Moon told Finance Minister Hong Nam-ki to map out related measures, receiving a regular report on economic affairs and policies. Hong doubles as deputy prime minister for economy. The minister briefed Moon on current economic situations, next year's policy direction and accompli
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