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Almost half of South Korean workers exempt from income taxes

Jul 31, 2016

[THE INVESTOR] The ratio of South Korean workers exempt from paying earned income taxes reached 48.1 percent in 2014, higher than the figure from other advanced economies, a local report said on July 31. The ratio is much higher than, for instance, the 25.1 percent reached in Australia and 2.9 percent in Britain, according to the July edition of the Finance Forum released by the Korea Institute of Public Finance.The percentage of Korean workers who did not pay taxes on their income has actually
Gimpo Airport plagued with accidents linked to remodeling

Jul 31, 2016

[THE INVESTOR] Gimpo International Airport is coming under fire for continued safety concerns linked to its ongoing remodeling project after consecutive fires and flooding.The latest incident broke out on July 29 at approximately 6:30 a.m., when water leaked from the ceiling near the convenience store on the first floor and restrooms on the second floor, according to Korea Airports Corp., which operates the Gimpo airport.“The water came into the waiting area when heavy rains flooded the canopy
Oxy offers up to W350m in compensation for victims

Jul 31, 2016

[THE INVESTOR] Household goods manufacturer Oxy Reckitt-Benckiser announced Sunday that it would provide up to 350 million won ($315,000) in compensation each to Korean victims of its lethal humidifier sanitizers. “The compensation package took into consideration the delay in preparing a proper response, and the severity of the issue (of the humidifier sanitizers’ danger),” the company said in a statement via its website, adding it would begin taking applications for compensation on Aug.1. Atar
POSCO Daewoo picked as preferred bidder for Myanmar power plant

Jul 31, 2016

[THE INVESTOR] POSCO Daewoo, South Korea's leading trade company, was picked as the single preferred bidder for a multimillion dollar project to build a power plant in Myanmar, the company said on July 31.The nation’s biggest steelmakerPOSCO’s subsidiary said it won the qualification during an international competitive bid held by Myanmar’s Electric Power Generation Enterprise.POSCO Daewoo headquarters.The bid winner will build a steam power plant in Shwetaung, northwest of largest city Yangon,
FKI chairman raises doubts about anti-graft law

Jul 29, 2016

[THE INVESTOR] The head of the leading lobby group of local conglomerates, Federation of Korean Industries, has raised doubts about a local anti-graft law that will be implemented in September this year. “In the past, we have seen laws get scrapped or become nonexistent if they are too unrealistic. I am concerned that the anti-graft law will follow the same pattern,” said Huh Chang-soo, who is also chairman of GS Group, at a FKI-hosted CEO forum on July 28. GS Group chairman Huh Chang-soo.“Furth
CJ Group submits LOI to bid for McDonald's Korea

Jul 28, 2016

[DISCLOSURE] CJ Group has submitted a letter of intent to join the bid for acquiring McDonald's Korea, CJ said in a regulatory filing on July 28.
[URGENT] Hyundai Motor’s Q2 operating profit up 0.6% on-year

Jul 26, 2016

[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted second-quarter operating profit of 1.76 trillion won (US$1.54 billion), up 0.6 percent on-year. Sales stood at 24.67 trillion won after selling 1,285,860 units in the cited period, Hyundai said in a regulatory filing on July 26. By Kim Ji-hyun (jemmie@heraldcorp.com)
NHN Entertainment, KG Group jointly bid for McDonald’s Korea

Jul 26, 2016

[THE INVESTOR] NHN Entertainment has joined hands with KG Group to submit a bid to acquire McDonald’s Korea. The two will now be pitted against Korean food and entertainment giant CJ Group.KG Group is a local operator of mobile payment service, Kpay. Together with NHN Entertainment -- split off from Naver in 2013 -- it submitted a letter of intent to the sale manager Morgan Stanley, according to financial sources on July 25. KG Group is said to have joined the bid in order to apply its payment s
S. Korea wins W1tr deal to operate UAE nuclear reactors

Jul 25, 2016

[THE INVESTOR] State-run Korea Hydro & Nuclear Power said on July 25 it has clinched a deal with its United Arab Emirates counterpart to operate four nuclear reactors under construction there through 2030.KHNP president Cho Seok said the latest operating support services agreement with the UAE is unprecedented in the nuclear sector.“Globally, too, it’s rare that a country has foreigners handling nuclear reactors. South Korea’s relationship with the Middle East has evolved around the construction
South Korean share prices to be range-bound next week

Jul 23, 2016

[THE INVESTOR] South Korean share prices are expected to remain in a tight range next week as investors wait for key economic events and take profit, analysts said on July 23.On July 22, the benchmark Korea Composite Stock Price Index had closed 0.34 percent down from a week ago to 2,010.34 points.This week, foreign investors scooped up stocks worth 800 billion won (US$704 million). They extended their buying binge to an 11th consecutive day on Friday. But experts say rising expectation for a ra
[ECONOMIC CALENDAR] July 21, 2016

Jul 21, 2016

July 21, 2016 Korea Hyundai Motor wage talks resume POSCO Q2 earnings report KT&G Q2 earnings report Shinhan Financial Group Q2 earnings report KB Financial Q2 earnings report LG Life Sciences Q2 earnings reportLotte Fine Chemical Q2 earnings report S1 Q2 earnings reportKorea Exchange market calendar: http://engkind.krx.co.kr/disclosure/marketcalendar.do?method=readMarketCalendarMain#US Announcement on anti-dumping tariffs including those on Korea May housing price indexJune existing home sales
[THAAD] Beijing, Moscow’s opposition unjustified and disrespectful

Jul 20, 2016

By Kim Tae-wooProfessor at Konyang University and former president of the Korea Institute for National Unification A Terminal High Altitude Area Defense interceptor being fired during an exercise in 2013. / WikipediaOn July 8, the South Korean Defense Ministry agreed to deploy the controversial Terminal High Altitude Area Defense system on the Korean Peninsula. China’s response was strong and immediate. It protested the move publicly, and also lodged formal complaints with the ambassadors of Sou
[STOCK CALENDAR] July 20, 2016

Jul 20, 2016

■ Optopac Corp.'s secondary public offering ■ Dual anchor book subscription ■ Paxnet anchor book subscription■ SH Holdings’ shares resumes trading ■ Cheil Industries Q2 earnings reportSee full monthly schedule: The Korea Exchange
[GLOBAL CALENDAR] July 20, 2016

Jul 20, 2016

■ US (5:30) – API Weekly Crude Inventories Report (Records draw of 2.3 million barrels) ■ Japan (14:30) – Tokyo June department store sales/ June steel production ■ Germany (15:00) – PPI ■ UK (17:30) – June unemployment rate / July industrial production ■ Eurozone (17:00) – May current account ■ Earnings – eBay / Intel / Morgan Stanley (* Korea time)
South Korea’s producer prices drop in June

Jul 19, 2016

[THE INVESTOR] South Korea’s producer prices fell 27 percent from a year earlier in June to 99.01 on declining coal and petroleum product prices, central bank data showed on July 19. Compared to the 98.79 in May, the June figure reflected a slight increase. Producer prices are a major indicator of future consumer inflation.Prices of manufactured goods gained 0.5 percent on-month in June while those for agricultural and fisheries suffered a 1.7-percent on-month decline.Utility prices, including e