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Agro ministry says anticorruption bill could be fatal to food producers

Jul 21, 2016

[THE INVESTOR] The new anticorruption act could cut demand for agricultural and livestock goods by as much as 6.5 trillion won (US$5.72 billion), the Ministry of Agriculture, Food and Rural Affairs said in a report on July 20. In the report submitted to the Presidential Regulatory Reform Committee, the ministry also suggested that the ceiling on gifts and other related spending should be increased drastically to ward off the possible impact on agricultural and livestock industries. The President
KCCI chief hopeful of pardons for convicted businesspeople

Jul 21, 2016

[THE INVESTOR] The Korea Chamber of Commerce and Industry has no plans to submit a petition on presidential pardons for businesspeople, KCCI chairman Park Yong-maan said.KCCI chief Park Yong-maan delivers a speech at the KCCI JEju Forum in Jejudo Island on July 20.Speaking at a press conference on July 20, the KCCI and Doosan Infracore chief said that the corporate community is hoping for many businesspeople to be included in the Aug. 15 Liberation Day presidential pardon. However, hesaid that t
[URGENT] Bank of Korea keeps key rate at 1.25 percent

Jul 14, 2016

[URGENT] Bank of Korea keeps key rate at 1.25 percent
Han Sung Motor expects double-digit growth

Jul 10, 2016

[THE INVESTOR] Han Sung Motor, Mercedes-Benz’s largest dealer in Korea, expects double-digit sales growth this year, the company’s chief said Friday at its annual motor show in Seoul. “The company’s sales figure in the first half rose around 10 percent year-on-year. The second half is expected to post better performance (than the first half) thanks to the launch of new E-Class,” said Han Sung Motor CEO Ulf Ausprung at its motor show held at the Sevit floating island on the Hangang River, which k
S. Korea’s automobile exports dip 13% in H1

Jul 10, 2016

[THE INVESTOR] South Korea's automobile exports fell more than 13 percent in the first six months of the year, weighed down by falling demand from new emerging markets, data showed on July 10.South Korean carmakers shipped 1.33 million vehicles abroad during the first half of the year. The figure is 13.3 percent lower than that recorded during the same period last year earlier. Automobiles set for export at a port in South Korea. The InvestorThe government said the decrease followed the sluggis
S. Korea's tourism deficit rises in first five months of year

Jul 10, 2016

[THE INVESTOR] South Korea’s tourism deficit for the first five months of the year showed a year-on-year rise despite the government's efforts to boost the industry, central bank data showed on July 10.The tourism deficit for the period rose 1.3 percent from a year ago to come in at US$1.49 billion. The figure for the same period last year is US$1.47 billion, according to the Bank of Korea.South Koreans headed overseas line up at the Incheon International Aiport in this file photo from June. The
S. Korean FTC to pass ruling on Qualcomm on July 20

Jul 10, 2016

[THE INVESTOR] The Fair Trade Commission will decide on the Qualcomm case on July 20, local media reported on July 8. According to reports, the FTC will convene a general meeting on July 20 to decide whether the US-based telecommunications equipment maker abused its dominance in the market. Citing unnamed sources, local media reported that FTC’s team on information and communications technologies, and Qualcomm’s legal representatives will each argue their case at the meeting. The FTC informed Qu
Gov’t to aid LG Household’s new plant construction

Jul 7, 2016

[THE INVESTOR] Government ministries announced on July 7 help for the construction of roads and water treatment facilities for LG Household and Health Care’s cosmetics complex under development in Cheonan, South Chungcheong Province.Concerned government departments will build a new access road and set up water treatment facilities for the complex. The cost of the new road will be covered by LG Household and Heath Care. The complex, the plans for which were announced in May, will include manufact
Seoul St. Mary’s and Stanford University to cooperate on advanced medical technologies

Jul 6, 2016

[THE INVESTOR] South Korea’s Seoul St. Mary’s Hospital and Stanford University are to collaborate in developing artificial intelligence-based cancer treatment. Seoul St. Mary's Hospital/ The InvestorThe two organizations signed a memorandum of understanding on cooperating in commercializing advanced medical technologies in Seoul on July 6. The two organizations will work together on developing radiotherapy using AI, cell treatments for ovarian, lymph and other cancers, and diagnostic equipment u
Robot financial advisors, banking deregulation in the works

Jul 5, 2016

[THE INVESTOR] The government is pushing to enable IT companies to hold up to 50 percent stake in Internet banks as part of the plans to strengthen the service sector revealed on July 5. The government had attempted to make the same changes earlier, but failed due to resistance from the opposition bloc. Under current regulations, a nonfinancial company can hold only up to 10 percent of a bank. The revised bill submitted to the National Assembly on June 16 will allow nonfinancial companies to hol
Kyungnam Energy sale picks up momentum

Jul 4, 2016

[THE INVESTOR] The sale of Kyungnam Energy is set to gain momentum with the selection of Goldman Sachs to conduct the sale, local news reported on July 4. Kyungnam Energy is a liquefied natural gas and liquefied petroleum gas supplier that holds monopoly in southeastern parts of South Gyeongsang Province. The company posted sales of 135.2 billion won (US$ 117.9 million) and operating profit of 12.1 billion won in the first quarter of the year. According to reports, Kyungnam Energy’s second large
Samsung Fire and Marine to sell office in central Seoul

Jun 30, 2016

[THE INVESTOR] Samsung Fire and Marine Insurance will sell its office in Euljiro, central Seoul, the firm announced on June 30. The company has decided to sell the building as it will now move into Samsung Group’s main office in southern Seoul. Samsung Group`s main officeIt plans to put the building up for sale in early July, and hopes to close the sale within the year. The 21-story building was built in 1987, and the going price is estimated to be between 370 billion won (US$ 320 million) and 4
Novarex to retry listing on KOSDAQ

Jun 30, 2016

[THE INVESTOR] South Korean health supplement maker Novarex is planning to list on the KOSDAQ market during the second half of the year.According to reports, Novarex plans to apply for Korea Exchange’s assessment for listing as early as July. The company hopes to become a listed company during the second half of the year, or during the first six months of 2017, the company said. Novarex had attempted listing in 2014, but was rejected on grounds that the company had once been part of a listed com
20 years of KOSDAQ

Jun 30, 2016

[THE INVESTOR] Tech-heavy secondary bourse KOSDAQ’s market capitalization has increased 27-fold and daily transactions by nearly 1,500 times since its launch on July 1, 1996, data showed on June 30.According to Korea Exchange, the market capitalization of KOSDAQ stood at 206 trillion won (US$ 179 billion) on June 30. In comparison, the figure stood at 7.6 trillion won in its early days. Young Hyun Trading lists on KOSDAQThe value of daily trading has also soared over the years, going from 2.3 bi
Vogo Fund-led consortium to build $129m agricultural wholesale center

Jun 29, 2016

[THE INVESTOR] Vogo Fund-led consortium will build a 150-billion won (US$129 million) agricultural and livestock goods wholesale market in Yangju, Gyeonggi Province. Vogo Fund is a South Korean private equity fund, and the consortium includes Dong-A Construction. Under the plans, approved on June 10, the consortium will invest 150 billion won in the northern Gyeonggi city to build a large wholesale market. The market will be equipped with retail stores, camping facilities and other convenience f