Articles by 박윤아
박윤아
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Police raid CJ Hellovision on false tax returns
[THE INVESTOR] Police raided the headquarters of CJ Hellovision on Oct. 5 over a suspicion of fabricated tax returns worth 23 billion won (US$20.60 million).CJ Hellovision may have overstated its sales by overcharging regional offices for commodities, investigators said. Police currently suspect the firm’s headquarters was directly involved in the fabrication.“The investigation aims to verify whether CJ Hellovision exaggerated its sales through issuing false tax statements without an actual exch
Oct. 5, 2016
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Gov’t, ruling party consider bulk-purchasing rice
[THE INVESTOR] The South Korean government and the ruling party consider purchasing rice surplus in bulk to control falling prices.“We urged the government to purchase the surplus production in bulk within this year to separate them from the market,” said Rep. Kim Gwang-lim, the policy official of Saenuri, at the meeting with financial officials on Oct. 5.The government also said it will make efforts to reflect such a move.Rice prices in the country have been falling throughout this year on the
Oct. 5, 2016
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New CEO pledges to transform KRX into holding firm
[THE INVESTOR] The new head of Korea Exchange on Oct. 5 vowed efforts to transform the South Korea’s bourse into a holding company with subsidiaries. “Given internal and external necessities, a shift to a holding firm is a task we have to achieve at all costs,” KRX CEO Jeong Chan-woo said, starting his three-year tenure.The KRX has sought to go public and become a holding firm as part of efforts to strengthen governance and expand partnership with overseas bourses. But a related bill failed to p
Oct. 5, 2016
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Prices of DRAM, NAND chips to rise in Q4
[THE INVESTOR] The prices of DRAM and NAND flash memory chips will increase in the fourth quarter thanks to the rising demand for laptop computers and a supply shortage in the NAND flash market, according to industry data on Oct. 5. The average contract price of DRAM for personal computers rose 7.4 percent on month in September to US$14.50, and the price for the fourth quarter “will reach its highest point in two years due to stronger-than-expected notebook demand worldwide,” DRAMeXchange said i
Oct. 5, 2016
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Low tax rate spurs parents to gift assets to children
[THE INVESTOR] Many South Korean parents have given assets to their children riding on the country’s low effective gift tax rate, an opposition lawmaker said on Oct. 5. In a report based on data by the National Tax Service, Rep. Park Kwang-on of the main opposition Minjoo Party of Korea said 26,227 South Korean minors under 19 years of age received a combined 3.05 trillion won (US$2.75 billion) in donated fortunes from their parents between 2011-15.That translates to an average of 116 million wo
Oct. 5, 2016
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FSC chief pushes for pay reform
[THE INVESTOR] South Korea’s top financial regulator affirmed on Oct. 5 that the performance-based pay for local bank workers should take effect.“It’s an indispensable financial reform task,” Yim Jong-yong, chairman of the Financial Services Commission, said at a government-civilian meeting on improving the nation’s financial system.The government will push for the spread of a “performance-oriented culture” on the basis of constant principles, he added.Yim’s comments came as bank workers here st
Oct. 5, 2016
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Korea Sale Festa revitalizes retail industry
[THE INVESTOR] A nationwide shopping festival, Korea Sale Festa, has boosted retail sales after its launch on Sept. 29, data showed on Oct. 5. The massive shopping campaign aims to tie up the retail industry with the tourism and cultural sectors in line with the major Chinese holiday season. The Ministry of Trade, Industry and Energy said the top five department store brands and four discount store chains saw their sales increase 15.7 percent and 10.4 percent, respectively, from Sept. 29- Oct. 3
Oct. 5, 2016
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GM Korea exports locally made Malibu sedans to Mideast
[THE INVESTOR] GM Korea has started exporting its all-new Malibu midsize sedans built in South Korea to the Middle East, industry sources said on Oct. 5. The local unit of General Mortors shipped about 900 Malibu units to the region in August and 1,493 vehicles in September, while it expects to export nearly 1,000 Malibus this month.Last month, GM Korea shipped Malibu sedans to such major Middle Eastern countries as Saudi Arabia, Kuwait and the United Arab Emirates, where the new model will make
Oct. 5, 2016
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Inflation rate hits 7-month high
[THE INVESTOR] South Korea’s inflation rate hit 1.2 percent in September, the highest in seven months, according Statistics Korea on Oct. 5. The figure had stayed below the 1 percent level four straight months since May. From a month earlier, the index edged down 0.6 percent in September.Core inflation, which excludes volatile oil and food prices, increased 1.8 percent compared with last year, remaining unchanged from a month earlier.(theinvestor@heraldcorp.com)
Oct. 5, 2016
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Fresh FDI pledges in Korea hit record high
[THE INVESTOR] New foreign direct investment pledged to South Korea rose to a record high in the first nine months of the year, according to the government on Oct. 4Fresh FDI committed to the country during the first nine months came to US$15.05 billion, up 13.4 percent from US$13.27 billion a year earlier, according to the Ministry of Trade, Industry and Energy.It marked the largest amount of FDI pledged in history for a nine-month period, surpassing the earlier record of US$14.8 billion tallie
Oct. 4, 2016
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BOK cautious on currency redenomination
[THE INVESTOR] The South Korean Central bank remained wary on Oct. 4 for a redenomination of the Korean won. “A cautious approach is needed for a redenomination due to heightened economic uncertainties at home and abroad,” the BOK said in a report to Kim Jong-min, a lawmaker of the main opposition Minjoo Party of Korea, for an annual parliamentary audit of the BOK.The central bank said a redenomination could offer public convenience in calculation and enhance the status of the Korean currency ab
Oct. 4, 2016
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Hyundai Heavy signs MOU with Saudi Electricity
[THE INVESTOR] Hyundai Heavy Industries said on Oct. 4 that it has signed a memorandum of understanding with Saudi Electricity to strengthen its partnership in the Middle Eastern country’s electricity market. Saudi Arabia is seeking to spend a total of US$89.3 billion by 2021 to expand its electricity output to 105 GW from the current 65 GW in order to meet growing electricity demand.HHI has been providing power transformers and gas-insulated switchgears to Saudi Arabia. Last year, the shipbuild
Oct. 4, 2016
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Samsung files patent for bendable display in US
[THE INVESTOR] Samsung Display has registered for a patent for technology to manufacture bendable displays in the United States, industry sources said on Oct. 4. The technology would allow the organic light-emitting diode displays to be folded and bent inwards, they said.Samsung Electronics and Samsung Display have so far registered 30 related patents with the US Patent and Trademark Office, with 14 of them registered this year alone. The patents have been either registered both at home and abro
Oct. 4, 2016
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Savings bank deposits surge in Korea
[THE INVESTOR] The savings bank deposits in South Korea have nearly doubled over the past two years, data showed on Oct. 4. According to the data by the Korea Deposit Insurance Corp., deposits of more than 50 million won (US$45,300) per account at local savings banks totaled 5.08 trillion won as of end-June, up 87.3 percent from two years ago and 14.5 percent from the previous quarter.The portion of large-sum deposits to the total also surged to 12.5 percent in the second quarter of this year fr
Oct. 4, 2016
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Hyosung to ramp up spandex output in Turkey
[THE INVESTOR] South Korean synthetic fiber manufacturer Hyosung, said on Oct. 4 that it plans to ramp up its spandex production in Turkey to cope with rising demand in Europe and the Middle East. The company will spend US$27 million to expand spandex output there by 5,000 tons to 25,000 tons, by the end of the first half of next year.When the construction of its new Chinese plant with a capacity of 16,000 tons is completed during the first half of next year, its combined annual spandex output w
Oct. 4, 2016
