Articles by 최희석
최희석
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BOK hints at smaller changes in benchmark rate
[THE INVESTOR] The Bank of Korea may consider altering the benchmark rate by smaller increments. In a report submitted to Rep. Park Joo-hyun of the minor opposition People’s Party, the BOK said that smaller changes could be considered in situations that require a more cautious approach. At present, the BOK alters the benchmark rate by 0.25 percentage points, and has been against making smaller changes saying that such changes would have limited impact. The Bank of Korea governor Lee Ju-yeolIn t
Oct. 4, 2016
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Young Koreans’ economic participation hits decade high
[THE INVESTOR] The economic participation rate of Koreans in their 20s hit a decade-high in the second quarter of the year, data showed on Oct. 4. According to Statistics Korea, the economic participation rate of those in their 20s rose 1.3 percentage points from the second quarter of last year to come in at 65.7 percent. The figure is the highest seen since the final quarter of 2005 when it came to 65.8 percent. However, the data also showed that the number of unemployed in their 20s has risen
Oct. 4, 2016
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Gov’t selects buyers for 50-year Treasurys
[THE INVESTOR] KB Kookmin Bank and nine securities companies have been selected to purchase 50-year Treasurys, the Ministry of Strategy and Finance revealed on Sept. 30.Along with KB Kookmin Bank, Daishin Securities, Dongbu Securities, Mirae Asset Securities, Mirae Asset Daewoo, Meritz Securities, Samsung Securities, NH Investment and Securities, Hyundai Securities and Shinhan Investment will acquire 1.1 trillion won (US$ 997.77 million) worth of the Treasury bonds that will be issued on Oct. 11
Sept. 30, 2016
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[URGENT] Golf course in Seongju picked for THAAD
[THE INVESTOR] The Ministry of National Defense on Sept. 30 chose a golf course in Seongju, North Gyeongsang Province, as the location of the Terminal High Altitude Area Defense system.The ministry said that Seongju government and the National Assembly have been briefed on the decision, and an official announcement will be made at 2:30 p.m.The site, Lotte Skyhill Country Club in northern Seongju, is located 18 kilometers north of the Seongju County center. The golf course sits 680 meters above s
Sept. 30, 2016
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N. Korea’s coal exports to China surges despite sanctions
[THE INVESTOR] China imported record amount of coal from North Korea in August despite the international sanctions, data showed on Sept. 30.According to the Korea International Trade Association, Pyongyang’s coal exports to China in August came to 2.46 million metric tons. This is an increase of 35 percent on-year, and the highest monthly volume recorded since North Korea-China trade data was first compiled in 1998. The rise is thought to have been fueled in part by North Korea’s lowering of pri
Sept. 30, 2016
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Deloitte Anjin probed over DSME corruption case
[THE INVESTOR] Accounting firm Deloitte Anjin has come under scrutiny in the expanding Daewoo Shipbuilding and Marine Engineering corruption case, the prosecutors’ office revealed on Sept. 29. The investigators suspect that Deloitte Anjin turned a blind eye to DSME’s fraudulent accounting. For 2013 and 2014, DSME posted profits. However, it was revealed that the company had been manipulating the books, and had amassed about 5.5 trillion won (US$ 5 billion) losses. Deloitte Anjin, which had appro
Sept. 29, 2016
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GS Caltex breaks ground for world's first biobutanol plant
[THE INVESTOR] GS Caltex on Sept. 29 began work on the world’s first biobutanol production facility. Located in the company’s complex in Yeosu, South Jeolla Province, the new facility is a pilot project for commercial production of butanol using non-food plant materials. The 50 billion won (US$45.59 million) plant will be able to produce 400 metric tons of biobutanol on an annual basis. The facility is scheduled for completion during the second half of next year. A rendering image of GS Caltex'
Sept. 29, 2016
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Autonomous vehicle test to be allowed on all roades
[THE INVESTOR] Autonomous vehicle testing will be allowed on all roads in the South Korea from November, the Ministry of Land, Infrastructure and Transport announced on Sept. 29. This follows the revised enforcement decree on Motor Vehicle Management Act allowing autonomous vehicles to be tested on all roads.Under the revision, autonomous vehicles can be tested on all roads, with the exception of areas singled out by the authorities. At present, only 375 kilometers of roads in Daegu, Sejong and
Sept. 29, 2016
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S. Korean gov’t pushes for reform in petrochemicals industry
[THE INVESTOR] The government on Sept. 28 called for a restructuring of the petrochemicals industry to reduce oversupply and streamline businesses. “According to a consultation report, a rapid business restructuring should be implemented with regards to four of the 33 key (petrochemicals) products are in oversupply,” Minister of Trade, Industry and Energy Joo Hyung-hwan said at a meeting with chiefs of petrochemical companies. “It is important that (concerned businesses) shed unnecessary weight
Sept. 28, 2016
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October’s crowded IPO schedule raises concerns
[THE INVESTOR] October will see the largest number of initial public offerings this year, but there are concerns that the volume could pose an obstacle for the companies. Next month, three companies are planning to be listed on the KOSPI and 12 are preparing to go public on the KOSDAQ. Of these, Doosan Bobcat, a unit of power and construction equipment conglomerate Doosan, will be the largest with the company hoping to raise about 2 trillion won (US$1.82 billion. The remainder are eyeing a combi
Sept. 28, 2016
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Gov’t-union friction over new wage system escalates
[THE INVESTOR] The dispute over performance-based salary system is growing with South Korea’s largest umbrella labor unions set to stage mass rallies and strikes. The hardline Korean Confederation of Trade Unions will hold a rally in Seoul on Sept. 28. The Federation of Korean Trade Unions will follow suit the next day. The KCTU will rally in Seoul’s Yeouido with 16,000 members marching to the ruling Saenuri Party’s. In addition, unions belonging to the Korean Metal Workers’ Union will strike ac
Sept. 28, 2016
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SME federation chief warns of boycotting Hyundai Motor
[THE INVESTOR] Korea Federation of SMEs Chairman Park Sung-taek said on Sept. 28 that he is considering launching a boycott campaign on Hyundai Motor products. Speaking to the media, Park said that Hyundai Motor union’s strike was causing massive damages to small and medium enterprises and that a boycott could be launched. “Hyundai Motor is the key culprit for causing the pay gap between large companies and SMEs,” Park said. “Hyundai Motor grew into a global company with the support of the gover
Sept. 28, 2016
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Dongbu Steel’s furnace sale to be completed within the year
[THE INVESTOR] Dongbu Steel’s creditors plan to complete the sale of the company’s electric arc furnace within the year, with two Iranian steelmakers showing interest in the facility. According to reports citing unnamed South Korean finance industry sources, two Iranian steelmakers submitted letters of intent earlier this month. The final biddings will take place at the end of October, and the creditors hope to select the preferred bidder in November, to seal the deal within the year. The elect
Sept. 28, 2016
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Race for Tongyang Magic comes down to 4 bidders
[THE INVESTOR] The bids for Tongyang Magic came down to four competitors on Sept. 27, with CJ Group and Hyundai Department Store Group dropping out of the race.However, Hyundai Department Store Group’s subsidiary Hyundai Home Shopping has decided to bid for Tongyang Magic.On Sept. 27, the final bids for Tongyang Magic were received from Hyundai Home Shopping, SK Networks, AJ Networks and UNID. The bids are reported to be in the range of 500 billion won (US$ 455.41 million).CJ Group was rumored t
Sept. 27, 2016
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KEPCO likely to exceed W10tr operating profit for second year
[THE INVESTOR] The consolidated operating profit of Korea Electric Power Corp. could reach 11 trillion won (US$10.04 billion) this year, the company’s CEO revealed on Sept. 27.Speaking at a parliamentary audit, KEPCO CEO Cho Hwan-eik said that this year’s consolidated operating profit is projected at between 10 trillion won and 11 trillion won. He said that the fall in international oil prices and the cut in overseas operations costs contributed to the high operating profit projection. KEPCO CE
Sept. 27, 2016
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