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Tuesday, February 28, 2017

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Presided over by Financial Services Commission (FSC), South Korea’s financial authorities held an emergency meeting to discuss how to control household debts.

Threats of Household Debts

28 February 2017 - 12:00pm
Jung Suk-yee

The South Korean government convenes an emergency meeting in just one week from its February 21 discussion session on household debts in the non-banking sector. This is because an increasing number of loan seekers are resorting to the non-banking sector with household debts currently at a record-high level.

According to industry sources, the Financial Supervisory Service and Financial Services Commission (FSC) hold the meeting on February 28, presided over by FSC Vice Chairman Jeong Eun-bo. The main topic of the meeting is how to control household debts and how to find out an...

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The Fair Trade Commission of South Korea gave its final approval of Samsung Electronics’ acquisition of Harman on February 27.

No Problem in Fair Trade

28 February 2017 - 12:00pm
Jung Suk-yee

The Fair Trade Commission of South Korea gave its final approval of Samsung Electronics’ acquisition of Harman on February 27.

“We informed Samsung Electronics of the fact after determining that the acquisition is unlikely to cause a problem with regard to the Fair Trade Act and restriction of competition,” the commission explained, adding, “The two companies are doing business in separate fields and our decision is basically the same as the European Commission’s decision on the same matter.”

According to the Fair Trade Act, any South Korean company belonging to a large...

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South Korea’s five largest commercial banks– KB Kookmin,,Shinhan, Woori, KEB Hana and IBK – showed an increase in net profit derived from overseas business last year.

Faring Well Abroad

28 February 2017 - 12:00pm
Jung Suk-yee

It has been found that all of the the five largest commercial banks in South Korea – Shinhan, KB Kookmin, Woori, KEB Hana and IBK – showed an increase in net profit derived from overseas business last year.

Specifically, Woori Bank’s ratio of net profit from overseas markets to total net profit increased from 11.8% to 15% between 2015 and last year. It was followed by Shinhan Bank, whose figure rose from 10.5% to 12% during the same period. It increased from 6.5% to 7% and from 2.7% to 3.5% for IBK and KB Kookmin Bank, respectively. 

The ratio edged down from 26.3% to 24.1%...

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Starting with the third improvement of the blast furnace 3, POSCO will replace the electric furnace 3 in the plant 2.

Steel Facility Upgrade

28 February 2017 - 11:45am
Jung Min-hee

POSCO will invest about 1.05 trillion won (US$921.11 million) to upgrade its facility in Pohang steel mill this year. Starting with the third improvement of the blast furnace 3, the company will replace the electric furnace 3 in the plant 2 and strengthen the competitiveness of generating facilities at the same time. 

POSCO held the “Starting Ceremony for Facilities Advancement Investment for Next 50 Years” at a function room in Pohang steel mill on Feb. 27 and started the project.

The third refurbishment work for its third blast furnace, which is the single largest...

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Samsung SDS’ employees demonstrate its innovative artificial intelligence (AI) based chatbot retail system at the MWC 2017.

Voice Recognition Retail System

28 February 2017 - 11:45am
Cho Jin-young

Samsung SDS announced on Feb. 27 that it displayed its innovative artificial intelligence (AI) based chatbot retail system “Nexshop Training” at the Mobile World Congress (MWC) 2017.

Employees at retail stores using Nexshop Training can receive advice from chatbots via voice or text on how to serve customers or keep up-to-date on the latest product details and promotions.

In addition to the training system, Nexshop consists of two other solutions – sales assistance system, which gives retail associates the latest details on products and provides inventory, sales and purchase...

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Hyundai Heavy Industries, which jettisoned the non-shipbuilding business by means of the split-up, will be able to flexibly respond to the shipbuilding industry crisis based on slim organization.

For Enhanced Competitiveness

28 February 2017 - 11:30am
Michael Herh

Hyundai Heavy Industries suffering from the worst order drought has completed a process of dividing the company swiftly and decisively. This means that the company changed their business structure where its shipbuilding and non-shipbuilding business have hamstringed each other over the past decades in just three months. This means also that the management of Hyundai Heavy Industries in a slump of the shipbuilding industry are feeling a great sense of crisis. Hyundai Heavy Industries founded in 1973, expressed the urgency of its situations, saying that the split-up was "the second...

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Samsung Electronics will hold the “Samsung Galaxy Unpacked” event that will unveil the Galaxy S8 at Lincoln Center, New York and Here East in London while it unveils Galaxy S8.

Galaxy S8 Event

28 February 2017 - 10:30am
Michael Herh

Samsung Electronics will unveil its next strategic smartphone Galaxy S8 in New York of the US and UK on March 29.

Samsung Electronics made such an announcement in a press conference at the Catalonia Congress Center in Barcelona, ​​Spain on May 26 (local time), the day before the opening of Mobile World Congress (MWC) 2017.

Samsung will simultaneously hold the “Samsung Galaxy Unpacked” event that will unveil the Galaxy S8 at Lincoln Center, New York and Here East in London. Here East was used as a media center during the 2012 London Olympics.

The invitation disclosed on...

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The Lotte Group has decided to provide Seongju Golf Course as a site for the Terminal High Altitude Area Defense (THAAD) system despite the Chinese government threats against it.

National Security First

28 February 2017 - 10:15am
Michael Herh

The Lotte Group has decided to provide Seongju Golf Course as a site for the Terminal High Altitude Area Defense (THAAD) system.

The Korean Ministry of National Defense said on February 27 that a site exchange deal was approved by the Lotte Group, the owner of Lotte Sky Hill Seongju Country Club, which was selected as a site for the THAAD System.

It is expected that the deployment of the THAAD System will be accelerated as the site problem was resolved. Going forward, the government will seal a land exchange deal with the Lotte Group and then carry out a basic design and...

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South Korea recorded a market cap of US$1.2821 trillion as of the end of last year, up 4.1% from a year ago, to rank 15th in the world.

Market Capitalization Ranking

28 February 2017 - 10:15am
Jung Suk-yee

The Korea Exchange announced on February 27 that the market capitalization of global stock markets increased 4.5% to US$70.1 trillion last year.

According to the Korea Exchange, South Korea recorded a market cap of US$1.2821 trillion as of the end of last year, up 4.1% from a year ago, to rank 15th in the world. It fell a notch as London Stock Exchange (LSE) Group ranked fifth after joining the World Federation of Exchanges (WEF) again.

The aggregate market value increased 10.8% in the Americas whereas it showed little change in Asia-Pacific and Europe. That of the New York...

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Samsung Electronics introduced 9.7-inch Android-based “Galaxy Tab S3” tablet computer and Windows-based 2-in-1 “Galaxy Book” tablet at a press conference at Catalonia Congress Center in Barcelona, Spain, on Feb. 26 (local time).

Adoption of Harman Audio

28 February 2017 - 10:15am
Cho Jin-young

Samsung Electronics unveiled its three new premium tablet computers at a press conference at Catalonia Congress Center in Barcelona, Spain, on Feb. 26 (local time), a day before the Mobile World Congress (MWC), the world’s largest gathering for the mobile industry.

The company introduced 9.7-inch Android-based “Galaxy Tab S3” tablet computer and Windows-based 2-in-1 “Galaxy Book” tablet. David Lowes, Chief Marketing Officer and Senior Vice President of Samsung Electronics Europe, said, “The Galaxy Tab S3 and the Galaxy Book show the evolution in the tablet category. These products...

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