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Thursday, August 24, 2017

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Around 49% of South Korean small and medium-sized exporters that have production bases abroad are considering increasing their overseas production.

Increasing Overseas Production

24 August 2017 - 1:00pm
Jung Suk-yee

The Korea International Trade Association released a report on August 23 via the Institute for International Trade. According to the report, approximately 49% of South Korean small and medium-sized exporters that have production bases abroad are considering increasing their overseas production whereas only 4.7% are planning to relocate their manufacturing facilities to South Korea.

“It has been found that 25% of the 1,015 small and medium-sized exporters that have their own manufacturing facilities currently have manufacturing facilities abroad and overseas production accounts for...

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South Korea’s intellectual property trade deficit reached an all-time low of US$600 million in the first half of this year.

IP Trade Deficit

24 August 2017 - 1:00pm
Jung Suk-yee

The Bank of Korea announced on August 22 that South Korea’s intellectual property trade deficit reached an all-time low of US$600 million in the first half of this year. For reference, the deficit amounted to US$950 million in the first half of last year. That related to patent and utility model rights dropped from US$930 million to US$100 million during the period.

The decrease in the deficit is because both large corporations and smaller companies increased their intellectual property exports. Specifically, the former posted an intellectual property trade surplus of US$330 million...

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The Korean government will discuss a merger between Sungdong Shipbuilding & Marine Engineering and STX Offshore & Shipbuilding.

Restructuring of Smaller Shipbuilders

24 August 2017 - 12:45pm
Jung Min-hee

The South Korean government holds a meeting next month in order to discuss a merger between Sungdong Shipbuilding & Marine Engineering and STX Offshore & Shipbuilding.

At present, STX is being managed by Korea Development Bank (KDB) and Sungdong is being managed by the Export-Import Bank of Korea. Due diligence is currently underway in the shipbuilders by the respective creditor banks. The government is planning to carry out downsizing and the merger based on the result of the due diligence scheduled to become...

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The Korea Development Bank is planning to ask Chairman Park Sam-koo to notify whether he will exercise his right of first refusal as China’s Qingdao Doublestar Tire made an official request to creditors to cut the sale price of Kumho Tire.

Another Chance for Chairman Park?

24 August 2017 - 12:30pm
Jung Min-hee

China’s Qingdao Doublestar Tire, the preferred bidder of Kumho Tire, made an official request to creditors to cut the sale price of Kumho Tire by 16 percent, or 155 billion won (US$137.45 million). The company seeks to buy Kumho Tire for 800 billion won (US$709.41 million).

According to the Korea Development Bank (KDB) on August 23, Kumho Tire’s creditors, including the KDB, Woori Bank and KB Kookmin Bank, held a shareholder meeting on the same day to discuss whether to accept Doublestar’s demand.

Doublestar signed a stock purchase agreement (SPA) for Kumho Tire with...

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BC Card President Chae Jongjin (left) poses for a photo with Dilip Asbe, president of India’s National Payments Corporation of India (NPCI) after signing a MOU in Mumbai, India, on August 22 (local time).

Card Business Cooperation

24 August 2017 - 12:30pm
Yoon Yung Sil

BC Card announced on August 23 that it has signed a memorandum of understanding (MOU) for strategic network partnership with India’s National Payments Corporation of India (NPCI). Founded by the country's central bank, the Reserve Bank of India, in 2008, the NPCI processes domestic automated teller machine (ATM) transactions and provides card services. 

NPCI’s domestic card brand “RuPay” issued 350 million cards in 823 banks in India and the NPCI has secured 2.5 million units of POS and 230,000 units of ATMs.

With the latest MOU, BC Card customers can now make payments with...

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LG Electronics launched “Google Play Movies & TV,” a contents app for Smart TVs in November, 2015.

Matching Up SW with HW

24 August 2017 - 12:30pm
Michael Herh

LG Electronics is strengthening its cooperation with Google in various business sectors including smartphones and consumer electronics.

According to industry sources on August 23, LG agreed with Google to apply a Korean version of the Google assistant to the V30 announced later this month. Google originally planned to start the Korean service of Google Assistant by the end of the year. However, it is said that the service schedule has been advanced at the request of LG Electronics. Google has been testing some users for the launch of the Korean version of Google Assistant since last...

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The market share between quantum dot TVs and OLED TVs are narrowing.in the premium TV market.

Narrowing Gap

24 August 2017 - 12:15pm
Michael Herh

Samsung Electronics, the No. 1 global TV market share holder is stuttering along. In the first half of the year, the company posted less than 20 million units in TV sales in the first half of this year, which resulted in some forecasts that the company may record a market share of less than 20% after recording an annual market share of 20% or higher (in terms of quantity) over the past five years. Also in the premium TV market, the market share between quantum dot TVs and OLED TVs are narrowing.

According to industry and market researcher IHS Market, during the second quarter of...

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The Naver Design Colloquium 2017.

Changing Service Types

24 August 2017 - 12:15pm
Cho Jin-young

Naver will promote the artificial intelligence (AI) technology-based voice and image search functions as its main mobile services.

During the Naver Design Colloquium 2017 held at Grand InterContinental Hotel in Samseong-dong, Gangnam, on August 23, Kim Seung-eon, director of the service design division at Naver, said, “The direction of Naver’s overall services for the future can be summed up in three words – smart, open and with.”

Starting with displaying camera and microphone icons in the mobile search engine at the end of this month, Naver plans to introduce various “smart...

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The Financial Services Commission (FSC) will ease the short-selling’s proportion to the entire stock trading and increase fines on investors who violate short-selling regulations.

Regulating Short-selling

24 August 2017 - 12:00pm
Yoon Yung Sil

Starting from the end of next month, South Korea’s financial authorities will expand the labeling standards for stocks that experience excessive short-selling. They will also toughen the penalties against those who repeatedly violate short-selling regulations by the end of the fourth quarter this year even if they are unintentional.

On August 23, the Financial Services Commission (FSC) announced its plan to ease the short-selling’s proportion to the entire stock trading with the Financial Supervisory Service (FSS) and the Korea Exchange and increase fines on investors who violate...

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The industrial economic relations between S. Korea and china is changing from vertical complementary to horizontal specialization and competition.

Turning Point in Relationship

24 August 2017 - 12:00pm
Yoon Yung Sil

South Korea sees five out 10 major export and import items to China and from China, such as semiconductor, flat display and wireless communication devices – overlap, facing growing competition with China.

According to a report “South Korea and China’s Industrial Economic Change and Tasks, Marking 25th Anniversary of Establishment of Diplomatic Ties” released by the Korea Institute for Industrial Economics & Trade (KIET), the industrial economic relations between the two countries is changing from vertical complementary to horizontal specialization and competition.

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