Software on top of South Korean gov’t agenda

[THE INVESTOR] Large companies will face lower barriers in bidding for the public sector’s software development projects, and more educational institutions will be made to offer specialized software-related education. The government aims to raise software exports from US$ 6 billion last year to US$ 10 billion by 2020.As part of its service sector development strategy announced on July 5, the government said that the barrier for large companies in conducting government projects will be lowered. T

July 5, 2016

Gov’t seeks service-manufacturing convergence

[THE INVESTOR] The government will facilitate the convergence of service and manufacturing industries through tax breaks and establish a supervisory body for aiding service sector’s overseas expansion, it announced on July 5. Through the measures, Korea hopes to raise the average intermediate input ratio to 25 percent by 2020. According to government data, the figure for Korea stood at 20 percent in 2011. In comparison the figure for the UK stood at 55 percent, and 34 percent for Japan in the sa

July 5, 2016

Gov’t plans deregulation, R&D support for logistics industry

[THE INVESTOR] Robots, drones and Internet of Things will be deregulated, and receive state R&D support in a government drive to improve South Korea’s logistics industry.Under the plans unveiled by the Ministry of Land, Infrastructure and Transport on July 5, drone regulations will be eased to allow the use of unmanned aerial vehicles for courier services. As part of the plans, businesses involving drones weighing less than 25 kilograms will not be required to meet any capital requirements. In a

July 5, 2016

Tourism Ministry unveils plans for boosting tourism spending to W40tr

[THE INVESTOR] The government will form a 4,500-kilometer trail around South Korea, and introduce medical-cultural tour packages.These and other measures were included in the Ministry of Culture, Sports and Tourism’s plans for boosting the country’s tourism industry revealed on July 5. The Tourism Ministry’s plans are included in the government’s strategy for the service sector. The plans are aimed at raising domestic and foreign tourists’ spending in Korea to 40 trillion won (US$ 34.7 billion)

July 5, 2016

Hanjin Shipping starts talks with creditors over debt maturity extension

[THE INVESTOR] Ailing Hanjin Shipping has begun negotiations with foreign lenders to extend the maturity of its debts, sources said on July 4.According to local creditors, the firm started talks on the extension of repayment of 150 billion won (US$130 million) worth of debt that matures at the end of next year.It is part of ship financing debts worth over 3.2 trillion won the company borrowed from foreign financial institutions to buy vessels. The move comes as the shipping liner seeks to secure

July 5, 2016

Kolon to commercialize materials for foldable, flexible displays

[THE INVESTOR] Chemical firm Kolon Industries has reportedly developed colorless, transparent polyimide -- a material that can be used for flexible and transparent displays.The development of the material, the first of its kind according to the company, is hailed as a big leap forward in the display sector as it can speed up the commercialization of next-generation displays, such as those that can be rolled up or folded. Kolon’s headquarters in Gwachoen, Gyeonggi Province. Kolon“We plan to soon

July 5, 2016

Budget carrier Air Seoul ready for take-off

[THE INVESTOR] Air Seoul, Asiana Airline’s new low-cost carrier, has passed all government safety inspections and will begin services next week. The Ministry of Land, Infrastructure and Transport said on July 5 that it has given its final approval to Air Seoul and will issue an Air Operator Certificate the following day. The ministry had formed a team for document-screening and onsite inspection to check the airline’s facilities and other operational capabilities for the past five months. Starti

July 5, 2016

Lawmakers seek tougher control on corporate governance

[THE INVESTOR] A revised Commercial Act that would strengthen measures to keep major shareholders in check was proposed on July 4 with the backing of 120 lawmakers. South Korea’s National Assembly consists of 300 seats. If approved, individuals who hold more than 1 percent stake in a company will be able to file a suit against a subsidiary’s management whose malpractice caused irrevocable damage to the concerned companies. Rep. Kim Chong-in / The Investor(Park Hae-mook)The revision also stipulat

July 5, 2016

Coway apologizes over contaminant found in water purifier

[THE INVESTOR] Coway, a Korean water purifier-maker, officially apologized over harmful substances found inside its ice-water purifier products. “We deeply apologize for the contaminant found inside the water purifier, which is designed for consumers to drink clean water safely,”Coway said in a statement released on July 4 and offered full refund or exchange of the affected products. On July 3, local broadcaster SBS reported that Coway received complaints from consumers that some metal powder wa

July 4, 2016

LS Tractor wins US award

[THE INVESTOR] LS Tractor, US-based tractor subsidiary of LS Mtron, was awarded the Dealer’s Choice Award from the Equipment Dealers Association on July 4.This is the second time LS Tractor has won the award for the tractor category in two years. LS tractors sit at a US distribution center.According to the company, it was awarded 6.37 points in an assessment by 9,180 dealers across the US. In the survey, LS Tractor was ranked highest in 11 of the 12 categories, and was the only manufacturer to r

July 4, 2016