DASAN pens deal to promote Internet connectivity in India

[THE INVESTOR] DASAN Network Solutions has signed a memorandum of understanding with a public broadband infrastructure firm in India to expand Internet connectivity in the state of Andhra Pradesh, the DASAN Networks affiliate said on July 4.Under the agreement, DASAN Network Solutions and Andhra Pradesh State Fibernet will create a joint venture for producing broadband equipment. The two partners will also collaborate to boost the state’s Internet penetration rate to 30 percent from the current

July 4, 2016

Foreign tourists on cruise ships jump 88% in H1

[THE INVESTOR] The number of foreigners visiting South Korea on cruise ships came in at 720,000 in the first half of the year, rising 88 percent from a year earlier, government data showed on July 4.According to the Ministry of Oceans and Fisheries 720,000 foreign tourists arrived by cruise ship on 305 occasions during the first six months of the year. The ministry projects that the number for the year will break the 1.5 million mark, and rise to 2.2 million in 2017.By port, Jeju Port saw the la

July 4, 2016

Jeju Air to expand service for peak season

[THE INVESTOR] Jeju Air, Korea’s largest low-cost carrier, will launch new routes and expand the number of airplanes in the third quarter to meet demand in the busiest time of the year. The air carrier on July 20 will launch three new routes leaving from Incheon International Airport. They are to Sapporo in Japan, Kota Kinabalu in Malaysia, and Phuket in Thailand, the company said on July 4. With the new addition, Jeju Air will serve six Japanese cities, including Tokyo, Osaka, Nagoya, Fukuoka,

July 4, 2016

One-third SMEs exporting to Europe brace for Brexit impact

[THE INVESTOR] A third of small and medium enterprises exporting to the UK and Europe expect Brexit to have a negative impact, a survey showed on July 4. In a Korea Federation of SMEs survey on 179 SMEs that export to the UK and the EU, 33.3 percent said that exports will be negatively affected by the development. Destabilization of the foreign exchange market was the most commonly cited reason, followed by tariffs, and UK’s likelihood of falling into a slump after the country exits the EU. Rega

July 4, 2016

Overseas branches of South Korean firms see economy getting worse

[THE INVESTOR] South Korean companies’ overseas operations feel that they are subjected to increasingly tougher regulations by foreign governments, and expect conditions to worsen during the second half of the year, a survey showed on July 3. In a Federation of Korean Industries survey, Korean firms’ overseas operations said that economic conditions are likely to worsen in the final six months of the year citing uncertainties facing US, China and other major economies. Of the 1,380 overseas oper

July 4, 2016

Declining manufacturing sector raises concerns

[THE INVESTOR] With the deterioration of manufacturing sector here, industry experts are concerned that producers may opt for low-cost facilities overseas with local jobs fleeing to other developing countries. According to a report by Hyundai Research Institute, the contribution level of the manufacturing industry to the country’s economic growth has decreased from 3.5 percent in 1970s to 1.4 percent most recently. Experts cite that the decreasing measure of the added value in manufacturing as t

July 4, 2016

S. Korean shipbuilders’ H1 performance at record low

[THE INVESTOR] South Korean shipbuilding industry was pushed aside by Chinese and Italian counterparts in the first half, with new orders falling to a record low. According to industry data released on July 4, local shipbuilders were awarded contracts for 27 merchant ships with a combined compensated gross tonnage of 830,000 in the first half of the year. Compared to last year, local shipbuilders’ first half performance has plunged by 88 percent in terms of CGT. The first half figure is the lowe

July 4, 2016

Asiana replacing parts in A380 from delayed New York-Incheon flight

[THE INVESTOR] Asiana Airlines has grounded the Airbus A380 aircraft that experienced mechanical problems at the John F. Kennedy International Airport, it was revealed on July 1.According to industry sources, Asiana Airlines has grounded the concerned aircraft to replace the parts that caused the issue.On June 24, Asiana Airlines flight OZ2217 from New York to Incheon was delayed after sparks erupted from near one of the engines. The flight was delayed until the following day while Airbus and As

July 1, 2016

No. of large groups’ subsidiaries rise to 1,770 in June

[THE INVESTOR] The number of companies belonging to large corporate groups increased by 11 to come in at 1,770 in June, the Fair Trade Commission said on July 1. According to the FTC, a total of 20 companies were newly added to large groups and nine were removed, resulting in a net change of 11. Under current regulations, a corporate group with assets exceeding 5 trillion won (US$ 4.4 billion) are defined as being large and are strictly regulated. The number of groups affected by the regulation

July 1, 2016

Korean airlines increase flights to Japan, Vietnam

[THE INVESTOR] Major local air carriers are expanding their services to Tokyo and Sapporo in Japan and Da Nang in Vietnam, in response to the growing number of tourists to the area, Incheon International Airport Corporation said on July 1. Asiana Airlines has launched a new direct route to Sapporo, capital of Hokkaido prefecture, on the date. The new flights are scheduled to operate daily on its Boeing 767 aircraft, which carries 250 people. Jin Air, Korean Air’s budget flight, has added two dai

July 1, 2016

Brexit to limit the scope of British law firms in Korea

[THE INVESTOR] South Korea’s legal consultation market is now open to European Union-based law firms, but those based in Britain are now likely to face severe limitations. Under the Korea-EU Free Trade Agreement, EU law firms are allowed to set up joint ventures with Korean law firms. Without a join venture, however, the EU-base law firms are limited to consultations on EU laws. But once Britain leaves the EU, law fims base in Britain would not be able to operate joint ventures.  Lawyers offices

July 1, 2016

Asiana expands service to Sapporo, Japan

[THE INVESTOR] Asiana Airlines expanded its services to Japan by launching a flight to Sapporo, capital of Hokkaido prefecture, the flag-carrier announced on July 1. The flights are scheduled to operate daily, with the Incheon-Sapporo flight taking-off at 2:20 p.m. and Sapporo-Incheon flight leaving at 6:10 p.m. An aircraft that can seat 250 passengers has been selected for the route. Asiana launched its flights to Japan on the Incheon-Tokyo route 26 years ago. With the new route it now operates

July 1, 2016

EU law firms now able to set up joint ventures in South Korea

[THE INVESTOR] South Korea’s legal consultation market is now fully open to European law firms, with the third stage of related clauses of the Korea-EU Free Trade Agreement taking effect on July 1. As such, European law firms are now able to set up joint ventures with Korean law firms. A JV law firm can hire Korean lawyers and provide consultations on Korean law. Lawyers offices in southern Seoul. The Investor (Park Hyun-koo)In anticipation of the changes, the National Assembly passed the revise

July 1, 2016