Articles by Kim Yon-se
Kim Yon-se
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Stronger won expected despite low growth
The Korean won is continuously appreciating against the U.S. dollar despite a series of gloomy indices over Korea’s economic growth for this year.Though growth of the nation’s gross domestic product stayed at 1.6 percent in the third quarter of the year, falling below 2 percent for the first time since the third quarter of 2009, the dollar continued to lose ground against the Korean currency.The dollar finally slid below 1,100 won last week after gradually losing value over the past few months ―
Oct. 28, 2012
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Hyundai Motor’s Q3 earnings up 3.1 percent on-year to W2tr
Hyundai Motor pledged to enhance management ― focused more on profitability than business expansion ― as its earnings for the July-September period slightly dropped compared to the previous quarter.Though the carmaker’s third-quarter operating profit came to 2.05 trillion won ($1.83 billion), up 3.1 percent from a year earlier, the figure is lower by 17.8 percent from the previous quarter, Hyundai Motor said in a regulatory filing on Thursday. In the same vein, Hyundai’s sales and net profit inc
Industry Oct. 25, 2012
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Hyundai Group seeks to resume Geumgang tours after election
Hyundai Group is seeking to resume tours to North Korea’s Mount Geumgang, which have been suspended for more than four years, after the Dec. 19 presidential election in South Korea. Hyundai Asan, the sole operator of the inter-Korean business as tourism unit of Hyundai Group, expects that there will be mounting calls from various walks of life in the South to reopen the tour program. The Mount Geumgang tours have been suspended since July 2008 after a South Korean tourist was killed by a North K
Industry Oct. 25, 2012
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Apple offered Samsung unfair deal: Groklaw
A U.S. legal news provider revealed an allegation that Apple Inc. made an unfair licensing offer to Samsung Electronics over patent payments in October 2010.Apple had offered Samsung an additional 20 percent discount for the Korean smartphone manufacturer’s usage of Apple’s licenses, including Windows phones and tablets, under the scenario of a cross license deal, Groklaw said in its recent report.The failed offer was based on the U.S. firm’s alleged intention to pressure Samsung to scrap its us
Industry Oct. 23, 2012
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Exports of military hardware to hit record high
The defense industry is projected to mark an all-time high in its weapon exports this year, according to the Korea Institute for Industrial Economics and Trade.While the nation had mostly exported ammunition and components for weapons, it recently diversified products such as self-propelled artillery and submarines.Among the major export destinations are the United Kingdom, Peru and India, KIET said in a report.The defense-related orders from abroad rapidly increased over the past few years ― fr
Industry Oct. 22, 2012
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Whiskey sales fall
Whiskey consumption has continued to drop in the local market amid the economic slowdown and many consumers’ reduced preference for strong alcohol.Sales of whiskey came to 517,912 boxes ― which contain 18 bottles, 0.5 liters each ― during the July-September period, down 13.4 percent over the same period last year, according to the local liquor industry.The slowing pace has become faster compared to the 10.1 percent slowing fall, posted during the first half of the year.Diageo Korea saw its sales
Industry Oct. 22, 2012
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IP experts celebrate opening of AIPPI’s Seoul Congress
Global experts in intellectual property celebrated the opening of the 43rd AIPPI World Intellectual Property Congress in Seoul on Saturday. The dynamic performance of a keunbuk (large Korean drum) sounded the opening of the congress to the estimated 1,800 participants from about 80 countries around the world. AIPPI President Kim Yoon-bae greeted the members and prominent guests first in Korean and then in the four official AIPPI languages of English, French, German and Spanish. With 115 years o
Industry Oct. 21, 2012
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Vegetable prices soar on kimchi-making season
The prices of vegetables, including radishes, has skyrocketed recently due to increasing demands ahead of the kimchi-making season, government data showed Sunday.The season, which lasts for about two months through December, is when Koreans prepare kimchi for the winter, a major event in traditional Korean households as families prepare for the long, cold season when vegetables are scarce.“Kimchi” is a spicy fermented side dish made from cabbage, radish and various seasonings such as garlic, chi
Industry Oct. 21, 2012
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Korea, Qatar ink MOU to expand joint investment
South Korea and Qatar have reached a preliminary agreement to expand cooperation for joint investment in third countries.The memorandum of understanding, signed in Seoul between the Ministry of Land, Transport and Maritime Affairs and Qatar Holding LLC, outlines the creation of a joint infrastructure cooperation taskforce for such purposes.The joint taskforce will arrange consultative meetings twice a year, help concerned parties share information on prospective investment projects and carry out
Industry Oct. 21, 2012
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Japan court rejects iPhone sales ban
A Japanese court has dismissed an injunction filed by South Korea’s Samsung Electronics Co. against U.S. smartphone manufacturer Apple Inc., finding no patent infringement as claimed by Samsung, a Japanese newspaper reported Saturday.According to the local daily, the Asahi Shimbun, a Tokyo district court rejected Samsung’s injunction on Sept. 14 and then again on Oct. 11. The South Korean company, the world’s largest supplier of smartphones, claimed Apple’s iPhone had violated its patents on tec
Industry Oct. 21, 2012
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Stocks expected to continue upward movement
South Korean stocks are expected to show an upward movement this week though the movement range may be limited by external uncertainties that remain in the global market, analysts said.The country’s key stock index, the Korea Composite Stock Price Index, closed 10.58 points or 0.54 percent higher from the previous week’s close at 1,943.84 last Friday.The index dropped more than 15 points on Friday alone following what market analysts called poorer-than-expected corporate earnings for the third q
Oct. 21, 2012
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Consumers with disposal income below W500,000 banned from getting new cards
Financial consumers whose disposal income does not exceed 500,000 won ($450) will be ineligible to apply for a new credit card under new measures.“Irrespective of consumers’ personal credit standing, credit card firms will be allowed to issue a new card to those with monthly disposal income ― or total earnings minus debt payment ― above 500,000 won,” the Financial Supervisory Service said in a statement on Sunday.An FSS official said the action is designed to prevent issuers from recklessly doli
Oct. 21, 2012
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Renault-Nissan alliance plans to double cost savings by 2016
Renault SA and Nissan Motor Co. said they aim to double annual cost savings from their alliance within four years, while denying a Reuters report that they are reviewing their cross-shareholdings. “We have an internal goal of 4 billion euros ($5.2 billion) in synergies in 2016,” Rachel Konrad, an alliance spokeswoman, said by e-mail. “We expect more every year.” The two plan to boost synergies from their partnership to 2.1 billion euros this year from 1.7 billion euros in 2011.Renault is not loo
Mobility Oct. 21, 2012
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Premium import car sales set for milestone
Foreign automakers expected to sell 10,000 units priced more than 100 million won in 2012Yearly sales of import cars with a price tag above 100 million won ($90,100) are expected to surpass 10,000 units for the first time in the nation.Amid the brisk sales of premium vehicles despite the economic slowdown, the import automobile industry saw its sales of cars priced more than 100 million reach 8,035 units for the first nine months of 2012, up about 10 percent over the same period last year.Accor
Mobility Oct. 21, 2012
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Strong won worsens profitability worries
Korean currency gains value against dollar rapidly compared to other foreign currenciesConcerns are rising that companies’ global competitiveness may be weakened as the U.S. dollar recently lost ground against the Korean won, amid the eurozone woes.The possibility that the Korean currency will rise in value up to nearly 1,000 won against the dollar is growing with the recent strenghtened position of the won after quantitative easing by the U.S. government.The dollar slid again to 1,104.3 won on
Industry Oct. 18, 2012
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