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Fintech Companies to Build Open Fintech Financial Platform
Open FinancesIt will possible for Korean financial technology (fintech) companies to develop services by downloading standardized technical specifications from banks and securities companies during the...
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Manufacturing Sector of Korea Losing Steam
No ProfitsHyundai Motor Company’s operating profits for the second quarter of this year are estimated at around 1.7 trillion won (US$1.5 billion), at least 14 percent less than a year ago. Samsung...
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Iranian Nuclear Deal Boon for Korean Builders
Boon, not BoomAccording to the International Contractors Association of Korea, the total number and value of the orders received in Iran by Korean construction firms are 91 and US$12,046,638,000,...
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Is Another Economic Crisis Coming?
Many SlowdownsConcerns are mounting over the possibility of a global economic crisis triggered by the slowdown of the Chinese economy. The Chinese stock market plunged on July 8 to jolt the other...
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Foreign Cars Exceed 6% of Total Registered Vehicles in Korea
Auto InvasionThe number of imported cars in Korea exceeded 6 percent of the total registered vehicles this year. The number had broken the one million mark last year.According to the Ministry of Land,...
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KEPCO, LG U+ Open ‘Power-IoT Convergence Center’
Joint ProjectsThe Korea Electric Power Corporation (KEPCO) and LG U+ announced on July 16 that they held an opening ceremony of the new “Power-IoT Convergence Center” at Bitgaram Energy Valley of...
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KRA to Open ‘Champions Suite’ for Foreigners at Let’s Run Park Seoul
Life of LuxuryThe Korea Racing Authority (KRA) announced on July 16 that it will open a “Champions Suite” in Let’s Run Park Seoul in Gwacheon of Gyeonggi Province on July 18 for visitors from other...
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Hanwha Q Cells Signs 50MW Module Supply Deal with US' Sunrun
Residential SolarHanwha Q Cells announced on July 16 that it has signed a deal to supply 50MW modules to the U.S. residential solar market.On July 10, the company signed a long-term module supply deal...
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South Korea Has Largest Number of IoT-Connected Devices
Thing-based InternetSouth Korea reportedly topped the global ranking on the number of the Internet of Things (IoT)-connected devices. Experts are saying that the nation has taken a step forward to...
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Future Looking Dim for Korean Shipbuilding Sector
Hard TimesDaewoo Shipbuilding & Marine Engineering President Jung Sung-rip said late last month that the situation in the domestic shipbuilding industry are unlikely to get better soon. “The rapid...
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Tech Developed to Make Electronic Skin Capable of Detecting Harmful Gases
Android SkinA Korean research team has succeeded in developing a tech to make artificial electronic skin that can detect temperature, humidity, and smell.On July 16, a research team at the Center for...
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Mobile Communications in Korea 30% Cheaper than OECD Average
Cheap PhonesAccording to the OECD Digital Economy Outlook 2015 released on July 15, the mobile charges paid in Korea rank eighth to 19th among those of the 34 OECD member countries, depending on the...
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Unexpected Factors Driving Mobile Commerce Boom in Korea
Market InsightOverall foot traffic to many mall-based retailers has been declining for years, and according to local media in Korea, apparel store traffic hit its lowest mark in 17 weeks in mid-June...
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Busan International Seafood Expo Moving Faster this Year
Nexus of FoodBusan International Seafood & Fisheries EXPO (BISFE), organized by Busan Metropolitan City and BEXCO, will be held for three days from Oct. 29 (Thu) to 31 (Sat) at BEXCO in Busan....
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69.53% of Samsung Shareholders Vote Yes on Merger
Samsung Gets ItSamsung shareholders backed the proposed merger deal with Cheil Industries at a shareholders' meeting today.A total of 69.53 percent of Samsung C&T shareholders approved the merger,...
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Stricter Standards for Fuel Efficiency
Average of ThreeThis year, 23 cars have been chosen to get their fuel efficiency verified. The figure has been increased by nine vehicles, or 64 percent, from 14 last year.As the targets have been...
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Incheon Airport Unable to Find Suitable SMEs to Run Duty-free Shops for 5 Months
Economic Democratization ParadoxEven though Incheon International Airport, which ranks first in duty-free sales in the world, decided to exclusively offer four licenses in the duty-free concession to...
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GM Korea to Produce New Malibu Model in Q2 2016
Union CompromiseGM Korea is expected to manufacture the new Malibu mid-size sedan model in Bupyeong Plant in Incheon in the second quarter of next year.According to industry sources on July 19, GM...
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National Pension Fund Investment Office to Become Public Corporation
Breaking FreeThe National Pension Fund Investment Office will be separated from the National Pension Service to be turned into a public corporation. In this context, the Ministry of Health &...
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Hunters Aiming at Undervalued Korean Companies
Market UndervaluationSamsung Electronics shares closed at 1,305,000 won (US$1,132) on July 17, equivalent to approximately 290 percent of the price during the global financial crisis in 2008....
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