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Korean Won Falls with Devaluation of Chinese Yuan
Ripple EffectAs China’s central bank let the country’s tightly controlled Chinese currency, or yuan, see a big drop, the won-dollar exchange rate skyrocketed, which means that the Korean won...
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Elliot Still Looking to Thwart Samsung C&T Merger
Changing VenueThe U.S. hedge fund Elliott Associates has secured global depository receipts (GDRs) which were issued based on shares of Samsung C&T.Elliott publicly announced on Aug. 11 that it is...
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South Korea’s ICT Exports Drop 3.9% to US$13.7 Billion
Information ExportSouth Korea's exports of information communication technology (ICT) products dropped by 3.9 percent year-on-year in July. It marked the first time in three months that the country's...
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Governor Ahn Brings Metal Surface Treatment Equipment Manufacturer to Cheonan
Nihon ParkerizingChungcheongnam-do, or South Chungcheong Province, has succeeded in attracting a US$5 million (5.88 billion won) investment in Cheonan City from a Japan-based manufacturer of metal...
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Hyundai Motor Group to Pursue Two Track Strategy for Peak Wage System
Wage MountainThe Hyundai Motor Group announced on Aug. 11 that it will implement a group-wide peak wage system starting next year. However, the group will pursue a “two track” strategy that applies the...
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Tech Developed to Generate Power using Differences in Salt Concentrations
Salty BatteriesOn Aug. 11, the Korea Institute of Energy Research announced that one of its research teams headed by Dr. Jung Nam-jo succeeded in developing a core tech to generate kW-level power using...
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Solar-Powered UAV Succeeds in Flying 14 Km above Sea Level
Flying HighA locally-developed high-altitude solar-powered unmanned aerial vehicle (UAE) has successfully flown in the stratosphere. As a result, the development of a solar-powered UAE capable of...
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Korean Government to Develop Cloud-based Software Platform
Authoritarian CloudThe Korean government is actively seeking to develop a secure open source cloud-based software platform. The platform will be tried in two dimensions, one as an operating system (OS)...
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Hanssem Introduces Argentinean Wines at Flagship Shops
Variety of IndulgenceHanssem has recently launched a wine import business to introduce Argentinean Wines at its flagship shops.On Aug. 12, Hanssem said that the company signed an exclusive contract...
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NEPA Opens Nation’s First Flagship Store in France’s Chamonix
International NEPAKorean outdoor apparel brand NEPA has opened its flagship store in Chamonix, France on Aug. 10 (local time) for the first time in the country, accelerating the global outdoor apparel...
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Samsung Electronics Undecided on 10th Gen LCD Lines
Measured InvestmentWhen asked about the new investment plan in its 10th-generation liquid crystal display (LCD) lines, Samsung Display President Park Dong-Gun said, “[We are] still going over it.”...
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Samsung Electronics to Diversity Semiconductor Foundry Business
ExpansionSamsung Electronics is planning to gradually expand the semiconductor foundry business, which has been focused only on mobile application processors (APs) so far. It will expand the customers...
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Cartier Replaces Louis Vuitton as No.1 Smuggled Brand
Phony WatchesLuxury Switzerland-made Cartier replaced Louis Vuitton to become the most counterfeited items smuggled into Korea by price, according to data by the Korea Customs Service. As the most...
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End of Google's Support for NPAPI Expected to Cause Chaos in Online Payment...
Another Security MisstepFollowing Microsoft Windows 10, the end of Google's support for the Netscape Plugin Application Programming Interface (NPAPI) in Sept. is expected to cause chaos in Korean...
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100X Faster Charging Tech for Electric Cars, Smartphones
Silver Nanoparticles KeyOn Aug. 12, a research team headed by Dr. Ahn Do-cheon and Dr. Lee Kook-seung from Pohang Accelerator Laboratory announced that they succeeded in developing a positive and...
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Employment, Unemployment Policy to be Overhauled
Worker RightsThe Ministry of Employment & Labor announced on Aug. 12 that the amount of unemployment benefits will increase from 50 percent to 60 percent of the average wage, and the period during...
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Korean Shipbuilders Winning Tanker Orders Back to Back
Ships BuildingEarly this month, Scorpio Tankers awarded Hyundai Mipo Dockyard two MR tanker and two handysize tanker contracts. The Monaco-based shipping company is also planning to place six more MR...
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2.5 Trillion Won Required to Restructure Lotte Group’s Cross Shareholding
Expensive ChangeIt is expected that at least 2.5 trillion won (US$2.1 billion) is required for the Lotte Group to get rid of its cross-shareholding structure while maintaining control of...
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Changes in Chinese Economic Policy Posing Threat to Korean Exporters
Strained RelationshipThe Chinese government is looking to shift the focus of its industrial policy from the export of finished goods based on the import of intermediary goods to the procurement of...
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Massive Layoffs Underway at Major Korean Shipbuilders
Belt TighteningAccording to industry sources, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries are planning to reduce the number of their executive...
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