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Hyosung Targets Global Power Market with Cutting-edge Domestic Tech
StatcomHyosung Corp. announced on Dec. 21 that it has won contracts in India and Panama to export its energy solution, called static synchronous compensator (Statcom), for the first time in the...
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SK Hynix Shows Global Corporate Social Responsibility in Cambodia
Overseas CSRSK Hynix announced on Dec. 21 that its employees, who were taking part in the overseas training program for outstanding employees, did volunteer work for the underprivileged in Cambodia.The...
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Hanwha Life Holds 2016 Business Strategy Meeting
Long-term StrategyHanwha Life Insurance Co. held the 2016 Business Strategy Meeting at the training center in Yongin City, Gyeonggi Province, on Dec. 18, attended by 220 officials, including CEO Cha...
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Hyundai Development Company Wins Bridge Construction Deal in Vietnam
Bridging VietnamHyundai Development Company (HDC) has won a contract to build a bridge in Vietnam, succeeding in landing its first overseas business deal this year. It is also the third and largest...
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Lotte Holds Topping-out Ceremony to Mark Exterior Construction Completion for...
123 BuildingLotte Corporation, a construction arm of the Lotte Group, completed the final 123rd floor of the controversial Lotte World Tower in Jamsil, Seoul, on Dec. 22.Exterior construction wrapped...
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Daewoo Shipbuilding & Marine Engineering to Increase Paid-in Capital
Financial Structure ImprovementDaewoo Shipbuilding & Marine Engineering (DSME) is increasing capital by issuing new stocks to improve its financial structure.The nation’s second-largest shipbuilder...
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Hanwha Techwin Signs 4.5 Trillion Won Parts Supply Contract with Pratt & Whitney
Flying HighHanwha Techwin signed a 4.5 trillion won (US$3.84 billion) contract with the U.S.-based Pratt & Whitney (P&W) to supply airplane engine parts.The company said that it has entered...
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Mercedes-Benz Neglects Korean Consumers Despite Record High Sales
Mercedes InsolenceMercedes-Benz has recorded its best-ever sales results this year, becoming a “giant” in the imported vehicle market in Korea. As the company sold nearly 1,250 units of the S500,...
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What Direction Will New Deputy Prime Minister Take?
Economic PolicyDeputy Prime Minister for Economic Affairs and Minister of Strategy & Finance nominee Yoo Il-ho’s direction of economic policy is drawing keen attention. The conservative financier...
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More than 10% of Korean Firms are Chronic Zombie Companies
Marginal CompaniesThe Bank of Korea announced on Dec. 22 that 10.6 percent, or 2,561, of the Korean firms subject to external audits were zombie companies as of the end of 2014, and that the ratio and...
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Act for Overseas Medical Services and Attraction of Foreign Patients Proclaimed
Overseas Medical PromotionThe Ministry of Health & Welfare announced that the Act on Overseas Medical Service & Support for Foreign Patient Attraction becomes effective on June 23, 2016. The...
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Top 3 Local Battery Suppliers Making Aggressive Investment
Increasing Battery InvestmentSK Innovation is mulling over expanding its Lithium-ion battery separator (LiBS) production facilities. At present, the company is running nine LiBS production facilities...
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Mobile DRAM Price Continuing to Fall
Apple EffectApple’s presence as a DRAM buyer has heightened, with the mobile DRAM capacity of the iPhone 6S doubled.According to market research firm Trendforce, Apple purchased approximately 25...
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SK E&C Signs MOU with China’s Largest State-run Builder for Overseas Business...
Construction AllianceSK Engineering & Construction (SK E&C) announced on Dec. 16 that it signed a memorandum of understanding (MOU) on Dec. 15 with the China State Construction Engineering...
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Korea Post to Expand ‘Korea-China Sea Express Service’ to All Regions in China
Sea Express CooperationThe Ministry of Science, ICT and Future Planning (MSIP) and the Korea Post announced an expansion of the “Korea-China Sea Express Service” into all regions of China from January...
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Shinhan Bank Opens 5th Branch in Cambodia
140th International Network NodeShinhan Bank announced on Dec. 23 that it has opened a new branch in Steng Min Chey, an emerging developing area in Phnom Penh, in order for Shinhan Khmer Bank, a...
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Hyundai Rotem Succeeds in Localizing High-speed Transfer System for Steel...
Transfer System LocalizationHyundai Rotem, a plant equipment manufacturing affiliate of Hyundai Motor Group, said on Dec. 23 that it has successfully developed the nation’s first high-speed panel...
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New Record FDI in Korea Exceeds US$20 Billion
Record High FDIThe Ministry of Trade, Industry & Energy announced on Dec. 23 that the foreign direct investment (FDI) in Korea totaled US$20.43 billion on a report basis and US$15.19 billion on an...
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KRW Depreciates Over 6% Compared to USD, 1st Time Since 2008
Steepest DropThe value of the Korean currency fell by more than 6 percent with respect to the U.S. dollar this year as the strong dollar continued throughout the year ahead of the recent interest rate...
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Google Tax Imposed on Multinational Companies
Google TaxedThe Korean government will impose the so-called Google Tax on multinational corporations. On Dec. 23, the Ministry of Strategy & Finance made public the new enforcement ordinances for...
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