Manufacturing Components

Korea’s software still behind despite hardware prowess

South Korea’s software capacity such as artificial intelligence and smart cars has much to be desired due to the lack of personnel, investment and partnership among industries, experts said. According to data from Hyundai Research Institute, Korea’s AI technology is still at the 75 percent level compared to the nations holding the most advanced AI technologies. Although the nation’s major tech firms including Samsung Electronics, LG Electronics, Kakao, Naver and SK Telecom have started the development of AI technologies, their capacities [...]

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S. Korea's manufacturing domestic supply gains 1.1 percent in Q3

South Korea’s total domestic supply of manufacturing goods both locally produced and imported gained slightly in the third quarter on a gain in imported items, government data showed Thursday. The manufacturing domestic supply index gained 1.1 percent to stand at 109.2 from a year earlier during the July-September period, according to the data compiled by Statistics Korea. That of South Korean-made goods fell 0.1 percent on-year, while imported products saw their index rise 3.7 percent over the three-month period. The index [...]

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Seoul city starts providing allowances to young job seekers

The Seoul city government started a controversial program that provides allowances to thousands of young job seekers Wednesday, which it said aims to help people maintain basic living standards while they try to find work. The Seoul Metropolitan Government said it has selected a total of 3,000 applicants and will provide them with 500,000 won ($448) per month, for up to six months. The plan, which has been opposed by the central government, is designed to support people from ages 19 [...]

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Seoul shares end lower after BOJ's disappointing decision

South Korean shares closed lower Friday as investors remained cautious following the disappointing stimulus measures made by the Bank of Japan. The Korean won rose against the U.S. dollar. After choppy trading, the benchmark Korea Composite Stock Price Index lost 4.91 points, or 0.24 percent, to 2,016.19. Trade volume recorded 361.38 million shares worth 4.96 trillion won ($4.42 billion), with decliners outnumbering advancers 457 to 350 Local shares started higher after the U.S. Federal Reserve on Thursday stood pat on its [...]

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LG Electronics to announce earnings guidance on July 8

THE INVESTOR] LG Electronics is expected to announce its second-quarter earnings guidance on July 8. Local analysts estimate the company’s operating profit to stand at about 594.7 billion won (US$517 million). The Korean tech giant started releasing its quarterly earnings guidance since the first quarter this year. Analyst say that despite the lukewarm sales of its flagship smartphone G5, the company’s robust TV and appliance sales could make up for the operating loss of its mobile business division. The mobile division last week [...]

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Drop in Korea's exports to China extends to record streak in May

South Korea’s exports to China continued to shrink from a year earlier in May, tying the record streak of 11 months of decrease, industry data showed Thursday. Outbound shipments to China came to US$9.93 billion won last month, down 9.1 percent from the same month last year, according to the data from the Korea International Trade Association. The decline apparently contributed to a 6 percent on-year drop in the country’s overall exports. China by far is the world’s single largest importer [...]

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VW offers apology with no mention of Korea

[THE INVESTOR] Volkswagen held its first annual shareholders meeting in Hanover, Germany, on June 22 (local time), the first in nine months since it became embroiled in the emissions rigging scandal. While the senior management and directors apologized and explained its ongoing recall plans in Germany and the US, there were no mention of compensatory measures for victims from other countries, including Korea, where 125,522 units were affected. “On behalf of the Volkswagen Group and everyone who works here, I apologize [...]

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Samsung’s smartphone share rises, Apple falls in Q1

Samsung Electronics saw its stake in the global smartphone market grow in the first quarter of this year from the previous quarter, helped by brisk sales of the Galaxy 7 series. The world’s largest smartphone maker had a 27.8 percent global market share in terms of shipment, according to industry tracker TrendForce. That reflected a rise from the 22.1 percent posted in the final three months of 2015, according to data compiled by industry tracker TrendForce. At the same time, U.S.-based Apple [...]

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Sales of minicars in Korea drop 14% in January

Sales of minicars in Korea dropped sharply in January from a year ago due to a continued fall in oil prices and local motorists’ penchant for bigger cars or sports utility vehicles, industry sources said Thursday. Last month, sales of minicars sank 14.1 percent from a year earlier despite carmakers’ aggressive marketing such as discounts of more than 1 million won ($831) per unit. The January figure represented a 42.6 percent plunge from the previous month. The sources, however, failed to [...]

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Korea, Iran agree to maintain won-based settlement system

South Korea and Iran reached an agreement to maintain the won-based settlement system used for years for bilateral trade while seeking an alternative payment method that can expand economic ties between the two countries, Seoul officials said Tuesday. “We agreed that the current won-based settlement system has no problem in continuing to operate. The existing accounts will remain,” a Finance Ministry official said. The agreement came after a Korean delegation comprised of finance and foreign ministry officials as well as local [...]

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