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17 Jan

Korean acting president calls for unwavering US ties ahead of Trump inauguration

South Korea’s Acting President and Prime Minister Hwang Kyo-ahn on Tuesday called for enhanced ties with the United States ahead of the inauguration of President-elect Donald Trump, who expressed skepticism of Washington’s alliances and trade deals with South Korea and other partners while campaigning. During a Cabinet meeting, Hwang highlighted the role of the Korea-US military alliance in ensuring peace on the Korean Peninsula and beyond, and instructed the government to further develop economic, diplomatic and military cooperation through close [...]

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10 Jan

Korea will be caught in crossfire of global trade

The Regional Comprehensive Economic Partnership will have far-reaching geostrategic implications, rather than substantially lowering trade barriers and rewriting economic rules, an influential economist has said. The RCEP is a proposed free trade agreement between the 10 member states of the Association of Southeast Asian Nations and the six states — Australia, China, India, Japan, South Korea and New Zealand — with which ASEAN has existing free trade agreements. Professor Ahn Duk-geun of Seoul National University’s Graduate School of International Studies, who [...]

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10 Jan

Acting president says S. Korea-Japan deal on enslavement should be respected

Acting President and Prime Minister Hwang Kyo-ahn said Tuesday the South Korea-Japan agreement clinched in 2015 on the settlement of the enslavement of Korean women by Japan during World War II should be respected. Hwang also said people should refrain from making remarks or actions that can worsen the situation surrounding the sexual enslavement issue, apparently referring to Japan, as well as local opposition parties. South Korea and Japan reached a deal in December 2015, where Tokyo agreed to provide 1 [...]

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21 Dec

Reasons behind Starbucks’ mega success in Korea

Seventeen years after it opened its first store in Korea in front of Ewha Womans University, Starbucks Korea celebrated the opening of its 1,000th store last week in the upscale Cheongdam shopping district. The landmark is the result of aggressive expansion by the Korean arm of the Seattle-born coffee chain, which opened 131 new stores between 2015 and 2016. Korea is the fifth country to have 1,000 Starbucks stores after the US, Canada, China and Japan. Sales have grown in [...]

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19 Dec

DSME clinches shipbuilding order from Greece-based company

Daewoo Shipbuilding and Marine Engineering (DSME) has clinched an order to build a 173,400-cubic-meter liquefied natural gas floating storage and regasification unit (LNG-FSRU) from Greece-based Maran Gas Maritime, a deal providing financial relief to Korea’s debt-ridden shipbuilder. Maran Gas Maritime is an affiliate of Greece’s largest shipping company Angelicoussis Shipping Group, and it is the group’s first LNG-FSRU order. The contract also includes an option to build two more LNG tankers if Angelicoussis Shipping Group satisfies with the first deal to [...]

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14 Dec

Finance chief vows swift execution of 2017 budget

Strategy and Finance Minister Yoo Il-ho urged ministries Tuesday to execute 2017 budget spending early next year to provide the weak economy with a cushion against internal and external uncertainties. However, the finance ministry is in a dilemma about economic policies for next year as it has few options available ahead of a presidential election that might come early following the impeachment of President Park Geun-hye. “To preemptively cope with external and internal uncertainties, we should be thoroughly prepared for the [...]

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13 Dec

Apple's operating profit in Korea reaches $680 million in 2016

South Korean unit of the U.S.-based tech firm Apple is estimated to post 800 billion won ($680 million) in earnings this year on the back of strong sales of its iPhone lineup, industry sources said Monday. The operating profit of Apple Korea is expected to reach over 800 billion won with its sales to reach 3 trillion won, they said. A total of 2.6 million iPhones were sold in South Korea as of November, they said, adding that the number is [...]

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12 Dec

Hyundai Heavy clinches $700 million deal in Iran

Hyundai Heavy Industries (HHI) has clinched a $700 million order to build 12 ships for Iran’s state-owned shipping company Islamic Republic of Iran Shipping Lines (IRISL). The deal is expected to provide financial room for the debt-ridden company. According to HHI, Sunday, the nation’s largest shipbuilder signed a deal to build at least eight ultra-large container vessels (ULCVs) and medium-range tankers for carrying petrochemical products for the largest shipping company in the Middle East, Friday. A total of four ULCVs [...]

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12 Dec

Apple Korea to report strong earnings this year: sources

Local unit of the US-based tech firm Apple is estimated to post 800 billion won ($680 million) in earnings this year on the back of strong sales of its iPhone lineup, industry sources said Monday. The operating profit of Apple Korea Inc. is expected to reach over 800 billion won with its sales to reach 3 trillion won, they said. A total of 2.6 million iPhones were sold in South Korea as of November, they said, adding that the number is [...]

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08 Dec

Samsung set to bag offshore facility deal

Samsung Heavy Industries Co., a major shipyard here, is in final talks to secure an offshore facility deal from a Norwegian firm, industry sources said Thursday, with the final contract to be sealed next month. According to the sources, Samsung Heavy has signed a letter of intent with Hoegh LNG Holdings to build a floating storage regasification unit. Samsung Heavy has an option to build three more FSRUs. If the deal is officially signed, the ordered vessels are scheduled for delivery [...]

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