Tag - madeinkorea

Hyundai Heavy signs US$40m robot supply deal

[THE INVESTOR] Hyundai Heavy Industries announced on July 12 that it signed a US$ 40 million robot supply contract with the Chinese subsidiary of Taiwanese display producer Chunghwa Picture Tubes. Under the contract, Hyundai Heavy will supply about 300 robots designed for transporting LCD glass panels. The robots will be deployed at CPTF Visual Display’s plant in Fuzhou, Fujian province in southeastern China, by the second half of next year, the South Korean company said. Hyundai Heavy has been developing industrial robots [...]

Read more...

Finance minister vows efforts to contain Brexit uncertainties

Korea’s finance minister pledged all-out efforts Monday to minimize the fallout from Britain’s recent decision to leave the European Union. “The government will thoroughly manage risks so as to help limit an increase in uncertainties sparked by Britain’s exit from the EU,” Yoo Il-ho told a joint press conference where he was joined by other ranking officials in announcing the direction of the government’s economic policy for the latter half of the year. he finance minister said Britain’s exit, known as [...]

Read more...

Doosan Heavy bags W220b deal

[THE INVESTOR] Korea’s top power equipment maker Doosan Heavy Industries & Construction said on June 27 that it has bagged a 220 billion-won (US$185 million) deal to build a desalination plant in Iran. Under the deal with the Iran-based Sazeh Sazan, the firm will construct the facility by October 2018. The Korean company will also do operating and maintenance work for 12 years. Doosan Heavy’s deal marks the first for a desalination plant in the Islamic republic after international sanctions on [...]

Read more...

Korea-US FTA triples auto imports from US

[THE INVESTOR] The number of automobiles imported from the US has more than tripled since the Korea-US free trade agreement took effect. According to local automotive industry data, the number of vehicles imported from the US went from 13,669 units in 2011 to 49,096 units in 2015, rising by a factor of 3.6. The Korea-US FTA took effect in 2012. In terms of value, automobile imports in 2011 came in at about US$363 million. The figure for last year came in at [...]

Read more...

Park calls for watertight crisis management system over Brexit

President Park Geun-hye on Monday called on her government to maintain a “watertight” crisis management system to minimize the potential negative ramifications from Britain’s decision to leave the European Union. In her first public statement following last week’s referendum in Britain, Park also ordered the government to take “all necessary measures” to stabilize the local stock market that suffered a sharp drop after Britons voted to exit the EU on Thursday (local time). “Along with the 24-hour monitoring system that is [...]

Read more...

Korea's terms of trade improves in May

South Korea’s terms of trade improved from a year earlier in May due to steeper declines in import prices compared to drops in export prices, central bank data showed Friday. The terms of trade index for products came to 101.73 last month, compared with 100.75 a year earlier, according to preliminary data from the Bank of Korea. The index measures the amount of imports a country can purchase for each unit of its exports, showing how the country’s exports are doing [...]

Read more...

N.K. claims success in ballistic missile test

North Korea on Thursday claimed its intermediate-range ballistic missile soared as high as 1,400 kilometers during Wednesday’s test, with its leader Kim Jong-un boasting the country now has the “overall, practical” ability to strike U.S. military bases throughout the Pacific. State media said the missile, formally Hwasong-10, or better known as Musudan, climbed 1,413.6 kilometers before falling into the “exact target area” in the sea 400 kilometers away. The experiment, the sixth involving the much-touted yet little verified weapon, is set [...]

Read more...

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 [...]

Read more...

Samsung unveils new budget tablet model

amsung Electronics Co., South Korea’s top tech firm, released the updated version of its budget tablet series, the Galaxy Tab A, on Tuesday, saying it guarantees a better connection with entertainment. The Android-based “2016 Galaxy Tab A” features a 10.1-inch full HD-level display, a 1.6 GHz octa-core processor, 2GB of RAM and a microSD card slot for up to 200GB of removable storage. It has a 7.300 mAh battery. The tablet is equipped with an 8-megapixel rear camera and a 2-megapixel [...]

Read more...

Bank deposits on rise despite record low interest rates

Deposits at South Korea’s major commercial banks grew at a fast clip last week despite significant cuts in interest rates paid by local banks following a rate cut by the central bank, market data showed Sunday. Outstanding deposits held by the country’s five major lenders gained over 10 trillion won ($8.52 billion) in just one week after the Bank of Korea slashed its key interest rate to a record low of 1.25 percent on June 9, according to the data. Following [...]

Read more...