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Rechargeable Batteries Exports Hit Record High in 2016

Rechargeable Batteries Exports Hit Record High in 2016

SEJONG, May 26 (Korea Bizwire) – South Korea’s exports of rechargeable batteries reached a fresh record high in 2016 on rising global demand for smart devices and electric vehicles, customs data showed Friday.  Outbound shipments of accumulators, such as lithium-ion batteries amounted to a record US$4.4 billion in 2016, up 11.6 percent from $3.94 billion [...]

Rate Freeze Mirrors S. Korea’s Improving Fundamentals

Rate Freeze Mirrors S. Korea’s Improving Fundamentals

SEOUL, May 26 (Korea Bizwire) — South Korea’s interest rate freeze is seen as reflecting its improving economic fundamentals and the central bank’s stance to size up the effect of the new government’s economic policy on growth. As widely expected, the Bank of Korea (BOK) held the country’s benchmark interest rate at a record low [...]

Constitutional Court Upholds Law Restricting Subsidies on Mobile Devices

Constitutional Court Upholds Law Restricting Subsidies on Mobile Devices

SEOUL, May 26 (Korea Bizwire) — The Constitutional Court on Thursday upheld a law that restricts subsidies on the purchase of smartphones and other mobile devices. The regulation, which sets the legal limit of subsidies at 330,000 won (US$295), was adopted to bring transparency and stability to the market long distorted by subsidies as telecom [...]

Seoul Eying Malaysian Tourists

Seoul Eying Malaysian Tourists

SEOUL, May 26 (Korea Bizwire) — The Seoul metropolitan city has been staging aggressive tour promotion activities in Malaysia as its nationals have been increasingly touring the country in recent years, a city official said Thursday. The number of Malaysians who have come to South Korea has doubled over the past five years, recording 310,000 [...]

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]

Moon Slashes Funds for Presidential Activities to Support Job Creation

Moon Slashes Funds for Presidential Activities to Support Job Creation

SEOUL, May 26 (Korea Bizwire) — President Moon Jae-in on Thursday directed his secretariat to slash funds for special presidential activities to support job creation and marginalized citizens, his office said. Lee Joung-do, Moon’s secretary for general affairs, said that the president would also use his own money for family meals, commodities and private events, [...]

KEPCO, GE Join Hands for Next-Generation Electric Energy Biz

KEPCO, GE Join Hands for Next-Generation Electric Energy Biz

SEOUL, May 26 (Korea Bizwire) – State-run Korea Electric Power Corp. (KEPCO) said Thursday it has joined forces with General Electric for co-investment in the development of next-generation electric power facilities.  The South Korean utility firm and the U.S. aviation and energy conglomerate held an opening ceremony of its joint office in Naju, some 399 [...]