Articles by Chung Joo-won
Chung Joo-won
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BAT discounts Vogue Prima line
British American Tobacco Korea marked down the price of its Vogue Prima brand to 4,100 won ($3.60) from 4,300 won Monday.BAT Korea said the price cut will allow smokers a broader opportunity to enjoy the superslim Vogue “at a more reasonable price to adult smokers in Korea, in order to meet the increasing demand for superslim cigarettes in Korea.”According to a survey conducted by AC Nielsen 2015, superslims have become an influential player in the domestic cigarette market, accounting for more
Industry July 6, 2015
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Seoul pushes for W22tr stimulus
The government announced a 22 trillion won ($19.6 billion) stimulus package Friday, including an extra budget of about 12 trillion won.The Finance Ministry disclosed the expenditure plan designed to prop up the sagging economy as the Cabinet passed the supplementary budget proposal on Friday.The 11.8 trillion won budget increase plan will be submitted to the National Assembly on Monday for final approval.“The extra budget can revitalize the economy and stabilize the livelihoods of ordinary peopl
July 3, 2015
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Herald, WWF-Korea tie up to promote sustainable lifestyle
Herald Corp. on Thursday launched a partnership with the Korean chapter of World Wide Fund for Nature, the world’s leading conservationist organization, to promote the awareness of environmental protection and healthy, eco-friendly lifestyles. Chairman Jungwook Hong (left) of Herald Corp. shakes hands with World Wide Fund for Nature Korea Cochairman Jean-Paul Paddack after singing an MOU at Herald Square in Yongsan, Seoul, Thursday. Between the two chairmen is a panda figurine, an emblem of the
July 2, 2015
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Foreign visitors exempt from Greek bank run
The capital controls introduced by the Greek government do not apply to foreign visitors to Greece, the Greek Ministry for Economy, Infrastructure, Shipping and Tourism said Wednesday.Foreigner visitors are free to make financial transactions, such as ATM withdrawals and credit or debit card payments that are issued outside Greece, the Greek Embassy to Seoul said, citing the Greek Tourism Ministry. There are adequate fuel supplies, products and services throughout the Greek mainland the islands,
July 1, 2015
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Korea to tighten mortgage monitoring
Financial regulators plan to tighten their monitoring of lenders’ mortgage issuances in a move to tame the country’s snowballing household debt. The Financial Services Commission, the Financial Supervisory Service and the Finance Ministry will announce a set of policies to tackle household debt, including the lenders’ stricter assessment of the borrowers’ debt-to-income ratios, sources said. DTI is widely used as a gauge for a borrower’s ability to manage monthly payments and repay debts.The DTI
June 28, 2015
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[Weekender] Jejudo, Songdo, Busan beckon with romantic youth hangouts
You may get a glimpse of taste of the latest trends in Korea if you travel Jejudo Island, Busan or Songdo in Incheon. Challenging the old beach vacation formula, with tons of almost-identical seafood restaurants, Woljeong-ri Beach in Jejudo is accompanies by a boulevard of cafes, boasting unique interior designs and localized menus. “I dropped by to spend a few relaxing hours at the beach, to feel the ocean breeze and have fun in a comfortable way,” a soldier in his 20s said at a cafe on the bea
June 26, 2015
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NongHyup Bank to close underperforming branches
NongHyup Bank will shut down low-profit branches to enhance the margin rate, its holding company NongHyup Financial Group said Monday.The group said it will shut down, integrate or transfer around 30 branches with low profitability, as part of the annual “branch efficiency booster plan.” “We enforced the branch efficiency booster plan to 30-some branches last year, and we are expecting to do the same to a similar number this year as well,” a spokesperson of NongHyup Financial Group said. The num
June 22, 2015
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Big firms dominate foreign currency loans
Conglomerates took out the lion’s share of state-backed foreign currency loans, a type of super-low interest loan originally intended to support small and mid-sized companies, a parliamentary report revealed Sunday. In May last year, the South Korean Finance Ministry authorized two state-run banks ― the Export-Import Bank of Korea and the Industrial Bank of Korea ― to offer the foreign currency loan through the exchange stabilization fund.The corporate loan program was explicitly aimed at boosti
June 21, 2015
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Experts warn investors of volatility risk
Just five days remain until Korea’s two main stock exchanges double the daily stock price limits, a state-driven move to boost liquidity and reduce speculative investment.Starting June 15, the benchmark KOSPI and the tech-laden KOSDAQ will expand the price limits to 30 percent, double the current 15 percent. This is the first revision of its kind in 17 years since the authorities raised the figure from 12 percent to 15 percent in 1998.While the Korea Exchange, South Korea’s main bourse operator,
June 10, 2015
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Agricultural exports plunge on weak yen
Exports in the agricultural sector fell significantly last month as the record-cheaper Japanese yen undermined the price competitiveness of the South Korean farmed goods, government data showed Tuesday. According to the South Korean Ministry of Agriculture, Food and Rural Affairs, the outbound shipments of fresh and processed food products in May was $480.4 million, down 8.1 percent from a year earlier. The January-May exports stood at 2.5 billion won, down 1.3 percent on-year, accounting for on
June 9, 2015
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Food Ministry, CJ China team up for exports
South Korea’s Agriculture Ministry will sign a cooperation pact with retail giant CJ to broaden the China-based distribution channel of Korean agricultural products, the ministry said Monday.Lee Ju-myeung, director general of the Food Industry Policy Bureau of the Ministry of Agriculture, Food and Rural Affairs, will sign a memorandum of understanding with CJ China chief Park Keun-tae on Tuesday in Beijing, over sorting out Korean food products with high sales potentials in China and marketing t
June 8, 2015
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[Newsmaker] Self-care essential to combating MERS
Hammered over lax quarantine, the Health Ministry’s Middle East respiratory syndrome control tower belatedly released the details of must-know facts to prevent the spread of the dangerous disease on Sunday.The disease had claimed the lives of five by Sunday since the first carrier was diagnosed on April 20, according to the government report. The Health Ministry also reported 14 fresh cases of the disease, raising the toll of carriers to 64. For the past three weeks, online communities and socia
June 7, 2015
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Gasoline price nears yearly record
South Korea’s gasoline prices have been rising for 44 days amid rising oil prices and consumption, the state-run Korea National Oil Corp. said Wednesday. The nation’s average price of regular gasoline hit 1,572.40 won ($1.40) per liter on Tuesday, up 0.85 won from the previous day, according to Opinet, an online service provider of fuel prices run by KNOC. Market experts estimate that the price may reach a new record, replacing the Jan. 1 record, 1587.31 won.The average price of premium gasoline
June 3, 2015
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Japan Tobacco International rolls out new Camel
Japan Tobacco International Korea has launched Camel Evolution Super Slims, the first low-tar super slim brand of its Camel lineup, the tobacco maker said Wednesday. On sale from Thursday, Camel Evolution Super Slims is a locally customized blend for the Korean market. The product delivers smooth Camel taste in a stylish urban packaging design largely targeting smokers in the 25-35 age group, according to JTI Korea. The April sales of the Camel brand showed a dramatic increase, quintupling from
June 3, 2015
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Pension cooperation
Korea Financial Investment Association chairman Hwang Young-key (fifth from left) and Association of Superannuation Funds of Australia CEO Pauline Vamos (fourth from left) pose after signing a memorandum of understanding for mutual data sharing and cooperation on pensions in Seoul on Monday. KFIA
June 1, 2015
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