[THE INVESTOR] A total of 255 companies spent 2.92 trillion won (US$2.63 billion) last year to support underprivileged people, according to the report by the Federation of Korean Industries on Sept. 26. The corporate social responsibility funds were provided to social welfare programs that range from scholarships and day care centers to parks and welfare facilities.The figure represents a 6.8 increase from 2.71 trillion won in 2014, according to the FKI. The contributions come as many South Kore

[THE INVESTOR] More than half of South Korean businesses in China have been hurt after South Korea’s decision to deploy the Terminal High Altitude Area Defense system, according to a survey on Sept. 26. In the survey, conducted by the office of lawmaker Yoo Eun-hae on the National Assembly’s Education, Culture, Sports and Tourism Committee, 64 percent -- 20 companies of the 31 surveyed-- answered that their businesses in China have suffered a blow after Seoul decided to put in place the anti-bal

[THE INVESTOR] Cargo processed at South Korean seaports decreased by 5.8% on-year in August, according to government data on Sept. 26.The volume of cargo handled by the country’s seaports came to 114.5 million tons last month from 121.5 million tons tallied in the same month last year, according to the Ministry of Oceans and Fisheries.In August, South Korea’s exports rebounded to gain 2.6 percent to $40.1 billion from a year ago, snapping a 19-consecutive-month losing streak that started in Janu

[THE INVESTOR] The customs agency found 1.99 trillion won (US$1.8 billion) in illegal transactions in 2015 based on tips from the Financial Intelligence Unit, according to a report submitted on Sept. 26 to a parliamentary committee.The FIU, established in November 2001 under the Financial Services Commission watchdog, gives what is known as suspicious transaction reports to the Korea Customs Service on cases that may be linked to money laundering, illegal foreign exchange activities and asset sm

[THE INVESTOR] Global shipments of large-size LCD panels rose 9.3 percent on-year with 68.84 million units in August, according to market researcher WitsView on Sept. 26.“Successive months of rising panel prices have caused concerns among branded TV set makers that increasing costs of panels will erode their product margins,” it said. “To avoid larger price increases in the future, TV brands have kept expanding their panel purchases,” the statement said. Shipments of TV panels reached a new mont

[THE INVESTOR] South Korea’s seven financial groups saw their net profits fall more than 16 percent on-year in the first half of 2016, according to the government data on Sept. 26.They reaped a total of 3.44 trillion won (US$3.11 billion) on consolidated financial statements, down 16.2 percent from the first six months of 2015, according to the Financial Supervisory Service It‘s largely attributable to growth in loan loss reserves with the restructuring of the shipping and shipbuilding industrie

[THE INVESTOR] South Korea ranked 21st among 53 countries in the list for financial assets in 2015 with an average of 23,371 euros (US$30,703) per capita, according to the Allianz Global Wealth Report released on Sept. 26. The sum in financial assets, which excludes liabilities, marks an increase of approximately 3,000 euros from 2014, which pulled up the ranking by a notch.The report is based on data from 53 countries which together account for nearly 91 percent of the world‘s gross domestic pr

[THE INVESTOR] Hyundai Motor was praised on Sept. 23 for its campaign to raise funds for childhood cancer at the annual Childhood Cancer Summit in the United States.The Child Cancer Caucus, involving over 100 members of the House of Representatives, held the annual Childhood Cancer Summit on the day in an effort to raise awareness of pediatric cancer and finance the development of medicine and treatment.“Hyundai, they’ve raised over US$100 million for the cause. This is awesome,” Rep. Michael Mc

[THE INVESTOR] Samsung Electronics, which released SUHD TV models earlier this year with High Dynamic Range technology, is bolstering partnerships with major European content providers to make inroads into the emerging market. The moves are based on recent estimates showing that more than 100 million households in the world will have Ultra HD TVs adopted HDR technology in five years, according to an industry tracker on Sept. 23.A total of 107 million households with over 250 million viewers will

[THE INVESTOR] A German court has allowed Hanjin Shipping’s stay of proceedings, paving the way for its ships to unload or take on containers at ports, the company said on Sept. 23.Vessels operated by Hanjin Shipping, South Korea’s No. 1 shipper, have been stranded at sea out of fears that they would be seized by creditors or port workers. Also, service firms have refused to work for the world’s seventh-largest shipping line.Hanjin Shipping sought bankruptcy protection in the US and South Korea

[THE INVESTOR] SK Telecom  announced on Sept. 23 that it has decided on an in-kind contribution of 408,435 stocks of its subsidiary, NOSK, which is worth 40.3 billion won (US$36.43 million). In return, it will receive SK Telink’ 219,967 new stocks worth the same amount. SK Telecom headquarters in downtown SeoulSK Telecom will also transfer a call option of NOSK’s 16.07 percent stocks to SK Telink in a bid to make NOSK the latter’s new subsidiary. By acquiring NOSK, SK Telink plans to nurture sec

[THE INVESTOR]  South Korea’s exports of mobile handsets to China dropped more than 27 percent in the first eight months on-year, according to a report on Sept. 23. Shipment of mobile handsets and related parts to the neighboring country reached US$2.74 billion in the January-August period, down 27.2 percent from the same period last year, according to the Institute for Information & Communications Technology Promotion.The portion against overall handset exports falling to 16.7 percent from 21.2

[THE INVESTOR] South Korea’s bank workers flocked in Seoul on Sept. 23 for a walkout against the expansion of a performance-based pay system the government plans to implement next year. “We can’t accept the dismissal salary system forced by the administration even with a knife under our necks,” said Kim Moon-ho, head of the union. “It will seriously harm the stability of the financial industry and bring irreversible damage to the people.”The Korean Financial Industry Union, an umbrella union of

[THE INVESTOR] Railway services will run as scheduled next week despite a unionized railroad workers’ strike, the Ministry of Land, Infrastructure and Transport said on Sept. 23.“The government will do its utmost to minimize any inconvenience to the people and will sternly deal with any illegal activities,” the ministry said. The government will use temporary workers, with the military also providing their skilled drivers, it added.Operations of other passenger train services, including Saemaul

[DISCLOSURE] Panagene (046210) announced on Sept. 22 that it has got approval from Ministry of Food and Drug Safety to manufacture Human Papillomavirus DNA detection kit that it invented. By Park Yuna (yunapark@heraldcorp.com)

[THE INVESTOR] The National Tax Service is expected to reject an appeal by Microsoft for refund of withholding taxes of 634 billion won (US$575.70 million), according to sources Sept. 22.Microsoft filed complaints last month against the national tax agency seeking a refund of the withholding taxes paid by Samsung Electronics to the NTS for using the software giant’s patents. Samsung is believed to have paid about 1 trillion won to Microsoft for using the U.S. company’s patents in manufacturing s

[THE INVESTOR] LG Electronics has unveiled a natural gas-powered dryer with a two-way open door system, the company said on Sept. 22Featuring a double-hinge system, the RN10VB dryer with a capacity of 10 kilograms allows users to open its door both vertically and horizontally. The system enables users to easily move clothes through the top to minimize bending and dropping clothes on the floor, according to the company. The drying time for 4 kilograms of clothes is 40 minutes, LG said, and can be

[THE INVESTOR] The Transportation Ministry has concluded on Sept. 22 that a previously identified fuel leak in BMW vehicles may be the cause of mysterious fires that have broken out in some of the vehicles.Both the German carmaker and the ministry had identified a possible fuel leak in certain model years BMW vehicles, which led to a recall of over 1,700 BMW cars sold here.BMW Korea, the local importer of BMW cars, however, had insisted the fuel leak could not have been the cause of the fires, c

[THE INVESTOR] A group of banks, led by KEB-Hana Bank, have offered a refund guarantee for a new order clinched by Hyundai Heavy Industries, industry sources said on Sept. 22.Early last month, HHI, a major shipyard, won a deal from a Greek customer to build two oil tankers. But KEB-Hana Bank and other creditors, increasingly concerned about their credit exposure to the ailing shipbuilders in the country, were reluctant to offer refund guarantees for the order.A refund guarantee issued by a shipy

[THE INVESTOR]  The head of Britain-based Reckitt Benckiser formally apologized over its toxic humidifier sterilizers that claimed many lives here, a parliamentary special committee probing the scandal said on Sept. 22. 　The so-called Oxy humidifier disinfectant case came to light after four pregnant women died of unknown lung problems in 2011. A government-led investigation confirmed a connection between more than a hundred people who died of lung problems and the chemicals used to clean househ