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Eastern Asia News

  • Free Trade With South Korea Works

    SOUTH KOREA, 2017/10/16 Thankfully, President Donald Trump’s threats to summarily “terminate” the free-trade transaction between the U.S. and South Korea have so far proved blank. Presently, as the two sides sit down to renegotiate, there’s a luck to make some real improvements. By most measures, the agreement, known as Korus, has been broadly beneficial since it came into result in 2012. Trade between the two nations has expanded significantly, tariffs have been greatly reduced, and a crucial strategic alliance -- presently being strained by North Korea’s nuclear aggression -- has been strengthened.
  • Mobile banking apps now cater for non-Koreans

    SOUTH KOREA, 2017/10/15 As online-only banking proliferates across the Korean finance industry, additional and additional non-citizens living in Korea have been facing technical difficulties registering their apps and devices. Online-only banking services started their newest phase this year with the launch of the “K Bank” app on April 3. Again, the “Kakao Bank” app, which has drawn an astronomical number of customers in a short period of time, building off the base laid by the Kakao Talk chatting app, was unveiled on July 27.
  • Hyundai reveals next generation green vehicle

    SOUTH KOREA, 2017/10/15 Hyundai Motor Group unveiled its next generation fuel cell electric vehicle (FCEV) on Aug. 17 at a clean energy concept home built on the banks of Seoul's Hangang River. This new electric vehicle technology uses compressed hydrogen and a fuel cell to produce electricity that powers an onboard motor. Most of these vehicles are classified as zero emission cars that only emit water and heat. As such, they are seen as the next generation of environmentally friendly vehicles.
  • Can global fast-food chains survive in Korea?

    SOUTH KOREA, 2017/10/15 World-famous fast-food franchises are struggling to remain afloat in the Korean market. In this year alone, two out of the three major world fast-food franchises in Korea were sold to new owners. On Aug. 31, it was announced that Yum! Brands, a fast-food chain company based in the U.S., sold off its full stake in Pizza Hut Korea to Orchard One, a Korean investment company. This was the second time a non-Korean franchise was bought out, next KFC Korea was taken over by KG Group, a Korean conglomerate, in the beginning of this year. McDonald's Korea will likely face a similar fate, too, it's predicted, as its U.S. parent company has been on the lookout for a suitable new owner since last year. The transaction is on hold, for presently, though.
  • Can global fast-food chains survive in Korea?

    SOUTH KOREA, 2017/10/15 World-famous fast-food franchises are struggling to remain afloat in the Korean market. In this year alone, two out of the three major world fast-food franchises in Korea were sold to new owners. On Aug. 31, it was announced that Yum! Brands, a fast-food chain company based in the U.S., sold off its full stake in Pizza Hut Korea to Orchard One, a Korean investment company. This was the second time a non-Korean franchise was bought out, next KFC Korea was taken over by KG Group, a Korean conglomerate, in the beginning of this year. McDonald's Korea will likely face a similar fate, too, it's predicted, as its U.S. parent company has been on the lookout for a suitable new owner since last year. The transaction is on hold, for presently, though.
  • Exports hit all-time high, USD 55.1 billion in Sept.

    SOUTH KOREA, 2017/10/15 Korea’s exports were worth USD 55.1 billion in September. This is the strongest monthly export figure in 61 years, ever since the Korean government started to track trade data in 1956. On Oct. 1, The Ministry of Trade, Industry and Energy released data on exports and imports in September 2017, which showed that the country enjoyed a trade surplus that month of USD 13.7 billion.
  • IMF upgrades Korean growth to 3%

    SOUTH KOREA, 2017/10/15 he International Monetary Fund (IMF) has adjusted Korea’s increase estimate for 2017 and 2018 upward to 3.0 %. On Oct. 10, the IMF released its World Economic Outlook statement, published each April and October, and revised Korea’s increase outlook for 2017 to 3.0 %, which is 0.3 % points higher than in the April statement. For 2018, the increase estimate went up 0.2 % points to 3.0 %. According to the Ministry of Strategy and Finance, the IMF’s revision of its economic increase outlook figures is based on improvements in world trade and the recovery of import request in mainland China.
  • Fitch maintains Korea’s AA- credit rating

    SOUTH KOREA, 2017/10/15 Credit ratings firm Fitch Ratings has affirmed that Korea’s long-term foreign-currency issuer default rating (IDF) stands at AA- with a stable outlook. Fitch has rated Korea’s national credit rating as AA- since September 2012 and has maintained the grade for five years. AA- is the fourth highest level in Fitch’s rating tiers.
  • Chinese messaging app error sees n-word used in translation

    CHINA, 2017/10/14 Chinese messaging app WeChat has reportedly apologised next an AI error resulted in it translating a neutral Chinese phrase into the n-word .WeChat is blaming machine learning for erroneously converting a neutral phrase meaning ‘black foreigner’ into something far more offensive The WeChat error was reported by Shanghai-based theatre producer and actor Ann James, a black American. In a post on the service’s Twitter-like Moments feature, she wrote that it had translated hei laowai – a neutral phrase which literally means “black foreigner” – as the n-word. “We’re very sorry for the inappropriate translation,” a WeChat spokesperson told Chinese news site Sixth Tone. “Next receiving users’ feedback, we instantly fixed the problem.”
  • 5 charts that show how China is spending billions in foreign aid

    CHINA, 2017/10/14 China's foreign aid is sharply in focus this week with an unprecedented new data trove showing the country's growing global reach and detailing how Beijing spends its cash. In recent decades, the world's second largest economy has evolved from an aid recipient to a net aid donor. But a lack of official information on China's development activities had prevented the international community from understanding where and how the country spends its foreign aid. That's because the government considers its international development finance program to be a "state secret," according to AidData, a research lab at Virginia-based College of William & Mary.