[WEEKEND WRAP] JUNE 22-25

 

June 22

[Yonhap] Samsung Electronics Co. said Friday it inked a partnership with Brazil’s Itau Unibanco, a major bank in the South American country, to invite more users to its mobile payment system.

Following the deal, the South Korean tech giant said it now is in partnership with 12 Brazilian banks, including Bradesco, Banco do Brasil, Santander and Caixa. In Brazil, Google Pay currently has eight partners, while Apple Pay only has one.

Read more here.

 

June 22

[Yonhap] The trade ministry said it was to hold a second meeting of a government-civilian panel Friday on winning major projects from the United Arab Emirates and Vietnam. The panel was launched in May to follow up on bilateral cooperation discussions during President Moon Jae-in’s visits to the two countries.

From the government side, the trade, infrastructure and fisheries ministries will take part in the meeting to review the state of progress in projects already undertaken and discuss support measures for projects expected to be awarded to South Korean companies at the end of this year and the start of next year.

Read more here.

 

June 22

[Yonhap] South Korea and Russia will conduct a joint study to check the feasibility of cross-border energy projects involving North Korea and prepare negotiations for a trade deal to bolster bilateral economic ties, Seoul’s trade ministry said Friday.

The Ministry of Trade, Industry and Energy said it signed eight memorandums of understanding (MOUs) with Russia’s energy ministry and state utility firms to expand cooperation in energy, industry and investment between the two nations. The agreements were reached while President Moon Jae-in was on a three-day visit to Moscow to strengthen ties with Russia.

Read more here.

 

June 24

[Yonhap] The aggregate value of South Korea’s housing market expanded at the fastest clip in a decade to surpass 4,000 trillion won (US$3.6 trillion) last year for the first time, central bank data showed Sunday. It was the first time that the figure exceeded the 4,000 trillion-won mark.

Also, the on-year rise of 7.6 percent marked the fastest since 2007, when the aggregate market value jumped 13.6 percent. After the 2008 global financial crisis, it slowed down to some 3 percent in 2012-2013. As a way to boost the property market and the entire economy, the Seoul government has eased financial regulations and lowered borrowing costs since 2014.

Read more here.

 

June 25

[Yonhap] South Korea kicked off a forum Monday to share its tourism policy with developing countries as part of its efforts to help them nurture experts in the field, the government said.

Tourism officials from nine countries — Cambodia, Indonesia, Laos, Mongolia, Myanmar, Sri Lanka, Vietnam, Uzbekistan and Peru — are participating in the three-day forum on tourism development, according to the Ministry of Culture, Sports and Tourism. After the forum, South Korea will begin a nine-day training program Thursday for working-level officials from the countries, including lectures from local tourism experts, as well as field surveys.

Read more here.

 

The Latest at IK