Today’s Korean News summary 06.15.15

Today’s Korean News summary 06.15.15
Summarized and translated from Joseon Daily Post.

Daily MERS situation in Korea!
Samsung Medical Center in Seoul Partially shut down
As the fact that their emergency room transportation agent who came in contact with a MERS patient moved freely through the facility came out, the government response team decided to shut down the Samsung Medical Center temporarily.  This is the result of the government policies that ignore the possibility that supporting staff could also be infected and not just the healthcare providers.

Samsung Medical Center is one of the largest and prominent institutions in Korea. It handles more than 8000 outpatients a day and performs 10% of all cancer surgeries conducted in Korea.

WHO says the Korean MERS situation is manageable
The WHO said that the initial failure to prevent the outbreak was because many of the Korean healthcare and government practices were not up to global WHO standards. They also said that, as these contagious diseases are not the same as other national disasters, the government should handle them differently focusing on prevention which include strict quarantine.  

Reopening the schools
At its height, about 3000 schools in Korea was closed because of the MERS outbreak. Today, 85% of them are now open.

Some younger MERS patients getting worse
With most of the dead related to MERS being elderly and having preexisting ailments, MERS has been thought to be less deadly for the younger.   In fact, only one infectee is in his or her teens. However, over the weekend, two infectees in their 30s suddenly took a turn for the worse as their immune system overacted resulting in damages to their lungs and other organs.  The experts say that this ironical phenomenon has been seen before. It is called the “cytokine storm”.

Economic News
The Korean stock market loosening restrictions
Starting this week, the Korean stock market is relaxing its reigns on the limits to how much a stock price can change in a day. Previously, a price of a stock could only change 15% of its starting price in day. From now on, the regulations are relaxed to 30% of its starting price in day.

It is expected that the total quantity of trade will decrease temporarily. The mid to low priced stocks are expected to be hit relatively harder compared to stable blue chip stock. In addition, as a response, brokerage firms are tightening up their policies related to how they liquidate stock investments in which clients partially bought by borrowing from brokerage firms.

Uber is hot in China
Unlike in Korea where they were forced to close shop because of legal threats, Uber has taken about 50% of the ride sharing market of China. On average, about a million rides are being shared by Uber drivers. In response, Chinese companies such as Alibaba are trying to eat up as much of Uber’s market share as possible with their own similar service.

The Samsung C&T merger deal enters the proxy fight phase
As the vote for the Samsung C&T and Cheil Industries merger deal looms close, Elliott management and Samsung are trying to gather as much proxy votes as possible. Samsung is estimated to have about 30% of total share votes locked on their side while Elliott management only about 8%. Thus, how the remaining 60% votes is the key.

Shading financial lending practice now popular in Korea
With the increasing household and personal debt in Korea, it has become harder to borrow money in Korea for those already in the red. As a result, the practices of bank proxies and contracted “middlemen” agents are becoming shadier.

One of these shady practices include receiving commission for arranging loans for people who already have debt on the books. Another one is to encourage a client to borrow up to the maximum amount possible to qualify for bankruptcy and credit relief.  While there are voices against the whole system, it is not easy to fix as the agent system is important to the financial institution. The amount of personal loans that go through these agents consists about 26% of the total personal loans on the books of the banks.

The stationery industry trying to grow in the specialization market

With the growth of digital in Korean and torrent of cheap products spilling in from China, the stationery industry has been on the decline. In response to the shrinking traditional consumer markets, the Korean industry is shifting their focus towards developing products for the specialized markets. This includes such products as medical pens, construction pens, and multi-functional products. 

1 comment:

  1. The last line made me laugh! I'm not watching this one because aside from I.U, I'm not a fan of the rest of the cast. If done right, Mockumentaries can be really funny. It would've been interesting for the drama to keep that format, but it's all about money and ratings and sticking to what the audience knows. :p