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Yonhap News Summary

All Headlines 17:15 April 06, 2016

The following is the second summary of major stories moved by Yonhap News Agency on Wednesday.

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Samsung's brand value estimated at 51 tln won

SEOUL -- The brand value of Samsung Electronics Co. is estimated to be 51 trillion won (US$44 billion) this year data showed Wednesday, standing as the most valuable company in South Korea.

According to the data compiled by Interbrand, a consulting firm, the South Korean tech giant's value in terms of brand remained unchanged in 2016 from a year earlier, but still maintained the throne.

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UNSC to announce additional items banned from entering N.K.

SEOUL -- The U.N. Security Council will soon designate additional items to be banned from entering North Korea as part of measures to strengthen its sanctions against the communist regime, a government official said Wednesday.

The U.N.'s North Korea sanctions committee submitted a list of items to the Security Council on Monday in line with Resolution 2270, which punishes Pyongyang for its fourth nuclear test in January and long-range rocket launch in February, according to the official.

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(LEAD) Chinese insurer inks deal to buy Allianz Life Korea

SEOUL -- China's Anbang Insurance Group agreed with the Allianz Group on Wednesday to acquire the local unit of the German insurance giant, industry sources said, in what will be Anbang's second takeover of a life insurer here in about a year.

The agreement calls for Anbang to purchase a 100 percent stake in Allianz Life Insurance Korea Co. from Allianz, according to the sources. The financial terms of the deal were not disclosed.

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(News Focus) Banks, brokerages in battle for bigger share in ISA market

SEOUL -- Competition among South Korean banks and brokerages is heating up to sell new individual savings account (ISA) products, with some banks offering cash gifts or preferential interest rates well above the market average to woo more customers, industry watchers and officials said Wednesday.

The government-sponsored ISA scheme is designed to allow customers seeking higher returns amid record-low interest rates to manage diverse financial products in a single account. The ISA product offers some tax exemptions on financial gains for up to five years, according to the Financial Services Commission (FSC).

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Gov't to strengthen punishment against SME technology theft

SEOUL -- The government said Wednesday that it will take tough action against the stealing of technology owned by small and mid-sized enterprises (SMEs), as related damage has continued to increase in recent years.

Under a set of punitive measures, the government will force people or companies that maliciously leak or steal technology and know-how from SMEs to give compensation of upwards to three times the size of the damages incurred

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(News Focus) Arrogant behavior of business owners sparks public uproar, call to boycott

SEOUL -- Some South Korean business owners have been again placed under the watchful eyes of the public following recent incidents that showed their high-handed behavior and inhumane treatment of their employees.

What began as criticism over how they apparently view themselves, however, has now led to suspicions that they might also treat or think of their customers with classist views, prompting calls to boycott their products.
(END)

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