• Title/Summary/Keyword: Current Trade

Search Result 769, Processing Time 0.206 seconds

The Range of Guarantee Responsibility by an Issuing Bank of Letter of Guarantee under Mixed Settlement Method (혼합결제방식에서 수입화물선취보증서 발행은행의 보증책임 범위)

  • Lee, Jung-Sun;Kim, Cheol-Ho
    • Korea Trade Review
    • /
    • v.41 no.2
    • /
    • pp.231-250
    • /
    • 2016
  • The study attempts to consider L/G(Letter of Guarantee) in a different angle, which is internationally used as a way of commercial customs and practices in a case when the consignee wants to receive the goods without the original Bill of Lading, Thus, this study focuses more on verifying the usage of L/G in Mixed Payment System and the range of guarantee responsibility by an issuing bank through case analysis. This case uses a mixed payment method of L/C(Letter of Credit) and T/T(Telegraphic Transfer) in the transaction of goods. The issuing bank of L/C issues L/G with the amount of L/C which is the same as the amount as C/I(Commercial Invoice). However the carrier deliver all goods laden under both L/C and T/T payment with the production of L/G. In this case, because the buyer is unable to pay, the seller makes a claim for damages to the carrier that the carrier delivers the goods to the buyer against L/G. Finally, the judge gives a decision that the issuing bank of L/G should pay the whole amount of the goods. In this case, the main issue of the dispute is the range of guarantee responsibility by the issuing bank of L/G. As a result of the case analysis, the study suggests two counter strategies for smooth utilization in international trade environment. First, in the case of mixed payment system, a seller should issue a commercial invoice separately based on the amount of each settlement plan in order to clarify the liability of guarantee. Second, banks should establish a new form for L/G including a sentence for verifying liabilities of the bank's side in the current form of L/G.

  • PDF

Determinants of Productivity Change in Export Manufacturing Firms : Focusing on Innovation (수출제조기업의 생산성변화에 영향을 미치는 요인 분석 : 혁신활동을 중심으로)

  • Hwang, Kyung-Yun;Koo, Jong-Soon;Hwang, Jung-Hyun
    • Korea Trade Review
    • /
    • v.41 no.4
    • /
    • pp.61-90
    • /
    • 2016
  • This study aims to identify the sources of productivity change in export manufacturing firms. After estimating the Malmquist productivity index, a panel regression was used to calculate the source of productivity change. Upon conducting a literature review of this field, six variables were selected as explanatory variables. The results of an analysis of 355 export manufacturing firms operating from 2009 through 2015 are as follows: First, both innovation activity and total assets had a positive impact on productivity change. However, employment cost intensity, equity ratio, and current ratio had a negative impact on productivity change in export manufacturing firms. Second, innovation activity and intangible assets had a positive impact on productivity change, but employment cost intensity, selling expense intensity, and equity ratio had a negative impact on productivity change in large export manufacturing firms. Third, innovation activity had a positive impact on productivity change, but employment cost intensity and equity ratio had a negative impact on productivity change in small and medium export manufacturing firms. Fourth, intangible assets had a positive impact on productivity change, but employment cost intensity, selling expense intensity, and current ratio had a negative impact on productivity change in export manufacturing firms listed on the Korea Composite Stock Price Index. Fifth, innovation activity and total assets had a positive impact on productivity change, but employment cost intensity and equity ratio had a negative impact on productivity change in manufacturing firms listed on the Korean Securities Dealers Automated Quotations. The managerial implications of this study are also discussed.

  • PDF

Analysis of Factors Affecting on the Freight Rate of Container Carriers (컨테이너 운임에 미치는 영향요인 분석)

  • Ahn, Young-Gyun;Ko, Byoung-Wook
    • Korea Trade Review
    • /
    • v.43 no.5
    • /
    • pp.159-177
    • /
    • 2018
  • The container shipping sector is an important international logistics operation that connects open economies. Freight rates rapidly change as the market fluctuates, and staff related to the shipping market are interested in factors that determine freight rates in the container market. This study uses the Vector Error Correction Model(VECM) to estimate the impact of factors affecting container freight rates. This study uses data published by Clarksons. The analysis results show a 4.2% increase in freight rates when world container traffic increases at 1.0%, a 4.0% decrease in freight rates when volume of container carriers increases by 1.0%, a 0.07% increase in freight rates when bunker price increases by 1.0%, and a 0.04% increase in freight rates accompanying 1.0% increase in libor interests rates. In addition, if the current freight rate is 1.0% higher than the long-term equilibrium rate, the freight rate will be reduced by 3.2% in the subsequent term. In addition, if the current freight rate is 1.0% lower than the long-term equilibrium rate, the freight rate will decrease by 0.12% in the following term. However, the adjusting power in a period of recession is not statistically significant which means that the pressure of freight rate increase in this case is neglectable. This research is expected to contribute to the utilization of scientific methods in forecasting container freight rates.

A Contemplation on Measures to Advance Logistics Centers (물류센터 선진화를 위한 발전 방안에 대한 소고)

  • Sun, Il-Suck;Lee, Won-Dong
    • Journal of Distribution Science
    • /
    • v.9 no.1
    • /
    • pp.17-27
    • /
    • 2011
  • As the world becomes more globalized, business competition becomes fiercer, while consumers' needs for less expensive quality products are on the increase. Business operations make an effort to secure a competitive edge in costs and services, and the logistics industry, that is, the industry operating the storing and transporting of goods, once thought to be an expense, begins to be considered as the third cash cow, a source of new income. Logistics centers are central to storage, loading and unloading of deliveries, packaging operations, and dispensing goods' information. As hubs for various deliveries, they also serve as a core infrastructure to smoothly coordinate manufacturing and selling, using varied information and operation systems. Logistics centers are increasingly on the rise as centers of business supply activities, growing beyond their previous role of primarily storing goods. They are no longer just facilities; they have become logistics strongholds that encompass various features from demand forecast to the regulation of supply, manufacturing, and sales by realizing SCM, taking into account marketability and the operation of service and products. However, despite these changes in logistics operations, some centers have been unable to shed their past roles as warehouses. For the continuous development of logistics centers, various measures would be needed, including a revision of current supporting policies, formulating effective management plans, and establishing systematic standards for founding, managing, and controlling logistics centers. To this end, the research explored previous studies on the use and effectiveness of logistics centers. From a theoretical perspective, an evaluation of the overall introduction, purposes, and transitions in the use of logistics centers found issues to ponder and suggested measures to promote and further advance logistics centers. First, a fact-finding survey to establish demand forecast and standardization is needed. As logistics newspapers predicted that after 2012 supply would exceed demand, causing rents to fall, the business environment for logistics centers has faltered. However, since there is a shortage of fact-finding surveys regarding actual demand for domestic logistic centers, it is hard to predict what the future holds for this industry. Accordingly, the first priority should be to get to the essence of the current market situation by conducting accurate domestic and international fact-finding surveys. Based on those, management and evaluation indicators should be developed to build the foundation for the consistent advancement of logistics centers. Second, many policies for logistics centers should be revised or developed. Above all, a guideline for fair trade between a shipper and a commercial logistics center should be enacted. Since there are no standards for fair trade between them, rampant unfair trades according to market practices have brought chaos to market orders, and now the logistics industry is confronting its own difficulties. Therefore, unfair trade cases that currently plague logistics centers should be gathered by the industry and fair trade guidelines should be established and implemented. In addition, restrictive employment regulations for foreign workers should be eased, and logistics centers should be charged industry rates for the use of electricity. Third, various measures should be taken to improve the management environment. First, we need to find out how to activate value-added logistics. Because the traditional purpose of logistics centers was storage and loading/unloading of goods, their profitability had a limit, and the need arose to find a new angle to create a value added service. Logistic centers have been perceived as support for a company's storage, manufacturing, and sales needs, not as creators of profits. The center's role in the company's economics has been lowering costs. However, as the logistics' management environment spiraled, along with its storage purpose, developing a new feature of profit creation should be a desirable goal, and to achieve that, value added logistics should be promoted. Logistics centers can also be improved through cost estimation. In the meantime, they have achieved some strides in facility development but have still fallen behind in others, particularly in management functioning. Lax management has been rampant because the industry has not developed a concept of cost estimation. The centers have since made an effort toward unification, standardization, and informatization while realizing cost reductions by establishing systems for effective management, but it has been hard to produce profits. Thus, there is an urgent need to estimate costs by determining a basic cost range for each division of work at logistics centers. This undertaking can be the first step to improving the ineffective aspects of how they operate. Ongoing research and constant efforts have been made to improve the level of effectiveness in the manufacturing industry, but studies on resource management in logistics centers are hardly enough. Thus, a plan to calculate the optimal level of resources necessary to operate a logistics center should be developed and implemented in management behavior, for example, by standardizing the hours of operation. If logistics centers, shippers, related trade groups, academic figures, and other experts could launch a committee to work with the government and maintain an ongoing relationship, the constraint and cooperation among members would help lead to coherent development plans for logistics centers. If the government continues its efforts to provide financial support, nurture professional workers, and maintain safety management, we can anticipate the continuous advancement of logistics centers.

  • PDF

Analysis of Electrical Characteristics of AlGaN/GaN on Si Large SBD by Changing Structure

  • Lee, Hyun-Soo;Jung, Dong Yun;Park, Youngrak;Jang, Hyun-Gyu;Lee, Hyung-Seok;Jun, Chi-Hoon;Park, Junbo;Mun, Jae Kyoung;Ryu, Sang-Ouk;Ko, Sang Choon;Nam, Eun Soo
    • JSTS:Journal of Semiconductor Technology and Science
    • /
    • v.17 no.3
    • /
    • pp.354-362
    • /
    • 2017
  • We investigated the improvement in electrical characteristics of large AlGaN/GaN on Si Schottky barrier diode (SBD) induced by structural change to achieve a better trade-off between the forward and reverse performance to obtain high power conversion efficiency in PFC converter. Using an optimized dry etch condition for a large device, we fabricated three-types of SBD with 63 mm channel width: conventional, recessed, recessed dual-anode-metal SBD. The recessed dual-anode-metal SBD exhibited a very low turn-on voltage of 0.34 V, a high forward current of 1.63 A at 1.5 V, a leakage current of $114{\mu}A$ at -15 V, a breakdown voltage of 794 V.

The Current Situation and Improvement in International Commercial Arbitration in China (중국국제상사중재제도의 운용실태와 개선방안)

  • Choi Seok-Beom
    • Journal of Arbitration Studies
    • /
    • v.14 no.2
    • /
    • pp.135-172
    • /
    • 2004
  • While doing business in China foreign companies occasionally find themselves embroiled in disputes with Chinese individuals, companies or the Chinese Government. There are three primary ways to resolve a commercial dispute in China are negotiation, arbitration and litigation. The best way of dispute resolution is negotiation as it is the least expensive method and the working relationship of both parties concerned in dispute. But negotiations do not always give rise to resolution. Arbitration is the next choice. Unless the parties concerned can agree to resort to arbitration after the dispute has arisen, the underlying contract namely, sales contract or separate agreement must show that disputes will be resolved by arbitration. Agreements to arbitration specify arbitration body and governing law. There are two Chinese government -sponsored arbitration bodies for handling cases involving at least one foreign party: China International Economic and Trade Arbitration Commission(CIETAC) and China Maritime Arbitration Commission(CMAC) for maritime disputes. Contracts regarding foreign companies doing business in China often designate CIETAC arbitration. CIETAC distinguishes between two kinds of dispute resolutions, foreign-related arbitration and domestic arbitration. For a dispute to be classified as foreign-related arbitration, one of the companies must be a foreign entity without a major production facility or investment in China. CIETAC has published rules which govern the selection of a panel if the contract does not specify how the choice of arbitration will be handled. CIETAC's list of arbitrators for foreign-related disputes, from which CIETAC's arbitrators must en chosen, includes may non-Chines arbitrators. But many foreign experts believe that some aspects of CIETAC needs to be improved. The purpose of this paper is to improve the understanding of arbitration in China, CIETAC by way of studying the current situation and improvement of international commercial arbitration in China.

  • PDF

Development of an Application to Generate 2D Drawings in Automation using Open BIM Technologies (개방형BIM기반 2D도면 자동 생성 프로그램 개발에 관한 연구)

  • Kim, Inhan;Lee, Minjae;Choi, Jungsik;Kim, Gutaek
    • Korean Journal of Computational Design and Engineering
    • /
    • v.21 no.4
    • /
    • pp.417-425
    • /
    • 2016
  • Especially for resolving BIM data compatibility issue, as one of recently raised BIM technology issues, has also been improved by using open BIM, representatively using IFC (Industry Foundation Classes) format. As shown in many case studies, usefulness of BIM technology is increasing day by day, and the IFC-based open BIM technology is essential in recent AEC projects where the productive collaboration is of importance. One of current problems in actual projects is that there is a conflict between conventional ways and newly developed BIM ways. Using both conventional and new technologies leads construction workers to having more work loads, consequently the efficiency and productivity of on-site workers have been decreased. Thus, it is strongly necessary to facilitate 3D BIM models to extract and generate 2D precision drawings in automation, especially using open BIM technologies. Some native BIM authoring tools have limitations in there automatic generation of 2D drawings, and there is no standardized mechanism to generate 2D drawings from heterogeneous applications. For this reason, this paper aims to develop an automated stand-alone program to generate 2D drawings in automation using IFC file, totally independent from various BIM authoring tools. By using the application described in this paper, any type of general drawings such as plan, section and elevation can be extracted without additional efforts. The development approach described in this paper, based on the open BIM technologies, has a strong impact to the current process especially in the perspective of enhancing productivity when we need to find out a trade-off in-between conventional and new approaches.

An Output Control Algorithm for Phase Shift Full Bridge Converter for Ballast Water Treatment (선박 평형수 처리용 Phase Shift Full Bridge Converter 출력 제어 알고리즘)

  • Lee, Sang-Ri;Kim, Hag-Wone;Cho, Kwan-Yuhl;Jung, Ho-Chul;Kim, Jong-Hyug;Park, Gwi-Cheol
    • The Transactions of the Korean Institute of Power Electronics
    • /
    • v.18 no.6
    • /
    • pp.530-539
    • /
    • 2013
  • In large vessels, proper water level must be maintained with a balance for right and left equilibrium by absorbing or draining sea water in ballast water tank. However, this ship's ballast-water can be drained marine organisms to local sea area by world trade and this can be a source of ecological disturb. In order to solve these problems, marine organisms must be removed in accordance with the international covenant for the emission of microorganisms. By this reason, the seawater electrolysis rectifier of low-voltage high-current rectifiers with excellent ability for microbial treatment is required. In this paper, PSFB converter will be discussed for the seawater electrolysis rectifier. Furthermore, a new output control method with the power limit operation under the limited maximum voltage condition is proposed for this rectifier. The simulation for the proposed current control method for PSFB Converter is shown using MATLAB/SIMULINK. Finally the usefulness of the proposed control method is presented by the experimental results.

A Study on the Influence of Test Temperature & Cooling Fan Condition on the Fuel Test of Diesel Vehicle (디젤차량 연비시험에 있어 시험온도 및 냉각팬 조건이 미치는 영향분석에 관한 연구)

  • Kim, Hyun-Jin;Kim, Sung-Woo;Lim, Jae-Hyuk;Noh, Kyung-ha;Lee, Jung-Cheon;Kim, Ki-Ho;Oh, Sang-Gi
    • Journal of Power System Engineering
    • /
    • v.21 no.6
    • /
    • pp.46-55
    • /
    • 2017
  • Due to the arise of natural disasters caused by global warming, consumers have more interest in the fuel efficiency of their vehicles, and fuel efficiency became an important factor in comparing vehicles. In this market situation, methods to measure fuel efficiency has become one of the main interests of vehicle related organizations and laboratories, and the current method to measure fuel efficiency is to follow the notification established by the ministry of trade, industry and energy, ministry of environment, and the ministry of land, infrastructure and transport. In this study, we analyze the influence of vehicle fuel efficiency according to test temperature and cooling fan condition which have the possibility to cause difference in fuel efficiency. The analysis results of the influence of the fuel efficiency according to the test temperature, the difference of the fuel efficiency of the test temperature ($21{\sim}29^{\circ}C$) within the allowable range of the notification showed a maximum difference of 2.9%. Therefore, it is necessary to consider the introduction of a test method that permits only the temperature change based on the reference point as the allowable range even in the test within the allowable range. The analysis of the influence of the fuel efficiency according to the cooling method showed no significant effect, and it seems reasonable to maintain the test method of the current notification.

PERFORMANCE CHARACTERISTICS OF A PROTON EXCHANGE MEMBRANE FUEL CELL(PEMFC) WITH AN INTERDIGITATED FLOW CHANNEL

  • Lee, P.H.;Cho, S.A.;Han, S.S.;Hwang, S.S.
    • International Journal of Automotive Technology
    • /
    • v.8 no.6
    • /
    • pp.761-769
    • /
    • 2007
  • The configuration of the flow channel on a bipolar plate of a proton exchange membrane fuel cell(PEMFC) for efficient reactant supply has great influence on the performance of the fuel cell. Recent demand for higher energy density fuel cells requires an increase in current density at mid voltage range and a decrease in concentration overvoltage at high current density. Therefore, an interdigitated flow channel where mass transfer rate by convection through a gas diffusion layer is greater than the mass transfer by a diffusion mechanism through a gas diffusion layer was recently proposed. This study attempts to analyze the i-V performance, mass transfer and pressure drop in interdigitated flow channels by developing a fully three dimensional simulation model for PEMFC that can deal with anode and cathode flow together. The results indicate that the trade off between performance and pressure loss should be considered for efficient design of flow channels. Although the performance of the fuel cell with interdigitated flow is better than that with conventional flow channels due to a strong mass transfer rate by convection across a gas diffusion layer, there is also an increase in friction due to the strong convection through the porous diffusion layer accompanied by a larger pressure drop along the flow channel. It was evident that the proper selection of the ratio of channel and rib width under counter flow conditions in the fuel cell with interdigitated flow are necessary to optimize the interdigitated flow field design.