Despite halting operations at their Russian appliance factories for over a year due to the Ukraine war, Samsung Electronics and LG Electronics have not yet decided to sell. Instead, they are considering minimizing losses by leasing these facilities to local businesses.According to industry sources o
The overseas non-performing loan portfolios of the four major banks in South Korea surged to nearly 300 billion won in just one year. The rapid increase raised concerns as delinquency amounts spiked due to the impact of high-interest rate shocks, prompting warnings about the management of overseas f
Hyundai Motor’s losses in Russia are snowballing as the Ukraine-Russia war has been dragging on, paralyzing the Korean automakers’ factories. In recent years, the Russian government has been nationalizing assets of foreign companies that left the country, raising the risk that Hyundai Motor will be
Domestic TV manufacturers such as Samsung Electronics and LG Electronics have been holding a dominant position in the global market but are now showing signs of unease. This is because Chinese companies like TCL and Hisense have been aggressively competing with lower-priced offerings, rapidly erodin
On July 25, Korean Air announced that the 8 billion ruble (US$89 million) fine imposed by Russian customs last year has been reduced by roughly half through an initial ruling in the local court. Despite the reduction, the airline expressed its intention to appeal the decision.According to sources in
Hyundai Motor Co.’s production subsidiary in St. Petersburg, Russia, will implement a layoff program for its employees from Jan. 16 to Feb. 27.The company's plant in St. Petersburg, which used to produce 200,000 vehicles a year, has been suspended since March 2022 due to the outbreak of the war
Kim Kee-young, vice president of the Safety Department, Korea Hydro & Nuclear Power (KHNP), has been elected as the director general of the World Association of Nuclear Operators (WANO) Tokyo Center. Kim is the first KHNP official to head the institution. He will serve for 18 months starting from Ja
The Ministry of Foreign Affairs of Russia has warned South Korea not to join the U.S.-led Russian crude price cap scheme.“The South Korean economy will have to face serious consequences if the South Korean government decides to follow it,” Georgy Zinoviev, director of the ministry's First Asia D
Korean Air was fined 110 billion won by Russian airport customs authorities, the national flag carrier said on April 21. The large fine is seen as Russia's message to South Korea, which is likely to join Western sanctions against Russia.Korean Air’s cargo flight (Flight KE529) from Incheon, Kore
Samsung Electronics has finally won a patent dispute related to Samsung Pay in Russia.A Russian patent tribunal recently invalidated two patent claims on an electronic payment system filed by Switzerland-based electronic payment company SQWIN SA. A patent infringement lawsuit filed by SQWIN SA again
Major automakers including Volkswagen, Stellantis, Ford and Renault are very concerned as Russian President Vladimir Putin announced that the Russian government would nationalize foreign companies’ assets if they withdraw from Russia. Hyundai Motor Co., which enjoyed growth in the Russian market, al
LG Electronics has suspended product shipments to Russia amid maritime logistics disruptions caused by Russia’s invasion of Ukraine and worsening macroeconomic conditions in Russia, such as the sharp depreciation of the Russian ruble, due to international sanctions against Russia.The company announc
Samsung Electronics and LG Electronics are pondering whether to suspend sales activities in Russia.The Ukrainian government has urged Samsung Electronics to suspend sales of its products and services in the Russian market, but the company is still pondering how to handle the Ukrainian government'
International sanctions against Russia are predicted to affect South Korea’s participation in the nuclear power project in El Dabaa, Egypt. This is because the project launched by the Nuclear Power Plants Authority of Egypt is being led by JSC ASE, a subsidiary of Rosatom, which is a Russian state c
Russia has closed its airspace to carriers from more than 30 nations, including Germany, the U.K., France, Italy and Canada, responding to their move to close their respective airspaces to Russian aircraft.As a result, European airlines are either canceling flights to and from Incheon or using route
A Russian court has dismissed a claim filed by a Swiss financial services company asking for a ban for Samsung Electronics on importing and selling 61 models of smartphones in Russia.The claim was filed by SQWIN SA, a financial services and mobile payment company based in Neuchatel, Switzerland, in
Major Korean companies are on alert as the White House has told the U.S. semiconductor industry to be ready for new restrictions on exports to Russia if Moscow invades Ukraine.The U.S. National Security Council (NSC) told executives of the U.S. Semiconductor Industry Association (SIA) to be ready fo
KT announced on Jan. 18 that it has signed an agreement with Yandex Self Driving Group (SDG), an affiliate of Russia’s largest IT company Yandex, for business cooperation in AI, robots, and autonomous driving.The agreement was signed at the Yandex Autonomous Driving Improvement Center in Moscow, Rus
Korea Hydro & Nuclear Power (KHNP) has been selected to participate in Egypt’s El Dabaa nuclear power plant project, the state-run company said on Jan. 2. KHNP said it has been selected as the single-source bidder for the contract of "turbine islands" of El Dabaa nuclear power plant units 1-4. The c
The author is a freelance journalist and Google News PR specialist. She can be reached at virginia.sagal.media@gmail.com. -- Ed. The South Korean government, led by liberal President Moon Jae-in, announced in July 2021 a new K-Deal that looks to invest more than 160 trillion won ($138 billion) in di