The yen-dollar exchange rate reached 120.4 yen per U.S. dollar at 16:00, March 22, the highest since Feb. 1, 2016. Since the Russian invasion of Ukraine on Feb. 24, the value of the yen has fallen 4.7 percent or so. On the other hand, a strong dollar has continued, and the yuan has moved sideways si
The U.S. government said on March 6 that Europe and itself discussed a ban on crude oil imports from Russia. Then, the Brent crude price went over US$139 per barrel, the highest since 2008.International crude oil supply is predicted to continue to decrease for a while, and oil price estimates are go
Bloomberg reported on April 4 that the aggregate values of 86 stock markets worldwide added up to US$107.8629 trillion on March 31, up 4.5 percent compared to the end of last year.“The increase was led by central banks’ expansionary monetary policies to counter the COVID-19 pandemic,” it explained,
Lawmaker Shin Jeong-hoon remarked on Oct. 13 that Korea Trade Insurance Corp.’s overseas receivables totaled 4,745 billion won at the end of July, including 1,389.2 billion won that is uncollectible.The United States accounted for 34.2 percent of the uncollectible portion, followed by Poland (12.5 p
The author is an analyst of Shinhan Investment Corp. He can be reached at hyunwook.kim@shinhan.com. -- Ed. 1Q20 earnings weighed down by provisions for Venezuela projectHyundai Engineering & Construction posted sales of KRW4.1tr (+4.7% YoY) and operating profit of KRW165.3bn (-19.4% YoY) for 1Q20. S
The Wall Street Journal reported on April 7 that the United States is expected to continue allowing five countries to import crude oil from Iran. At present, the United States is banning Iranian oil imports with the exception of the five countries including South Korea and the exception is effective
LS Cable announced on Feb. 25 that it would supply submarine cables to Brazil for the first time as a Korean company.LS Cable will supply ultra-high voltage submarine cables and underground cables to the island of Santa Catarina, a resort town in southern Brazil by way of an agreement with ISA CTEEP
The ongoing trade war between the United States and China is engulfing Latin America. Argentina has declared a sovereign default following Venezuela, causing a rapid depreciation of Latin American countries’ currencies.The current situation is very similar to what they went through 10 years ago. In
Hyundai Heavy Industries (HHI) has started to build a 2,600-ton frigate for the Philippine Navy.The company held a ceremony on May 1 to celebrate the start of construction at its headquarters in Ulsan with the participation of HHI president Kang Hwan-koo; Delfin Lorenzana, secretary of the Departmen
According to the Economist Intelligence Unit’s Worldwide Cost of Living report released on March 15, Seoul and Geneva are the sixth-most expensive cities to live in among 133 cities around the world. Seoul ranked sixth in the previous year’s survey, too.“In Seoul, the prices of bread and wine are hi
The Chinese government is showing a move to acquire and use Daewoo Engineering & Construction Co. for the One Belt, One Road project, an ambitious attempt to recreate some of the economic networks that once bridged Europe and Asia through the Silk Road. It has put an investment company under the Sta
On March 22, Dongkuk Steel Mill held a ceremony to receive slabs (a rectangular semi-finished steel product made by cooling off melted iron) produced by Brazil's CSP Steel Mill which started to produce melted iron by inserting embers into furnaces and starting them in June of last year at its Dangji
The 2nd Latin American Film Festival will be held at K.U. Cinema Trap in Seoul from October 31 to November 4 under the joint organization of the 12 embassies of Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Honduras, Mexico, Peru, Uruguay and Venezuela, in collaboration with the
The creation of a national defense company based on business consolidation is emerging as a hot issue in South Korea amid the restructuring of its shipbuilding industry. The Korea Aerospace Industries (KAI) was established in 1999 through a similar process, that is, an integration of aerospace busin
LG Life Sciences (LGLS) is a Korea-based pharmaceutical company that tops other local pharmaceutical companies in the ratio of R&D contributions to sales. The company ranks 2nd in its reliance on exports for sales revenue, posting 43.6 percent, almost 3.6 times higher than the average for Korean pha
AmorePacific Group Chairman Suh Kyung-bae has finally pursued his global business strategy called “seven pillar theory.” Marking the 70th anniversary of the founding, Suh announced the theory as the group’s global business expansion strategy last year. It is to expand its business from five regions,
South Korea plans new Free Trade Agreements (FTAs) with countries in the Middle East, Central Asia, and Africa, the Ministry of Trade, Industry & Energy (MOTIE) of South Korea said on April 30.The Ministry said that it plans new FTAs targeting the consumer markets of those regions, which have recent
Celltrion announced on April 29 that it received approval to sell Remsima from the Instituto Nacional de Higiene Rafael Rangel (INHRR), the National Institute of Health in Venezuela. Accordingly, the company can now sell the product in 13 out of the 22 countries in South America. Since large markets
Dong-A ST has licensed its new diabetes drug Evogliptin to 17 Latin American countries including Mexico, Venezuela, Argentina, Chile, Colombia, Ecuador, Peru, the Dominican Republic, and Uruguay, Jung Jae-wook, Dong-A ST’s PR manager, told Business Korea. Dong-A ST and Eurofarma, a Brazilian pharmac
Korean builders have won the New Refinery Project, which is estimated at US$14 billion, from the Kuwait National Petroleum Company. They succeeded in beating European and Japanese bidders by means of cooperating in the bidding for the plant construction project, which is expected to be largest one i