In the first quarter of this year, Korea’s exports to the United States surpassed those to China for the first time since the second quarter of 2003.Exports to the U.S. are expected to remain strong for the foreseeable future, driven by foreign direct investment (FDI) in the manufacturing industries
The opposition party’s landslide victory in the 22nd general election is expected to disrupt the Korean government’s planned new trade strategy. A plan to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which requires parliamentary approval, is likely to be pus
HLB has opened an office in the Cambridge Innovation Center (CIC) in Boston, Massachusetts, in the United States, to strengthen its collaboration with global pharmaceutical giants and to support its subsidiaries’ expansion into overseas markets.Through the Boston office, HLB plans to strengthen comm
On April 18, the KOSPI rebounded by nearly 2 percent, reclaiming the 2,600 level in just one day. The value of the Korean won and government bonds also rose. This was attributed to the somewhat calming effect on the U.S. dollar’s strength thanks to the joint verbal intervention by the finance minist
Osstem Implant, the world’s leading dental implant company in sales, faced measures including the recommendation for dismissal of its CEO following embezzlement amounting to around 220 billion won. The Securities and Futures Commission (SFC) under the Financial Services Commission resolved on such m
On April 17, Chairman Shin Dong-bin of Lotte Group visited the Lotte Energy Materials’ smart factory in Kuching in the state of Sarawak in Malaysia to inspect the secondary battery material business and engage with local employees.Since 2019, Lotte Energy Materials has been producing copper foil in
In the wake of overcoming a slump in the Chinese market, South Korea’s cosmetics exports have successfully diversified into markets such as the U.S., Japan, and Vietnam, showcasing a positive growth trend. According to a report released on April 18 by the Korea International Trade Association’s Inte
Kolmar Korea has discovered the hair loss mitigation effects of Sophora flavescens extract and has presented their findings at an international academic conference, marking the industry’s first such patent application. The discovery and subsequent presentation have garnered global attention.On April
The Biden administration is likely to grant Hanwha Q CELLS’ request to impose tariffs on bifacial solar panels imported into the United States, according to sources cited by Reuters on April 17. On Feb. 23, Hanwha Q CELLS formally petitioned the United States Trade Representative (USTR) to revoke th
On April 18, Hyundai Motor Group signed a strategic cooperation agreement with Toray Group to develop new materials for mobility at the Hyundai Motor Group headquarters in the Yangjae neighborhood of Seoul.Hyundai Motor Group has partnered with Toray Group to innovate mobility materials. The strateg
Kwak Noh-jung, president of SK hynix, has emphasized the dangers of concentrating semiconductor supply chains in specific regions, highlighting the importance of cooperation between South Korea and the United States. His remarks came after disruptions in semiconductor production due to COVID-19 and
Japanese NAND flash semiconductor manufacturer Kioxia is reportedly reigniting merger plans with Western Digital (WD), but SK hynix remains steadfast in its opposition.According to industry sources on April 18, including reports from the Yomiuri Shimbun, Kioxia may pursue a listing on the Tokyo Stoc
Samsung Electronics is set to expand its research and development (R&D) organization in Silicon Valley in the U.S. for the design of artificial intelligence semiconductors. Amid a reshaping semiconductor industry focused on AI chips, Samsung plans to enhance its design capabilities to disrupt the ma
bereum co.,ltd, a specialist in postbiotic, led by CEO Hwan Kwon Il, has signed an export and supply contract worth $980,000 for postbiotic pet food with Tecnocalidad of Colombia, under the leadership of CEO Harvey Ibanez Ortiz.Tecnocalidad is a subsidiary responsible for product imports of Agrocamp
The collective net worth of Korea’s 50 Richest on the 2024 Forbes list rose slightly to US$115 billion from $106 billion, amid the country’s global chipmaking ambitions. The complete list can be found at www.forbes.com/korea, as well as in the April/May issue of Forbes Asia and the May issue of Forb
Hanwha Systems (CEO: Sung-Chul Eoh) released images of various locations on Earth taken by its small SAR satellite on April 18th, successfully launched on December 4th, 2023.The images taken by Hanwha Systems' small SAR satellite were transmitted from an altitude of 650 kilometers above the Earth. T
With U.S. President Joe Biden directing the Office of the U.S. Trade Representative (USTR) to triple tariffs on Chinese steel and aluminum, attention is turning to impacts the action will have on Korea’s steel industry.According to the Korean government and the Korean steel industry on April 17, the
After years of double-digit growth, the global electric vehicle market is entering a chasm, considered to be a slowdown in demand just before mass adoption. Global automakers that have been aggressively investing to expand their electric vehicle lineups are scrambling for survival by making use of a
The amount of short-term foreign currency borrowings hastily acquired by banks alone has exceeded 4 trillion won. With the won-to-dollar exchange rate surpassing 1,400 won and reaching new highs, the risks associated with short-term foreign currency debts have also increased.According to business di
A recent study has found that the South Korean won has surpassed the U.S. dollar as the most widely used currency in global cryptocurrency trading.On April 16 (local time), Bloomberg News reported that the volume of cryptocurrency transactions conducted in Korean won on exchanges amounted to US$456