On April 24 (local time), Chey Tae-won, chairman of SK Group, visited Silicon Valley in the U.S. to meet with Jensen Huang, the CEO of Nvidia. The meeting is believed to have focused on cooperation concerning high-bandwidth memory (HBM), a key component in AI semiconductors.On April 25, Chey posted
Korean shipbuilding stocks have been rallying as expectations grow that the Korean shipbuilding industry will enjoy reflective benefits from US sanctions against China.According to the Korea Exchange on April 23, Hanwha Ocean closed at 34,750 won (US$25.35), down 2550 won, or 7.92 percent, from Apri
Netflix Services Korea has begun an administrative lawsuit against Korea’s tax authorities over 78 billion won (US$57 million) in tax imposed on the OTT giant. Much attention is being paid to see how the Korean court will rule on the unfair practice of global platform companies such as Netflix not p
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
The finance ministers of South Korea and Japan jointly announced that they could take appropriate measures to address recent volatility in the foreign exchange markets, signaling a readiness for “verbal intervention.” It appears that South Korea and Japan are joining hands to engage in a “currency w
The Korea Research Institute of Ships and Ocean Engineering (KRISO) announced on April 16 that it has launched a new research program aimed at developing core technologies for small modular reactor (SMR)-powered ships and floating SMR power generation platforms from this year through 2028.SMRs, a ze
HD Hyundai Group’s shipbuilders have achieved 73 percent of this year’s order target in the first 100 days of this year. In particular, they are enjoying a boom in eco-friendly ships for the first time in 15 years, as they have been selecting only high-value-added vessels to fill its docks.According
Hybrid cars overtook gasoline cars for the first time in the imported car market in Korea in the first quarter of this year.According to the Korea Automobile Importers & Distributors Association, hybrid vehicles accounted for 47.5 percent (25,908 units) of newly registered imported cars from January
After a failed sale left HMM without a new owner, the company has decided to significantly expand its fleet by 2030. This strategy aims to address the global economic slowdown, restructuring of shipping alliances, and tightening environmental regulations by increasing its size and strengthening busi
Partnerships to develop purpose-built vehicles (PBVs) to build an eco-friendly logistics system are growing between the automotive industry and logistics companies. This is due to rapidly increasing demand for electric trucks instead of diesel trucks in line with a global carbon neutrality initiativ
On the night of April 13 (local time), Iran launched retaliatory attacks against Israel, employing drones, cruise missiles, and ballistic missiles. This action is expected to lead to an escalation in international oil prices. In addition, the exchange rate of the Korean won against the U.S. dollar r
Domestic sales and exports of electric vehicles plummeted in the first quarter of 2024, while sales of hybrid vehicles ballooned. The analysis is that hybrid vehicles, which are more fuel-efficient and environmentally friendly, are becoming a substitute as electric vehicles have fallen into a chasm
Following its supply of a 27-inch Organic Light Emitting Diode (OLED) display to Hyundai Motor’s Genesis last year, LG Display recently secured an order for a large Liquid Crystal Display (LCD) from a foreign premium automaker. This display, being the longest among the automotive displays produced b
Samsung C&T Corporation will build the first mixed hydrogen compound power generation infrastructure in Korea.Samsung C&T Corporation inked a contract with KEPCO to build a 30,000-ton capacity hydrogen compound storage, loading and unloading infrastructure in Samcheok, Gangwon Province of Korea, the
As Hanwha Ocean assumes control of wind power generation and plant operations from Hanwha Corporation, it is initiating a full-scale expansion of its offshore wind value chain.According to industry sources on April 8, Hanwha Ocean is poised to acquire the wind power business from Hanwha Corporation’
SK on, a leading global electric vehicle battery manufacturer, announced today it signed a memorandum of understanding (MoU) with the Italian luxury sports carmaker Ferrari to reinforce partnership and lead innovation in cell technology.SK on Chief Executive Officer Lee Seok-hee, Ferrari Chief Execu
In February, Korea’s instant noodle exports reached a record high. As the green light has been given to instant noodle exports since the beginning of the year, Korea’s ramen exports are expected to exceed USUS$1 billion for the first time this year.Korea’s instant noodle exports last month was the h
Nexen Tire is consolidating its three European bases -- Czech Republic, Germany, and Italy -- into a single Czech corporation. This initiative aims to streamline business operations by centralizing dispersed bases within Europe. There is keen interest in whether Nexen Tire, which encountered setback
Sam Bird (GBR) beats the heat with the Hankook iON Race to win the ABB FIA Formula E World Championship race in the Brazilian megacity of São Paulo. Despite an ambient temperature of 35 degrees, rising to around 60 degrees on the asphalt at the 2.933-kilometer high-speed circuit around the Anhembi S
Big South Korean companies are exiting China one after another. Business uncertainties are being fueled by fiercer competition and declining profitability in the Chinese market coupled with the U.S. government’s checks on China and policy changes by Chinese government authorities.Lotte Chemical sold