It has emerged that the domestic battery industry, which received trillions of won in tax deductions in the United States last year, might need to pay nearly 200 billion won in additional taxes by 2026 due to the implementation of a global minimum tax. Battery companies are currently investing in th
According to sources in the petrochemical industry on April 22, Lotte Chemical, the second-largest petrochemical company in South Korea, is seriously considering halting operations at its Yeosu Plant 2, which produces PET, a raw material for plastics. It is anticipated within the industry that the c
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
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
Much attention is paid to geopolitical risks in the Middle East, which have accounted for the largest share of overseas construction orders to Korean construction companies in the first quarter of this year.A total of 183 Korean construction companies won 171 orders in 63 countries around the world
The author is an analyst for Shinhan Securities. She can be reached at sunmi.kim@shinhan.com -- Ed.1Q24 OP to meet consensus in the absence of major one-offsSamsung E&A is expected to have registered sales of KRW2.5tr and operating profit of KRW197bn in 1Q24 in line with the market consensus. Sales
As the commercialization of all-solid-state batteries, often referred to as the “battery of dreams,” approaches, Korean battery materials companies are pumping up their efforts to build an ecosystem.According to industry sources on April 10, Samsung SDI recently started building a domestic supply ch
Despite challenging business conditions, South Korean petrochemical companies have been disclosed to make record-high investments in research and development (R&D). This strategic initiative is seen as an endeavor to strengthen competitiveness in emerging business sectors like high-value added (spec
South Korea’s current account surplus has been in the black for 10 consecutive months as the South Korean semiconductor industry has recovered. The main positive factor is that the nation’s current account surplus is expected to continue as demand for semiconductors will grow this year.According to
Hyosung, the leading company in the global spandex market, is accelerating its pace in fostering future businesses by making substantial investments in eco-friendly bio-material ventures.Hyosung TNC announced on April 3 that it received investment approval from the government of Ba Ria-Vung Tau Prov
In the first quarter of this year, the declaration amount for foreign direct investment (FDI) has once again set a new record, marking the highest figure to date. Significant increases in investments in advanced manufacturing sectors, particularly centered around China and Japan, are expected to con
SK hynix announced on April 1 that it has developed the semiconductor industry’s first neon gas recycling technology in collaboration with the domestic specialty gas company TEMC. This achievement comes just over a year after starting the development of recycling technology with a domestic material,
With the passing of Hyosung Group Chairman Emeritus Cho Seok-rae on March 29, his sons, Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang, are expected to take the helm of the business group.Hyosung Group formalized the establishment of a new holding company through its board of directors in Fe
Despite a downturn in the industry, petrochemical companies in South Korea have reportedly invested a record amount in research and development (R&D). This move is interpreted as part of a differentiation strategy to enhance competitiveness in new business areas such as high-value added (specialty)
SK Innovation announced at its shareholder meeting held on March 28 that it will reassess numerous businesses it has aggressively pursued so far. The company expressed its intention to focus on select ventures and concentrate its efforts.According to industry sources on March 28, SK has been conduct
The AI semiconductor market, currently concentrated on Nvidia and High Bandwidth Memory (HBM), is expected to diversify into DRAM and other areas moving forward.On March 28, Kwon Seok-jun, a professor in the School of Chemical Engineering at Sungkyunkwan University, participated in the 2024 ACE Semi
Korea’s export value index rose for the fifth consecutive month in February thanks to a recovery of the semiconductor industry. Export value is the current value of exports converted to U.S. dollars and expressed as a percentage of the average of the base period (2000). Semiconductor exports are sho
South Korea and Malaysia have agreed to resume negotiations for a Free Trade Agreement (FTA).The Ministry of Trade, Industry, and Energy announced on March 26 that Jung In-gyo, chief trade negotiator of the Ministry, met with Tengku Zafrul Aziz, the Minister of Investment, Trade, and Industry of Mal
LG Chem is seeking solutions to revive its struggling petrochemical business. Splitting the petrochemical business and attracting foreign investments from the Middle East to create a joint venture are among the scenarios being discussed.Vice Chairman Shin Hak-cheol of LG Chem responded to reporters’
With the news of the development of lithium metal battery electrolyte technology in collaboration with domestic researchers, Samhwa Paint Industrial Co. has seen a rapid increase in its stock price for the second consecutive trading day.According to the Korea Exchange on March 20, Samhwa Paint is tr