South Korea’s nominal gross domestic product (GDP) is provisionally ranked 13th in the world. It has dropped out of the global top 10.According to statistics released by the Bank of Korea (BOK) on July 12, South Korea’s nominal GDP at market exchange rates was US$1.6732 trillion in 2022. It ranked 1
Vietnamese authorities have initiated an investigation into the concert organizers of the girl group Blackpink’s world tour, which is set to stop by Hanoi on July 29. The investigation was prompted by suspicions raised over a map posted on the organizer’s website that showed a line similar to the “N
LG Uplus has been fined 6.8 billion won for a breach earlier this year that leaked information on over 300,000 customers. On July 12, the Personal Information Protection Commission imposed a fine of 6.8 billion won (US$5.3 million) and a penalty of 27 million won on LG Uplus for violating personal i
Hyundai Motor’s labor union will join a general strike to be staged by the Korean Confederation of Trade Unions (KCTU) by going on a partial strike on July 12.According to industry sources on July 11, Hyundai Motor Company’s labor union will join the general strike by the KCTU on July 12. The union
The economic effects of the Korean Wave have reached 37 trillion won in the last five years, according to a study.The Korea Economic Research Institute (KERI) said on July 10 that Korea enjoyed 37 trillion won (US$29 billion) in economic effects thanks to the Korean cultural wave from 2017 to 2021.
Last year, South Korea’s cosmetics exports to China fell for the first time in five years. Amid the ongoing slowdown in the Chinese market, concerns about the leakage of business secrets of domestic companies have increased due to the Chinese government’s intensified cosmetics regulations since 2020
Overseas construction orders for Korea-based companies hit the highest level in five years in the first half of 2023. Hyundai E&C led the way, winning a US$5 billion plant project in Saudi Arabia late last month.Overseas construction orders to Korea totaled US$17.3 billion in the first half of 2023,
“Made in China” is making its mark in the Korean market, not only with solar power components but also in a variety of future-oriented products such as electric buses, drones, and robots.According to data submitted to Han Moo-kyung, a lawmaker of the People Power Party, by the Korea Energy Agency on
According to the POSCO Group on July 9, non-steel sectors accounted for 58% of total sales last year, outstripping the sales of steel, which had been the group’s cash cow.POSCO Group’s non-steel business enhancement began with the acquisition of the Hombre Muerto salt lake in Argentina in 2018. Afte
The monopoly structure of Korea’s three telecoms companies -- SK telecom, KT and LG Uplus -- has lasted for more than 20 years. To make a change in this structure, the Korean government will lower the frequency allocation fee for a new operator and provide the new operator with support such as loans
Lotte World Tower’s SKY31 Convention center, operated by Lotte Property & Development, has been selected as a “Korea Unique Venue.”A Korea Unique Venue, selected jointly by the Ministry of Culture, Sports, and Tourism and the Korea Tourism Organization, represents a space capable of hosting meeting,
Samsung Electronics has confirmed that it has temporarily postponed the development of an extended reality (XR) product. Industry analysts say that it was an internal decision made in light of the Vision Pro headset unveiled by Apple in June.Samsung Electronics said in a recent notice to its panel p
India has previously been heavily dependent on Russian arms. But now the nation has emerged as a new export destination for the Korean defense industry.According to industry sources on July 4, Hanwha Aerospace plans to participate in the Indian Army’s Future Infantry Combat Vehicle (FICV) Project. T
The amount of foreign direct investment (FDI) declared in Korea in the first half of this year has recorded its highest since statistics started being compiled in 1962. Analysis suggests that Korea has emerged as an alternative investment destination to China due to U.S.-China tensions.The Ministry
The author is an analyst for NH Investment & Securities. He can be reached at kyeongkeun.kang@nhqv.com -- Ed.As an RF connectivity solution provider, Sensorview’s main products include mmWave antennas, high-frequency cables, and ultra-precision connectors. The firm should benefit from 5G 28GHz-relat
It has been 30 years since Korea began hiring foreign workers in earnest with the introduction of the Industrial Trainee System in 1993, which was replaced by the employment permit system in 2004. But chaos is still lingering in the field.According to small and medium-sized enterprises (SMEs) on Jul
Country-specific lending limits at export credit agencies (ECAs) such as the Export-Import Bank of Korea (Korea Eximbank) and Korea Trade Insurance Corporation have emerged as a variable in finance for Korean defense exports. Korea exported 17 trillion won (US$17 billion) worth of defense goods to P
On July 1 (local time), the U.S. Humira biosimilar market, worth 24 trillion won a year, opened. In the first week alone, six Korean and foreign companies plan to launch their products.According to sources in the biotech industry on July 2, Samsung Bioepis launched Hadlima, a Humira biosimilar, in t
Samsung Display has filed a patent infringement lawsuit in the U.S. against Chinese display manufacturer BOE. As technology infringement from China intensifies, spreading to appliances, smartphones, and now displays, Samsung Display has decided to take a firm stand.According to the industry on July
LG held a two-day venture networking event in Silicon Valley starting on June 26, which involved global startups and venture capitals, to secure future growth engines by expanding the startup innovation ecosystem.This event was the first hosted by LG Technology Ventures, LG’s corporate venture capit