비지니스코리아 Michael Herh (pr@businesskorea.co.kr)HD HHI and Hanwha Ocean have mapped out plans to reduce the proportion of merchant ship orders this year and focus on the naval vessel business in 2024.On Jan. 3, HD HHI set a US$988 million order target for its specialty ship (naval vessel) business, whi
Semiconductor stocks including those of Samsung Electronics and SK hynix fell altogether.On the KOSPI and KOSDAQ stock market on Jan. 3, stocks of semiconductor giants and even companies producing materials, components, and equipment for chipmakers fell due to an anti-China export control issue invo
Last year, 540,000 foreign workers received year-end settlements, and the reported tax amount reached a record-breaking 1.2 trillion won (US$915.68 million).The National Tax Service (NTS) announced that the number of foreign workers who filed tax reports was 544,000, and the reported tax amount reac
The Incheon Port Authority (IPA) has announced that as of Dec. 22, the container traffic at Incheon Port has surpassed 3.35 million TEU and is projected to approach a total of 3.45 million TEU. This figure is expected to set a new record high.Notably, the export performance of used cars is anticipat
In 2024, Korean shipbuilders are likely to benefit from an increase in tanker orders because of increased distances for crude oil transportation due to the prolonged war in Ukraine, rising unrest in the Red Sea region, the gateway to the Suez Canal, and a shortage of shipbuilding slots with Chinese
In the domestic automotive market, a significant deceleration in the demand for electric cars is becoming apparent. Specifically, there will also be a decrease in government subsidies for electric car purchases this year. The aversion of domestic consumers towards electric cars, which are positioned
LS Cable Asia marks the first trading day of the new year under its revised name, LS Eco Energy. Listed on the Korea Exchange’s KOSPI market since Sept. 22, 2016, LS Eco Energy is strategizing to boost corporate value by venturing into new businesses like undersea cables and rare earth elements.Acco
The demand for spandex, a functional fiber known for its strength and elasticity and widely used in clothing such as hiking apparel and leggings, is showing signs of recovery. This has led to Hyosung TNC’s spandex facilities operating at over 90% capacity.Industry sources reported on Jan. 2 that the
In 2023, Korea lost the top spot to China in global shipbuilding orders for three years in a row but it maintained its pride by holding the first through fourth positions in terms of order backlog (shares) by shipyard. Although the nation lost in shipbuilding order quantity, it fared well in terms o
In 2023, Korea’s shipbuilding industry lost the world’s top spot to China for the third consecutive year. However, even as orders fell by more than 37 percent in 2023, the proportion of high-value vessels such as liquefied natural gas (LNG) carriers climbed.Global shipbuilding orders totaled 41.49 m
Korean construction companies have reportedly decided not to participate in resuming the construction of the world’s tallest building in Jeddah, a resort city near the Red Sea. It has already been seven years since construction was halted due to local conditions in Saudi Arabia. Many experts say tha
The foundry business that produces batteries developed and designed by customers is rising as a hot issue in the battery industry with automakers set to launch a large number of new electric vehicle (EV) models this year.The foundry business generally belongs to the semiconductor industry. In the 19
South Korea recorded a trade deficit of US$9.97 billion last year, marking the second consecutive year of deficit since 2022. However, the trade deficit in the past year contracted compared to 2022 when it was US$47.78 billion, primarily due to the recovery in exports in the latter half of the year.
A public tender for a 4.7 trillion won stake in NXC, the holding company of Nexon, has ended empty-handed again.The second tender for 851,968 shares (29.3 percent stake) of NXC failed to find buyers, according to the Online Tender Offer System of Korea Asset Management Corporation (KAMCO) on Dec. 29
Devsisters’ mobile RPG “Cookie Run: Kingdom” has reached the No. 2 spot on the local app market’s popularity rankings shortly after its release in China.Devsisters announced on Dec. 28 that Cookie Run: Kingdom was released at 7 a.m. in China on Dec. 27 through China’s major Android app market and Ap
For the first time ever, China has become the world’s number one auto exporter. This is because China increased sales in Russia where carmakers of Western countries, including South Korea, have left the market and enjoyed a sharp increase in electric vehicle sales, which led to a spike in China’s ca
Korea and the Gulf Cooperation Council (GCC) have finalized negotiations on a free trade agreement (FTA). The Korea-GCC FTA is Korea’s twenty-fifth FTA and the second with the Arab world after the Korea-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA). As Korea has gain
LS Group announced on Dec. 28 that it plans to invest over 2 trillion won to venture into the secondary battery materials sector. LS Corporation, the holding company, and its subsidiary, LS MnM, is set to embark on the construction of production facilities for secondary battery materials in earnest
South Korea’s exports will fall by 10% if the world’s major economies split into two groups and strengthen trade barriers against each other, according to a report. However, if Korea promotes export diversification, it will be able to significantly reduce adverse effects.According to the Bank of Kor
Thirty-one electric vehicle (EV) models, or about 80% of all subsidized EV models in the United States this year, use Korean-made batteries, according to sources in the battery industry. This is an increase of 14 in seven months from 17 in April.The 31 subsidized EV models in the United States as of