Samsung Chairman Lee Jae-yong, SK Chairman Chey Tae-won, Hyundai Motor Chung Eui-sun, and LG Chairman Koo Kwang-mo discussed bilateral cooperation on energy, biotechnology and future transportation in a meeting with French President Emmanuel Macron.The Korean business leaders met with President Macr
Korean companies are shifting their major patent application destinations from China to the United States, Europe, and Japan, regarded as “allied countries.” This move appears to be a response to the business uncertainties resulting from the U.S.-China hegemony dispute, a reopening effect that has f
For the first time in 21 years, South Korea's current account balance with China registered a deficit in 2022, nearly $8 billion, breaking a streak of black that has lasted since 2001. Conversely, the trade with the United States marked an all-time-high surplus, largely due to increased exports
A global consortium led by POSCO HOLDINGS has secured exclusive development rights for Omani green hydrogen for 47 years, the largest overseas green hydrogen monopoly project pursued by a Korean company.POSCO HOLDINGS announced on June 22 that it has signed a contract with Hydrom for exclusive devel
SK Group announced on June 22 that they are backing a project to build a memorial in commemoration of the 70th anniversary of the Korea-U.S. alliance. The memorial will honor the late Colonel William E. Weber and General John Kirk Singlaub, both renowned figures of the alliance and heroes of the Kor
Korea’s inheritance tax burden is too heavy and is weakening Korea’s corporate competitiveness, the Korea Chamber of Commerce and Industry (KCCI) said in a proposal to the government and the National Assembly on improving the Korean tax system in 2023 on June 21.The KCCI’s proposal includes 137 task
Korea’s imports from Japan of high-purity hydrogen fluoride, a key material for semiconductors, have exceeded 1,000 tons for the first time since Japan’s economic retaliation against Korea in July 2019.According to the Korea Customs Service on June 21, Korea’s imports of hydrogen fluoride stood at 1
Korea Investment Corporation (KIC) President Jin Seung-ho said in an interview with Bloomberg on June 20 that the state-run investment company will dial up its proportion of alternative investments to 25 percent of its assets under management by 2025.“I think that our portfolio is very diverse,” Jin
Korea placed 28th out of 64 countries in the latest Global Competitiveness Index by the International Institute for Management Development (IMD) in Switzerland. Its ranking fell by one notch from 2022.The Korean Ministry of Strategy and Finance disclosed the results of the 2023 National Competitiven
Tony Blinken, the U.S. Secretary of State who is currently visiting China, has announced that he met with President Xi Jinping of China and reached an agreement on the stabilization of U.S.-China relations.From June 18 to 19, Secretary Blinken had a two-day schedule during which he sequentially met
North London Collegiate School Jeju (NLCS Jeju), located in Jeju English Education City, is up for sale. This move is in line with the government’s policy on the rationalization of public corporations, leading Jeju International Free City Development Center (JDC) to decide to transfer the ownership
With U.S. Secretary of State Antony Blinken’s surprise visit to China, the Korean semiconductor industry, including Samsung Electronics and SK hynix, is paying a lot of attention to whether or not the visit will see a breakthrough in U.S.-China relations.According to the semiconductor industry and f
Korea Expressway Corporation announced on June 16 that it participated in the opening ceremony of the 66 km Almaty Ring Road in Kazakhstan and began operation and maintenance of it.About 500 people attended the opening ceremony, including Kazakhstan’s Minister of National Economy Kuantyrov Alibek Sa
The South Korean government has asked the U.S. to clearly define the Chinese companies from which it should not be procuring essential minerals for electric vehicle batteries under the conditions of subsidy tax credit payments in the U.S. Inflation Reduction Act (IRA).According to a U.S. government
South Korea’s labor unions have proposed a 24.7% increase in the minimum wage for next year.This proposition comes as the country’s minimum wage, which is already the highest in Asia, is set to exceed that of France, placing it among the top tier in Europe alongside the U.K., Germany, and the Benelu
As Vietnam, South Korea's third-largest export market, faces an economic downturn, Korean companies are taking direct hits. Critiques are emerging about the urgent need for countermeasures, as Vietnam accounts for half of the exports to the Association of Southeast Asian Nations (ASEAN).Accordin
The U.S. Treasury Department announced on June 16 that it will continue to list South Korea on the currency watchlist on its official website.Other countries included on the list are China, Switzerland, Germany, Malaysia, Singapore, and Taiwan. Japan, which was on the previous watchlist, is now off.
LG has stepped forward to support the bid for the “2030 Busan World Expo” at various locations in Paris, France, where the 172nd General Assembly of the Bureau International des Expositions is being held.Starting from June 15 local time, LG is set to run advertisements supporting the bid for the 203
Growing public anxiety over the recent release of contaminated water from Fukushima Nuclear Power Plant in Japan has prompted the Korean government to hold daily briefings on the issue to actively deal with fake news and fear mongering.The Korean government will crack down on those who make and dist
Recently, Chinese semiconductor companies frequently post job openings on Korean job boards. “It is not uncommon for many Chinese companies that have entered semiconductor zones in Korea such as Pangyo to offer high salaries and perks to Korean semiconductor engineers,” said Kim Hyung-jun, head of t