The Securities and Futures Commission of the Financial Services Commission is scheduled to deliberate on pecuniary penalties on two foreign financial companies. The Financial Investment Services and Capital Markets Act of South Korea was revised in 2021 so that the maximum pecuniary penalty in case
The Korea International Trade Association recently conducted a survey in 10 major Chinese cities and announced on March 5 that South Korean products are losing popularity in China.In the survey, more than 54 percent of 1,000 respondents in total said they are positive about South Korean products, wh
Statistics Korea announced on March 5 that the inventory ratio of the semiconductor sector amounted to 265.7 percent in January this year, the highest since March 1997.That month, the shipment index in that sector dropped 25.8 percent to 71.7 whereas the inventory index jumped 28 percent to 190.5.Th
The Center for Strategic and International Studies said in its report on March 3 that the United States needs to include South Korea and Germany in its semiconductor manufacturing equipment export ban targeting China.“South Korea is a leading chip manufacturer and Germany is a main supplier of key p
Korea’s big-three shipbuilders -- Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries -- have been landing orders for high-value-added vessels non-stop since the beginning of 2023. Their order intake exceeded 10 trillion won
The Japanese government is considering lifting its export ban in return for the South Korean government stopping its WTO litigation. The former implemented the ban targeting South Korea in July 2019 to block the export of key semiconductor and display materials. The latter brought the case to the WT
The South Korean and Japanese governments are pushing ahead with third-party payment to wrap up their forced wartime labor issue. The plan is to set up a foundation so that South Korean enterprises that benefited from a 1965 agreement can raise financial resources and pay victims via the foundation.
Korea Development Bank (KDB) has begun the process of selling management rights to HMM, an oceangoing Korean shipping company. It is seven years since the state-run bank took over the management rights to the company in a liquidity crisis from Hyundai Group in 2016.KDB announced on March 2 that it w
Samsung SDI’s Hungarian battery plant will receive 89.6 million euros in support funds from the European Union (EU). The funds will be given for the Korean battery maker’s completion of a local battery plant which revved up the local economy and locally created decent jobs. Analysts say that Samsung
Kolmar Group announced on March 2 that it would donate 100 million won in relief funds to the Korea-Turkey Friendship Association to help Turkey and Syria suffering from recent massive earthquakes.Kolmar Group affiliates including Kolmar Korea Holdings, Kolmar Korea, HK Inno. N, and Kolmar BNH, part
Korea Hydro & Nuclear Power (KHNP) announced that the standard design of KHNP’s APR1000, a nuclear reactor exported to Europe, a design certification (EUR Certificate) from the European Utility Requirements Organization on Feb. 2 (local time).As a result, the APR1000 has secured additional competiti
The Korea Automobile Manufacturers Association announced on March 2 that South Korea produced 3.76 million cars in 2022, with a year-on-year growth of 8.5 percent, to become the world’s fifth-largest producer in the industry.Last year, the total global production was 84.97 million, still lower than
Korea Water Resources Corporation (K-Water) donated KRW 100 million to the Korean Red Cross for the restoration of earthquake-stricken areas in Turkey and Syria and the support of victims.This money was raised by collecting voluntary donations from K-Water, employees of K-Water and the Water Love Sh
The division of labor of the United States, Japan, South Korea, Taiwan and China in the global semiconductor industry that has lasted for 30 years is coming to an end as the United States is increasingly internalizing semiconductor supply chains.The U.S. Department of Commerce recently announced tha
The Ministry of Trade, Industry and Energy announced on March 1 that South Korea’s exports and imports were US$50.1 billion and US$55.4 billion last month, respectively. The exports fell 7.5 percent year on year whereas the imports increased 3.6 percent from a year ago.Last month, South Korea’s semi
The Competition and Markets Authority of the United Kingdom approved the merger of Korean Air and Asiana Airlines on March 1.The remaining steps are in the United States, the European Union and Japan. According to Korean Air, the approval from the U.K. authority is expected to have a positive effect
The Financial Supervisory Service announced on March 1 that a total of 127 fines and warnings were issued for illegal short selling from 2010 to April last year and foreign investors accounted for 93.7 percent of the total.Such a high ratio is because the South Korean stock market is too lenient wit
The Ministry of Justice announced on March 1 that 1,595 visas for foreign shipbuilding workers were issued from January last year to January this year and those include 880 given to Vietnamese shipbuilding workers, followed by Thai (233), Uzbek (200), Indonesian (82) and Indian (56).The 1,595 worker
Lotte Chemical will cooperate in the clean ammonia business in the United States by teaming up with CF Industries Holdings Inc., the world’s largest ammonia producer.The two companies announced on Feb. 27 that they signed a business agreement (MOU) at Jamsil Lotte World Tower in the presence of Hwan
As the US government announced conditions on payment of production subsidies under the CHIPS Act, Korean semiconductor companies have been brooding over how to respond to the conditions. This is because the United States put forward strict conditions difficult for private companies to accept such as