Chairman Kang Seok-hoon of Korea Development Bank has expressed his intention to not push for a forced sale in connection with the shipping company HMM. Regarding the merger of Korean Air and Asiana Airlines, he mentioned the possibility of a low recovery of public funds and put pressure on the Asia
Medytox announced on Oct. 24 that it has withdrawn its application to China’s National Medical Products Administration (NMPA), which was filed in 2018 for the import of its Meditoxin product (export name: Neuronox). Instead, the company will actively push for its entry into the Chinese market with i
China’s move to control exports of graphite, a key raw material for secondary batteries, beginning from the end of the year has put the Korean battery industry on alert. The Korean industry is more than 90 percent dependent on China for graphite. This means that it is a real challenge for the indust
During President Yoon Seok-yeol’s state visit to Saudi Arabia, a total of 46 memoranda of understanding (MOUs) and contracts were signed at the 2023 Korea-Saudi Investment Forum. This signifies a boost in economic cooperation between the two nations across various industries, including electric vehi
A video of a worker urinating on raw materials at a Tsingtao Beer plant in China has raised questions about whether the video will make a change in the imported beer market in Korea.“Korea is highly concerned about food hygiene and has some anti-China sentiments, so the video is bound to give the ne
A forecast suggests that South Korea’s potential growth rate will fall below 2 percent for the first time this year and is expected to further decrease to 1.7 percent next year. The factors contributing to the decline in growth rate include issues related to low birth rates, an aging population, and
LS Cable & System announced a plan to build a submarine cable production plant in the United States in a press conference held at LS Cable & System’s Donghae factory on Oct. 19.“We have confirmed the construction of a plant in the United States and are considering building a plant in Europe,” Kim Hy
The Korea Chamber of Commerce and Industry (KCCI) suggested in a report that Korea cooperate with major Middle Eastern countries such as Saudi Arabia, the United Arab Emirates (UAE), and Qatar in the fields of future energy, electric vehicles and defense.The KCCI released the report on economic coop
Amid tensions between the U.S. and China, domestic businesses are growing increasingly anxious as China includes graphite, a crucial component for secondary batteries, in its export control list. This move towards controlling not just gallium and germanium but also graphite by China in the second ha
Kolmar Korea's sun care products are extending their reach worldwide. The equation "Kolmar Korea = Sun Care" is being recognized not just in Korea but globally. The critical reasons for Kolmar Korea's sun care products achieving this world-class status lie in its technical prowess and the trust of c
McKinsey introduced the content of its report, “Koreas Next S-Curve,” to international media outlets at Shilla Hotel in Seoul on Oct. 19. In the report, the company proposed three pillars of reorganization, transformation, and construction and eight action items for Korea’s economic renaissance.McKi
Chinese battery companies, known for their strength in lithium iron phosphate (LFP) batteries, are leveraging ternary batteries, which are the mainstay products of Korean battery companies, to increase their market share in Europe.According to a report titled “Factors and Implications for Chinese Co
Korea Aerospace Industries (KAI) will collaborate with Lockheed Martin-Sikorsky on a project to build a new large maneuvers helicopter for the Korean military’s special forces. Sikorsky is a subsidiary of Lockheed Martin that specializes in rotorcraft manufacturing.KAI announced on Oct. 18 that it s
The Korean defense industry is accelerating its penetration of the global defense market with powerful weapon systems and differentiated technological competitiveness. For example, major Korean defense companies posted record exports of US$17.3 billion in 2022 and are on track to reach US$20 billion
Eco-friendly car exports, including hybrid, electric, and hydrogen vehicles, recorded US$18 billion in the first nine months of this year, outpacing the total eco-friendly car exports of US$16.1 billion in the previous year.According to a “September 2023 Automotive Industry Trends” report released b
South Korea’s major government-run banks and commercial banks, including the Korea Development Bank, the Export-Import Bank of Korea, Kookmin Bank, and Woori Bank, are planning to provide multi-million-dollar loans for Hanwha Group’s 24 trillion won (US$17.71 billion) investment in a U.S. liquefied
The U.S. Department of Commerce has intensified the ongoing “chip war” between the United States and China by effectively blocking all semiconductor deals with China, including prohibiting exports of low-end artificial intelligence (AI) chips, on Oct. 17 (local time).The Ministry of Trade, Industry,
As the U.S. administration has raised a countervailing duty on Korean steel products by regarding cheap electricity in Korea as a kind of government subsidy for steelmakers, the Korean government has confirmed its decision to challenge the U.S. administration over the case in the U.S. court along wi
There is a growing consensus that a revision of the South Korea-China Free Trade Agreement (FTA) is necessary to address the trade deficit with China. South Korea’s trade surplus with China has been shrinking every year until it turned into a deficit in October last year, marking 12 consecutive mont
South Korean defense industry firms have entered into a second-stage weapons export contract with Poland worth 30 trillion won (US$22.12 billion). This would elevate South Korea to the fourth-largest defense industry exporter worldwide in one go. However, the finalization of the contract, which was