The Balikpapan Oil Refinery, built by Hyundai Engineering in East Kalimantan on Borneo Island in Indonesia, reached a 68 percent operation rate in February 2023, three years after ground was broken in February 2019, according to industry sources on March 7. It is expected to cross 70 percent sooner
The Bank of Korea announced on March 7 that South Korea’s GNI per capita was US$32,661 last year, down 7.7 percent from a year ago, and yet on a won basis it increased 4.3 percent to 42.203 million won.“Last year, the KRW-USD exchange rate jumped no less than 12.9 percent to lower the nominal GDP by
OpenSecrets announced on March 2 that Samsung spent US$5.79 million on lobbying in the United States last year, up 56 percent from a year ago.According to the non-profit organization, the amount was US$3.91 million in 2018, somewhat decreased in 2019 to 2021, and then began to substantially increase
EQT Partners, a private equity fund (PEF), has finalized the acquisition of SK Shieldus, a security business affiliate of SK Group. EQT will sign a stock purchase agreement (SPA) worth three trillion won with SK Shieldus this week. It will take over about 30 percent of the 63.1 percent stake held by
LG Innotek's sales to Apple amounted to more than 15 trillion won in 2022, accounting for 77 percent of the company’s total sales.According to the 2022 business report released by LG Innotek on Feb. 23, sales to a single customer which accounted for more than 10 percent of its total sales in 202
The Japanese government implemented export restrictions against South Korea in July 2019 and South Korea has taken measures since then in order to rely less on industrial materials, components and equipment imported from Japan. It has been found that the dependence is still high nonetheless. Besides
SPC Paris Baguette announced on Feb. 21 that it has offered 20 college students an opportunity to intern at its subsidiary in the United States.Paris Baguette signed an MOU with Woosong College to provide an on-the-job training program to Paris Baguette Bakery class students in the United States whi
The number of Japanese companies doing business in South Korea was 235 in 2018 and decreased to 189 in 2019, when the bilateral relations of the two countries deteriorated seriously. After the outbreak of COVID-19, the number dropped to 133 in 2020 and to 130 in 2022. The average of the annual count
The U.S. safeguard on South Korean washing machines implemented in February 2018 is likely to expire without extension at the end of this month. For the past five years, Samsung Electronics and LG Electronics raised their shares in the market by successfully dealing with the trade barrier.In princip
Korean transport and logistics companies are focusing on Indonesia’s rapid digital economic growth.Hanjin recently turned its Jakarta office into a corporation. According to the company, the decision is because the Indonesian e-commerce market is the largest and fastest-growing in Southeast Asia. Ha
The National Pension Service (NPS) Investment Management’s investment loss amounted to 8 percent last year. Its assets under management fell below 900 trillion won and it recorded its third annual investment loss since its inception in 1999. The figure is tentative and does not reflect alternative i
The Export-Import Bank of Korea (Korea Eximbank) announced on Feb. 16 that it donated 100 million won to the Korean Red Cross to help earthquake victims in Turkey.Korea Eximbank’s relief donations will be used to improve the victims’ living environment in Turkey and to purchase relief goods such as
HK Innoen inno.N said on Feb. 14 that its gastroesophageal reflux disease drug K-CAB Tab. has been approved by Mexico's Federal Commission for the Protection against Sanitary Risk (COFEPRIS).In 2018, HK inno.N signed a contract with Laboratorios Carnot, the No. 1 pharmaceutical company in the pe
Korea Electric Power Corp. announced on Feb. 14 that the amount of nuclear power generation in South Korea increased 11.4 percent to 176,054 GWh last year, when the amount topped 170,000 GWh for the first time ever.In 2022, South Korea’s total power generation was 594,392 GWh and nuclear power gener
Five years have passed since Mirae Asset Global Investments acquired Global X, a U.S. ETF management company. Global X has grown exponentially from a rising star in the U.S. market to a leader in theme-type ETFs by increasing its assets under management by about six times during this period.In Febru
The author is an analyst of NH Investment & Securities. She can be reached at yd.yoon@nhqv.com. -- Ed. Partnering up with Dunamu and Lambda256, Hanwha I&S has been actively preparing to launch a blockchain business. By utilizing its extensive network, the firm is expected to work with blockchain sta
Shinhan Financial Group announced on Feb. 9 that it has been included in the Platinum Club of the Carbon Disclosure Project (CDP) Korea for two consecutive years.The CDP is a global project commissioned by global financial investment institutions to induce major global companies to disclose informat
The KAIST Center for Global Public Procurement opened a door so that 16 South Korean companies with innovative technologies can participate in the procurement market of Massachusetts for seven years to come. For reference, the procurement market of the U.S. federal government has a size of approxima
The Korea Institute of Finance said in its report on Feb. 5 that the real estate project financing-related risk exposure of the non-banking sector was 191.7 trillion won at the end of June last year. For reference, the figure was less than 95 trillion won at the end of 2018.According to the report,
LG Group has published the "LG Net Zero Special Report," disclosing the step-by-step greenhouse gas emission reduction plans and targets of its seven key subsidiaries that account for 99 percent of the group's emissions.The seven affiliates are LG Electronics, LG Display, LG Innotek, LG Chem, LG