It has been revealed that the overseas subsidiaries of the top four domestic commercial banks achieved high performances in the third quarter of this year compared to the previous year.With the lifting of the COVID-19 lockdown in China, KEB Hana Bank and KB Kookmin Bank saw notably significant incre
SK earthon, a subsidiary of SK innovation dedicated to resource development, announced on Nov. 22 that it has started the shipment of crude oil produced from the Lufeng 12-3 oil field in Block 17/03 located in the northeastern South China Sea. The production of this crude oil, which commenced in Sep
Samsung Electronics experienced a more than 8% decrease in its global smartphone shipments in the third quarter compared to the same period last year. In contrast, shipments from its competitors, Apple and Xiaomi, have increased.The Wall Street Journal, citing market analysis firm IDC, reported on N
A fire broke out at SK on’s electric vehicle battery factory in China, which was in the process of preparing for operation.According to SK on on Nov. 21, a blaze erupted at the company’s second factory in Yancheng, Jiangsu Province, China. The facility was in the midst of preparations for operation,
Korea has only 0.5 percent of the world’s specialized AI talent. Out of 30 countries, Korea placed only 22nd in AI talent retention.The Federation of Korean Industries (FKI) released a report on AI Talent Acquisition Strategies and Implications for Korea, the United States and China on Nov. 20. The
“An accelerated reorganization of global supply chains that began after the U.S.-China hegemony war has led to the emergence of alternative countries as alternative production bases that can replace China,” said Lee Sang-won, head of product strategy at Korea Investment Management at an India & Viet
Korea’s real gross domestic product (GDP) is expected to rise by 2.0 percent next year from this year, according to the state-run Korea Institute for Industrial Economics and Trade (KIET) in its 2024 Economic and Industrial Outlook report released on Nov. 20. The relatively conservative forecast is
The value of the Japanese yen is nearing its lowest point in 33 years, emerging as a hidden challenge for South Korea’s industrial sector. Key industries such as steel, automotive, and electronic components, which directly compete with Japanese counterparts, are facing weakened price competitiveness
Samsung Electronics and SK hynix, leaders in the memory semiconductor market, are facing intense competition from China. The Chinese government is pouring substantial funds into developing a self-sufficient memory semiconductor industry to reduce its dependency on foreign technology.According to ind
In the wake of U.S. regulations stymieing China’s semiconductor ambitions the country has shifted its focus to general-purpose semiconductors. Facing challenges in acquiring advanced semiconductor technology due to equipment import controls, China is significantly enhancing its production capacity i
The export revenue of ramen, which celebrates its 60th anniversary this year, has surpassed 1 trillion won for the first time in history.According to trade statistics from the Korea Customs Service on Nov. 20, the export revenue of ramen for the first 10 months of this year reached US$785.25 million
South Korean conglomerates, including Samsung and LG, are set to unveil new home appliances, mobile technologies, and mobility (automotive) solutions at CES 2024, the world’s largest electronics trade show held in the United States, embarking on extensive promotional activities.According to industry
SK ecoplant, in collaboration with EcoPro and TES, is set to establish a battery recycling plant in Hungary. This strategic move will capitalize on Hungary's status as a European Battery Production Hub, where a number of global battery and electric vehicle companies are present, ensuring a steady su
As Korea, China, and Japan continue to compete in the world shipbuilding market, China took the lion’s share of large oceangoing vessel orders in 2022, according to a report.According to an annual report on the shipping and shipbuilding markets by ship brokerage firm Barry Rogriano Salis (BRS) Group
In the ratio of corporate debt to South Korea’s gross domestic product (GDP), it has been revealed that the country has moved from the fourth to the third position globally in just three months.According to the world debt report released by the Institute of International Finance (IFF) on Nov. 16, co
Despite recent economic downturns and reduced subsidies globally leading to a slowdown in electric vehicle demand, the accumulated investments from South Korea’s three major battery companies -- LG Energy Solution, SK On, and Samsung SDI -- for this year have been confirmed to be double last year’s
Contrary to the prevailing pessimism earlier this year, foreign media analysis suggests that the South Korean economy is exhibiting an encouraging trend.In his column on Nov. 15 (local time), Bloomberg opinion columnist Daniel Moss assessed the South Korean economy stating, “Critical exports are in
Kia’s Chinese joint venture is grappling with the challenge of “complete capital erosion,” struggling to break free from the quagmire. In this situation, local car sales remain sluggish, and with expenses continually increasing, the scale of debt has grown further.According to Kia’s quarterly report
Thomas Ingenlath, CEO of Polestar and a designer by profession, made a surprise announcement at the Polestar Day event held in Los Angeles, California, on Nov. 9 (local time). He revealed plans to produce the Polestar 4, a coupe-style Sports Utility Vehicle (SUV), in South Korea.On Nov. 16, the auto
SK Earthon, an exploration and production (E&P) subsidiary of SK Innovation, has successfully discovered crude oil in an offshore block in Vietnam after four years. The discovery was made during the exploration stage, which is the first step in resource development, following the success of crude oi