With U.S. President Joe Biden directing the Office of the U.S. Trade Representative (USTR) to triple tariffs on Chinese steel and aluminum, attention is turning to impacts the action will have on Korea’s steel industry.According to the Korean government and the Korean steel industry on April 17, the
The finance ministers of South Korea and Japan jointly announced that they could take appropriate measures to address recent volatility in the foreign exchange markets, signaling a readiness for “verbal intervention.” It appears that South Korea and Japan are joining hands to engage in a “currency w
In the realm of emerging artificial intelligence startups, South Korea lags behind China and India in terms of scale, a recent survey reveals.On April 17, the Singapore-based tech news outlet Tech in Asia released a list of the Top 50 AI Startups in Asia receiving the most investment. China leads wi
Domestic semiconductor design houses are accelerating their expansion into the global market with plans to diversify their revenue sources by targeting overseas fabless semiconductor design companies.Industry sources revealed on April 16 that Samsung Electronics’ Foundry Business Unit’s Design Solut
Finance ministers of Korea, the United States, and Japan will meet for the first time ever in Washington, D.C., the United States on April 17.The Ministry of Strategy and Finance announced on April 16 that Deputy Prime Minister and Minister of Finance Choi Sang-mok will leave for the United States t
Much attention is paid to geopolitical risks in the Middle East, which have accounted for the largest share of overseas construction orders to Korean construction companies in the first quarter of this year.A total of 183 Korean construction companies won 171 orders in 63 countries around the world
South Korean cosmetics companies such as LG Household & Health Care and AmorePacific are reducing their reliance on the Chinese market and aggressively increasing their market share in the United States.According to statistics from the Korea Customs Service on April 15, the export amount of Korean c
Last year, South Korea’s secondary battery exports declined for the first time in eight years, not due to weakened industrial competitiveness but as a result of increased overseas production.According to the report “Factors Influencing Changes in Secondary Battery Exports and Future Directions” publ
Anticipations are growing for the Korean shipbuilding industry’s entry into the U.S. warship maintenance, repair and overhaul (MRO) business as the U.S. Secretary of the Navy, who is in charge of the U.S. Navy’s weapons procurement and budget, has praised the capabilities of the Korean shipbuilding
HD Hyundai will develop an unmanned surface vessel (USV) with Palantir Technologies, a U.S. artificial intelligence-based data analysis company.USVs are autonomous surface vessels not piloted by humans. They are being recognized as a game changer for future naval warfare. It replaces existing manned
Partnerships to develop purpose-built vehicles (PBVs) to build an eco-friendly logistics system are growing between the automotive industry and logistics companies. This is due to rapidly increasing demand for electric trucks instead of diesel trucks in line with a global carbon neutrality initiativ
SK on, the battery business subsidiary of SK Innovation, is partnering with Siemens Digital Industries Software (DISW) to embark on the establishment of smart factory systems.SK on announced on April 14 that it had signed a memorandum of understanding (MOU) with Siemens DISW at the SK Seorin Buildin
On the night of April 13 (local time), Iran launched retaliatory attacks against Israel, employing drones, cruise missiles, and ballistic missiles. This action is expected to lead to an escalation in international oil prices. In addition, the exchange rate of the Korean won against the U.S. dollar r
Celltrion announced on April 11 that “Zymfentra” (the U.S. brand name for Remsima), the world’s first subcutaneous formulation of infliximab for the treatment of autoimmune diseases developed in-house, has completed its formulation patent registration with the United States Patent and Trademark Offi
HD Hyundai Heavy Industries recently announced the signing of a technical memorandum of understanding (MOU) with global turbine company GE Aerospace for the development of an optimized propulsion system for export warships at the Sea Air Space 2024 exhibition in the United States on April 11.The agr
The trilateral military alliance of the United States, the United Kingdom, and Australia, known as “AUKUS,” is reportedly considering South Korea as a potential cooperation partner for joint development of advanced military technology. This development has raised expectations for “K-Defense,” which
Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy is embarking on a trip to the United States ahead of the announcement of the nuclear power plant operator selection in the Czech Republic.The U.S. court has dismissed the lawsuit filed by Westinghouse against Korea Hydro & Nuclear
The domestic steel industry continues to remain tense despite favorable factors such as a decrease in raw material prices and production cuts in China. With demand continuing to shrink due to economic downturns, inventory buildup persists, leaving little room for relaxation.According to the steel in
After enduring difficulties in the first quarter, major Korean entertainment companies have been aggressively marketing themselves. They are also changing their consumer bases, shifting from a profit structure that relies on core fans to target light fans, those who consume music lightly.According t
SPC Group’s Paris Baguette will break into Latin America.According to industry sources on April 9, Paris Baguette has begun to enter the Mexican market through its U.S. subsidiary. This means that the Korean bakery giant will penetrate the Latin American market for the first time.Paris Baguette is l