NICE Investors Service said in its recent report that the U.S. Inflation Reduction Act is likely to adversely affect South Korea’s EV industry by requiring more investment in North America. “Competition in the commercial EV market is likely to intensify in the short term, and then price competition
The European Parliament passed the Carbon Border Adjustment Mechanism bill on April 18. The Council of the European Union is likely to give final approval next month to complete the legislation.The bill is to impose additional tariffs on steel, aluminum, fertilizer, electricity, cement, and hydrogen
The U.S. Department of Commerce raised a question about cheap electricity rates through a preliminary ruling, saying, “The Korean government is actually subsidizing the Korean steel industry.” Even three years ago, U.S. officials thought that electricity rates in Korea were not subsidies, but now th
POSCO International Vice Chairman Jeong Tak, who doubles as a member of the Busan Expo Executive Committee, had a business meeting with Marius Skuodis, minister of transportation and communications of Lithuania, and Julius Skačkauskas, vice minister of transport and communications of Lithuania, at t
The Incheon Free Economic Zone (IFEZ) Authority announced that Dawn Rowe, chairperson of the supervisory committee of San Bernardino County in the state of California in the United States and others visited Songdo International City’s Smart City Operation Center on April 18.The visit was paid as San
KEPCO announced on April 18th that it has signed a memorandum of understanding (MOU) with Japanese oil company Idemitsu at the KEPCO Art Center in Seoul on April 14 for cooperation in establishing a clean ammonia supply chain.On this day, Jeon Chan-hyeok, head of the New Growth Business Development
Korean Air flight KE462, which was scheduled to arrive in Incheon from Da Nang, Vietnam, was delayed, inconveniencing more than 270 passengers.According to Korean Air, the flight scheduled to depart Da Nang International Airport in Vietnam at 10:50 p.m. on Nov. 16 (local time) for Incheon was unable
Major South Korean defense companies – Hanwha Aerospace, Korea Aerospace Industries, LIG Nex1, Daewoo Shipbuilding & Marine Engineering, and Hyundai Rotem – recorded an order backlog of 100.4834 trillion won (US$76.21675 billion) at the end of last year.Specifically, Hanwha Aerospace topped 52.658 t
Two out of three South Koreans believe that the ROK-U.S. alliance has been the foundation of Korea’s economic growth.The Federation of Korean Industries (FKI) announced on April 16 the results of a survey commemorating the 70th anniversary of the ROK-U.S. alliance. The survey was conducted on 1,004
The Bank of Korea predicted that recent industrial policies to place national priorities above others would eventually have a negative impact on the global economy.In a report on the status and implications of major countries’ “me-first” industrial policies on April 16, the BOK’s U.S.-Europe Economi
Korea Hydro & Nuclear Power (KHNP) and Westinghouse are expected to end their litigation with a U.S.-South Korea summit scheduled for this month.The litigation started in October last year with regard to the Dukovany Nuclear Power Plant in the Czech Republic. KHNP was trying to export an APR1400 rea
According to China’s state-run Xinhua News Agency on April 13, President Xi visited LG Display’s factory and the R&D center for electric vehicle Aion under China’s Guangzhou Automobile Group (GAC) as part of a tour of Guangzhou in Guangdong Province of China on April 12.The Chinese political leaders
Incheon International Airport Corporation announced on April 13 that Americans and South Koreans were the nationalities most frequently found carrying dangerous articles at the airport for the past 51 months.Specifically, the number of cases of Americans carrying such articles was 201 in 2019, 204 i
The Korea Fair Trade Commission fined Qualcomm 1.0311 trillion won (US$795.03 million) in 2017 for market dominance abuse and unfair transactions. On April 13, the Supreme Court of South Korea finalized its ruling that the penalty was legitimate.The penalty was imposed on Jan. 20, 2017. At that time
Korea Chamber of Commerce and Industry Chairman Chey Tae-won stressed the importance of economic cooperation with Portugal at the Korean-Portuguese Business Forum in Seoul on April 12.“Portugal is highly business-friendly, very important geographically, and home to the largest lithium reserves in Eu
National Assemblyman Seo Il-joon of the People Power Party called for an immediate investigation into an alleged KDDX defense mafia case during the Moon Jae-in administration, citing the recent confirmation of the conviction of nine HD Hyundai employees who secretly stole military and trade secrets
“We will increase Korea’s electric vehicle production capacities five times by 2030 to grow Korea into one of the top three global future car powerhouses,” President Yoon Suk-yeol emphasized on April 11. Hyundai Motor Group also announced its strong will to seize the hegemony of the electric vehicle
Korea Hydro & Nuclear Power (KHNP) and the British Embassy in Korea announced on April 11 that they have signed a net zero partnership MOU on carbon neutral cooperation such as to create a clean hydrogen ecosystem.British Secretary of State for Energy Security and Net Zero Grant Shapps, visiting Kor
The Korea Fair Trade Commission has ordered Google to pay a penalty of 42.1 billion won (US$31.8 million) for having hindered mobile game launches on One Store, a domestically launched app market and an alternative to the Google Play Store.According to the commission, Google provided incentives for
Portuguese Prime Minister Antonio Costa met South Korea with Hanwha Group Vice Chairman Kim Dong-kwan and SK Hynix Vice Chairman Park Jung-ho.The prime minister and the vice chairman of Hanwha discussed cooperation in the energy sector. The group’s business models in this sector include renewable en