It is expected that domestic petrochemical companies engaged in the oil refining business will achieve an improvement in their performance in the third quarter. After incurring significant losses in the second quarter, the oil refining sector is anticipated to generate profits due to the upward tren
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
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho said on Oct. 19 that Korea will not exit from China, in response to concerns about the Korea’s withdrawal from China as Korea, Japan and the United States have strengthened their trilateral cooperation.“There is no reason to tu
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
Japan’s Mitsubishi Motors has decided to exit the Chinese market as local Chinese car brands dominate the scene, tarnishing the reputation of automobile powerhouses like Germany and Japan.According to a report by Japan’s NHK Broadcasting on Oct. 19, sources have indicated that Mitsubishi Motors has
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
Challenges loom ahead for domestic companies that sell cathodes, made from materials like lithium and nickel, to battery manufacturers.Companies that held a strong foothold with nickel, cobalt, and manganese, essential for ternary batteries, are now under threat as the competition for low-priced ele
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,
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.Wemade’s 3Q23 bottom line should show a turn to the black on a royalties contract for Mir 2 & 3 in China. We anticipate solid future OP, forseeing annual W100bn in additional royalty income over t
The share of Chinese-made drones in Korea’s rural areas has ballooned, following the trend of Chinese-made solar power facilities across Korea.According to data that the Ministry of Agriculture, Food and Rural Affairs submitted to the Office of Ahn Byung-gil, a member of the National Assembly on Oct
Refiners are shifting their business focus from refining margins to biofuels. They are looking to grow their eco-friendly biofuel business, as the use of biofuels may rise in order to reduce carbon in line with a global low-carbon agenda.According to industry sources on Oct. 17, the European Union (
It has been revealed that the amounts of fines and penalties imposed on domestic commercial banks in foreign countries have increased by 180 times in just three years.Based on the data obtained by Kim Jong-min, a member of the opposing Democratic Party, from the Financial Supervisory Service, fines
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
The U.S. Inflation Reduction Act (IRA) has been found to significantly impact the sales volumes of automobile manufacturers in the global electric vehicle (EV) market, excluding China.According to a study by the energy market research firm SNE Research, the number of EVs registered in regions outsid
Samsung Electronics and LG Electronics are set to reduce their LCD TV panel procurement ratio from Chinese companies starting next year. This move is interpreted as a strategy to stabilize supply chain management by decreasing reliance on the unstable Chinese panel market and to counteract Chinese e
CJ Foodville-operated Tous Les Jours has surpassed the 400 international store milestone.On Oct. 17, CJ Foodville announced that Tous Les Jours has opened over 400 global outlets in countries including the United States, China, Indonesia, and Mongolia.In the U.S., which was the first overseas market
In a recent move, the U.S. designated semiconductor plants of Samsung Electronics and SK hynix in China as “Verified End Users (VEU).” In response, Ahn Deok-geun, the chief trade negotiator of the Ministry of Trade, Industry, and Energy, said, “By mobilizing consultation channels centered on the Pre
On Oct. 16, Yoo Hee-dong, the director of the Korea Meteorological Administration (KMA), expressed his regret regarding the discovery of malicious code in Chinese-made meteorological equipment, stating, “I deeply apologize. In collaboration with the National Intelligence Service (NIS), the competent
As the global aviation industry accelerates its efforts to introduce Sustainable Aviation Fuels (SAF) for carbon emission reduction, it appears that no South Korean airport has made it onto the list of “SAF-supplying Airports” designated by the International Civil Aviation Organization (ICAO). Conce
Korea’s information and communications technology (ICT) exports fell 13.4 percent year on year in September. The decline rate hit the lowest of the year thanks to semiconductor exports, which posted this year’s best performance in September.According to September ICT import and export data from the