Overseas construction orders for Korea-based companies hit the highest level in five years in the first half of 2023. Hyundai E&C led the way, winning a US$5 billion plant project in Saudi Arabia late last month.Overseas construction orders to Korea totaled US$17.3 billion in the first half of 2023,
Korea and China are set to compete in the battery industry in Southeast Asia with high growth potential. Korean companies are investing heavily in Indonesia, Thailand, Malaysia, and Vietnam, the four largest electric vehicle markets in Southeast Asia. China, which has been blocked from entering Nort
As Korean battery companies such as LG Energy Solution, Samsung SDI, and SK on head to the United States, they are faced with an unexpected problem –- the emergence of a local labor movement. They are pressuring Korean battery companies over wage negotiations. If the situation becomes prolonged, it
LS ELECTRIC is establishing its first North American production base in the state of Texas in the U.S. This move comes as demand for distribution systems, an essential power infrastructure for factories, is rapidly increasing. This is due to Korean companies in the semiconductor, automobile, seconda
The monopoly structure of Korea’s three telecoms companies -- SK telecom, KT and LG Uplus -- has lasted for more than 20 years. To make a change in this structure, the Korean government will lower the frequency allocation fee for a new operator and provide the new operator with support such as loans
LG Energy Solution has succeeded in securing a massive supply of lithium to reinforce its North American supply chain.On July 7, LG Energy Solution announced that it had signed a long-term purchase contract for 100,000 tons of lithium over seven years with SQM, a leading lithium producer in Chile.Th
Apple is in talks with display suppliers to launch a foldable MacBook model, which is expected to rev up the sluggish display market.Apple is expected to launch a foldable laptop as soon as 2026, according to industry sources on July 6. Apple is in talks with suppliers to launch the foldable MacBook
Korea Western Power is set to jointly develop a green hydrogen and ammonia project with a local energy company in the United States.On July 5 (local time), Korea Western Power signed a memorandum of understanding (MOU) for the development of a U.S. green hydrogen and ammonia production project with
Hyundai Mobis announced on July 6 that its ongoing battery cell joint venture investment with LG Energy Solution in Indonesia has recently been named “Asia Deal of the Year for 2022” by Trade Export Finance (TXF), a British financial research institute. TXF highly recognized the value of the battery
The author is an analyst for Shinhan Securities. She can be reached at hpark@shinhan.com -- Ed.2Q23 earnings to miss expectationsLG H&H is expected to have registered consolidated operating profit of KRW183.6bn (-15% YoY) on sales of KRW1.78tr (-5% YoY) in 2Q23, coming short of our estimates. Sales
Propelled by the acceleration of the next generation of K-Beauty players, South Korea’s cosmetic exports have surpassed 10 trillion won for two consecutive years.According to the Ministry of Food and Drug Safety on July 6, domestic cosmetic companies’ exports last year were 10.2751 trillion won (US$
Chairman Koo Kwang-mo of LG Group, Vice Chairman Kim Dong-kwan of Hanwha, and Chairman Koo Ja-yeon of LS are among the conglomerate heads accompanying President Yoon Suk-yeol on his visit to Europe. Chairman Lee Jae-yong of Samsung Electronics, Chairman Chey Tae-won of SK Group, and Chairman Chung E
NextStar Energy, a joint venture between LG Energy Solution and American-European automaker Stellantis, has finally agreed with the Canadian Government on a battery subsidy of 15 trillion won. The two companies have been at odds over the battery subsidy issue, going as far as threatening to suspend
“China’s OLEDs for smartphones have strong price competitiveness,” said Lee Chung-hun, CEO of UBI Research, at the 2023 OLED & Micro Display Seminar at the Federation of Korean Industry Tower in Seoul on July 5. “China will hog the market for organic light-emitting diode displays for smartphones.”Ac
Global battery companies are closely watching Europe’s growing energy storage system (ESS) market. As demand for renewable energy generation has surged due to the Russia-Ukraine war, demand for ESSs to store electric power has also grown considerably.Korean companies such as LG Energy Solution have
Leading global corporations from South Korea including Samsung, SK, Hyundai Motor, and LG have set up local offices around Capitol Hill and are strengthening communications with the U.S. government and Congress by recruiting high-ranking former U.S. bureaucrats and other influential figures.Last yea
Since the full implementation of China’s Hallyu (Korean Wave) Ban in 2016, it has been revealed that a total of 46 Chinese subsidiaries of South Korean corporations have been sold or liquidated. The total revenue scale of these companies is approaching 20 trillion won.On July 5, CEO Score, a corpora
The four major conglomerates - Samsung, SK, Hyundai Motor, and LG - have virtually returned to the Federation of Korean Industries (FKI). The return isn’t in the form of re-enlistment, but rather through the transfer of membership from affiliated research institutions.According to industry insiders
With regard to batteries, the mood is changing in Europe, which has been pushing for battery self-sufficiency to lower its dependence on Korea for batteries. With the proliferation of startup battery companies in Europe, demand for battery materials is expected to surge there. Faced with technologic
India has previously been heavily dependent on Russian arms. But now the nation has emerged as a new export destination for the Korean defense industry.According to industry sources on July 4, Hanwha Aerospace plans to participate in the Indian Army’s Future Infantry Combat Vehicle (FICV) Project. T