Lotte Property & Development (P&D) announced on Feb. 20 that it has invited 10 officials of Lotte P&D Vietnam, the company's subsidiary in Vietnam, to Lotte World Tower in Seoul for a five-day training from Feb. 20-24.This program is designed to share Lotte World Tower Mall’s expertise and opera
TCL, a Chinese home appliance company, pushed out LG Electronics and ranked second in the global TV sales standings last year. This marked the first time TCL has placed second. While the size of the global TV market shrank by 13.2 percent compared to the previous year, competition in the world TV ma
Korea's Samsung Display and LG Display and China’s BOE are competing for a bigger share of Apple's order for organic light-emitting diode (OLED) displays for tablets and laptops.Apple plans to load OLED panels into its new iPad Pro models, which are scheduled to come out in 2024. The iPad is
Korea Expressway Corp. and its labor union announced that they have donated 150 million won for emergency relief and reconstruction in Turkey and Syria, which were severely damaged by massive earthquakes.They raised the money with donations from employees and social contribution funds raised by unio
Korea Hydro & Nuclear Power (KHNP) submitted a proposal for the construction of a tritium removal facility (TRF) in Cernavoda, Romania, to Societatea Nationala Nuclearelectrica (SNN), a Romanian nuclear power corporation, on Feb. 20 (local time).A TRF can considerably slash the amount of radioactive
POSCO International’s grain terminal in Ukraine is continuing its overseas food business through a partial operation without suffering damage.The volume of grain handled by the grain terminal in 2022 stood at 310,000 tons, down by more than half from 760,000 tons in 2021. The operation of the termin
Ssangyong E&C announced on Feb. 21 that it successfully completed the construction of the Atlantis The Royal Hotel in Dubai in mid-February after about 80 months of construction. The Korean builder received the order from Dubai, the most populous city in the UAE, in December 2015 and began the const
The number of transactions of commercial and office buildings in Seoul was 2,205 in 2022, down 43.8 percent from a year ago and the steepest decline since 2006. The scale of the transactions decreased 32 percent to 23.9 trillion won.By district, the number decreased from 507 to 246 in Yeongdeungpo a
South Korean display manufacturers need to accelerate their development of more advanced OLED displays, with Chinese companies rapidly following them in the OLED display market, an industry analyst said in Seoul on Feb. 21.Kang Min-su, an analyst of Omdia, a technology research company, presented a
Ford is increasing EV battery purchase from Chinese suppliers. For example, Ford and CATL are planning to produce LFP batteries together. The global demand for LFP batteries, which are main products of Chinese EV battery makers, is likely to increase while South Korean suppliers are concentrating on
An amendment to the Enforcement Decree of the Restriction of Special Taxation Act was passed on Feb. 21 so that companies investing in key industries can get tax credits before investment proof. The official announcement of the new decree is scheduled for late this month and its first effective date
The Korea Customs Service announced on Feb. 21 that South Korea’s trade deficit was US$5.987 billion for the first 20 days of this month, about 330 percent of that recorded in the same period of the previous year. For the first 51 days of this year, the trade deficit amounted to US$18.639 billion, n
The war in Ukraine entered its second year. Many global enterprises such as Apple, Mercedes-Benz and Renault have already left Russia, but South Korean enterprises such as Samsung Electronics, LG Electronics and Hyundai Motor Co. have not withdrawn from the country. Their one-year business loss in R
SPC Paris Baguette announced on Feb. 21 that it has offered 20 college students an opportunity to intern at its subsidiary in the United States.Paris Baguette signed an MOU with Woosong College to provide an on-the-job training program to Paris Baguette Bakery class students in the United States whi
NongHyup Bank announced on Feb. 20 that Elvira Kruger, CEO of ING Bank’s global trade finance division, visited its headquarters in Jung-gu, Seoul. ING Bank is the number one bank in the Netherlands in terms of total assets.This visit was arranged to expand NongHyup Bank’s overseas business, such as
SK On’s U.S. subsidiary, SK Battery America (SKBA), has restarted its battery production plant that supplies batteries for Ford Motor’s electric pickup truck F-150 Lightning.SKBA restarted the plant in Commerce, Georgia, from late afternoon on Feb. 20 (local time). The decision was made 15 days afte
Samsung Electronics announced on Feb. 21 that it will produce Ambarella's newly announced CV3-AD685 automotive AI central domain controller using its 5-nanometer (nm) process technology.Ambarella is a NASDAQ-listed AI semiconductor company. This collaboration will help transform the next generat
With the launch of Apple Pay in Korea imminent, Naver Pay and Samsung Pay which rank first in the online and offline payment markets, respectively, are forging an alliance, signaling a seismic change in the simple payment market in Korea.Samsung Pay services will become available at online merchants
The authors are economists of Shinhan Securities. They can be reached at keonhyeong.ha@shinhan.com. -- Ed.Tightening fears resurface on strong jobs data and growing inflationary pressureAt the beginning of 2023, expectations for slower tightening and upbeat economic outlook with normalization of the
Korea’s automobile exports hit an all-time monthly high in January as the shortage of automotive semiconductors eased and sales of eco-friendly cars grew. However, exports of auto parts contracted. Car exports in January totaled US$4.984 billion, the highest monthly figure ever, according to the dat