Samsung Heavy Industries has secured a second-phase project for liquefied natural gas (LNG) carriers worth 4.6 trillion won (US$2.5 billion), following HD Hyundai Heavy Industries, marking another success for two of South Korea’s major shipbuilders in the Qatar LNG project.On Feb. 6, Samsung Heavy I
Xiaomi and Huawei, major Chinese smartphone manufacturers, are set to launch a series of new premium phone models, intensifying competition for Samsung Electronics, which is already contending with Apple’s iPhone. The Xiaomi 14 series will be globally released this month, featuring the Qualcomm Snap
Samsung smartphones, once leading the market in the United States, have seen a significant drop in market share, facing a crisis as Galaxy sales plummet in one of the world’s largest markets.According to market research firm Counterpoint Research on Feb. 6, Samsung Electronics’ market share in the U
On Feb. 6, TikTok, the global short-form platform, revealed its content moderation methods aimed at creating a “safe platform environment.” The company disclosed that its content guidelines are enforced through a combination of artificial intelligence (AI) technology and human content moderation tea
SK innovation reported on Feb. 6 that its revenue for the last year amounted to 77.2885 trillion won (US$58.2400 billion) with an operating profit of 1.9039 trillion won. Compared to the previous year, revenue and operating profit decreased by 0.98% and 51%, respectively.In the fourth quarter of las
The Ministry of Trade, Industry, and Energy revealed on Jan. 6 that last year a total of 23 cases of overseas leakage of industrial technology, including “national core technologies,” were detected, marking an increase of 3 cases from the previous year. The government designates as national core tec
The global leading automotive company Toyota, which has been embroiled in a “quality certification fraud” scandal, announced a record-breaking net profit of 4.5 trillion yen, equivalent to 40.2 trillion won or US$30.28 billion, for the fiscal year 2023, spanning from April 2023 to March 2024. The pr
The Korea Exchange (KRX) announced on Feb. 6 that it will open the “30-Year Treasury Futures Market” from Feb. 19 to promote the advancement of the government bond market and hedge against risks from long-term interest rate fluctuations. This marks the first time in 16 years since the introduction o
Due to the strength of the U.S. dollar, the foreign exchange reserves decreased last month for the first time in three months.According to the statistics of the “Foreign Reserves as of the End of January 2024” publication released by the Bank of Korea (BOK) on Feb. 5, South Korea’s foreign reserves
Celltrion announced on Feb. 6 that Rani Therapeutics (Rani) in the United States has confirmed positive topline results in the Phase 1 clinical trial of oral ustekinumab (development name: RT-111). RT-111 is an oral formulation of Celltrion’s Stelara biosimilar, CT-P43, currently under development.I
On Feb. 6, a joint research team at the Ulsan National Institute of Science and Technology (UNIST), led by Professor Lee Jae-sung, Professor Jang Ji-wook, and Professor Seok Sang-il from the Department of Energy and Chemical Engineering and Professor Lim Han-kwon from the Graduate School of Carbon N
The government has decided to announce measures in February to address the risk of foreign investors’ failure to settle foreign exchange payments as part of the structural improvements in South Korea’s foreign exchange market, which are set to begin in earnest in July.The plan is to manage the risks
The feared situation has finally emerged for China’s e-commerce giant AliExpress, which ambitiously entered the South Korean market by prioritizing cost-effectiveness.In particular, consumer dissatisfaction is pouring in regarding services and customer responses, which have been consistently critici
SK hynix Inc. announced today that it has established a roadmap to actively utilize recycled1 and renewable2 materials in production, marking the first case that a semiconductor company lays out such mid- to long-term plan.“In order to achieve Net Zero, or Carbon Neutrality, establishing a circular
South Korean fashion company ShinWon Corporation (CEO: JJ Park) has announced that they presented the 9th 'House of Love' to an Vietnamese employee who lost their home in a fire.The 'Building Houses with Love' project is part of ShinWon’s social contribution activities that was initiated in 2017 to
Pernod Ricard Korea, a Korean affiliate of Pernod Ricard Group, a global liquor maker, has launched a range of elegant whisky gift sets to celebrate the Lunar New Year in 2024, the Year of the Dragon. The sets feature various product lines ranging from high-quality blended whiskies to unrivaled sing
Nine out of 10 Korean manufacturers believe that overseas carbon neutrality policies such as those in the United States and Europe affect their business operations, a survey found.According to the Korea Chamber of Commerce and Industry (KCCI), which recently surveyed 300 Korean manufacturing compani
Hyundai Motor India, Ltd. (HMIL) is reportedly pushing for an initial public offering (IPO) on the Indian stock market later this year. HMIL is a wholly owned subsidiary of Hyundai Motor Company.According to media outlets in India, HMIL is in early-stage negotiations for an IPO later this year. Hyun
For the third year in a row since 2020, HL Mando changed the first digit of its annual sales figure, ushering in the era of 8 trillion won in sales.HL Mando announced on Feb. 5 that its sales increased 11.7 percent from the previous year to 8.3930 trillion won (US$6.3255 billion) and its operating p
The Organization for Economic Cooperation and Development (OECD) has raised its global economic growth forecast for this year, but lowered its economic growth forecast for South Korea. While the organization said that global trade markets such as markets of semiconductors and information technology