LG Chem is expected to successfully take over Aveo Pharmaceuticals, a U.S. anti-cancer drug development company, next year and enter the U.S. market.LG Chem’s acquisition of Aveo is expected to close within the first quarter of 2023. The company announced on Oct. 18 that it would acquire a 100 perce
The South Korean government announced on Dec. 28 that it would reduce regulations related to foreigners’ economic activity participation, with the aging of the population accelerating.According to the government, South Korea’s total fertility rate is continuing to fall and estimated to reach 0.7 in
The European Union’s Carbon Border Adjustment Mechanism (CBAM) is likely to adversely affect South Korea’s exports in the industries including steel and aluminum. The test implementation of the mechanism is scheduled for October next year and it will be fully implemented in 2026. The climate change
Samsung Electronics has opened the Vietnam Samsung R&D Center, the largest of its kind in the Southeast Asian country built by a foreign company.The company held a ceremony on Dec. 23 to mark the completion of the US$220 million R&D center in the THT New Town District in Hanoi, Vietnam.Vietnam Samsu
Samsung Heavy Industries has won a 2-trillion-won offshore plant order for the first time in three years.The company announced on Dec. 22 that it has won an order for an offshore production facility from a client in Asia. It kept details about the deal under wraps at the request of the shipowner. Ye
Foreign currency deposits of residents in Korea hit a new high at US$107.39 billion at the end of November, an increase of US$9.74 billion from the end of the previous month, according to a report released by the Bank of Korea on Dec. 21. The figure exceeded US$100 billion for the first time since t
Vietnam is expected to become Korea’s third-largest trading partner this year, the Federation of Korean Industries (FKI) said in a report on Dec. 21.Trade between Korea and Vietnam was US$500 million in 1992 when the two countries normalized their diplomatic relations. It reached US$80.7 billion las
The numbers of foreigners and foreign employees in South Korea are continuing to decrease in the wake of COVID-19. The foreign workers’ wages are rising with demand for them not falling. The individual monthly wage of about one-third of them is three million won or more.Statistics Korea announced on
The Korea International Trade Association said in its report on Dec. 19 that the bilateral trade between South Korea and Vietnam has increased 164 times and their mutual investment has increased more than 145 times since the establishment of their diplomatic relations in 1992. At present, Vietnam is
The Korea Offshore & Shipbuilding Association announced on Dec. 19 that it has organized a team to test foreign shipbuilding workers’ skills.The team has 11 members and their average shipbuilding career is 29 years. Their role is to test shipbuilding workers’ skills abroad so that more skilled forei
SK Telecom (SKT) announced on Dec. 20 that it will participate in CES 2023, which will be held in Las Vegas from Jan. 5 to 8, 2023, to showcase green ICT that can accelerate progress towards achieving net zero.SKT will operate a joint exhibition booth with SK Inc., SK Innovation, SK hynix, SK E&S, S
Hanwha Group will acquire two trillion won worth of new shares to be issued by Daewoo Shipbuilding & Marine Engineering (DSME) to acquire the ailing shipbuilder, the group announced on Dec. 16.The group's affiliates that will participate in DSME's capital increase are Hanwha Aerospace (1 tri
SK Telecom announced on Dec. 15 that it shared the results of its tests on Korean Open-Radio Access Network (O-RAN) equipment at Plugfest hosted by the O-RAN Alliance.It conducted the tests with the Electronics and Telecommunications Research Institute (ETRI), HFR, Hewlett Packard Enterprise (HPE),
Shinhan Bank announced on Dec. 14 that it has signed a new ESG committed credit line agreement worth 10 billion yen (US$73 million) with Japan’s Sumitomo Mitsui Banking Corp. (SMBC).The foreign currency committed line is a financing method in which a borrower can receive foreign currency funds withi
Hyundai Electric, a power equipment and energy solution subsidiary of Hyundai Heavy Industries Group, is entering the offshore wind power business in partnership with GE Renewable Energy of the United States.The company signed a strategic partnership agreement with GE Renewable Energy at the Banyan
The South Korean government is aiming to join the World Government Bond Index (WGBI) in March next year.South Korea became a candidate in September this year. For a country to become a part of the index, its government bonds outstanding must be at least US$50 billion, its S&P credit rating must be A
Samsung Electronics has recently renewed a technology-sharing agreement with Huawei, according to media reports.According to a report by The Elec, a Korean online media outlet specializing in electronics parts, Samsung Electronics transferred 98 patents it has in the United States to Huawei in Novem
The Bank of Korea announced on Dec. 12 that the market value of foreign exchange and OTC derivatives trading in South Korea was US$67.7 billion at the end of June this year, according to the Bank for International Settlements. The figure increased 89.9 percent in three years.The market value was cal
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed. National Assembly rejects revisions to KEPCO Act— On Dec 8, the National Assembly rejected revisions to the KEPCO Act that would raise the ceiling for bond issuances. The KEPCO ceiling is currently set at
The Bank of Korea announced on Dec. 9 that South Korea recorded a current account surplus of US$880 million in October. Although it showed a surplus for the second consecutive month, the surplus dropped US$7.13 billion compared to October 2021.This is because imports increased unlike exports. On a c