Federation of Korean Industries (FKI) Chairman Huh Chang-soo delivered an opening speech at the 8th Korea-China CEO Roundtable held in Seoul on Sep. 25.“At present, China accounts for 16 percent of the total GDP of the world, is the second-largest country in the world in terms of R&D investment, and
With procedures for the impeachment of U.S. President Donald Trump started, South Korean enterprises are paying much attention to how their investment in the United States and export to the United States and China will be affected. There is a possibility that he will urge foreign companies to invest
South Korea and Russia have agreed to work together to conclude a free trade agreement in the service and investment sectors next year, raise a joint fund of US$1 billion for investment in Russia’s original technologies, and combine the technologies with South Korea’s commercial technologies for mat
The Korea-Japan Economic Association and the Japan-Korea Economic Association finished their 51st conference and released a joint statement in Seoul on Sept. 24. The meeting was attended by 203 South Korean and 106 Japanese entrepreneurs.“We express serious concerns over the fact that the reciprocal
South Korean Trade, Industry and Energy Minister Sung Yun-mo met with U.S. Commerce Secretary Wilbur Ross in New York on Sept. 24 and requested support for the removal of Japan’s export restrictions against South Korea. The secretary of commerce said that the restrictions are affecting American comp
Hanmi Pharmaceutical Co. plans to present additional data from a global phase 3 clinical trial for Oraxol, an oral anticancer drug. The company’s move raises expectations for commercialization as it has recently disclosed encouraging results from the phase 3 clinical trial.Hanmi Pharmaceutical annou
Hyundai Motor Group aims to start applying self-driving technology to finished vehicles around the end of 2020 and begin to mass produce self-driving cars in 2024, said the group’s executive vice chairman Chung Eui-sun in New York on Sept. 23 (local time).“If our software solutions are excellent, ot
Samsung Display Co. is set to invest 13 trillion won (US$10.86 billion) to turn around its slumping large organic light emitting diode (OLED) business. It is the single largest investment in the domestic display industry.The company will announce a new investment plan in the middle of next month at
The Korean Ministry of Trade, Industry and Energy (MOTIE) announced on Sept. 23 that it has signed a letter of intent (LOI) with the Australian government on the expansion of hydrogen cooperation between the two countries.A signing ceremony was held with the attendance of Chung Seung-il, Korea’s vic
Business leaders of Korea and Japan expressed serious concern about the recent escalation of a conflict between the two governments, saying that "a political dispute is undermining the economic relationship between Korea and Japan."About 300 Korean and Japanese businesspeople attended the 51st Korea
With the implementation of the IMO 2020 three months away, shipbuilders, refiners and steelmakers are scrambling to benefit from the regulatory change in vessel fuel. The International Maritime Organization (IMO) will lower the sulfur cap for vessel fuel from the present 3.5 percent to 0.5 percent f
The Korean government has seized a total of 11.3 million items of counterfeit goods worth 48.9 billion won in the last 10 years (2010-2919).Counterfeit goods continue to be illegally traded online and offline. Recently, as damage from online trading of fake goods grows, calls are growing for toughen
Hyosung Corp. announced on Sept. 23 that it has started a full-scale commercial operation of its first Indian spandex plant located in the Auric Industrial Complex near Aurangabad Industrial City in Maharashtra. The plant is capable of producing 18,000 tons of spandex annually and covers an area of
Shinhan Investment Corp. raised the target stock price of Kia Motors Corp. from the previous 50,000 won (US$41.91) to 53,000 won (US$44.42) on Sept. 23. This is because it expects that the country’s second largest automaker will show improvement in performance in the second half of this year with a
Orion Corp.’s overseas business is showing obvious signs of recovery.A consensus estimate of the company’s consolidated operating profits in the third quarter is 85 billion won (US$71.13 million), up 8.02 percent from a year earlier, according to financial market tracker FnGuide on Sept. 23. A conse
The Korea Customs Service announced on Sept. 23 that South Korea’s exports totaled US$28.5 billion for the first 20 days of this month, down 21.8 percent from a year ago. Previously, the country’s exports fell for nine months in a row until last month mainly due to sluggish semiconductor exports and
Samsung Electronics was awarded the Presidential Prize at this year’s Radio and Broadcasting Technology Awards with its Exynos modem solution for 5G smartphones such as the Galaxy S10 and the Galaxy Note 10.The integrated SoC chipset is the first one of its kind in the world that supports 5G New Rad
A steady rise in refining margins, a key indicator of oil refiners’ profitability, is raising expectations for an earnings improvement of domestic oil refiners in the second half of this year.The benchmark Singapore complex gross refining margin (GRM) stood at US$10.1 per barrel in the third week of
Hyundai Motor Group announced on Sept. 23 that it will officially open CRADLE Beijing in Beijing and accelerate cooperation with strategic partners in China to find new growth engines.CRADLE Beijing is Hyundai Motor Group's fifth global open innovation center after the Hyundai CRADLE Silicon Val
Kolon Life Science Inc. announced on Sept. 23 that the U.S. Food and Drug Administration (FDA) maintained its order to suspend patient enrollment for clinical trials on Kolon TissueGene’s gene osteoarthritis drug Invossa, whose permit as Korea’s first gene therapy drug had been revoked by the Korean