South Korean polysilicon manufacturers are showing the white flag in the chicken game with their Chinese counterparts. Although the South Korean government is aiming to increase the ratio of renewable energy-based power generation from 6 percent to 20 percent by 2030, the industrial ecosystem in whi
Merrill Lynch Netherlands is increasing its financing in South Korea by issuing more Arirang bonds, which are won-denominated bonds foreign companies issue in South Korea.The company issued a 30-year Arirang bond worth 30 billion won on Feb. 6. The main office of Merrill Lynch stands surety and the
The four largest financial holding companies in South Korea, that is, Shinhan, KB, Hana and Woori, posted a record-high net profit of more than 11 trillion won last year. However, the four banks of the companies recorded a decline in net interest margin of 13.25 basis points on average during the sa
Cryptocurrencies developed by South Korean blockchain startups are continuing to rally.For example, Upbit announced on Feb. 9 that ICON was traded at around 800 won on Feb. 4 after standing at around 130 won in early January this year. Trading at that level in that cryptocurrency exchange was for th
The Bank of Korea announced on Feb. 6 that South Korea’s current account surplus totaled US$59.97 billion last year, down US$17.5 billion from a year earlier and the lowest since 2012.The central bank explained that the surplus exceeded its estimate for last year, US$57 billion, and the decline in s
Korean electronics, display and battery companies resume the operation of their plants in China on Feb. 10 with the end of the Chinese New Year holidays, which were extended due to the Wuhan coronavirus outbreak.However, it will take some time for them to go into normal operation due to lingering un
The three Korean mobile carriers posted an increase in sales but a fall in operating profit in 2019 due to competition to attract 5G subscribers and huge investments in 5G networks.SK Telecom recorded 17.74 trillion won in annual sales and 1.1 trillion won in operating profit in 2019 based on consol
LG Electronics has decided to release its premium phones, the G and V series, separately in Korea and overseas. The company has been seeking to make a turnaround by changing the identities of the G and V series almost every half year. However, smartphone experts point out that the company’s strategy
Hyundai Motor Group senior vice chairman Chung Eui-sun has introduced the group’s future car and mobility visions to U.S. governors at a reception in Washington, D.C.More than 140 VIPs including about 30 U.S. governors attended the reception for the Winter Meeting of the National Governors Associati
The International Maritime Organization has implemented IMO 2020 since last month so that the maximum ship fuel sulfur content is limited to 0.5 percent instead of 3.5 percent. Shippers are responding to it by using low sulfur fuel oil (LSFO), refining high sulfur fuel oil (HSFO) with a scrubber, or
The Ministry of SMEs and Startups announced on Feb. 7 that Korea Venture Investment Corp. would run a venture fund of 2.52 trillion won this year, including a government budget of 1.1 trillion won.Specifically, the fund is divided into one trillion won for supporting the growth of unicorn companies,
Tesla has emerged as the most favored overseas stock among Korean investors. Riding on the back of the Tesla craze, Samsung SDI, one of the leading secondary battery makers, posted a record high in its stock price, while LG Chem's market cap surpassed that of Hyundai Motor Co. to take fifth plac
The Korean government has concluded that faulty batteries were the main culprit behind the recent spate of energy storage system (ESS) fires.The ESS Fire Accident Investigation Team announced the outcome of its second investigation in the fires on Feb. 6.The conclusion is opposite to the one announc
The central banks of South Korea and Australia have agreed to extend their currency swap contract by three years after expanding the swap volume by 20 percent to US$8.1 billion, the Bank of Korea announced on Feb. 6.As a result, the Korean-Australian currency swap will increase from the current 10 b
The Export-Import Bank of Korea announced on Feb. 6 that it has successfully issued global bonds worth US$500 million.The bonds were issued amid major stock markets and Asian financial markets including those in Hong Kong and China in confusion due to concerns over the spread of the Wuhan coronaviru
SsangYong Motor Co., part of India's Mahindra Group, announced on Feb. 7 that the company sold 135,235 units at home and abroad in 2019, posting a revenue of 3,623.9 billion won, an operating loss of 281.9 billion won, and a net loss of 341.4 billion won.Despite strong domestic sales, the compan
The combined operating profits of Hyosung Group's five flagship affiliates topped 1 trillion won in 2019.The group announced on Feb. 6 that its five affiliates -- Hyosung Corp., Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical -- posted a total of 18.01 tri
Every time a new epidemic broke out, research and development (R&D) on masks increased significantly, patent data show.The Korean Intellectual Property Office (KIPO) announced on Feb. 4 that the annual average number of bacterial and virus mask patent applications over the past five years (2014-2018
LG Electronics has commercialized a plastic OLED panel for vehicles for the first time in the world.The company announced on Feb. 6 that it will supply a digital cockpit system based on plastic OLED (P-OLED) for the 2021 model of Cadillac's SUV Escalade.Cadillac also announced in Los Angeles on
Hyundai Motor Group chairman Chung Mong-koo will be inducted into the Automotive Hall of Fame, the industry’s top honor, in the class of 2020.Chung will be the first Korean inducted into the Automotive Hall of Fame, which was established in 1939 and has honored nearly 800 business leaders from aroun