The joint battery plant of Chinese battery maker CATL and U.S. automaker Ford in the United States is not excluded from those eligible for subsidies under the local Inflation Reduction Act (IRA) of the U.S. government, a leading Chinese newspaper reported.“Ford has not found anything in the IRA or i
Starting from the second half of this year, South Korean companies will have the option to settle export and import payments in Korean won when engaging in trade transactions with certain countries from the Association of Southeast Asian Nations (ASEAN). This move is expected to allow businesses to
Despite a record influx of foreign workers, South Korea’s small and medium-sized enterprises (SMEs) are still facing a labor shortage.According to a comprehensive survey on foreign labor employment conducted by the Korea Federation of Small and Medium Business (K-Biz), 29.7% of the 1,200 SMEs employ
The government’s new entrusted operating funds for the Korea Investment Corporation (KIC), the sovereign wealth fund, have effectively ceased from 2022 until last year. Some argue that the KIC faces concerns about its international competitiveness. In a landscape where competing sovereign wealth fun
The Korean government will increase an influx of foreign workers to industrial sites and rural areas suffering from labor shortages in 2024 to more than 260,000 from 170,000 in 2023 in response to the Korea’s population crisis and labor shortage, according to the Korean Government’s Economic Policy
The Korean government has earnestly taken steps to address the escalating population crisis, which has emerged as a significant social concern in the nation. More efforts will be made to bolster support for childbirth and the upbringing of infants and children, aimed at mitigating the population dec
In 2023, foreign direct investment (FDI) in Korea exceeded US$32.7 billion, a record high. High-tech materials, parts, and equipment such as semiconductors, secondary batteries, and biotech items led the increase in FDI in Korea.According to the Ministry of Trade, Industry and Energy on Jan. 4, FDI
The Financial Supervisory Service (FSS) announced on Jan. 4 that it has uncovered additional evidence of illegal short selling amounting to tens of billions of won, following the detection of naked short selling by global investment banks BNP Paribas and HSBC.In a New Year’s press conference for in-
In India, where global corporations and investors are focusing their attention as the “next China,” Mirae Asset Global Investments is gaining influence in the local market by surpassing 1 trillion won in assets under management (AUM) with its exchange-traded funds (ETFs).According to the asset manag
Blueprints of a submarine designed by Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) have been leaked to Taiwan, with the police currently investigating the matter. The leaked submarine blueprints pertain to the DSME1400 model, a variant of the 209-class KSS-1 submarine. Three of t
Hanwha's multipurpose unmanned ground vehicle (UGV), the Arion-SMET, has completed a week-long field test conducted by the US Marine Corps and US Army. This accomplishment marks a significant milestone for the robotic vehicle, positioning it as a potential contender in the global UGV market.The fiel
As the food industry is gaining ground in overseas markets thanks to the global craze for K-pop and other aspects of Korean pop culture, three Korean fried chicken companies are also determined to actively explore new markets this year. In addition to Asian countries such as Taiwan and Singapore, th
비지니스코리아 Michael Herh (pr@businesskorea.co.kr)HD HHI and Hanwha Ocean have mapped out plans to reduce the proportion of merchant ship orders this year and focus on the naval vessel business in 2024.On Jan. 3, HD HHI set a US$988 million order target for its specialty ship (naval vessel) business, whi
Semiconductor stocks including those of Samsung Electronics and SK hynix fell altogether.On the KOSPI and KOSDAQ stock market on Jan. 3, stocks of semiconductor giants and even companies producing materials, components, and equipment for chipmakers fell due to an anti-China export control issue invo
Chef Jimyung Lee of Park Hyatt Seoul, celebrated for his creativity and artistry, and Chef Narae Kim of Park Hyatt Paris-Vendôme, named the Best Pastry Chef of the Year by the French restaurant guide Gault & Millau, will jointly present "Four Hands Dessert: Taste of Seoul and Paris" on the top floor
Last year, 540,000 foreign workers received year-end settlements, and the reported tax amount reached a record-breaking 1.2 trillion won (US$915.68 million).The National Tax Service (NTS) announced that the number of foreign workers who filed tax reports was 544,000, and the reported tax amount reac
Samsung Electronics is set to unveil an artificial intelligence (AI)-equipped Galaxy smartphone, marking a bold challenge to Apple in the fiercely competitive global smartphone market. The South Korean giant announced on Jan. 3 its plan to host the Samsung Galaxy Unpacked 2024 event in San Jose, Cal
As electric vehicles (EVs) loaded with Chinese batteries have finally been scratched off the list of EVs that can receive tax credits in accordance with the U.S. Inflation Reduction Act (IRA), voices are growing that the Korean battery industry may enjoy reflective benefits from it. However, a large
The National Tax Service (NTS) announced on Dec. 28 that it has collected 1.35 trillion won (US$1.05 billion) in tax assessments in the area of overseas tax evasion alone through tax investigations conducted this year. The figure exceeds the average annual collection for the three years before the C
Thirty-one electric vehicle (EV) models, or about 80% of all subsidized EV models in the United States this year, use Korean-made batteries, according to sources in the battery industry. This is an increase of 14 in seven months from 17 in April.The 31 subsidized EV models in the United States as of