Taihan Cable & Solution announced on March 3 that its U.S. subsidiary T.E. USA has additionally won a 60-billion-won ultra-high-voltage power grid supply project in California.This project involves building a 230kV underground power grid to link large offshore wind power generation complexes and pow
The European Union announced on March 2 that it has excluded seven Russian banks from SWIFT. Every activity of the seven banks is scheduled to be blocked starting from March 12. The seven banks do not include Sberbank and Gazprombank, which are major Russian banks related to energy transactions.Sber
Samsung Electronics’ presence In the global mobile application processor (AP) market is decreasing amid a two-way race between Taiwan’s MediaTek and Qualcomm of the United States.Samsung Electronics’ market share stood at only 4 percent in the fourth quarter of 2021, said market research firm Counte
As global companies, including Apple and TSMC, have declared the suspension of their product sales to Russia to join U.S. sanctions against the country, Korean companies are pondering whether to follow suit.According to foreign media outlets on March 2, Apple has recently announced a complete suspen
The South Korean government announced on Feb. 28 that it would join sanctions against Russia. At present, South Korean companies must be approved in advance by the U.S. Department of Commerce in exporting products subject to the Foreign Direct Product Rule (FDPR) to Russia.The FDPR is to prevent U.S
The Ministry of Trade, Industry and Energy announced on March 1 that South Korea’s exports and imports increased 20.6 percent and 25.1 percent year on year to US$53.91 billion and US$53.07 billion last month, respectively. That month, South Korea was in the black unlike in December and January.Last
NXC said on March 1 that director Kim Jung-ju died in late February in the United States at the age of 54. Kim was being treated for depression, and recently his condition had deteriorated.Kim entered the game business in 1996 by founding Nexon Corp., a game developer, with Song Jae-kyung (currently
Doosan Heavy Industries & Construction (DHIC) has completed its trademark and domain applications under the new name of Doosanenerbility."Enerbility" in the company's new name is a combination of energy and possibility. The company explained that the new name shows its ambition to explore and de
Economic sanctions on Russia are predicted to seriously affect South Korean enterprises. Some stock prices of Hyundai Motor Group, which invests a lot in Russia, hit 52-week lows on Feb. 28.The group’s plant in Saint Petersburg is 1,200 kilometers away from Ukraine and produces 230,000 cars a year.
As the electric vehicle market grows rapidly, used batteries are attracting as much attention as electric vehicles. Global companies are entering the business of extracting rare metals such as lithium, nickel, and cobalt from waste batteries for production of new batteries.According to market resear
A shock wave caused by Russia’s invasion of Ukraine is spreading across the Korean economy. In particular, Korea’s three major industries -- semiconductors, petrochemicals, and automobiles -- are vulnerable to shocks from the invasion.The Korean semiconductor industry has to act quickly as it depend
The Hanwoo Association announced that South Koreans’ average beef consumption increased 0.7 kg to 13.6 kg in 2021, the amount includes 5 kg of U.S. beef, and the consumption exceeded their Korean beef consumption for the first time that year.From January to November last year, South Korea imported 2
Hyundai Motor Group announced on Feb. 27 that German magazine Autozeitung picked the Ioniq 5 and the EV6 as the best electric SUVs.According to the group, the assessment is divided into the five categories of body, driving convenience, powertrain, economic advantages, and driving dynamics. Ioniq 5 s
Multiple countries have decided to exclude Russian banks from SWIFT in response to its Ukraine invasion.SWIFT is a component of the global payments system. It serves as the main messaging network through which financial transactions and payments are executed between banks worldwide.The Russian banks
South Korean President Moon Jae-in announced on Feb. 24 that South Korea would join international sanctions against Russia.“The sovereignty and independence of Ukraine are inviolable, and South Korea will act as a responsible member of the international community,” he said.The Ministry of Trade, Ind
Kolmar Korea, a leading Korean cosmetics original design manufacturer (ODM), is moving to enter the Middle East market.Kolmar Korea announced on Feb. 21 that it has signed a business agreement with the International Beauty Industry Trade Association (IBITA) to explore new business opportunities in t
The Ministry of Science and ICT announced on Feb. 22 that the Center for AI and Digital Policy (CAIDP) published a report on artificial intelligence and democratic values this week to classify South Korea, Canada, Germany and Italy as where AI-related policies and practices are most balanced with de
The Institute for Basic Science (IBS) and the Ulsan National Institute of Science and Technology (UNIST) announced on Feb. 23 that they have developed Cindela, a side effect-free treatment technique applicable to every cancer without damage to normal cells. Details of the research have been publishe
Daesang Corp. announced on Feb. 23 that it has been selected as a good place to work in Korea by Great Place to Work Institute (GPTW), a Korean company specializing in global workplace culture research.Daesang Corp. was selected as a good company for working in Korea and a good company for working m
Solus Advanced Materials announced on Feb. 22 that it will complete the design of a copper foil production plant and acquisition of a plant site in Quebec, Canada, by the end of March and start the construction of the plant in July 2022.The company plans to start mass production of battery packs at