GlobalEconomic GlobalEdition

July 26, 2021

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TO THE NEW becomes a partner of Google Cloud Platform

2021.07.16 17:40

TO THE NEW, one of the fastest-growing digital technology companies globally, announced that it has become a recognized Google Cloud Platform (GCP) Partner. This strategic partnership comes at a time when there has been an increasing demand for cloud services from enterprises and digital-native companies.GCP provides infrastructure as a service, platform as a service, and serverless computing environments to its customers. Google Cloud Platform also provides its customers with advanced security tools for data privacy, while its serverless AI & ML platform helps customers automate processes and
India's exports rise by 31.87 pc in June, estimated to be $ 49.85 billion

2021.07.16 17:34

India's overall exports (merchandise and services combined) in June 2021 is estimated to be USD 49.85 billion, exhibiting a positive growth of 31.87 per cent over the same period last year and a positive growth of 17.17 per cent over June 2019.Overall imports in June 2021 are estimated to be USD 52.18 Billion, exhibiting a positive growth of 73.65 per cent over the same period last year and a positive growth of 1.08 per cent over June 2019, an official release said. It said India's overall exports (merchandise and services combined) in April-June 2021 are estimated to be USD 147.64 billion, ex
Localization of semiconductor ‘Ultra-Pure Water’ technology by 2025… public-private R&D to be launched

2021.07.16 09:39

Localization of 'Ultra-Pure Water' production technology, which is an essential material for semiconductor production, will be carried outMinistry of Environment announced on the 14th that it will conduct ‘Development of Localization Technology Integrated with Ultra-Pure Industrial Water Design, Construction and Operation’ project with Korea Water Resources Corporation and Korea Environmental Industry & Technology Institute by 2025.It is a research and development (R&D) project to produce and supply ultra-pure industrial water used in semiconductor processes by using domestic technologies. T
First CU branch to be opened at Mongolian international airport

2021.07.16 09:37

A Korean convenience store opened at Mongolian International Airport for the first time.The convenience store CU announced on the 15th that it has opened two stores at ‘New Ulaanbaatar Chinggis Khaan International Airport’ in Mongolia.The airport officially began operations on the 1st, and it is Mongolia's only international airport located in Khoshig Valley, about 50 km far from Ulaanbaatar that has a capacity of 11,980 passengers.The opening of the stores is the achievement in 4 years since CU entered Mongolia in partnership with Mongolian local partner, Central Express.One CU store is loc
COVID-19: India reports 43,393 new cases; recovery rate increases to 97.19 percent

2021.07.09 17:46

India reported 43,393 new COVID-19 cases, 44,459 recoveries and 911 deaths in the last 24 hours, according to the Union Health Ministry on Friday.With this, total cases mounted to 3,07,52,950 including 4,58,727 active cases and 2,98,88,284 recoveries. The death toll is at 4,05,939 including the new deaths.The active cases constitute 1.49 percent of the total cases. The recovery rate has increased to 97.19 percent.The weekly positivity rate remains below 5 percent and is currently at 2.36 percent. The daily positivity rate is at 2.42 percent, remaining less than 3 percent for 18 consecutive day
2,400 foreign-funded firms set up in SZ in first 5 months

2021.07.09 17:38

MORE than 2,400 foreign-invested companies were set up in Shenzhen in the first five months this year, attracting more than US$12.4 billion of contractual foreign investment, Shenzhen Special Zone Daily reported Wednesday, quoting the municipal commerce bureau. The city’s actual use of foreign capital exceeded US$3.1 billion from January to May this year, an increase of 26 percent year on year. The inflow of foreign investment in newly emerging industries has injected strong impetus into Shenzhen’s drive to build itself into an international innovation-based city and a global commercial and
Korea-Netherland Summit agreed to ‘cooperate for supply chain as key partners in semiconductor industry’

2021.07.09 09:53

Korean President Moon Jae-In and Prime Minister of the Netherlands Mark Rutte held a summit on the 7th via video conference, and agreed to strengthen the cooperation in semiconductor and the forth industrial businesses. The summit was held to mark the 60th anniversary of diplomatic relations between Korea and the Netherlands, and two summits announced a joint press statement. In particular, two summits agreed that Korea and the Netherlands are the key partners for semiconductor business, and decided to strengthen cooperation in semiconductor supply chains.According to the joint press statemen
Korean mobile industry in ‘Apple Dilemma’, LG in ‘Chaos’ and Samsun in ‘tension’

2021.07.09 09:51

Apple's plan to join hands with LG Electronics for targeting Korean market is putting Korean mobile industry into chaos. LG Electronics, which tried to recover its losses from withdrawal of the mobile business through cooperation with Apple, has yet to make a clear decision due to strong opposition from small and medium retailers and public opinion. Samsung Electronics is also nervous about whether LG Electronics’ decision will lead Samsung Electronics lose its leading position in the mobile market. ◇ LG faced opposition that “Giant company threatens the small-medium business owners” Accor
TMC takes a dig at PM Modi after petrol price crosses Rs 100 mark in Kolkata

2021.07.07 17:42

Trinamool Congress (TMC) on Wednesday took a dig at Prime Minister Narendra Modi after petrol price crossed Rs 100-mark in Kolkata and said he must be in deep pain for the troubles that his dear 'deshwasiyon' (countrymen) face with such unimaginable hikes.Taking to Twitter TMC said, "100, not out! #Petrol prices have crossed Rs 100/Ltr in Kolkata. We stand by Mr @narendramodi amid such difficult times. While in hiding, we are certain that he is in deep pain for the troubles that his dear 'deshwasiyon' face with such unimaginable hikes! #ModiBabuPetrolBekabu" The price of petrol crossed Rs 100-
Port resumes normal operations in short time

2021.07.07 17:38

THE daily throughput of Yantian International Container Terminals so far has reached nearly 40,000 twenty-foot equivalent units (TEUs) since all its 20 berths resumed operations June 24, Shenzhen Special Zone Daily reported yesterday. The overall operation capacity of the port has also returned to its normal levels with the number of laden gate-in tractors standing at approximately 20,000 daily, said the company. All major shipping lines have resumed their vessel calls at the Yantian port, and more importantly, the port has welcomed several new services. According to the company, both cargo o
Odisha approves 5 major industrial projects of Rs 1.46 lakh crore, steel-making capacity to be doubled

2021.07.07 09:47

In a major success of Odisha Chief Minister Naveen Patnaik's 'Vision 2030' of making Odisha 'Steel Hub of India', the state's High-Level Clearance Authority on Tuesday issued in-principle approval to five major industrial projects to the tune of Rs 1,46,172 crores in metal and metal downstream sectors.The existing steel-making capacity in Odisha is about 30 MT. HLCA's decision will lead to the addition of capacity of making 27.5 MT more steel and will almost double the installed capacity in the state over the next few years. Odisha has been able to attract investments worth Rs 2.96 lakh crore
First vaccine swap with Israel…Pfizer 700,000 doses arrive on 7th

2021.07.07 09:30

Korean government has signed a contract for vaccine swap that get 700,000 doses (for 350,000 people) of Pfizer vaccine for COVID-19 first, and return them sequentially from September to November.Government Vaccine Rollout TF (task force) announced on the 6th that it has signed the contract for vaccine swap with Israel. This swap contract is the first case signed with foreign government. Pfizer vaccines, which will be supplied earlier through the swap contract, will be arrived at the Incheon international airports at 7:15 a.m. on the 7th. According to the TF, Israel has decided to exchange its
Government to train professionals manpower for ‘Semiconductor, Future Vehicle’ for 10 years

2021.06.11 17:59

Government has begun to invest to train professionals for new industry such as semiconductor, and future vehicle that will be a new growth engine for the future.According to Ministry of Trade, Industry and Energy on the 11th, the government announced the 'Support Strategy for Future Vehicle Conversion of Auto Parts Companies' with related intuitions at the ‘11th Innovation Growth Big 3 Promotion Meeting’, and has decided to invest 282.6 billion won in existing auto part companies’ future vehicle conversion by 2030. Among the support strategies announced by the government, training professio
First three indigenous nuclear attack submarines to be 95 pc made in India

2021.06.14 10:01

In what would be a major boost for the submarine building capability within the country, the first three nuclear attack submarines to be built indigenously would be having 95 per cent Made in India content in them and it would further go up in the next three. The Cabinet Committee on Security is considering a proposal worth around Rs 50,000 crore for indigenously building three nuclear attack submarines which would be built by the Defence Research and Development Organisation (DRDO) in Visakhapatnam. This project is separate from the Arihant class project under which six nuclear-powered submar
SZ targets annual GDP growth rate at 6% for 2021-25

2021.06.14 09:48

SHENZHEN has set its sights on having its gross domestic product (GDP) grow 6 percent annually between 2021 and 2025 and its total economic volume exceed 4 trillion yuan (US$626.4 billion) by 2025, according to the city’s outline for its 14th Five-Year Plan (2021-2025) and long-term targets for 2035. The outline, which was released Wednesday, has put forward specific indexes for the city’s economic and social development during the 14th Five-Year Plan period in terms of economic development, innovation-driven growth, people’s livelihood and well-being, green development and social security.
‘Lost Ark’ of Smilegate to be published in North America Europe by Amazon

2021.06.14 09:30

Smilegate announced that it will work with Amazon to publish its famous RPG game ’ Lost Ark’ in North America and Europe. Smilegate RPG announced on the 11th at the ‘SUMMER GAME FEST 2021’, the global online game show, that Amazon Games will exclusively service Lost Ark in North America and Europe within this year. Specific schedules will be released later.Smilegate RPG and Amazon Games signed an exclusive publishing contract for core title of Smilegate to publish in North America and Europe in August last year.At the SUMMER GAME FEST 2021, not only the publishing new, but other specific i
‘LINE Bank’ launched, the digital bank of Hana Finance and LINE Indonesia

2021.06.14 08:59

Hana Finance and global mobile platform LINE’s Indonesian branch have launched the digital banking service ‘LINE Bank’.It is the first time that Korean bank launched overseas financial service by cooperating with big tech company. Hana Finance announced on the 11th that LINE Bank has begun its service in Indonesia. LINE Bank provides the services including account open through the e-KYC, fixed time deposit, debit card, cardless withdraw and bill payment.Previously, LINE, which is the subsidiary of Naver, acquired a 20% stake of Hana Bank Indonesian branch for LINE Bank, and has signed a str
SZ airport satellite hall to be in service by year-end

2021.06.08 10:06

THE satellite hall at Shenzhen Bao’an International Airport and its supporting facilities have passed the prerequisite checks, which means they will be on schedule to begin operations by the end of this year, the airport said Tuesday. The satellite hall now is in its final push towards full operation and working on interior decoration and system testing. In the coming months, the aprons, information system, luggage system and transit system will all also go through the prerequisite checks. The hall, a key project for the airport’s expansion that took two and a half years to complete, when in
Raising is more important than giving birth

2021.06.08 10:11

TO actively respond to a labor shortage and a rapidly aging population, the Central authorities unveiled a policy on May 31 that would allow all couples in the country to have up to three children. When talking about population, we should at first have a cool-headed review of China’s demographic conditions and the family planning policies during the past decades to make sure that birth policy adjustments serve our nation well in the future. China witnessed a baby boom and population explosion in the 1950s and 1960s. According to statistics, the country’s birth rate was as high as 6 per woman
BYD delivers Spain’s largest order of 30 e-buses

2021.05.28 09:42

THIRTY BYD 12-meter pure electric e-buses were delivered Monday (in Spain Time) to EMT Madrid at its operations center in Carabanchel, which was ahead of the planned handover schedule. The handover follows an initial 15 BYD 12-meter e-buses delivered to EMT Madrid in May 2020, which was the first time the Shenzhen-based auto manufacturer supplied vehicles to the Spanish capital. EMT Madrid, the largest public transports operator in Spain and the second-largest in Europe, operates 2,100 vehicles on 218 bus lines across the city. The fleet built by BYD operates on EMT Madrid’s high-frequency “
Central govt provides licence to 5 companies to ramp up Amphotericin B injection production

2021.05.27 17:03

The Central government has given licence to five companies to ramp up the production of Liposomal Amphotericin B injections, which is used to treat black fungus or mucormycosis, the sources said.According to the sources, after the Prime Minister had instructed officials to get this drug from anywhere it is available in the world, the Indian missions across the world have been involved in securing supplies of Amphotericin B (AmBisome) vials. The sources said Gilead Sciences in the US is working on expediting the supply of AmBisome to India through Mylan.Sources further stated that more than 1,2
Genesis G80 ranks “The Safest Car” in the U.S.

2021.05.27 09:56

Genesis G80 received the highest safety rating by the American The Insurance Institute for Highway Safety (IIHS).According to Genesis on Wednesday, the G80 received a Top Safety Pick+ rating, which is given to the safest vehicles as a result of a crash evaluation, recently announced by IIHS.For the G80, the second-generation (DH) model that first entered the U.S. in 2016 received the Top Safety Pick Plus rating, and this time, the third-generation model (The All-New G80), which was launched in the U.S. market in the second half of last year, was evaluated for the first time.IIHS, a non-profit
Park Sam-koo, former chairman of Kumho, indicted for unfair support from affiliates

2021.05.27 09:54

Park Sam-koo, former chairman of Kumho Asiana Group, has been arrested on charges of unfair support for affiliates.On Wednesday, the Seoul Central District Prosecutor's Office Fair Trade Investigation Department (Chief Prosecutor Min-hyung Kim) convicted former chairman Park for embezzlement, dismissal, and violation of the Fair Trade Act.On Dec. 28, 2015, Chairman Park said that Kumho Corporation (currently Kumho Express) was able take over the management rights of Kumho Industrial, the parent company of Asiana Airlines, from creditors such as the Korea Development Bank, so that a total of 33
Hyundai Motor launches newly upgraded 2021 model of its hydrogen fuel cell truck, the Hyundai Xcient

2021.05.27 09:43

Hyundai Motor Co launched the new 2021 model of its hydrogen fuel cell truck, the Hyundai Xcient, on May 25. The Xcient fuel cell truck is the world’s first heavy-duty hydrogen fuel cell truck mass-produced by Hyundai Motor. The South Korean automaker shipped 10 units of the Xcient to Switzerland in July last year, and since then exported 46 units to Switzerland during the next 10 months. The trucks have operated over a total cumulative distance of 750,000 kilometers so far. As the Xcient fuel cell trucks produce no carbon dioxide emissions during driving, they have accomplished reducing carb
POSCO E&C to abuse subcontractors. Fair Trade Commission’s penalty

2021.05.06 09:57

As POSCO E&C entrusted its work to a subcontractor, it made unfair special contracts and did not pay interest on the subcontract.The FTC announced on Wednesday that it has decided to impose a correction order (prohibition of recurrence in the future) and a penalty of 14 million won for violations of POSCO E&C's Subcontract Act (Act on Fair Subcontract Transactions). Regarding the reason for not making the complaint, the Fair Trade Commission explained that "the standards of the Fair Trade Act (Monopoly Regulation and Fair Trade Act) prosecution guidelines have not been exceeded."This decision
Vincenzo's Song Joong Ki accepted PSY’s invitation to feature in Heize's upcoming music video

2021.05.07 09:57

SPY, a singer and the head of the “P Nation”, told the background of inviting Song Joong Ki to the music video for the new song of the artist Heize.On Thursday, PSY said on his SNS, "Heize created the entire album by herself, including lyrics and composition, even before joining P Nation. I was thinking what I could do to help Heize who joined our company with the new album, and decided that I could do something about the music video."“I was listening to the title song countless times, and I remembered one actor and, despite knowing him, I wasn’t in the position to ask him favors. Luckily,
"Concerns became reality" Samsung sued for patents sold by LG

2021.05.06 10:02

While Samsung Electronics was recently involved in a patent infringement lawsuit in the United States related to smartphone wireless charging, it was confirmed that the patent in question was bought from LG by a European Patent Troll company earlier this year.In the industry, it is pointed out that while LG Electronics officially announced the withdrawal of the smartphone business, concerns that the sale of LG Group's patent portfolio could return to the domestic industrial ecosystem as a boomerang has become a reality.According to industry sources on Wednesday, Scramoge, headquartered in Dubl
Hyundai Motor to recall 390,000 units including Santa Fe in North America. "Possibility of engine fire"

2021.05.06 09:59

Hyundai Motor recalls 390,000 vehicles from the US and Canada due to the possibility of engine fire.On Tuesday (local time), CBS News reported that the National Highway Traffic Safety Administration (NHTSA) made such a notice. 203,000 Santa Fe sports SUVs from 2013 to 2015, Elantra from 2019 to 2020, and 187,000 Kona and Veloster from 2019 to 2021 were included in the recall.If oil leaks to the anti-lock braking system (ABS) computer and causes short-circuit, it could result in fire. There were 18 fires in the United States due to this problem, but there were no injuries.Inadequate heat treatm
Kia will equip some EV6 models with tires produced by South Korean tire makers, Kumho Tire and Nexen Tire

2021.05.03 09:51

South Korea-based automobile manufacturer Kia Corp revealed on Apr. 29 that it will install tires produced by domestic tire makers on some models of the EV6, Kia’s first fully electric vehicle. Kia selected four companies as suppliers of tires for the EV6 lineup: Michelin (21 inch tire), Continental (20 inch tire), Nexen Tire (19 inch tire), and Kumho Tire (19 inch tire). Out of the four companies, Nexen Tire and Kumho Tire are South Korean tire manufacturers. Last month on Mar. 31, the day Kia began accepting pre-reservations for the EV6, reservations for 21,016 EV6 vehicles were made, sig
DRAM price to rise 26% this month. The largest increase since the “semiconductor supercycle.”

2021.05.03 09:44

It was found that the price of memory semiconductors, which are mainly used by domestic semiconductor companies, rose to a maximum of 26% this month.This is the highest increase since January 2017, when the “semiconductor supercycle (long boom)” took place.According to Trend Force, a market research institute in Taiwan, on Friday, the fixed transaction price of DRAM for PC (DDR4 8Gb) this month was calculated to be $3.8, a 26.67% increase from last month.PC DRAM fixed transaction prices have been flat since the increase of 5% in January. Prices have jumped sharply since high demand has been
Samsung Electro-Mechanics earns highest grade from CDP’s climate change response assessment for 4th consecutive year

2021.05.03 09:41

Samsung Electro-Mechanics Co Ltd, Samsung Group’s subsidiary that manufactures various electronic parts, announced on Apr. 28 that it has been selected for the Carbon Disclosure Project’s “A List” for climate change response for year 2020, which is the fourth consecutive year that the company has achieved the feat. This particular list is comprised of companies that received the highest score from the climate change response assessment conducted by the Carbon Disclosure Project (CDP). CDP is a global non-profit organization that annually discloses information on climate change response st
SZ ranks 6th in global bay area report

2021.04.30 17:53

SHENZHEN ranks sixth in the flow evaluation index system among seven cities in four bay areas worldwide, according to a report jointly released Tuesday by Shenzhen Academy of Social Sciences and Guangdong Academy of Greater Bay Area Studies. Through quantitative analysis, the report ranked the element flows of seven cities through a three-level indicator system. The top indicators in five categories, namely flows of materials, personnel, capital and information, and flow environment, are subdivided into 10 subindicators, including the number of personnel flows, capital controls and 20 basic in
South Korea’s government trade agency KOTRA and JD.com hold event on identifying knock-offs of South Korean goods

2021.04.30 10:08

The Korea Trade-Investment Promotion Agency (KOTRA), the government-run trade promotion agency of South Korea, joined hands with JD.com Inc, one of China’s leading online shopping malls, for a promotional event targeting local customers in China to halt the distribution of knock-offs of South Korean products. KOTRA said it hosted a live commerce event for identifying counterfeit goods in Beijing, China, with the Korean Intellectual Property Office and JD.com on Apr. 26, which is also the date designated as World Intellectual Property Day. An employee of JD.com in charge of protecting the e-
Controversy over Belgian ambassador's wife being accused of an assault

2021.04.27 09:55

Police are demanding the presence of a suspect - the Belgian ambassador's wife accused of assaulting a clothing store employee.On Apr.26, Seoul Police Commissioner Ha-yeon Jang said at a regular meeting in the presence of reporters, "By investigating the facts and securing related data, the wife of Ambassador Peter Rescue was booked as a suspect."They said, "We continue to request the attendance of the suspect through related organizations such as the Ministry of Foreign Affairs and the diplomatic mission." It was added, “The ambassador's post on SNS was a matter of principle, but the clear a
2030 Coiners’ furious explosion. Will cryptocurrency taxation “sudden braking” take place?

2021.04.27 09:53

While the government has announced that it will tax cryptocurrency income from next year, a movement of “taxation postponement” is being spotted among politicians.It is a contradiction to pay taxes while not recognizing cryptocurrency as a financial asset, but it was also calculated that it could stimulate votes in the 20s and 30s ahead of the presidential election. Some are concerned that the government's taxation principle is retreating again due to the backlash of cryptocurrency investors.Last year, the government announced that it would impose taxes on cryptocurrency income, and set the
Yuh-Jung Youn "Academy's Best Supporting Actress Award. It seems to be through sincerity"

2021.04.27 09:52

Yuh-Jung Youn, the first Korean actress to receive the Academy Award as the Best Supporting Actor, said on Apr.25 (local time), "I don't know if it's the best moment," and "I played in “Minari sincerely, and it seems to be through sincerity."Yuh-Jung Youn said this at a press conference with correspondents at the Consulate General in Los Angeles (LA) on the same day after the Oscar awards ceremony.Yuh-Jung Youn said "My head still spins around," and added, "I didn't even think I was going to get an award," and she still looked like it was hard for her to believe it."My friends said that I was
KT CEO Ku Hyeon-mo apologizes for slowdown of internet speed

2021.04.27 09:51

CEO of KT Corp Ku Hyeon-mo bowed his head over the controversy surrounding low speed of KT’s high-speed internet. KT is the biggest telecommunications service provider of South Korea. Ku said to reporters at the World IT Show 2021 held at COEX exhibition center in Seoul on Apr. 21: “Many people love ‘KT GiGA Internet,’ and I’m very sorry that this happened.” “When we looked into the issue, the speed setting part was set wrong when the equipment were being moved, and we weren’t able to understand the problem in the process of responding to customers,” Ku explained. He also stressed: “
Lotte Duty Free’s annual Family Concert taking place next month online with a star-studded list of performers

2021.04.27 09:47

Lotte Duty Free announced last week that it will hold its 31st Family Concert online featuring popular groups and singers such as BTS and Itzy next month on May 16. In addition to BTS and Itzy, other big-name K-pop groups who will perform at the concert include Super Junior-D&E, Twice, and TXT. Shin-dong, a member of K-pop boy band Super Junior, will host the special concert. The slogan of this year’s concert, “Meet the green vibes, Greet the duty free life,” represents Lotte Duty Free’s aim to comfort people weary from struggling against the COVID-19 pandemic, and the retailer’s will to
Business council seeks cooperation

2021.04.26 10:03

A DELEGATION headed by Elizabeth Shieh, principal commercial officer of the U.S. Consulate General Guangzhou, visited the Shenzhen Committee of China Council for the Promotion of International Trade (CCPIT Shenzhen) on Tuesday to promote international exchanges and cooperation between Chinese and U.S. enterprises. At the meeting with Tang Jin, vice chairwoman of CCPIT Shenzhen, the two sides also discussed projects that will be developed in the near future. With the COVID-19 situation being gradually brought under control, the consulate is strengthening cooperation and exchanges with Shenzhen.
Chairman of Hyundai Motor Group Chung Eui -sun to go on a US business trip for Ionic 5 local production review

2021.04.26 09:57

Chairman of Hyundai Motor Group Chung Eui-sun went to the USA for the first time since the COVID-19 outbreak. It is reported that Chairman Chung has reviewed the local production of the exclusive electric car Ioniq 5 in terms of compliance with the US Biden government's eco-friendly car policy.According to the business world on Friday, Chairman Chung left for Los Angeles (LA) on a private flight last weekend and is expected to return to Korea on Saturday.Chairman Chung visited Hyundai Motor Company's US sales subsidiary in Los Angeles to review sales strategies and encourage local employees. H

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LG Electronics tops in world’s household appliances sales…. Overtaking Whirlpool in sales in the first half

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TO THE NEW becomes a partner of Google Cloud Platform