GlobalEconomic GlobalEdition

May 14, 2021

검색

POSCO E&C to abuse subcontractors. Fair Trace 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
Doosan Infracore wins order for supplying 15,000 engines to a Chinese forklift manufacturer

2021.04.21 10:08

South Korea’s leading heavy machinery manufacturer Doosan Infracore Co Ltd announced on Apr. 19 that it has won an order to supply 15,000 engines for Linde China Forklift Truck Corp Ltd, a Chinese forklift manufacturer. As per the order, Doosan Infracore will be sequentially supplying 15,000 small G2 diesel engine and G2 liquefied petroleum gas (LPG) engine from 2023 to 2027. Linde China Forklift Truck Corp will install the engines in forklifts, weighing 3.5 tonnes or less, that it will export to Europe and North America. Doosan Infracore explained that it was successfully selected among comp
Cryptocurrency Frenzy. Strengthening of banknotes and tightening of overseas remittance

2021.04.21 10:05

Cryptocurrency investments such as Bitcoin are on the rise. Real-name deposit and withdrawal accounts exceeded 2.5 million, and deposits exceeded 4.6 trillion won.Democratic Party lawmaker Kim Byeong-wook said Tuesday that according to data submitted by the Financial Services Commission, as of the end of February, the number of real-name confirmation deposit and withdrawal accounts opened in the four major cryptocurrency exchanges (Bitsum, Upbit, Korbit, and Coinone) totaled 2,501,769. Considering that the number of accounts at the end of last year was 1,336,425, it has doubled in two months.D
POSCO C&C to terminate the joint venture with MEHL owned by Myanmar military

2021.04.19 09:44

POSCO C&C decided to terminate the joint venture operation with Myanmar Economic Holdings (MEHL), a military-owned company in Myanmar. This is a result of growing criticism to withdraw the project as the joint venture could serve as a funding line for the Myanmar military to take power through the coup while committing inhumane slaughter.POSCO C&C issued a press release on Friday stating, "As issues related to MEHL, a joint venture partner of Myanmar POSCO C&C, are raised, we intend to terminate the joint venture operation with MEHL."POSCO C&C established a Myanmar subsidiary in a form of join
"If the discharge of contaminated water from nuclear power plants is not withdrawn, Japanese seafood is to prohibited for school meals."

2021.04.19 09:41

The National Council of Governor of Education announced on Friday that unless the Japanese government withdraws the decision to release contaminated water from Fukushima nuclear power plant to the sea, it would completely ban the use of Japanese seafood in school meals.The council adopted a statement on the day that "if the Japanese government enforces discharge of radioactive water contaminated water, it will completely ban the use of Japanese seafood in school meals to protect the safety of the children."The statement also included the intention to expand the inspection of harmful substances
Damwon, dreaming of becoming a global e-sports company, enters giant Chinese market

2021.04.19 09:39

Damwon, who was the first to grab the LCK franchise, enters the Chinese market. Damwon joined forces with China's CUE GROUP to strengthen local activities in China.Damwon announced on Friday that it has signed a marketing contract in China with CUE Korea and CUE Media at the headquarters building in Seoul.Through collaboration, Damwon plans to significantly expand its business in China, such as securing Chinese sponsorship, content management, social media operations, and online and offline profit-making business. This is a method of coordinating various projects between CUE Korea and Korea-Ch
Chairman Tae-won Choi, "If we leave climate change problem slide, it will be a much bigger disaster than COVID-19"

2021.04.19 09:35

Chairman of the Korean Chamber of Commerce and Industry Choi Tae-won emphasized the active promotion of carbon neutrality on Friday, saying, "If the climate change issue is left as it is, it will cause a far greater disaster than the COVID-19 pandemic."Chairman Choi said at the Carbon Neutral Industry Transformation Promotion Committee held at the Korean Chamber of Commerce in Jung-gu, Seoul, "The climate crisis should be recognized as a problem to save the planet and humanity together."Chairman Choi said, "Carbon neutrality is a very challenging task," he said. "Industrial development was ach
LGU+ to terminate the 2G era in Korea

2021.01.18 14:37

LG U+ has started the official procedure to terminate the 2nd generation (2G) mobile communication service. According to the end of the frequency use period stated in June, a 2G service termination report was submitted to the Ministry of Science and ICT on January 15. As a result, LG U+, the last remaining 2G service provider, after KT, which ended its 2G service in 2012 and SK Telecom, which joined the service shutdown in 2020, will end the 2G service era in Korea. In addition, 01X number services such as 011, 017, and 018, as well as 019 numbers used by some LG U+ 2G phone users, will also
Kookmin Bank and Shinhan Bank light fire in a competition for virtual money management business

2021.01.13 11:33

Competitionbetween rivals Kookmin Bank and Shinhan Bank, two leading banks of South Korea,is intensifying in the digital asset storage and management business. According to the financial world on Jan. 10, Kookmin Bank stated at the end of last yearthat it will enter the digital asset market. The bank chose to strategicallyinvest in digital asset management company Korea Digital Asset Co Ltd (KODA),as its way to enter the market. KODA is a company established from theinvestments of Haechi Labs Co Ltd, Hashed and Kookmin Bank. After doing variousbusiness model simulations, the bank set a goal t
South Korea’s forex reserves exceed $440 billion, hitting record high figures for seven months straight

2021.01.08 17:42

South Korea’s foreign exchange reserves surpassed $440 billion. For seven consecutive months, each record high figure was replaced with another record high. According to South Korea’s central bank, Bank of Korea, on Jan. 6, South Korea had reserves of $443.1billion at the end of December last year. This was an increase of $6.72 billion from the previous month’s $436.38 billion. “The forex reserves have increased as a result of factors such as higher amount of U.S. dollars from the conversion of non-U.S. foreign currency assets following the weaking of the U.S. dollar, increase of bank re
KDB opens Yangon branch in Myanmar expanding business in Southeast Asia

2021.01.11 09:46

Korea Development Bank (KDB) announced on January 7 that they are opening a branch in Yangon, Myanmar expanding business in Southeast Asia in line with Korean Government’s New Southern Policy(NSP). Last April, KDB obtained preliminary approval from the Myanmar Government's financial department. “In light of COVID-19 pandemic and consequent movement restrictions of the Myanmar Government, we faced difficulties in preparation of the branch opening, but we implemented a social contribution plan such as providing quarantine supplies, and formed friendly public opinion,” said the repre
Hanwha Life Insurance and six other Hanwha Group financial affiliates to declare the “De-Coalizing Finance'

2021.01.07 09:26

Six financial affiliates of the Hanwha Group, including Hanwha Life Insurance, Hanwha General Insurance, Hanwha Investment & Securities, Hanwha Asset Management, Hanwha Savings Bank, Carrot General Insurance, after the resolution and practical review by the Financial Supervisory Commission, declared on January 5 about the new strategy of “De-Coalizing Finances of Hanwha Financial Affiliates” moving toward a carbon zero era.The six financial affiliates of Hanwha Group will not participate in financing projects for construction of domestic and foreign coal power plants in the future. It was al
Korean shipbuilding industry, the world's No.1 for three consecutive years

2021.01.07 09:23

Due to the large-scale order rush in the second half of last year, Korean shipbuilding industry is expected to maintain the world's leading place in order volumes for three consecutive years.Clarkson Research, a shipbuilding market analysis company, announced on January 5 that as of December 28, last year, world-wide orders recorded a total of 17.92 million compensate gross tonnage (CGT). CGT is a unit measuring an added value of the ordered and received quantity of goods. When comparing bulk and LNG carriers, the larger CGT is applied to LNG carriers with high added value.Out of the total vol
Last year’s agricultural product export to hit record despite COVID-19 – 7.7% growth

2021.01.06 14:29

Last year, despite the outbreak of COVID-19, Korea recorded the highest export of agricultural products in the record history. According to the Ministry of Agriculture, Food and Rural Affairs’ statement on January 5, last year's agricultural product export was amounted to $7.57 billion USD with an increase of 7.7% compared to that of last year. Export of fresh agricultural products, mainly kimchi and ginseng, increased by 3.4% and totaled $1.43 billion USD. Kimchi, Korean traditional fermented cabbage sales went up 37.6% amounting 144.5 million USD.Export of grapes, such as Shine Muscat incre

1 2 3 4

Headline

Samsung Electronics develops CXL-based next-generation DRAM memory technology for the first time in the industry

Best Click

Editor's Choice

POSCO E&C to abuse subcontractors. Fair Trace Commission’s penalty