GlobalEconomic GlobalEdition

August 14, 2022

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India's forex reserves dip by $9.64 billion, the biggest drop in 2 years

2022.03.21 09:48

India's foreign exchange (forex) reserves declined by $9.646 billion to $622.275 billion in the week ended March 11, the sharpest decline in nearly two years, as the Reserve Bank of India (RBI) heavily sold dollars to prevent the slide in the value of rupee.According to the RBI's weekly statistical supplement, the foreign currency assets, which is the biggest component of the forex reserves, slumped by $11.108 billion to $554.359 billion during the week under review. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar curre
India-Russia oil trade: what is at stake?

2022.03.21 09:46

In order to shield the economy from the negative impact of the recent surge in crude oil prices, India is exploring the possibility of importing additional oil at discounted rates from Russia, which is facing sanctions and global backlash due to the Ukraine conflict.According to commodities data and analytics firm Kpler, India's import of crude oil from Russia in March this year so far is nearly four times higher when compared with the corresponding period of last year. India's import of crude oil from Russia stood at around an average of nearly 360,000 barrels a day in the first half of this
SZ’s exports still rank first in China

2022.01.21 10:54

SHENZHEN’S exports of goods reached 1.92 trillion yuan (US$302 billion) in 2021, up 13.5 percent year on year, ranking first among major Chinese cities for the 29th consecutive year, statistics released by Shenzhen Customs showed yesterday. Total foreign trade including imports reached 3.54 trillion yuan, up 16.2 percent year on year. Data showed that imports climbed up 19.5 percent to 1.62 trillion yuan. In December, the city’s foreign trade reached 385.6 billion yuan, up 25.8 percent, a single month record since April 2013 and showed positive growth for 14 months straight. New records have
LG Chem to build world’s largest cathode material production plant

2022.01.12 09:32

In order to target the rapidly growing battery material market, LG Chem and Gumi local government agreed to build the world's largest cathode material production plant in Gumi. LG Chem announced on the 11th that it held a groundbreaking ceremony for the Gumi cathode material production plant, which will be applied with Gumi city’s job model, at the Gumi Convention Center located in Gumi, Gyeongsangbuk-do.At the event, President Moon Jae-in, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Minister of Trade, Industry and Energy Moon Seung-wook, Minister of Employment and
20 employees of Samsung Electronics who visited CES tested positive for COVID-19

2022.01.12 09:29

About 20 executives and employees of Samsung Electronics who visited the U.S. have been tested positive for COVID-19.According to the industry on the 11th, about 20 employees of Samsung Electronics who attended the ‘CES 2022,’ world’s largest electronics and IT exhibition held in Las Vegas, the U.S. from the 5th to the 7th, have been confirmed for COVID-19. Samsung Electronics announced this through company notice.Those employees of Samsung Electronics were tested positive for COVID-19 before boarding a flight to Korea. With the Samsung Electronics’ medical support, all of them are in self
Finnet Media clocks revenue of INR 10 crores within 1st year of its inception

2022.01.21 11:05

Finnet Media, one of India's promising and young Talent Management, Video Production, and Influencer Marketing agencies has clocked revenues to the tune of INR 10 crores within the first year of its inception.This marks a growth of over 200% for the agency in a period of 10 months. Finnet Media is closely working with upcoming social media influencers like Akshat Srivastava, Jay Kapoor, Sharan Hegde, Anushka Rathod, Anamika Rana, Caslynn, Shashank Udupa, Vedant Rusty, etc. and has assisted them with brand deals and collaborations. Speaking on the stellar growth of the agency, Ayush Shukla, Fou
Hyundai Motor and Boston Dynamic declare to create better life through robotics

2022.01.11 09:34

“We will lead the robotics technology to create a better life for customers and ourselves.”Boston Dynamics Chairman Marc Raibert and Hyundai Motor Group’s Robotics Lab Executive Director Hyun Dong-jin held a press conference at the Mandalay Bay Convention Center in Las Vegas on the 4th (local time), and announced their robot philosophy. Hyundai Motor Group previously acquired an 80% stake in Boston Dynamics, the U.S. robot company, from Softbank Group. Hyundai Motor said the robotics technology is essential to lead the future mobility market. At this year’s CES 2022, Hyundai Motor and Bost
S. Korea ranks 9th in defense technologies and 4th in ‘K-9 technology’

2022.01.11 09:30

Last year, South Korea’s defense science and technologies ranked 9th in the world. For the artillery technology, Korea ranked 4th after the U.S., Germany, and Russia.According to the ‘2021 Global Defense Science and Technology Report’ released by the Korea Research Institute for defense Technology (KRIT) on the 10th, Korea’s defense technologies ranked ninth among 16 countries researched, after the U.S., France, Russia, Germany, Britain, China, Israel, and Japan last year.The KRIT has been conducting the research on the defense science and technologies in major countries every three years
Production Linked Incentives -II

2022.01.10 10:10

Over the past 2 years, India launched Production Linked Incentive (PLI) Schemes for more than a dozen key sectors, which offers great opportunities for Korean companies working in these sectors. Production Linked Incentive or PLI scheme is a scheme that aims to give companies incentives on incremental sales from products manufactured in domestic units. The scheme invites foreign companies to set up units in India and also aims to encourage local companies to set up or expand existing manufacturing units and also to generate more employment. Amongst the sectors identified for the PLI scheme, th
Production Linked Incentives

2022.01.05 09:51

Over the past 2 years, India launched Production Linked Incentive (PLI) Schemes for more than a dozen key sectors, which offers great opportunities for Korean companies working in these sectors. Production Linked Incentive or PLI scheme is a scheme that aims to give companies incentives on incremental sales (over Financial Year 2019-2020) from products manufactured in domestic units. The scheme invites foreign companies to set up units in India. It also aims to encourage local companies to set up or expand existing manufacturing units and also to generate more employment. The scheme was initia
Economic outlook and business opportunities in India

2021.12.28 11:17

The COVID-19 pandemic has been around in the world for almost 2 years now, and the emergence of new variants, particularly the latest Omicron variant, is raising the concerns around the world, mainly as we approach Christmas and New year holidays. Many countries have put restrictions on travel as we see a high reemergence in the daily new COVID-19 cases. South Korea too has seen an increase in the number of daily cases and also paused the “living with Pandemic” plan that started in November 2021. At the moment, the COVID-19 situation in India is rather encouraging with average daily cases of
SK Siltron to invest 700 billion won in expanding wafers in the U.S. over the next 5 years

2021.11.11 09:35

SK Siltron, a semiconductor wafer manufacture under the SK Group, will invest $600 million (about 709.2 billion won) over the next five years to expand wafer production in the U.S.According to the industry on the 10th, SK Siltron CSS, a U.S. branch of SK Siltron, released its investment plan in a recent letter submitted to the U.S. Department of Commerce.SK Siltron CSS is not a semiconductor manufacturer, but it produces wafers thus it was requested to submit its supply chain information by the U.S. Department of Commerce. SK Siltron CSS submitted this letter instead of business data. In the l
Hyundai Motor Group establishes US UAM subsidiary ‘Supernal’ in Washington

2021.11.11 09:32

Hyundai Motor Group confirmed the name of its urban air mobility (UAM) subsidiary in Washington D.C., the U.S. as ‘Supernal’ and will speed up the UAM business. Hyundai Motor Group set up the UAM business subsidiary in the U.S. last year and has conducted R&D of electric vertical take-off and landing (eVTOL). It unveiled the name of its U.S. subsidiary as ‘Supernal’ on the 9th. Supernal means ‘best quality’ and ‘most outstanding’. It is planning to provide new experiences to customers and lead to changes in society through advanced air mobility (AAM). Supernal will open a new research
Mirae Asset says ETFs to invest in US exceeds 5 trillion won in net assets

2021.11.22 09:29

Mirae Asset Fund Services announced on the 19th that the total net asset of ETF (Exchanged Traded Fund) to invest in the U.S. exceeded 5 trillion won.According to the Korea Exchange, the total net worth of 14 TIGER ETF stocks to invest in the U.S. was 5.2856 trillion won at the closing price on the 18th. It jumped 4.1095 trillion won from 1.1761 trillion won at the end of last year.The net asset of ‘TIGER U.S. NASDAQ 100 ETFs’ was 1.6386 trillion won, up 1.571 trillion won from the end of last year. These ETFs follows ‘NASDAQ 100’ index, which shows investments in 100 leading NASDAQ compan
Centre targets one billion tonne coal production by 2024

2021.10.05 09:49

Ministry of Coal on Monday set a target of one billion tonne coal production by 2024.The Ministry of Coal finalized an Agenda Document for the year 2021-22 which broadly focuses on the four areas including coal sector reforms, coal transition and sustainability, institution building and futuristic agenda. The Agenda covers the entire gamut of areas for steering the coal sector into new technologies while focussing on the core competence of ensuring set production targets including the one billion tonne by 2024.Coal Sector Reforms include Projects for the financial year 2021-22, Jharia Master P
Ex-president Chun Doo-hwan dies without any apology for 5.18 military crimes

2021.11.24 09:33

Former 11th and 12th president of Korea Chun Doo-hwan died at 90 on the 23rd.Chun, who had chronic diseases such as being diagnosed with blood cancer in August, died at 8:40 a.m. at his home in Yeonhui-dong, Seodaemun-gu, Seoul.Ex-president Chun reportedly collapsed at his home and was reported to police and fire station at 8:55 a.m. The police confirmed his death at 9:12 a.m.The funeral is expected to be held at the funeral hall of Sinchon Severance Hospital.It has been 28 days after the death of former President Roh Tae-woo, who played a crucial role in the 12.12 military coup with Chun. Chu
Galaxy Z Fold 3 & Z Flip 3 in front of 1 million domestic sales… the largest sales ever

2021.10.01 17:39

Samsung Electronics’ [005930] Galaxy Z Fold 3 and Galaxy Z Flip 3 are setting a record high level in sales of Galaxy series ever.According to the mobile industry on the 1st, these products are highly expected to exceed 1 million units sold this weekend, about a month after their launch on August 27.This is similar to the Galaxy Note 10 and Galaxy S8, which surpassed 1 million units in sales the fastest before, and has been evaluated as ‘all-time hit.’According to the industry, sales performance is much higher than expectation considering that these models are the premium products applied wi
Imported luxury bags were sold worth 174.1 billion won despite the COVID-19… Special consumption tax revenue increased 38%

2021.10.05 09:38

Although consumption decreased due to COVID-19 pandemic last year, sales of imported luxury bags increased, reaching nearly 180 billion won.According to the research received by People Power party lawmaker Seo Byung-soo of the National Assembly's Strategy and Finance Committee from the National Tax Service and the Korea Customs Service on the 4th, the amount of the special consumption tax imposed on imported luxury bags increased by 38.1% year-on-year to 25.6 billion won last year, showing the largest increase rate among high-end products. In the case of luxury bags and watches, 20% of the pro
Young people’s ‘debt investment’ exceeds 38 trillion won in the first half

2021.10.05 09:37

In the first half of this year, young people in their 10s and 30s borrowed more than 38 trillion won of credit loans from securities firms to invest in stocks. Concerns are rising that if stock prices decrease, young people who have invested in debt can suffer from significant losses.According to the report received by Justice Party lawmaker Jang Hye-young of the the National Assembly's Strategy and Finance Committee from the Financial Supervisory Service on the 3rd, securities firms' new loans amounted to 185.8654 trillion won in the first half of this year. Among them, the amount of new loan
India is turning digital, says PM Modi as country makes digital payment transactions over Rs 6 lakh crore every month

2021.10.06 09:46

Prime Minister Narendra Modi on Tuesday stated that the country is swiftly changing and turning digital as it has managed to make digital payment transactions worth over Rs 6 lakh crore every month in July, August, and September.PM Modi, while speaking at the Urban Conclave held in Uttar Pradesh's Lucknow today, said: "India is making new records in digital payments. In July, August, and September, India has managed to make transactions worth over Rs 6 lakh crore every month! This shows the strength of India that is swiftly changing and turning digital." "India in the 21st century is set to mo
ED seizes Rs 131 crore of Chinese-controlled NBFC under FEMA

2021.10.01 09:39

The Enforcement Directorate has seized an additional amount of Rs 131.11 crore lying in bank accounts and virtual accounts belonging to the Chinese national-owned non-banking financial company (NBFC)-PC Financial Services Pvt Ltd - under the provisions of the Foreign Exchange Management Act, 1999 (FEMA) on Thursday.This is in continuation of earlier seizure order dated August 26 whereby an amount of Rs 106.93 crore was seized, said the ED. During the course of the money-laundering investigation, ED also initiated an investigation under FEMA against PC Financial Services Pvt Ltd, a Non-Banking
SZ attracts 229 Global 500 firms

2021.10.01 09:32

THE Pearl River Delta region had attracted a total of 276 Fortune Global 500 enterprises for investment by the end of December 2020, among which 256 invested in Guangzhou and 229 invested in Shenzhen. According to Fortune Global 500’s 2021 investment report in Guangdong released Tuesday, 350 Fortune Global 500 enterprises have invested in 2,416 enterprises in Guangdong Province, with accumulative registered capital scale at US$180.7 billion. Among the enterprises, 93 percent are located in the Pearl River Delta area and 67.5 percent, or 1,632, are located in Guangzhou and Shenzhen. The inves
POSCO’s second half is in danger due to risks from China, including ‘Power shortage and Evergrande Group’s default’

2021.09.29 09:12

Industry is focusing attention on how POSCO's performance in the second half of the year will be affected by growing risks from China, including Evergrande Group’s default crisis and power shortage. As Evergrande Group’s default can lead decrease in global nominal consumption due to the slump in Chinese real estate and the power shortage can disrupt local plant operation, it is analyzed that POSCO’s performance can be also affected. According to the industry on the 28th, POSCO partially suspended the operation of the Zhangjiagang plant in Jiangsu Province since the 17th. This is because the
Samsung Biologics to strengthen its CDO business… expanding to the global market

2021.09.24 09:23

Samsung Biologics, which is well-known for its biopharmaceutical CMO (Contract Manufacturing Organization) business, has been accelerating the global expansion of the CDO (Contract Development Organization) business.Samsung Biologics opened a CDO R&D center in western U.S. (San Francisco) in October last year, and is currently promoting establishment of an additional R&D center in eastern U.S. (Boston). After then, it is planning to enter Europe and China to start its global CDO business. It is a strategy to build a one-stop service model that is connected from research (CRO), development (CDO
Tesla to outsource its self-driving chip to Samsung Electronics

2021.09.27 09:24

It is reported that Tesla decided to outsource its self-driving chip manufacturing to Samsung Electronics. According to the industry on the 24th, Samsung Electronics is reportedly likely to win orders for manufacturing of the HW 4.0, Tesla's second-generation self-driving chip.The HW4.0 is a semiconductor that will be installed in Tesla's electric vehicles from the second quarter (April to June) of the next year. It is expected to be applied to improve Tesla's self-driving functions.In particular, the industry is paying attention in that this deal for manufacturing self-driving chips was made
LG Energy Solution developed a new solid-state battery that can charge fast at room temperature

2021.09.24 17:40

With the development of breakthrough technology in the solid-state battery field, which is in the spotlight as a next-generation battery, it has taken a step closer to commercialization.LG Energy Solution announced on the 24th that it developed a new long lasting solid-state battery technology that can be charged at high speed even at room temperature beyond the technical limitation that can only be charged at 60°c or higher by jointly researching with University of California San Diego. It is the first time that the solid-state battery applied with silicon delivers 500 charge and discharge c
Korea-US vaccine partnership to be expanded to materials, parts, and equipment… to become global hub

2021.09.23 09:25

South Korea and the U.S. will expand their vaccine partnership to materials, parts, and equipment companies and basic research. Through this, the strategy to promote global vaccine hub announced by the Korean government last month will be accelerated. With the first-shot vaccination rate of COVID-19 in Korea exceeding 70%, it is also expected to contribute to supply and demand of vaccine as additional purchases and early supplies of vaccines continue. On the 21st, ‘S. Korea-U.S. vaccine partnership signing ceremony’ was held in New York, the U.S, attended by President Moon Jae-in. The most o
Hyundai Motors’ IONIQ 5 won the ‘2021 IDEA Design Award’ Gold Prize

2021.09.23 09:27

Hyundai Motor (005380) and Genesis announced on the 22nd that they won a total of 3 prizes, including one gold prize, at the ‘2021 IDEA (International Design Excellence Awards).’Hyundai Motor's electric vehicle model ‘IONIQ5’ won the gold prize, the best prize in the automobile and transportation category, and ‘Hyundai BlueLink App’ and ‘Genesis Infotainment System with Copper Theme’ won the finalist in the digital interaction category.Previously, IONIQ 5’s concept car ‘45’ won the bronze prize in the automobile and transportation category at the IDEA Design Award last year, raising
Samsung Electronics to releases Galaxy Watch 4 ‘Thom Browne’ limited edition

2021.09.24 09:21

Samsung Electronics announced on the 23rd that it will sell limited quantities of the ‘Galaxy Watch 4 Classic Thom Browne Edition,’ which was collaborated with Thom Browne.This is the first time that Thom Browne and Samsung Electronics have released a special edition of Galaxy Watch alone. It will receive applications online from 9 a.m. to 6 p.m. on the 29th on Samsung Electronics' website, and will decide on buyers through a lottery. The announcement will be made on the 30th of this month. The price is 950,000 won.The ‘Galaxy Watch 4 Classic Thom Browne edition’ has a design that transcen
Exporters anguish over container shortages, surging freight rates

2021.09.24 09:35

LOCAL export businesses are feeling the strain over shipping container shortages and freight rate surges that have increased their costs. At the Yantian port, 11,000-export container quota could be snapped away in 30 minutes and it is hard to secure a shipping container even with freight rates increased tenfold, according to a Shenzhen Economic Daily report. “Nowadays, the freight transporting a container is almost the same as the price of a container. And it is hard to book a container and shipment,” said Pi Qinyi, a manager from Shenzhen Zhongtong Imports and Exports Co. Ltd., during an in
Technical textiles sector likely to be the next sunshine industry: Texel Industries

2021.09.24 09:50

Technical textiles industry is expected to be the next sunshine industry for India Inc post announcement of production linked incentive schemes by the Government.The industry is expected to see a quantum jump and could reach the size of USD 5 billion in the next 3-5 years. The industry is working in partnership with different Ministries, Research institutions and focuses on Quality, Cost, Economies of Scale to excel in exports by creating economies of scale. The government on September 8 announced an incentive scheme for attracting private investments into the labour-intensive textiles sector
Seoul ranks 16th in ‘Global Startup City,’ up four steps from last year

2021.09.23 17:33

Seoul was ranked 16th in this year's startup ecosystem competitiveness rankings, released by the U.S. global startup ecosystem analysis firm Startup Genome, up 4 notches from the last year. According to Seoul Metropolitan Government on the 22nd, ‘Global Startup Ecosystem Report 2021’, released online by Startup Genome at the London Tech Week event, featured a summary of the startup ecosystems in 280 cities in 100 countries around the world. Seoul has been included in this report since 2017.The report cited talent pipelines and high R&D investments as Seoul's strengths.In particular, Seoul wa
Infosys to develop quantum computing capabilities on AWS

2021.09.23 09:51

Infosys, a global leader in next-generation digital services and consulting, today announced a strategic collaboration with Amazon Web Services(AWS) to develop quantum computing capabilities and use cases.Infosys will use Amazon Braket to explore and build multiple use cases in quantum computing as part of Infosys Cobalt cloud offerings. Amazon Braket is a fully managed quantum computing service that helps scientists and developers get started with the technology and accelerate research and discovery. Infosys will look to build, test, and evaluate quantum applications on circuit simulators and
Smart robots equip Nanshan quarantine hotel

2021.09.23 09:39

AN anti-pandemic technological solution for quarantine hotel has been unveiled in Nanshan District recently in a bid to help build a showpiece quarantine hotel in Shenzhen in the fight against COVID-19. The solution has integrated technologies such as 5G communication, Internet of Things (IoT) and artificial intelligence to achieve whole process of closed-loop and contactless management in a quarantine hotel. At present, this solution has been applied to Xicheng Hotel in Nanshan, a centralized quarantine hotel in Shenzhen. The intelligent robots developed by local robotics company UBTECH will
India's economy to grow at 7.2 pc this year: UNCTAD

2021.09.17 09:54

The Indian economy is expected to grow at 7.2 per cent in 2021 but growth could slow down next year, according to the UNCTAD Trade and Development Report 2021.It said the recovery is constrained by ongoing human and economic cost of Covid-19 pandemic and negative impact of food price inflation on private consumption. The report said India, which experienced a contraction of 7 per cent in 2020, showed a strong quarterly growth of 1.9 per cent growth in the first quarter 2021 on the back of the momentum of the second half of 2020 and supported by government spending in goods and services.Meanwhi
Inflation likely to decline till November: India Ratings and Research

2021.09.14 09:49

Inflation rates are expected to decline till at least November this year, said India Ratings and Research, a credit rating agency, on Monday.Dr Sunil Kumar Sinha, Principal Economist, India Ratings and Research said that the retail inflation in August 2021 declined both sequentially and on a year-over-year basis to 5.30 per cent. The strong base effect resulted in the decline in retail inflation. It is the seventh consecutive month of retail inflation remaining in excess of 5 per cent and the 23rd consecutive month of retail inflation remaining in excess of RBI's targeted inflation rate of 4 p
Centre announces auction for sale of Rs 26,000 cr govt securities

2021.09.14 09:48

The Centre also announced the sale of '6.10 per cent Government Security, 2031' for a notified amount of Rs 14,000 crore (nominal) through price based auction using a uniform price method; and sale of '6.76 per cent Government Security 2061' for a notified amount of Rs 9,000 crore (nominal) through price based auction using multiple price method.According to an official release, GoI will have the option to retain an additional subscription up to Rs 6,000 crore against the above security/ securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Sep
KIA to strengthen sales in Indian market…. Release new cars and raise price

2021.09.13 09:33

KIA is going to solidify its upward sales trend in the Indian market, the world's fourth-largest automobile market. It is planning to strengthen profitability by raising prices of some models and releasing new models. According to the industry on the 10th, KIA India will expand its lineup starting with the release of ‘Seltos X Line’ in the early of this month. Seltos X Line is the new model that emphasizes its sporty body design. 7 factors including matt granite-pattern color and indigofera leather are differentiated with previous Seltos models. It was first unveiled as a concept car at the
Centre to release Rs 56,027 cr to exporters

2021.09.10 09:55

With an aim to boost cash flow in the export sector, the central government will release Rs 56,027 crore to exporters under various export promotion schemes.Addressing the mediapersons, Union Minister of Commerce and Industry Piyush Goyal said, "Centre has decided to budget Rs 56,027 crore in this Financial Year FY 21-22 itself in order to disburse all pending export incentives due to exporters. The release of pending dues will have a transformational impact. Benefits would be disbursed to more than 45,000 exporters, out of which about 98 per cent are small exporters in the MSME category. This
Kangtai to make Astra’s vaccine for two countries

2021.09.10 09:42

SHENZHEN Kangtai Biological Products Co., one of China’s top vaccine makers, has obtained a permit to produce Anglo-Swedish drugmaker AstraZeneca Plc’s COVID-19 vaccine for Indonesia and Pakistan. AstraZeneca （Astra）will support Shenzhen Kangtai in emergency use and market authorization of the adenovirus-based vaccine in certain aspects in the two Asian countries, the Shenzhen-listed firm said in a statement Monday. Shenzhen Kangtai inked a deal with AstraZeneca in August last year to produce AstraZeneca’s potential COVID-19 vaccine on the Chinese mainland. As part of the deal, Shenzhen

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India's forex reserves dip by $9.64 billion, the biggest drop in 2 years