GlobalEconomic GlobalEdition

June 27, 2022

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SK Hynix considers Cheongju as its new semiconductor plant site

2022.05.03 09:45

SK Hynix is considering Cheongju in Chungcheongbuk-do as its new semiconductor plant site due to the efficiency of facility investment. According to industry sources on the 2nd, SK Hynix is highly likely to select Cheongju as a construction site for its new semiconductor plant. Noh Jong-won, President of General Business Management of SK Hynix, recently held a first-quarter earnings conference call and said, “We plans to gradually increase production capacity to meet market demand in the next few years. The company is internally discussing to establish additional chip plants before the Yong-
Demand for TVs expected to decrease with lifting of outdoor mask mandate

2022.05.03 09:43

The South Korean government has fully lifted outdoor mask mandate from May 2. However, Samsung and LG expect demand for home entertainment, especially TVs, to decrease as demand for travel and outdoor activities increases. According to industry sources on the 2nd, Samsung Electronics and LG Electronics’ sales of TVs and home appliances increased year-on-year in the first quarter, but their operating profit decreased. This is because costs increased due to raw material price hikes and increased logistics costs despite strong sales of premium products. As Samsung and LG expect lifting of outdoo
GOPIZZA launches in India and Plans to expand to 100 outlets in the next year

2022.05.03 09:40

Korea-headquartered famous pizza brand GOPIZZA recently opened its 15th outlet in HSR Layout, Bangalore and has announced massive expansion plans in the Indian market.GOPIZZA, is known for its one-person, oval shape, fire baked pizza with quick serving speed and affordable price. The brand which opened its first outlet in India in Bangalore in 2019 aims to expand to 500 outlets by the end of 2025. In 2016, 27-year-old Jae Won (Jay) Lim started serving tasty, one-person sized pizzas from a food truck on the premise that pizzas could be inexpensive when eaten by an individual alone. Spurred by t
Working closely with govt to clarify 'misunderstandings', says Xiaomi as ED seizes Rs 5,551 cr assets

2022.05.02 09:48

Reacting to the Enforcement Directorate (ED) crackdown and seizure of Rs 5,551.27 crore assets in India, Chinese telecom firm Xiaomi on Saturday said it is committed to working closely with the government authorities to clarify any "misunderstandings"."As a brand committed to India, all our operations are firmly compliant with local laws and regulations. We have studied the order from government authorities carefully," Xiaomi spokesperson said in a statement. "We believe our royalty payments and statements to the bank are all legit and truthful. These royalty payments that Xiaomi India made we
Samsung and LG post record high performance in first quarter

2022.05.02 09:35

Samsung Electronics and LG Electronics posted record performance in the first quarter of 2022. The two companies’ strong first-quarter performance was led by increased sales of semiconductors and home appliances. The two companies succeeded in posting high sales despite continued market uncertainties in the first quarter, but some expects the second-quarter earnings to decrease.Samsung Electronics announced its first-quarter earnings on the 27th. Samsung posted 77.78 trillion won in sales and 14.12 trillion won in operating income, up 19.0% and 50.5% respectively from a year ago. In particula
HDFC Life Q4 net profit rises 12.44 per cent to Rs 357 cr

2022.04.27 09:56

HDFC Life Insurance Company on Tuesday said its net profit rose by 12.44 per cent to Rs 357.52 crore in the January-March quarter of 2021-22 as compared with Rs 317.94 crore recorded in the corresponding period of the previous year.For the full year 2021-22, HDFC Life profit after tax declined by 11 per cent year-on-year to Rs 1,208 crore. The company said its profit declined in 2021-22 due to a higher mortality reserve created during the yearThe Board of Directors of HDFC Life at its meeting held on Tuesday approved and adopted the audited standalone and reviewed consolidated financial result
Young generation picks bio, pharmaceutical and health as most promising industry

2022.04.27 09:45

Young Korean people those in their 20s and 30s said the bio/pharmaceutical/health industry are the most fastest growing industry.According to the survey by Job Korea on the 26th, young people selected the bio/pharmaceutical/health industry as the most promising industry in Korea (52.0%).Job Korea recently conducted a survey about emerging industries that will lead Korea’s future. 1,377 university students and workers in their 20s and 30s participated in the survey.The IT/Communication industry (35.4%) followed the bio industry. Third-ranked and fourth-ranked industries were different between
GS, Doosan, Samsung to develop SMR with US NuScale Power

2022.04.27 09:42

GS Energy, Doosan Enerbility, and Samsung C&T [028260] has partnered with the U.S. nuclear power reactor manufacture NuScale Power to develop small module reactors (SMRs).The three companies and NuScale Power signed a MOU deal at the headquarters of GS Energy in Gangnam, Seoul, on the 26th to construct and operate of SMRs in Korea. At the signing ceremony, GS Energy President Huh Yong-su, Doosan Enerbility Vice President Na Ki-yong, Samsung C&T Vice President Lee Byung-soo, and NewScale Power President John Hopkins attended.Through the MOU, the companies plans to lead the rapidly growing globa
Hana Bank opens Taipei branch… First Korea bank in Taiwan

2022.04.27 09:37

Hana Bank has opened its Taipei branch on the 25th.This is the first time that Korean bank has entered Taiwan and opened a local bank. Hana Bank previously obtained an approval from the Taiwan Financial Supervisory Service in June last year, and prepared to open the branch for 10 months. Hana Bank plans to hire local employees fluent in English and Chinese to promote its active localization strategy. Based on the Domestic Banking Unit (DBU) license obtained from the Taiwanese financial authority, it will also provide local currency-based corporate and retail finance services.Hana Bank expects

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S. Korea logs record current account surplus with U.S. and Southeast Asian

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