GlobalEconomic GlobalEdition

June 27, 2022

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Kia is the only global automaker to have had sales increase till 3rd quarter of COVID-19 stricken 2020

2021.02.10 09:49

Last year, the global automobile industry was one of the many industries negatively affected by the COVID-19 pandemic, but with increase in sales of new cars particularly in North America and China during the second half of 2020, a fast switch to recovery was found to have occurred during the latter part of last year. Kia Corp, in particular, was the only major automobile manufacturer that had a sales growth when the accumulated sales in the third quarter of last year, year-on-year, were looked at. The Korea Automotive Technology Institute (KATECH) published a report about industrial trends
Shipbuilding and shipping companies of South Korea hustle to secure large-scale funds for post-pandemic world

2021.02.09 13:24

Shipbuilding and shipping companies of South Korea such as Hyundai Heavy Industries Co Ltd, SM Line Corp, and HMM Co Ltd (formerly Hyundai Merchant Marine Co Ltd) are busily moving to secure large sums of funds to stay alive and prosper following the novel coronavirus (COVID-19) pandemic. Their hustles appear to stem from a motivation to secure funds for crisis management and setting foot into new businesses as the COVID-19 situation prolongs, lasting longer than initially expected. The most anticipated upcoming event in the shipbuilding industry is the initial public offering (IPO) of Hyund
Chairman of Kakao Kim Beom-soo to donate half of his 10 trillion won assets

2021.02.09 10:14

"In celebration of our 10th anniversary, our own culture, Season 2 of Kakao, should go beyond next business direction concerns. Our role has to include social problem solving."Chairman of Kakao Kim Beom-soo, became center of attention Monday as he revealed an unconventional proposal to give up half of his fortune to solve social problems. He came up with the “social role” initiative last March looking back at the “past 10 years of Kakao” and “dreaming of the future 10 years.” Chairman Kim’s stocks, that originated from the “Kakao Ecosystem”, by his own evaluations currently reach 10 t
South Korea’s ‘Big Three’ shipbuilders start the year on a high note

2021.02.08 13:00

The ‘big three’ shipbuilders of South Korea’s shipbuilding industry have had a good start to the year with a relay of orders won since this year began. The smooth start to the year comes after a severe drought of orders that the shipbuilding firms went through early last year. According to the shipbuilding industry on Feb. 4, Korea Shipbuilding & Offshore Engineering Co Ltd (KSOE), Samsung Heavy Industries Co Ltd, and Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME) saw their first orders roll in significantly earlier than when first orders came in last year. The dollar amount of orde
Hyundai Mipo Dockyard wins successive orders for LPG carriers - 95% of the world market

2021.02.08 10:36

Hyundai Mipo Dockyard, the world's No.1 medium-sized vessels shipbuilding company, is leading the international gas carrier market by successively winning orders for eco-friendly LPG carriers with new technology application. Hyundai Mipo Dockyards recently won an order for two 40,000 cubic meters (cbm) LPG carriers (option including one vessel) from a European shipping company. With 21 out of a total of 22 medium-sized LPG ships ordered worldwide from 2019 until now it accounts for about 95% of the market share.Liquefied petroleum gas (LPG) is obtained by cooling to minus 50 degrees and liquef
Coupang Eats delivery workers’ dissatisfaction explodes over unilateral delivery charge cuts

2021.02.05 11:01

In response to recent change in the delivery fee system made by food delivery platform company Coupang Eats, delivery workers (riders) demand an improvement in delivery fee policy, saying that the company adjusted prices in an unfavorable direction without prior negotiation. In addition, they complained that they were not receiving the proper pay due to unclear standards regarding additional premiums for each difficulty level. Rider Union held a press conference in front of the headquarters in Coupang Eats, Songpa-gu, Seoul, stating, “Coupang Eats has unilaterally reduced the basic delivery
Investigation on Lee Ho-jin, former chairman of Taekwang Group

2021.02.04 14:43

Lee Ho-jin, former chairman of Taekwang Group is under investigation and prosecution. Fair Trade Commission said Wednesday, that last month Fair Trade Commission decided to prosecute former chairman Lee on charges of falsely submitting designated data. In order to monitor the activity of conglomerate group (business group restricted by mutual investment) from 2016 to 2018, FTC requested the former chairman to submit data on the status of shareholders, and the former chairman Lee did not list the shares he owned under his own name. Instead, the report was submitted under his relatives, executi
Hyundai Motor's India sales to surge

2021.02.03 11:16

Hyundai Motor Group is showing an outstanding performance in the steadily growing Indian automobile market. According to the local media India Car News on Tuesday, Hyundai Motor India Limited (HMIL) sold 52,005 units in India last month and exported 8,100 units, a total of 60,105 units, up 15.6% from the same period last year. India's sales volume increased by 23.8% from 4,200 units last year, but exports decreased by 19% from 10,000 units last year.It was concluded that the export route from India was not smooth due to the outbreak of novel coronavirus infection (COVID-19). Hyundai Motor offi
Last year's Korea's share in electric vehicle battery business hit 34.7% with LG breathing down the leader’s neck.

2021.02.03 11:13

Last year, the market share of the three domestic battery companies in the global electric vehicle battery market more than doubled compared to the previous year, accounting for 34.7%. According to SNE Research, an energy market research firm’s statement on February 1, the total amount of battery energy for electric vehicles (EV, PHEV, HEV) registered in the world last year was 142.8 GWh (gigawatt hours), up 21% from the previous year. Among them, LG Energy Solution, Samsung SDI [006400], SK Innovation [096770], and other three domestic battery companies account for 49.4GWh, taking u

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

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