[WEEKEND WRAP] JUNE 1-4

 

 

June 1

[Pulse by Maeil Business News Korea] More than 30 South Korean companies in the auto parts, chipmaking and display sectors have joined a government-backed alliance formed to foster the development of the country’s automotive semiconductor industry.

The launch of the alliance is aimed at promoting industry partnership to nurture the country’s automotive semiconductor industry that is yet in its early stages of development. The alliance is joined by five auto parts manufacturers including Daeyang Electric Co. and Mando Corp., 11 chipmakers including Nextchip Co. and Telechips Inc., 10 display manufacturers including Samsung Display Co. and ELK Corp., and six related institutions including KETI.

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June 3

[Yonhap] Sales of mid-to-large sport utility vehicles (SUVs) surged 26.1 percent on-year in the first four months of 2018, fueled by the release of a new model and a general rise in consumer demand for such cars, industry data showed Sunday. This year’s total was 25.1 percent higher than the figures for the January-April period in 2015 and 19.5 percent larger than those from 2016, a clear sign of strong domestic demand.

“There has been a trend towards SUVs for some time and the fact that the latest crossovers have grown in size has contributed to higher sales for medium-to-large size vehicles,” a KAMA(The Korea Automobile Manufacturers Association) source said.

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June 4

[Yonhap] South Korea and the Philippines on Monday signed a memorandum of understanding (MOU) to expand cooperation in the agricultural sector, Seoul’s agriculture ministry said.

Under the agreement, the two nations will set a agricultural cooperation committee and step up collaboration for agricultural technology development. South Korea has operated the Korea Program on International Agriculture (KOPIA) in the Philippines since 2010 to support the Southeast Asian nation’s rice farming jointly with local research institutes.

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June 4

[Yonhap] Hyundai Rotem Co., an affiliate of Hyundai Motor Group, said Monday it has received a 909.8 billion won (US$849 million) train order in Taiwan. The order marks Hyundai Rotem’s reentry into Taiwan’s train market after a 19 year hiatus, the company said in a statement. All the cars will be delivered by 2024.

In 1999, the company won an order to build 56 train cars for Taiwan. The country recently announced a plan to invest 35 trillion won to upgrade its railway systems and other infrastructure facilities over the next eight years, it said.

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June 4

[Yonhap] Purchases made using the Internet and mobile devices in South Korea continued to show solid growth in April, government data showed Monday, demonstrating the popularity of smartphones, fast delivery and convenient payment options with local shoppers.

The total value of transactions made with computers, smartphones and tablets reached a record 8.74 trillion won (US$8.16 billion) in April, up 22 percent from a year earlier, according to the data from Statistics Korea. The sharp rise was attributed to increased demand for electronics, cosmetics, daily necessities and food, the agency said. Mobile purchases in South Korea have been on a steep rise for years as smart devices expand their presence in the world’s most wired country and rapidly replace computers as the means of conducting online transactions.

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