Fifth Week of March 2021

2021.03.29.

□ The Biden administration is considering applying “Super 301” to six countries, including the UK and Italy, that have introduced digital taxes … effectively continuing the Trump administration’s policy of imposing retaliatory tariffs against taxes targeting U.S. tech companies such as the “FAANG” firms.

□ As efforts to refloat the Taiwan-operated Ever Given drag on, 429 ships remain stranded in the Suez Canal … HMM is rerouting four vessels via the Cape of Good Hope, adding 9,000 km to the route.
▶ See the 2021.03.26. news clipping.

□ As Korea’s gaming market grows rapidly (KRW 14.3 trillion in 2018 → estimated KRW 18.3 trillion in 2021), the cloud-services market is also projected to expand rapidly (KRW 1.9 trillion in 2018 → estimated KRW 3.2 trillion in 2021) … global companies such as Microsoft and Google are also competing to gain an early foothold in Korea’s cloud market.

□ As the shortage of automotive semiconductors drags on, the number of overtime shifts at Hyundai and Kia production plants is declining … losses from disrupted global auto production in 1Q21 are estimated at as much as KRW 67 trillion.

□ The fintech AI wealth-management market has grown fivefold in a year, gaining popularity among people in their 20s and 30s because it allows them to receive investment advice even with small sums … assets under management at Aim, Fount, and Fint total about KRW 1.2 trillion.

□ SKIET, SK Innovation’s materials subsidiary, will invest KRW 1.1 trillion to build an additional EV battery separator plant in Poland … “The decision was made as a preemptive investment in response to rapidly rising demand driven by the sharp growth of the global EV battery market."

□ LG Uplus has signed a USD 11.1 million contract to export 5G solutions and content to AIS, which holds a 45.6% share of the Thai market … cumulative export value since 2019 has reached USD 22 million.

□ Celltrion has obtained a positive opinion from the European Medicines Agency recommending the use of its COVID-19 treatment Regkirona … formal approval for commercial sales in Europe is expected as early as the beginning of next month.

□ The Seoul Metropolitan Government has finalized a development plan for the long-idle site in the northern station district of Seoul Station, the first such move in 13 years … a “Gangbuk-style COEX” is to be built, consisting of international convention facilities, offices, a luxury hotel, and residential officetels.
▶ Private-sector developer: Hanwha.