[Graphic News] Samsung took top spot in US home appliance market last year: data

Samsung Electronics was the most popular home appliance brand in the United States last year in terms of market share, data showed. Samsung Electronics took up 21 percent of the home appliance market share in the US in terms of sales in 2023, followed by Korean rival LG Electronics at 19 percent, General Electric at 18 percent and Whirlpool at 15 percent, according to data from market researcher TraQline. A survey by also showed that Samsung was the most considered brand when consumers purchas

April 16, 2024

US Navy secretary touts S. Korea's shipbuilding capabilities

US Secretary of the Navy Carlos Del Toro has noted South Korea's capabilities to build high-quality ships, including warships, in a cost-effective way while voicing concerns that America's shipbuilding capabilities have "atrophied" over the past decades. Toro made the remarks during an event organized by the Navy League in Maryland on Tuesday, stressing the need to reverse the United States' underinvestment in modernization and industrial capacity. "Our Korean and Japanese allies

April 12, 2024

USTR takes issue again with S. Korean bills on network usage fees

The Office of the US Trade Representative has taken issue again with South Korean bills calling on foreign online content providers to pay network usage fees in a recent report, saying they could be "anticompetitive." On Friday, the office issued the 2024 National Trade Estimate Report on Foreign Trade Barriers, where it touched on the bills that have been pending at the National Assembly. US streaming giant Netflix and other foreign content providers could be subject to the fees in qu

April 2, 2024

IMF urges tighter Swiss regulation after UBS takeover of Credit Suisse

The IMF urged Switzerland on Thursday to strengthen its financial sector regulation as supervising UBS has become "more challenging" since it grew into a global banking behemoth after its takeover of Credit Suisse. Switzerland's biggest bank was strongarmed by the government into buying Credit Suisse last year over fears that the second largest lender in the country might go under and spark a global financial crisis. "Lessons from the CS (Credit Suisse) case should inform fur

March 28, 2024

Dutch government to launch plan to keep ASML in Netherlands

The Dutch government is expected to lay out initial plans on Thursday to keep the country's largest company ASML, from moving operations outside the Netherlands over concerns ranging from anti-immigration policies to infrastructure problems. Semiconductor equipment maker ASML, Europe's largest tech company, shocked the Dutch government into action after CEO Peter Wennink went public with complaints about policy, including ending a tax break for skilled migrants which would make it hard

March 28, 2024

US unveils some $20 billion in grants, loans to Intel

The White House announced a plan Wednesday to award Intel Corp. nearly $20 billion in grants and loans, marking the Joe Biden administration's largest funding scheme under its initiative to strengthen domestic semiconductor production. The Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in grants and $11 billion in loans under the CHIPS and Science Act, it said, as South Korea's Samsung Electronics Co. and Taiwan Semiconductor Manufac

March 21, 2024

US Fed keeps key rate unchanged for 5th straight time, signals 3 rate cuts this year

The US Federal Reserve on Wednesday held its benchmark lending rate steady for a fifth consecutive time and signaled that it could lower the rate three times this year in line with policymakers' previous projections. After the two-day Federal Open Market Committee meeting, the central bank announced its decision to maintain the rate in the 5.25 to 5.50 percent range. FOMC members' latest median economic projections showed that the federal funds rate would be cut to 4.6 percent at the e

March 21, 2024

Biden to tout government investing $8.5 billion in Intel's computer chip plants in four states

The Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in Arizona, Ohio, New Mexico and Oregon. President Joe Biden plans to talk up the investment on Wednesday as he visits Intel's campus in Chandler, Arizona, which could be a decisive swing state in November’s election. He has often said that not enough voters know about his economic policies and suggested that more would suppor

March 20, 2024

Unilever to cut 7,500 jobs and spin off its ice cream business, which includes Ben & Jerry's

LONDON (AP) -- Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits. London-based Unilever said its ice cream business, which also includes Magnum bars, has “distinct characteristics” from its other brands and would benefit from separate ownership to increase growth. It said the split is expected to be completed by the end of n

March 19, 2024

Chinese stocks slide as investors maintain caution after US inflation report

HONG KONG — China stocks were lower Wednesday after the overnight United States inflation report that signaled a diminished possibility of the Fed's rate cut made investors cautious. Hong Kong stocks edged less than 0.1 percent lower at 17,082.11, ending its three consecutive days of gain. Hang Seng Tech Index advanced 0.4 percent, with JD.com gaining 0.3 percent after the company announced a share buyback of as much as $3 billion over the next three years. The Shanghai Composite Inde

March 13, 2024

US Commerce secretary highlights 'tough' talks under way with chipmakers over grants

US Commerce Secretary Gina Raimondo reiterated Monday that "tough" talks have been under way with advanced semiconductor companies over grants to be awarded under a program to reinvigorate chip manufacturing in the United States. Speaking at a forum, Raimondo said that the US government has thus far received over 600 statements of interest from relevant companies, and that "leading-edge" companies alone have requested more than $70 billion in grants for their manufacturing pr

Feb. 27, 2024

Taiwan chip giant TSMC announces second Japan plant

TSMC will build a second foundry in Japan, the semiconductor giant and its local partners announced Tuesday, weeks before its first in the country officially opens. Taiwan Semiconductor Manufacturing Company -- which counts Apple and Nvidia as clients -- controls more than half the world's output of silicon wafers, used in everything from smartphones to cars and missiles. In recent years, it has had to navigate geopolitical tussles between the United States and China as the two face off ove

Feb. 6, 2024

US industry group calls for multilateral chip export controls to address disadvantage over S. Korea, other allies

An American industry group has called on the US government to craft new multilateral chip equipment export controls, claiming the current strict unilateral ones put US firms at a disadvantage over their rivals from South Korea and other countries. The Semiconductor Industry Association made the call in their written comments sent to the Bureau of Industry and Security under the Commerce Department on Jan. 17, as it stressed the need for the new controls to ensure what it called a "level pla

Feb. 1, 2024

Samsung family ranks 12th wealthiest in Asia

South Korea's Samsung family, led by Samsung Electronics Chairman Lee Jae-yong, has been ranked as the 12th wealthiest in Asia, according to recent data released by Bloomberg. The Samsung family is also the sole Korean conglomerate to be included among “Asia’s top 20 richest families” in the report. The Samsung family's assets amounted to $18.2 billion, securing the 12th position on the list, according to Bloomberg News on Wednesday. The latest ranking reflects a drop

Jan. 29, 2024

Biden Administration allows US trade tribunal's ban on Apple Watch imports

US President Joe Biden's administration on Tuesday declined to veto a government tribunal's decision to ban imports of Apple Watches based on a complaint from medical monitoring technology company Masimo. The US International Trade Commission's order will go into effect on Dec. 26, barring imports and sales of Apple Watches that use patent-infringing technology for reading blood-oxygen levels. Apple has included the pulse oximeter feature in its smart watches starting with its Ser

Dec. 26, 2023

AI can create more jobs than it potentially eliminates: Tech Mahindra's outgoing CEO

Generative AI technology can create more jobs than it is expected to eliminate, Tech Mahindra's outgoing CEO said, even as its ability to wreck the job market has been discussed widely on social media sites. "The use cases of Generative AI are still being defined, which means that it has the potential to create more job opportunities in the future. Undoubtedly, the possibilities are just opening, and there is more to come," CP Gurnani told Reuters in an interview. AI technologies

Dec. 18, 2023

Powell notes inflation is easing, downplays discussion of rate cuts

WASHINGTON (AP) -- Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said. Speaking at Spelman College in Atlanta, Powell noted that consumer prices, excluding volatile food and energy costs, rose at just a 2.5 percent annual rate in the past six months. That’s not far above the Fed’s 2 percent inflation target. Still, more progress is needed, Powell said. He added, “It

Dec. 3, 2023

Elon Musk visits Israel to meet top leaders as accusations of antisemitism on X grow

Elon Musk, who's been under fire over accusations of antisemitism flourishing on his social media platform X, paid a visit Monday to Israel, where he toured a kibbutz that was attacked last month by Hamas militants and was set to meet with top leaders. The billionaire and Israeli Prime Minister Benjamin Netanyahu toured the Kfar Azza kibbutz, which was stormed by Hamas militants on Oct. 7. Musk, wearing a protective vest and escorted by a phalanx of security personnel, used his phone to

Nov. 27, 2023

[Graphic News] Beer imports from China plunge 43% after worker urination video at Tsingtao

South Korea’s beer imports from China plunged more than 40 percent last month from a year earlier following the release of a viral video showing a man urinating into a tank at Tsingtao Brewery, the customs office said. The amount of beer imports from China fell 43 percent on-year to 2,281 metric tons in October, and the value of beer purchases from the neighboring country declined 38 percent to $1.93 million, according to the Korea Customs Service. The video released on Oct. 19 shows a uni

Nov. 27, 2023

Shoppers click 'buy' as retailers slash prices ahead of Cyber Monday

Holiday shoppers in the U.S. are seeking out the best deals and strategically nabbing the deepest discounts ahead of Cyber Monday, according to data from retailer websites aggregated by third parties. Cyber Monday, as the first Monday after the Thanksgiving holiday has become known as merchants step up online promotions, is set to be the biggest online shopping day of the year in the United States. Strong online traffic on Black Friday demonstrated a notable pattern of shoppers putting time and

Nov. 26, 2023