Korean Financial Market New for?December 4, 2023

1. Korean insurance companies have earned more than 11 trillion won in net profit until the third quarter of this year. According to the '2023 Insurance Company Management Performance' data released by the Financial Supervisory Service on the 4th, the net profit of 22 life insurance companies and 31 non-life insurance companies until September this year increased by 3.6 trillion won (47.2%) compared to the same period last year, reaching 11.4225 trillion won. https://n.news.naver.com/article/001/0014368969?sid=101
2. Thanks to semiconductors, which account for a large portion of Korean exports, Korea achieved two consecutive months of export growth in November. The semiconductor industry, which accounts for 20% of Korea’s total exports, has grown by nearly 13%, leading to a rebound after 16 months of decline. With the recovery of exports of major items such as semiconductors, there is a growing expectation that exports will continue to grow in the first half of next year. https://www.fnnews.com/news/202312031438014765
3. Eight people who leaked Samsung Display and Top Tech’s confidential technology to BOE were sentenced to imprisonment on the 28th of last month on charges of violating the Industrial Technology Protection Act and the Law on Prevention of Unfair Competition and Protection of Trade Secrets1. https://n.news.naver.com/article/366/0000951907?sid=105
4. According to the latest data, the global TV shipment is expected to hit a 13-year low this year. Despite the Black Friday and other aggressive discount events in the fourth quarter, TV shipments are not expected to increase significantly, indicating a slump in the market. Samsung Electronics and LG Electronics, which account for half of the global TV market share, are expected to face more difficulties. https://zdnet.co.kr/view/?no=20231201140429
5. Despite its attempt to catch up with TSMC, Samsung Electronics is rumored to have recently lost several significant orders for its 3nm process. https://www.digitimes.com/news/a20231201PD210/samsung-tsmc-3nm-gaa.html
6. It has been confirmed that LG Energy Solution’s European sales this year are expected to reach nearly KRW 10 trillion. LG Energy Solution has surpassed its previous year’s record in just three quarters this year. Among the three K-battery companies, LG Energy Solution is highly likely to break through KRW 10 trillion in European sales for the first time. https://www.ceoscoredaily.com/page/view/2023112915455823459
7. Hyundai E&C announced on the 3rd that it signed an LOI with Energoatom, a Ukrainian nuclear power company, for the overall nuclear power plant business in Paris, France on the 30th of last month. According to the agreement, both companies plan to cooperate in supporting large-scale nuclear power plants and small modular reactor related projects in Ukraine. https://www.yna.co.kr/view/AKR20231203017700003
8. GenusPlus Group, an Australian energy infrastructure company, announced on the 1st that it has won the design, procurement, construction (EPC), and commissioning contract for the first phase of the Melbourne Renewable Energy Hub (MREH) BESS project in Victoria, Australia, by forming a consortium with Samsung C&T Corporation. Samsung C&T Corporation will hold a 70% stake in the joint venture, while GenusPlus will hold 30%. https://www.theguru.co.kr/news/article.html?no=63310
9. Korean battery company, EcoProBM, will supply Samsung SDI with KRW 44 trillion worth of cathode materials. This is a huge contract that has emerged amid the downturn in electric vehicle demand, and EcoProBM’s cathode materials will be supplied to Samsung SDI and applied to next-generation electric vehicles that Hyundai Motor Company will launch in Europe. https://www.etnews.com/20231203000030
10. Kia’s large electric SUV, the EV9, won the ‘Innovation Award’ at the ‘Denmark Car of the Year 2024’ hosted by the Danish Automotive Journalists Association. The EV9 was also nominated for the ‘2024 North American Car of the Year’ utility category and the ‘2024 European Car of the Year’ final candidate. https://www.newsis.com/view/?id=NISX20231203_0002543926&cID=13001&pID=13000

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