[Newsmaker] Elon Musk fires back at Twitter in court battle

AFP -- Elon Musk on Friday filed claims against Twitter as he fights back against the tech firm's lawsuit demanding he be held to his $44 billion buyout deal. Musk's counter-suit was submitted along with a legal defense against Twitter's claim that the billionaire is contractually bound to complete the deal he inked in April to buy Twitter, the Chancery Court in the state of Delaware said in a notice. The 164-page filing was submitted as being "confidential," meaning the documents we

July 30, 2022

[Graphic News] Korea’s top 3 EV battery makers show sluggish sales growth

　Korea’s Electric Vehicle Battery industry showed slow sales growth as its global market share in the first five months dropped by 9.5 percentage points from last year, according to the battery industry tracker SNE Research’s June report. 　LG Energy Solution, the country’s top battery maker, took 14.4 percent of the market. The figure shrank by 9.2 percentage points from last year’s 23.6. Samsung SDI’s share also went down by 1.5 percentage points from 5.9 percent

July 19, 2022

[Graphic News] Seoul ranked 10th best city for startup ecosystem in 2022

　Seoul was selected as the 10th best city for startups in an annual report released by research firm Startup Genome, city officials said. 　The Global Startup Ecosystem Report 2022 by the firm, dedicated to improving the startup ecosystem of each city, surveyed 280 cities across some 100 nations for the latest results announced in London, the officials said. 　The report ranked Seoul as 10th strongest in the startup ecosystem category, up from 16th last year and 20th in 2020. 　The report put t

July 15, 2022

[Newsmaker] Musk ditches Twitter deal, triggering defiant response

SAN FRANCISCO -- Elon Musk on Friday pulled the plug on his $44 billion deal to buy Twitter, accusing the social media giant of "misleading" statements about the number of fake accounts, a regulatory filing showed. Musk's effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar breakup fee and more. "Mr. Musk hereby exercises (the) right to terminate the Merger Agreement and abandon the transaction," his lawyers said

July 9, 2022

[Interactive] Hong Kong most expensive city to live in for expats

　Hong Kong is the world’s most expensive city to live in as an expat for the second year in a row, according to a new study. New York and Geneva took second and third place in the rankings. 　Higher prices and a stronger currency over the past year kept the Asian city at the top of the tree, according to ECA International, which carried out its research in March this year. London and Tokyo round out the top five. 　Seoul, capital city of South Korea, stays 10th most expensive location in

July 2, 2022

[Graphic News] Apple named world’s most valuable brand

　Apple reclaimed its title as the world’s most valuable brand, according to a survey from Kantar BrandZ, knocking rival Amazon off the top spot for the first time in three years. 　The iPhone maker’s brand value reached $947 billion this year, while Amazon slipped to third, according to Kantar’s survey published June 15. Apple was last ranked the most valuable brand in 2015. 　Louis Vuitton became the first luxury brand to reach the top 10 after experiencing 64 percent growth

June 29, 2022

[Graphic News] S. Korea ranks No. 1 in household debt-to-GDP ratio in Q1

　South Korea had the highest household debt-to-gross domestic product ratio among 36 major economies in the first quarter, a global finance report said. 　The country’s household debt-to-GDP ratio came to 104.3 percent in the January-March period, followed by Lebanon with 97.8 percent, Hong Kong with 95.3 percent, Thailand with 89.7 percent and Britain with 83.9 percent, according to data from the Institute of International Finance.  　South Korea was the only country whose household

June 24, 2022

[Graphic News] Samsung Electronics world No. 22 by market cap

　Samsung Electronics, South Korea’s leading tech firm, was the world‘s 22nd-largest company in terms of market capitalization, down seven notches from a year earlier, data showed. 　According to the list of the global top 100 companies released by London-based accounting company PwC, the tech giant was the only South Korean company on the list with the market value of $342 billion as of March. 　The share price of the chip giant has fallen amid global uncertainties, including moneta

June 23, 2022

[Graphic News] S. Korea maintains 5th spot in global vehicle output: report

　South Korea ranked fifth in terms of global vehicle production last year, retaining the spot for the second consecutive year, amid efforts to minimize the fallout from the pandemic-caused global chip shortage, a report showed.  　The combined vehicle output by South Korean carmakers, including Hyundai Motor and Kia, reached 3.46 million units as of end-2021, down 1.3 percent from the previous year, according to the report from the Korea Automobile Manufacturers Association.  　China

March 16, 2022

China considers buying stakes in Russian energy, commodity firms

China is considering buying or increasing stakes in Russian energy and commodities companies, such as gas giant Gazprom PJSC and aluminum producer United Co. Rusal International PJSC, according to people familiar with the matter. Beijing is in talks with its state-owned firms, including China National Petroleum Corp., China Petrochemical Corp., Aluminum Corp. of China and China Minmetals Corp., on any opportunities for potential investments in Russian companies or assets, the people said. Any d

March 8, 2022

Google to buy cybersecurity firm Mandiant for $5.4 billion

Google agreed to acquire cybersecurity company Mandiant Inc. for $5.4 billion, its second-biggest deal ever. With Mandiant, Alphabet Inc.’s Google gets more tools to protect its cloud clients by responding quickly to online threats. The company is working to recruit and support cloud customers amid stiff competition from Microsoft Corp. and Amazon.com Inc. Google will purchase Mandiant for $23 a share in an all-cash deal, according to a statement on Tuesday. Following the close of the de

March 8, 2022

Shell says it will stop buying Russian oil, natural gas

Energy giant Shell said Tuesday that it will stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and other operations in the country amid international pressure for companies to sever ties over the invasion of Ukraine. The company said in a statement that it would withdraw from all Russian hydrocarbons, including crude oil, petroleum products, natural gas and liquefied natural gas, "in a phased manner." The decision comes just days after Ukraine

March 8, 2022

Volkswagen plans IPO of Porsche to ignite EV shift momentum

  Volkswagen AG is preparing an initial public offering of Porsche, seeking a listing of its most profitable asset to help boost the parent’s valuation and fund the push into electric vehicles. VW’s preferred shares surged as much as 10% after the announcement Tuesday on a possible IPO outline between the carmaker and and Porsche Automobil Holding SE, a company controlled by the billionaire Porsche and Piech owner family. The tentative plan, which is estimated to value the spor

Feb. 22, 2022

[Graphic News] Shopping on social media seen hitting $1.2tr by 2025

　Shopping on social media such as Facebook, TikTok and WeChat is going to grow three times faster than sales from traditional channels over the next three years, according to a study released by Accenture. 　Social commerce, defined as transactions that take place entirely within the context of a social-media platform, will reach $1.2 trillion by 2025, up from $492 billion in 2021, the consulting company said in the report. The trend is being driven primarily by Gen Z and millennial consumers,

Jan. 17, 2022

[Graphic News] S. Korea’s EV sales nearly double this year, 7th-largest worldwide

　Sales of electric vehicles in South Korea almost doubled in the first three quarters of this year from a year earlier, ranking seventh in the world, data showed. 　A total of 71,006 EVs were sold in Asia’s fourth-largest economy in the January-September period, up 96 percent from a year earlier, according to the data from the Korea Automotive Technology Institute. 　The figure was the seventh-largest in the world. China sold the largest number of EVs with 1.76 million units in the nine-m

Dec. 1, 2021

[Graphic News] Posco named world’s most competitive steelmaker for 12th year

　South Korea’s top steelmaker Posco said it was named the world’s most competitive steelmaker in a global industry report for the 12th consecutive year. 　In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. 　The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including te

Nov. 24, 2021

[Photo News] SpaceX preparing for Halloween launch of Crew-3

NASA’s SpaceX Crew-3 mission is set to lift off this weekend, carrying an international crew of four astronauts to the International Space Station. According to NASA, it will send SpaceX’s Crew Dragon spacecraft Endurance to space from the Kennedy Space Center in Florida on Sunday. The mission will be the third operational NASA commercial crew flight of a Crew Dragon spacecraft. The team members consists of three astronauts from the US and one astronaut from Germany. The commander

Oct. 30, 2021

[Graphic News] Samsung ranks No. 1 on Forbes World’s Best Employers list

　Samsung Electronics topped the World’s Best Employers list for the second straight year, according to US business magazine Forbes. 　American tech giant IBM ranked second, followed by Microsoft, Amazon and Apple. 　South Korean cosmetics giant Amorepacific and LG came in 31st and 43rd, respectively. 　Forbes announced the rankings after surveying 150,000 full-time and part-time workers from 58 countries working for multinational companies and institutions.

Oct. 28, 2021

[Graphic News] S. Korea accounts for one-third of global EV battery market in Jan.-Aug. period

Three South Korean electric vehicle battery makers accounted for about a third of the global market in the first eight months of the year, but they are facing toughening competition with Chinese rivals, a market research firm said. The trio - LG Energy Solution, Samsung SDI and SK Innovation - accounted for 34.8 percent of the global EV battery market in the January-August period, inching down from 35 percent a year ago, according to the data from SNE Research. LG Energy Solution, which supp

Oct. 21, 2021

[Interactive] Hyundai ranks 6th place in global EV market in H1: data

South Korean automaker Hyundai Motor’s electric vehicle sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed. Hyundai Motor was in sixth place in terms of global EV sales in the January-June period, one notch down from the fifth position a year ago, according to the data by industry tracker SNE Research. The automaker’s global EV sales jumped 75.6 pe

Oct. 18, 2021