Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Southeast Asia rises as most popular destination for Koreans: report
Countries in Southeast Asia are rising as popular holiday spots for South Korean travelers, with the destinations being the most searched online, market data showed Tuesday.According to travel metasearch engine Kayak, Bangkok and Da Nang came in first and second on a list of most frequently searched destinations by Korean travelers who are preparing trips for next year. (Kayak)Da Nang was the seventh most popular destination searched in 2017. Bangkok came in fifth on the same list. Osaka, the m
Industry Nov. 28, 2017
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S-Oil holds awards ceremony to recognize bravery of citizens
S-Oil on Tuesday held the 2017 Hero Neighbors Award ceremony at its headquarters in Seoul. The oil refiner recognized 18 citizens who had carried out extraordinary acts to help others, and awarded them a total of 145 million won ($133,247), the company said. S-Oil CEO Othman Al-Ghamdi (center, back row) takes pictures with award recipients at the S-Oil headquarters in Seoul on Tuesday. (S-Oil)The ceremony was attended by S-Oil CEO Othman Al-Ghamdi, Korea National Council on Social Welfare Chairm
Industry Nov. 28, 2017
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Renault Samsung ranks high in productivity in Harbour Report
Carmaker Renault Samsung’s Busan-based manufacturing plant ranked high in productivity in the 2016 Harbour Report, the company said Tuesday.Harbour Report is an annual report provided by global consulting firm Oliver Wyman, which measures the productivity of automobile manufacturing plants worldwide. A total of 148 car manufacturing plants were included in the latest report. SM6 vehicles are assembled at Renault Samsung’s plant in Busan. (Renault Samsung)Of the 148 plants, Renault Samsung’s pla
Industry Nov. 28, 2017
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Lotte to open another duty-free store in Vietnam
Lotte Duty Free, a South Korean duty-free operator, said Monday that it will open its second airport outlet in Vietnam’s southeastern city of Nha Trang.The company secured exclusive rights to run the store until 2028 at Cam Ranh International Airport’s new terminal, according to officials. (Yonhap)Starting business in early 2018, in line with the completion of the new terminal, Lotte Duty Free expects to log some 700 billion won ($644 million) of sales through the 10 years of operation. Earlier
Industry Nov. 27, 2017
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Hyundai holds its first construction equipment auction in Korea
Hyundai Construction Equipment said Sunday that the company held its first heavy construction equipment auction here.Conglomerate Hyundai’s construction equipment arm sold all 150 pieces of used heavy construction equipment during the auction, which attracted some 1,000 customers, according to officials. Used heavy construction equipments are being displayed at the auction held in Eumseong, North Chungcheong Province, Sunday (Hyundai Construction Equipment)Around 100 foreign dealers joined the d
Industry Nov. 26, 2017
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Mercedes-Benz sales in Korea exceeds 60,000 units
Mercedes-Benz’s combined sales in Korea are forecast to surpass the 60,000 mark in November, according to the German Automaker’s sales unit here Sunday.The combined sales of Mercedes-Benz as of October was 58,060 units, up by 30.3 percent on-year. Given the monthly average sales, the combined sales are expected to pass well over 60,000 units as of the end of November, the company said. (Yonhap)The detailed monthly sales for November, however, remained undisclosed by the company.The 2017 sales r
Mobility Nov. 26, 2017
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Hyundai Motor seen eyeing car-sharing biz: report
The chances of Hyundai Motor entering the car-sharing market are high, a report by KB Securities said Wednesday, referring to Volvo‘s latest partnership with Uber.Volvo on Monday signed a deal with Uber to provide tens of thousands Volvo XC90 SUVs, specifically modified for autonomous driving, from 2019 to 2021. (Yonhap)The report noted that partnerships between original equipment manufacturers and car-sharing service providers will become more important down the road as car-sharing service firm
Mobility Nov. 22, 2017
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Hyundai Rotem renews maintenance deal in Ukraine
Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday. (Hyundai Rotem)Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.In 2010, Hyundai Rotem secured a 350 billion won dea
Industry Nov. 22, 2017
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Lawmakers seek additional tax hikes on HNB cigarettes
Tobacco makers in South Korea are likely to face increased tax hikes on heat-not-burn cigarettes as legislators are to propose the bill.Starting this week, the parliament will hold subcommittees to review the bill on raising other taxes on HNB sticks to up to 90 percent of taxes levied on conventional cigarettes, according to officials at health and home affair ministries. The combined taxes are to be imposed on each 20-stick pack of HNB sticks will amount to 2,986 won ($2.74), from the previous
Industry Nov. 21, 2017
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Jeep sales in Korea jump by 44% this year
Fiat Chrysler Automobiles’ sport utility vehicle brand Jeep posted brisk sales in Korea this year, largely backed by the sales of its small SUV model Jeep Renegade, market data showed Monday. According to data compiled by the Korea Automobile Importers and Distributors Association, the importer and distributer of the US cars sold a total of 5,543 Jeep units as of end-October, a 44.2 percent increase from 3,845 units last year. Jeep Renegade /FCA Korea“Almost all Jeep models are posting sales be
Mobility Nov. 20, 2017
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Korean Air receives US approval for joint venture with Delta
Korean Air and its joint venture with US carrier Delta has received a regulatory approval from the US government, the company said Sunday.Korean Air and Delta are now waiting for an approval from the Ministry of Land, Infrastructure, and Transport in Korea, it added. If approved by the Korean transport ministry, Korean Air and Delta will accelerate implementing services to increase their footing in the trans-Pacific market. Hanjin Group Chairman Cho Yang-ho (fourth from right), Korean Air Presi
Industry Nov. 19, 2017
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Government collects W125b tax from growing HNB shipments
The government has collected 125 billion won ($114 million) of new tax revenue from the rapidly growing shipments of heat-not-burn cigarette sticks, the finance ministry said Sunday.According to Ministry of Strategy and Finance, shipments of HNB cigarettes reached 71.9 million packs as of October this year, in seven months since the product has reached the market in April. A combined 1,739 won of taxes were imposed per HNB cigarette pack, including tobacco sales tax and value added tax.The Korea
Industry Nov. 19, 2017
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S-Oil wins grand prize at 2017 ESG Award
S-Oil on Thursday won the grand prize at the 2017 ESG Award organized by Korea Corporate Governance Service. The ESG Award evaluates and analyzes environmental, social and governance factors of all listed companies in South Korea.S-Oil received high scores for company-wide efforts to accelerate sustainable growth, as well as for its social and environmental activities, according to the award. S-Oil CEO Othman al-Ghamdi (right) shakes hands with Jung Ji-won, head of the Korea Exchange, at the 201
Industry Nov. 16, 2017
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SK Innovation to donate for each ad view
South Korean oil refiner SK Innovation on Thursday launched a unique social contribution project, vowing to donate 2 won for every view of its latest corporate advertisement.The project involves its “Big Picture of Innovation” advertisement that was revealed in September. The ad is the third installment of the “Big Picture” campaign and features visual artworks by renowned artists and new art techniques. “Big Picture of Innovation” ad by SK Innovation (SK Innovation)Using the “cymatics” art met
Industry Nov. 16, 2017
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Kepco to invest $50m in power plant project in Malaysia
Korea‘s state-run utility provider Korea Electric Power Corporation said Wednesday that the company will invest $50 million in a power plant project in Malaysia.Together with partner company Tadmax Resources, Kepco will build a 1,300-megawatt combined-cycle gas-fired power plant in Pulau Indah, 60 kilometers southwest of Kuala Lumpur. (Yonhap)With the $50 million investment, Kepco will hold 25 percent stake in the project, while Tadmax Resources is to hold the remaining 75 percent. The project
Industry Nov. 15, 2017
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