Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
South Korea sets aside W16tr for R&D on key technologies
South Korea is slated to invest around 16 trillion won ($14 billion) in research and development for 100 key technologies over the next five years in its push to become a global technology powerhouse. The Ministry of Trade, Industry and Energy announced its seventh industrial technology innovation plan Tuesday. The plan sets forth industrial technology research and development policy goals and related investment plans over the next five years under the Industrial Technology Innovation Promotion
Industry March 26, 2019
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Posco chairman visits plants in Southeast Asia
Posco Chairman Choi Jeong-woo chose Southeast Asia for his first overseas trip since taking office last year. According to the Korean steelmaker, Choi left for Indonesia on Monday to visit Krakatau Posco, a joint venture between Posco and Indonesia’s state-owned steelmaker Krakatau Steel. During his four-day trip, he is also slated to visit the firm’s production plants in Vietnam and its gas fields in Myanmar. “Operation sites are the key to a company’s competitiveness,” Choi said during his vis
Industry March 26, 2019
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South Korea prepares for international renewable energy conference
The South Korean government held a general meeting Monday to prepare for the 2019 International Renewable Energy Conference that will take place in October in Seoul. 123rfThe Ministry of Trade, Industry and Energy said it discussed progress and preparation for the biennial conference with a preparation committee formed in December 2017. The meeting was attended by 37 organizations, including regional governments, companies and public organizations. IREC is the world’s largest renewable energy ev
Industry March 25, 2019
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HHI-DSME merger faces bumpy road ahead
Hyundai Heavy Industries faces many obstacles to acquire state-funded Daewoo Shipbuilding & Marine Engineering as it has to win approval from around 30 nations, including its Asian rivals and European clients. When the world’s two biggest shipyards are merged, their combined market share will be 21 percent, and above all, the market share of liquefied natural gas carriers would reach 63 percent. As for LNG vessels, orders are likely to rise further from 2020 due to environmental regulations of t
Industry March 25, 2019
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S. Korea aims to become No. 4 robotics player by 2023
South Korea plans to turn the nation’s robotics technology into a 15 trillion-won ($13.3 billion) industry, with the aim of becoming the fourth-largest player in the world by 2023. “Traditional manufacturing sectors can be transformed into future industries by making use of robots,” said President Moon Jae-in at a briefing session on the nation’s robot development strategy at the headquarters of Hyundai Robotics in Daegu, Friday. President Moon Jae-in demonstrates a robot at the headquarters of
Industry March 22, 2019
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S-Oil apologizes for collusion, price-fixing
South Korean oil refiner S-Oil released an apology Thursday after pleading guilty to collusion and price-fixing in the process of providing oil to US forces in Korea. “S-Oil reached a settlement agreement with the (US) Department of Justice pertaining to charges against a violation of the US antitrust act during past bids for fuel supply to the US Forces Korea that have been under investigation,” said a spokesperson of the firm. The oil refiner added it deeply regrets the incident.The company sa
Industry March 21, 2019
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Korea should be ready for US trade policy changes: KITA
South Korea needs to be ready for any implications associated with possible changes in US trade policy ahead of the US election next year, according to the Korea International Trade Association on Thursday. “This year is highly likely to be a watershed of the US trade policy that will determine the re-election of the President Donald Trump. Korean companies need to come up with countermeasures for both short-term implications in trade and possible changes in the mid- to long-term production netw
Industry March 21, 2019
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Korea to shift all commercial vehicles to fuel cell energy by 2035
South Korea is slated to set a goal of entirely shifting commercial vehicles -- including trucks and construction machinery -- to run on fuel cell energy by 2035 in its efforts to address serious fine dust problems, according to plans released by Transport Minister-nominee Choi Jeong-ho. Hydrogen-powered trains are also expected to be commercialized after 2025. The ministry’s plan was released on Wednesday by Rep. Yoon Kwan-seok of the ruling Democratic Party of Korea, who received documents fro
Industry March 20, 2019
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Posco promotes SsangYong’s new Korando
South Korean steelmaker Posco has launched a joint promotion on Wednesday to promote SsangYong Motor’s new sport utility vehicle Korando, by exhibiting them in its headquarters in Seoul. This promotion is part of Posco’s campaign “Business with Posco” aimed for mutual growth with its partners, clients and suppliers. Posco Chairman Choi Jeong-woo (right) and SsangYong Motor's Vice President Yea Byung-tae (Posco)On the day, Posco Chairman Choi Jeong-woo joined a test-drive event of SsangYong’s new
Industry March 20, 2019
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LS Cable & System launches eco-friendly cable for vessels
LS Cable & System said Tuesday it has launched cables capable of supplying shore-side electricity to vessels with the hope of replacing the conventional ways of power supply that results in air pollution. The cable is used to supply vessels anchored at a port with power from shore-side facilities. (LS Cable & System)The firm hopes this will replace the conventional way of generating power, which is made during the operation of the engine using bunker C oil as fuel. During this process, air pollu
Industry March 19, 2019
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Hyundai, Kia invest $300m in India’s mobility service provider
Hyundai Motor Group said Tuesday it will invest $300 million in India’s largest ride-hailing platform Ola, its biggest investment so far.Under the agreement, Hyundai Motor, Kia Motors and Ola will collaborate on developing fleet and mobility solutions, as well as building India-specific electric vehicles and infrastructure, the firm said.Chung Eui-sun (right), executive vice chairman of Hyundai Motor Group, and Bhavish Aggarwal, co-founder and CEO of Ola (Hyundai Motor)Through the partnership, O
Industry March 19, 2019
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LG partners with Gwangju City to foster air-purifying ecosystem
LG Electronics has partnered with Gwangju City to foster an industrial ecosystem focused on air quality, amid growing concerns over air pollution in South Korea, according to the government.Fostering such an industrial ecosystem is one of the government’s regional initiatives to stimulate the recovery of 14 regions that are facing industrial hollowing out. The effort will focus on the development of technologies and products for air purifiers, humidifiers and dehumidifiers amid growing demand fo
Industry March 18, 2019
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Posco Daewoo rebranded as Posco International
Posco Daewoo has decided to rebrand itself as Posco International during a general shareholders meeting, according to the trading arm of South Korea’s largest steelmaker Monday. The firm said the change of the name is aimed at shaping its identity as a global trading company, leading global business of Posco Group and raising the future valuation. Posco International CEO Kim Young-sang (Posco International)“The launch of Posco International is an important momentum to create synergies with overs
Industry March 18, 2019
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South Korean conglomerates’ cash reserves hit record high
South Korea’s largest 10 conglomerates held record-high cash reserves last year, as they earned more on thriving chip businesses but spent less on fears of a sluggish economic outlook.According to local corporate tracker Chaebul.com on Sunday, the nation’s 10 biggest business groups by assets had combined cash reserves of around 248 trillion won ($218 billion) last year, up 12.2 percent from 2017, based on the consolidated financial statements of their 95 affiliates. The cash reserves in consoli
Industry March 17, 2019
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[Weekender] Itaewon’s identity wanes in the wake of gentrification
Late on a Saturday afternoon, Itaewon was nothing like the way it is described in most Seoul tourism books. People could be seen walking down the street in sparse numbers. Stores were almost empty. Some had gone out of business and displayed “for rent” signs in their windows. Granted, this neighborhood is better known for its nightlife, but it was too quiet for a place once known as a “magnet” for expats and locals alike. An owner of a souvenir shop on the neighborhood’s main street told The Kor
Culture March 14, 2019
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