South Korean companies should keep a close eye on the protectionist trade policies in the US as President Donald Trump is expected to raise trade barriers there ahead of the November presidential election amid the worldwide spread of coronavirus, a local trade association said Tuesday. The Korea International Trade Association’s new report said the coronavirus pandemic has emerged as an importan...

South Korean companies operating in Europe are reeling from the coronavirus pandemic that has devastated the region, a survey showed Monday. The domestic situation is also dismal, with the business sentiment that gauges the nation’s export outlook hitting the lowest level in 135 months. The Korea International Trade Association surveyed 80 Korean companies doing business in Europe between Wedne...

Hyundai Motor Group Executive Vice Chairman Chung Euisun, who recently purchased treasury shares, has seen gains from the stock market recovery as well as the strengthening of his control. The market capitalization of Hyundai Motor and Hyundai Mobis shares totaled 100 billion won ($81 million) as of Thursday, with 49.4 billion won for the automaker and 50.7 billion won for the parts unit. From ...

The duty-free zone of Incheon International Airport’s Terminal 1 appears quiet Wednesday afternoon. As the industry was hit hard by the sharp drop in outbound travelers due to the spread of the new coronavirus, some of the airport’s duty-free shops couldn’t pay the rent in February. SM Duty Free pays about 3 billion won ($2.4 million) a month in rent and incurs interest of nearly 16 percent per y...

The novel coronavirus pandemic has exposed the vulnerability of South Korean industries that are deeply integrated with the global supply chain. Korea’s global value chain participation rate was 55 percent and ranked sixth among 18 developed economies of the Organization for Economic Cooperation and Development countries as of 2017, according to a recent report of the Korea International Trade A...

South Korea’s largest steelmaker Posco said Wednesday it has signed agreements with 17 local companies for certification of 23 products of its premium construction steel materials brand Innovilt. Construction steel materials are generally used in buildings, houses, roads and bridges, but are not exposed outside, making it difficult to identify which steel products were used. In November last yea...

LS Industrial Systems said Tuesday it will change its name to LS Electric and accelerate the expansion of its global business. The South Korean electric power and automation equipment provider has retained the name LSIS since 2005 after previously being known as LG Industrial Systems. The firm separated from LG Group in 2003. LS Electric said the change reflected the company’s strong commitment...

With South Korea’s stock market staring at a prolonged bearish phase amid the coronavirus spread, major conglomerates have begun to buy back their own shares to reassure fleeing investors. Over the past two months, Korean stocks have crumbled and major firms have lost their market value by a third. To assure investors, major listed firms have decided to either buy or cancel their treasury stocks...

Major South Korean firms have suffered a sharp drop in market capitalization, losing a combined 266 trillion won ($207 billion) over the past two months since the country’s first confirmed case of coronavirus infection, latest data showed Monday. Local corporate tracker Korea CXO Institute surveyed the share prices of 100 listed Korean companies -- the top five in 20 industries -- for the 60 day...

Samsung Electronics announced Friday it has decided to suspend operations of its Slovakia plant for a week due to the fast spread of coronavirus. The South Korean tech giant said it made the decision to protect employees from the spread of COVID-19. Currently, there are about 30 suppliers of the firm in Slovakia. Slovakia has declared a state of national emergency, limiting both logistics and p...

Asiana Airlines will halt all its European routes in April as the new coronavirus spreads fast and the continent closes its borders and restricts movement, the firm confirmed Friday. The decision comes after the European Union decided on Tuesday to block the entry of foreign travelers to Europe for 30 days to prevent the spread of COVID-19. According to the airline, service on the Incheon-Frank...

Lotte Group announced Wednesday that Chairman Shin Dong-bin will head the holding firm in Japan, securing leadership of operations in South Korea and Japan, ending a six-year dispute with his elder brother Shin Dong-joo,. The Lotte Holdings board of directors in Japan decided to appoint him as chairman effective April 1. Lotte Holdings had operated under the leaderships of Lotte’s late founder ...

The sudden plunge in oil prices -- following the coronavirus outbreak -- is taking a toll on the South Korean economy, denting many key industries. The hardest hit are the oil refining, construction, shipbuilding, steel and consumer goods sectors. Low oil prices, once considered a boon for the transport industry, are no longer beneficial amid falling consumption and travel restrictions. In rece...

Hyundai Motor Group Executive Vice Chairman Chung Euisun was reelected as Hyundai Mobis’ in-house director Wednesday during a shareholders meeting, after overcoming objections. Chung’s term was extended until 2022. The same day, the shareholders passed resolutions approving the financial statements and appointing two outside directors, Young&Co’s CEO Chang Young-woo and former Opel Chief Execut...

South Korean companies are feeling the strain as the new coronavirus spreads rapidly in their major production bases and premium markets -- Europe and the US. The cumulative number of confirmed cases in Europe totaled around 67,000 as of Monday, and the death toll exceeded 2,300. In the US the number of new cases increased by more than 1,000 over the weekend to about 3,100. Europe, which the Wo...