Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
[Monitor] Disaster relief funds mostly used for dining out, shopping
The emergency disaster relief funds for citizens provided by the government to combat the impact of COVID-19 pandemic were mainly used for dining out and shopping while sales for opticians, hospitals and pharmacies grew the most last month, data showed. The Ministry of the Interior and Safety data, which analyzed the use of credit and debit cards for availing the emergency funds from May 11-31 by eight companies, including KB Kookmin, NongHyup, Lotte, BC, Samsung, Shinhan, Hana and Hyundai
Industry June 12, 2020
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KITA calls on US to exclude Korean transformers from probe
The Korea International Trade Association said Wednesday it has submitted an official opinion to the US Department of Commerce to exclude Korean electric transformers from its investigation on imported transformers and parts. According to the business association, the US launched an investigation into imported transformers and parts, viewing them as national security threats under Article 232 of the Trade Expansion Act. Imports make up around 85 percent of transformer and relevant parts supp
Industry June 10, 2020
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Korea prepares trade measures to support exporters: KITA
As the private and public sectors join hands to increase trade during the COVID-19 pandemic, South Korean exporters are expected to see wider access to trade financing, as well as increased cargo shipments and fast-track entry procedures for major trading partners. At the forefront of these efforts is the Korea International Trade Association, which recently surveyed 722 exporters to better understand their concerns and draw up policy suggestions for the government. According to the survey, c
Industry June 10, 2020
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LS Cable & System ramps up CSR activities amid pandemic
LS Cable & System is promoting activities with the local community near its workplace, focusing on areas such as recovery from COVID-19, “talent donations” from executives and employees and support for welfare organizations. The cable maker recently provided 100 million won ($83,451) to the food pack business in Sejong City. It is a project to provide food and household goods to the elderly living alone, children without parents and people on low-incomes, all groups that are ha
Industry June 9, 2020
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Ministry moves for stronger investigative right in tech infringement against SMEs
The Korean government will toughen probes into large firms infringing on the technologies of small and medium-sized enterprises, officials said Monday. For this, the Ministry of SMEs and Startups announced it will move to revise regulations related to companies’ technology infringements to reinforce the investigative power. Currently, authorities have to suspend an investigation on alleged technology infringement in certain cases, including when a business is temporarily closed or a
Industry June 8, 2020
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Samsung reiterates 2015 merger was ‘legitimate’
Samsung Electronics reiterated Sunday that the merger of its two key affiliates that was allegedly fast-tracked to allow Vice Chairman Lee Jae-yong to wrest control of the conglomerate was completely legitimate. The company said in a statement that the merger of Samsung C&T and Cheil Industries in 2015 took place legitimately, a day before a review of the arrest warrant for Lee. The statement that started with, “Samsung is in crisis,” said, “To overcome this crisis, man
Industry June 7, 2020
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LG International Corp., Hancom partner up for global market
LG International Corp. and local software maker Hancom Group have partnered for joint overseas expansion, the companies said Thursday. On the same day, LG International Corp. CEO Yoon Chun-sung and Hancom Group Chairman Kim Sang-chul signed a partnership agreement to jointly advance into the global market and to discuss ways to cooperate, LG International Corp. said. Under the agreement, LG International Corp. will carry out marketing to export various products and solutions of Hancom Grou
Industry June 4, 2020
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EU resumes HHI-DSME merger review, likely by September
The European Commission has resumed the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering after temporarily suspending the review amid the coronavirus pandemic, according to the commission on Thursday. The EC said the “provisional deadline” of the screening would be Sept. 3 -- a delay from the initial plan of July -- on its website. Two months earlier, the site had shown the deadline of the screening as “suspended”
Industry June 4, 2020
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[Monitor] Corporate loans rise to record high in Q1 amid pandemic
Loans taken out by self-employed people and businesses in the January-March period increased by the largest amount ever in the wake of the pandemic, data showed Wednesday. According to the quarterly statistics released by the Bank of Korea, the balance of loans by industry was 776 trillion won ($637 billion) at the end of March. It was up 34 trillion won from December last year, the largest increase since 2008 when the statistics began to be compiled. It was also up a record-high 13 percen
Industry June 4, 2020
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KGCCI’s female leadership group kicks off 3rd mentorship program
The Korean-German Chamber of Commerce and Industry said Wednesday its female leadership group Women in Korea has kicked-off the third edition of its mentorship program. The KGCCI WIR group started in 2017 as a cross-industry, cross-national network of female executives to help Korean females in middle management to unlock their leadership potential and accelerate value-driven leadership with a focus on gender, generations and geography. The WIR mentorship program was created in 2018, aiming
Industry June 3, 2020
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Korea shipbuilders win $20b deal from Qatar
Three Korean shipbuilders have won a large-scale project worth $20 billion for liquefied natural gas vessels in Qatar, according to industry sources Tuesday. Qatar’s state-owned firm Qatar Petroleum said it has signed a deal with three South Korean shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries -- to reserve LNG ship construction capacity. Under the agreements, the Korean shipbuilders will reserve a major portion of
Industry June 2, 2020
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Antitrust watchdog fines Yogiyo W468m for market power abuse
South Korea’s antitrust watchdog has fined local delivery platform Yogiyo 468 million won (about $380,000) for abusing its superior position at the expense of small restaurants, officials said Tuesday. Yogiyo set up by German-based Delivery Hero in 2011 is a mobile and online food delivery platform that allows users to order food from restaurants. It has the second largest market share (26 percent) here following Baemin -- which was also bought by Delivery Hero last year, in a deal that
Industry June 2, 2020
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LS C&S develops app to recommend customized cables
LS Cable & System said Monday it has developed a mobile application that allows users to find cables even without professional knowledge. The app called ConnectLS recommends most suitable cables for users with a couple of touches instead of calculating allowable current considering various conditions, LS C&S said. There are hundreds of types of cables used in power transmission networks, construction and industrial sites. ConnectLS recommends cables when a user selects various condi
Industry June 1, 2020
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KITA partners with Startup Junkie for US test bed
The Korea International Trade Association said Monday it is joining hands with US-based Startup Junkie to back Korean startups to test their technologies and products overseas. The partnership deal was signed by chief of KITA’s innovation growth division Dong-ki and Louis Diesel, director and head of Asia at Startup Junkie, in Seoul. Startup Junkie is funded in large part by the Walton Family Foundation, a philanthropic organization led by the family of Walmart founder Sam Walton, as we
Industry June 1, 2020
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Check your baggage onboard: Korean Air launches mobile app
Korean Air said Friday that it will launch a mobile application service for passengers to check whether their baggage is safely loaded. The service will be provided for passengers on international flights from Incheon International Airport starting June 1. The app prevents errors in loading of the luggage by comparing the barcode information of the baggage transferred during check-in with the scan information onboard an aircraft, the firm said. It is available to any Skypass member who inst
Mobility May 29, 2020
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