Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
All Korean airlines report losses in Q1 amid pandemic
All South Korean airlines -- both major and low-cost -- have posted quarterly losses as the pandemic dampened travel demand and slashed flight numbers. The nation’s largest airline, Korean Air, has turned into a deficit in three quarters. It posted an operating loss of 56.6 billion won ($45.9 million) in the January-March period according to the firm’s regulatory filing Friday. Its sales reached 2.3 trillion won, down 22.7 percent from the same period last year. Its passenger bus
Mobility May 15, 2020
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Korean Air to require domestic passengers to wear masks
Korean Air announced Friday it will make it mandatory for domestic passengers to wear masks from Monday to follow the government’s social distancing guidelines amid the pandemic. Passengers using Korean Air’s domestic flights must wear masks or appropriate face shields not only on board but also during the pre-flight process. Exceptions are made for infants under 24 months old, people who are difficult to remove their masks on their own and people who are unable to breathe when we
Mobility May 15, 2020
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[Monitor] Mobile carriers fare relatively well in Q1 despite pandemic
South Korea’s three mobile carriers’ performance in the first quarter can be summarized as “comparatively good” despite the huge negative effects of the novel coronavirus. SK Telecom posted 4.45 trillion won ($3.62 billion) in sales with operating profit of 302 billion won. Sales rose 2.7 percent on-year, but operating profit fell 6.4 percent. KT’s sales rose 1 percent on-year to 5.83 trillion won, but its operating profit fell 4.7 percent to 383 billion won. LG
Industry May 15, 2020
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Cosmetics exporters eye expansion in China with regulation changes
With the Chinese government poised to revise its regulations on beauty products for the first time in 30 years, South Korean cosmetics firms are seeking to expand shipments to their largest export market, a government agency said Wednesday. Under the current regulations, exporters must pass a complicated sanitary permit and certification process. The rule applies to all beauty items, including simple soaps. Cosmetics made from raw materials that have not been used in China also have difficult
Industry May 13, 2020
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Regulatory sandbox support center launched
South Korea’s first public-private sandbox support center was launched Tuesday with the aim of removing regulatory hurdles to new innovative businesses. The regulatory sandbox system allows for the relaxation of regulations to accommodate certain innovative products and services. The government adopted it early last year in an effort to promote innovative growth in all industries. On Tuesday, the sandbox support center, set up at the Korea Chamber of Commerce and Industry in January,
Industry May 12, 2020
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Posco to launch new logistics unit this year
South Korea’s largest steelmaker Posco said Tuesday it is set to launch a new logistics corporation by the end of this year to integrate logistics capabilities within the group. The new corporation, tentatively named Global Smart Platform, plans to enhance logistics efficiency by taking charge of integrated contract and operation management of the transportation volume of Posco and its affiliates. It will also seek to support logistics partners to build smart and eco-friendly infrastr
Industry May 12, 2020
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Biz group calls on lawmakers to promptly pass economic bills
South Korean entrepreneurs have called on lawmakers to promptly pass nine economy-related bills as the term of the current National Assembly ends this month. The Korea Chamber of Commerce and Industry, the largest business lobby group here, said Monday that it delivered a report on economic legislation to the National Assembly, including the floor leaders of the main political parties and relevant standing committees. The report called for the passage of nine bills urgently needed to overcome
Industry May 11, 2020
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HMM Algeciras departs for Europe with record-largest shipment
HMM said Sunday its containership HMM Algeciras departed for Europe from Yantian, China, on Friday with a full load of containers. The world’s largest container vessel entered Busan’s new port in April 28 and departed two days later with 7,156 TEUs, or twenty-foot equivalent units. It later entered Yantian Thursday last week after passing through Ningbo and Shanghai in China, and headed to Europe on Friday with 19,621 TEUs, the largest shipment ever worldwide. Geneva-based ship
Mobility May 10, 2020
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Disciplinary actions against state-run firm employees increase 21%
The number of disciplinary actions taken by public corporations in South Korea against their employees increased by more than 20 percent over the past two years, according to a local corporate tracker on Sunday. According to a survey conducted by CEOScore, the total number of employees who faced disciplinary action at 36 public companies in 2019 was 705, a 21.6 percent increase from 580 cases reported in 2017. But the penalties imposed were less serious, with only 50 people facing dismissa
Industry May 10, 2020
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Multiple, alternative sources necessary in disrupted global supply chain: experts
As the global pandemic has caused disruption in the global supply chain, companies should manage key suppliers, secure multiple and alternative sources and establish regional supply chains, experts said in a symposium held Thursday. The public-private joint video symposium in response to the global supply chain crisis was held jointly by the Industry Ministry and the Korean Production & Operations Management Society. The seminar aimed to find out the impact of the pandemic-led crisis on i
Industry May 7, 2020
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Number of full-time workers plunges in March amid pandemic
The true impact of the pandemic on the job market in March was far more serious than government data would suggest, a local research institute said Wednesday. The Korea Economic Research Institute said a team led by professor Park Ki-sung from Sungshin Women’s University reworked the raw material used to calculate the employment statistics, instead using the Full-Time Equivalent method to determine actual employment growth. Under the FTE method, an employee working 40 hours a week count
Industry May 6, 2020
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South Korea seeks ICAO status upgrade
South Korea plans to create an organization dedicated to the International Civil Aviation Organization, aiming to upgrade its status and raise global competitiveness, officials said Tuesday. The Transport Ministry said it will create a team named, ICAO and Global Partnerships, responsible for policies related to international civil aviation. ICAO is a UN specialized agency, established by States in 1944 to manage the administration and governance of the Convention on International Civil Avia
Mobility May 5, 2020
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Airlines to record worst earnings slump amid pandemic
South Korea’s airline industry is likely to record its worst performance in the first quarter with the dismal situation continuing in the near future. The nation’s largest airline Korean Air, which will announce its first-quarter earnings next week, is expected to post an operating loss of around 240 billion won ($195 million), the first red in 18 quarters since 2015, according to industry watchers. Passenger traffic is expected to shrink around 30 percent on-year. Asiana Airlin
Mobility May 5, 2020
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Export outlook in May bleak as pandemic woes continue
The outlook for South Korea’s exports, which plunged in April due to the novel coronavirus, remains grim as the pandemic persists in key trading partners the US and Europe. Korea’s exports fell 24.3 percent in April to $36.9 billion year-on-year due to weak global demand triggered by the novel coronavirus. The country’s trade balance posted a deficit of $950 million, the highest deficit in 99 months. All major export items, including chips, shipbuilding, petrochemicals and
Industry May 3, 2020
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Large firms cut jobs by more than 10,000 over two months
The number of workers subscribed to the national pension program has dropped by more than 10,000 over the past two months in South Korea, as the global COVID-19 pandemic has dampened corporate business, according to a local corporate tracker on Wednesday. CEOScore surveyed 492 companies out of the nation’s top 500 companies on the number of their employees who joined the mandatory National Pension Service. According to the survey, the number of pension subscribers stood at around 1.6 mi
Industry April 30, 2020
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