Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Which firms will survive virus?
Although the continued spread of coronavirus has disrupted many industries in South Korea, those related to “untact” services -- referring to no-contact interaction, which have become an integral part of life -- have fared well and are expected to grow even further, according to industry sources Wednesday. E-commerce companies appear to be the biggest beneficiaries of the prolonged pandemic. Online shopping transactions in Korea amounted to 11.9 trillion won ($9.7 billion) in F
Industry April 15, 2020
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Hyosung makes eco-friendly bags with Samdasoo plastic bottles
Hyosung TNC said Tuesday it will make eco-friendly bags using plastic bottles with its textile brand Regen in a joint project with Jeju Province Development Corp. The textile and trading unit of Hyosung Group has signed a memorandum of understanding to establish a resource circulation system with the Ministry of Environment, Jeju Special Self-Governing Province, Jeju Province Development Corp. and eco-fashion brand Pleatsmama. Jeju Island Development Corp., which makes bottled water Samd
Industry April 14, 2020
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‘Korea’s ICT industry will be hit hard by virus pandemic’
South Korea’s information and communications technology industry could suffer as spending by companies is poised to decline due to the COVID-19 spread, according to research firm IDC Korea on Tuesday. Spending on ICT systems is expected to decline this year due to the rise of companies’ emergency management system and short-term cost reduction, the research firm noted. In a recently published report “Korea ICT 2020 Market Outlook,” IDC revised down its forecast for m
Industry April 14, 2020
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Job openings plunge in March over coronavirus uncertainty
Job openings at South Korean companies have fallen by a third in March on-year as businesses are struggling with the coronavirus pandemic, according to a local online job portal Monday. Saramin released an analysis of job openings in the first quarter of 2019 and 2020. According to the results, the hiring rate saw a 32.7 percent drop in March as the prolonged COVID-19 spread has increased uncertainties. The number of the companies analyzed was not disclosed. Considering that March is usuall
Industry April 13, 2020
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[Newsmaker] SsangYong Motor to receive W40b from Mahindra & Mahindra
SsangYong Motor will receive 40 billion won ($32 million) in special funds this month from its major shareholder, Indian carmaking conglomerate Mahindra & Mahindra, to urgently address liquidity issues, the Korean automaker said Sunday. SsangYong said it finalized its plan to raise 40 billion won in new funds at an extraordinary general meeting Friday. Mahindra will first invest in SsangYong as a loan, which will be converted to equity later upon Indian and Korean government agencies&rs
Mobility April 12, 2020
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Coronavirus likely to intensify US-China trade dispute: report
South Korea’s trade-reliant companies should be fully prepared for the possibility of heightened trade tensions between the world’s two largest economies amid the global pandemic and the approach of the year-end US presidential election, according to a local business association Sunday. A new report from the Korea International Trade Association titled “The direction of US-China relations in the post-coronavirus era” said COVID-19, which originated in Wuhan, China, has
Industry April 12, 2020
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[Eye Plus] Jongmyo, the oldest royal Confucian shrine still preserved
Jongmyo is a special shrine for the deceased kings and queens of Joseon. It is the oldest extant royal Confucian shrine, according to UNESCO. In Confucianism, when a person dies, the soul is believed to be separated from the body, with the soul going up to heaven and the body returning to earth. The ancestors of modern-day Koreans thought it was important to have a place for the spirit of the deceased and a place for the body. Jongmyo, located in Jongno district, central Seoul, is adjacent
Culture April 11, 2020
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‘Slowdown in US, China, Japan can lower Korea’s economic growth by 2%’
A slowdown in major economies following the global coronavirus pandemic could cut South Korea’ economic growth rate by as much as 2 percentage points, according to a local business research center Wednesday. The Korea Economic Research Institute analyzed the impact of the growth rate of three countries -- the US, China and Japan -- on the growth rate of Korea based on data from the Organization for Economic Cooperation and Development. It found that if the growth rate of the three cou
Industry April 8, 2020
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Old or young, most workers feel generation gap: survey
Six out of 10 South Korean workers experience a generation gap in their workplace with the older generation feeling wider disparity, a report showed Wednesday. The Korea Chamber of Commerce &Industry released a survey of the generation conflict in Korean companies among around 13,000 office workers from 30 large and midsized companies. The survey showed 63.9 percent of the respondents feel the generation gap. By age, 69.4 percent of those in their 40s and 67.3 percent of those in their 50
Industry April 8, 2020
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Are chaebol owners making use of stock plunge for succession plans?
Owners of large South Korean conglomerates have been buying their low-priced shares amid the stock plunge caused by the coronavirus pandemic, raising questions as to whether they are taking advantage of the situation for their succession plans. Over the past two months, Korean stocks have tumbled and major firms have lost their market value by a third. Amid the stock market crash, the repurchase of treasury stocks has been on the rise. The cumulative spending on treasury stocks amounted to aro
Industry April 7, 2020
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German firms in Korea face revenue drop over COVID-19
German companies doing business in South Korea are concerned about the impact of the COVID-19 pandemic on their business operations but are likely to retain their local workforce, a survey showed Tuesday. The Korean-German Chamber of Commerce and Industry released the results of a survey measuring the impact of COVID-19 on its member companies. It was conducted from March 19 to April 2, and 82 companies took part. According to the chamber, one-third of respondents said the curre
Industry April 7, 2020
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Seegene’s market cap surges amid virus pandemic
Market capitalization of the nation’s top 100 companies has fluctuated widely amid the novel coronavirus outbreak, while that of bio-related companies surged, according to a local corporate tracker Tuesday. Korea CXO Institute surveyed the market cap of more than 2,300 listed companies in the first quarter, noting that the combined market value of the top 100 companies fell 17 percent from 1,218 trillion won ($994 billion) on Jan. 2 to 1,011 trillion won on March 31. Despite the stock
Industry April 7, 2020
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Antitrust watchdog approves HDC-Asiana Airlines merger
South Korea’s antitrust watchdog has approved HDC Hyundai Development Company’s acquisition of shares of Asiana Airlines, officials said Friday. HDC signed a deal to acquire 61.5 percent of the airline’s shares on Dec. 27 and reported it to the Fair Trade Commission on Jan. 30. “There is no concern of restricting competition,” after reviewing the effect of the tie-up on competition in related markets, the FTC said. “(We) judged that the major sectors of
Mobility April 3, 2020
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EU suspends HHI-DSME merger screening amid coronavirus pandemic
The European Commission has recently suspended the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering amid the coronavirus pandemic. The commission site showed the “deadline” of the screening was “suspended” without specifying the reason. The EU recently notified on its website that due to the complexities and disruptions caused by the coronavirus, companies were encouraged to delay merger notifications original
Industry April 3, 2020
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CJ donates dumpling to Korean community in New York
CJ Group plans to donate dumplings to Korean residents in New York who are suffering from the coronavirus outbreak, the firm said Friday. The dumplings -- enough for 1,600 servings -- will be given to the Korean Community Service in New York through the Korean American Association. “The donation was made with the aim of adding some support to the Korean community suffering from the impact of coronavirus in New York,” the group said. CJ plans to deliver the food produced at its
Industry April 3, 2020
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