Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
South Korea beset by escalating trade tensions
South Korea faces economic disruption as Japan moves to tighten export curbs on materials necessary for local tech frms, along with fresh objections raised by the US that could hurt the domestic agricultural sector.Japan is likely to remove Korea from a whitelist of 27 countries that receive preferential treatment in trade after a Cabinet meeting Friday, major Japanese media outlets reported Monday. Tokyo gathered public opinion on its decision to remove Korea from the whitelist last week. A maj
Industry July 29, 2019
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Trade minister reaches out to US politicians, businesses over Japan’s export curbs
Trade Minister Yoo Myung-hee warned that Tokyo’s trade measures will set a “risky precedent” while seeking cooperation from US politicians, think tanks and trade organizations over Japan’s export restrictions, the ministry said Friday.During her visit to the US from Tuesday to Thursday, the trade minister met with US politicians, including Commerce Secretary Wilbur Ross, Foreign Affairs Chairman Eliot Engel and Texas Congressman Michael McCaul, as well as think tanks, inc
Industry July 26, 2019
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Japan’s export curbs to have negative implications globally: AmCham
Amid the ongoing tensions following export curbs by Japan on hi-tech exports to South Korea, the American Chamber of Commerce in Korea on Thursday expressed concerns that it could have a negative impact on global trade.“AmCham is committed to free and fair trade worldwide. The tightening of export controls on critical materials to Korea will have damaging effects on bilateral trade and also have negative implications globally,” the organization said in a statement. It added that
Industry July 25, 2019
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Korea to join RCEP talks in China this week
South Korea is slated to participate in the 27th official negotiations this week to discuss the implementation of an Asia-Pacific mega trade deal possibly this year. The upcoming talks for a Regional Comprehensive Economic Partnership will be held in Zhengzhou, China, from Friday. RCEP is, in essence, a massive regional trade deal between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has free trade agreements -- Korea, China, Japan, Indi
Industry July 25, 2019
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At WTO, South Korea says Japan using trade as political tool
At the World Trade Organization General Council in Geneva, South Korea strongly urged Japan to retract export curbs, saying Tokyo is using trade as a political tool and disrupting trade for political purposes, officials said Thursday. At the general council, which is the WTO’s highest-level decision-making body, the trade dispute between the two nations was discussed from 12:40 p.m. to 15:30 p.m. (local time) Wednesday. Kim Seung-ho, deputy minister for multilateral and legal affairs, and
Industry July 25, 2019
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‘Korea to promote forest to combat air pollution, increase well-being’
South Korea is suffering from worsening air pollution each year. Every spring, the concentrations of fine dust particles surge to record levels across the country, threatening human health and environmental sustainability.The state-run Korea Forest Service is seeking to deploy forests to combat air pollution, help people stay cooler during heat waves and increase well-being in nature. “The primary factor behind serious fine dust pollution is air pollutants from industrial complexes, therma
Industry July 24, 2019
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South Korea strongly urges Japan to withdraw export restrictions, approaches WTO
In addition to raising the issue at the World Trade Organization’s General Council on Wednesday in Geneva, Switzerland, the South Korean government sent a strong opinion to the Japanese administration calling for the complete withdrawal of its export restrictions.In parallel, calls are also growing from global tech firms to urgently settle the trade dispute that may cause supply chain disruptions and impact the global economy. The Ministry of Trade, Industry and Energy said in a press brie
Industry July 24, 2019
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Posco’s operating profit down 15% in Q2
South Korean steelmaker Posco posted an operating profit of 1 trillion won ($848 million) in the second quarter this year, buoyed by its lucrative infrastructure and trade operations despite the sluggish steel business, the firm said Tuesday. The company also posted 16.3 trillion won in sales, with a net profit of 681 billion won. Sales rose 1.5 percent, but operating profit and net income declined 14.7 percent and 14.7 percent on-year, respectively. The decline was mainly due to its sluggi
Industry July 23, 2019
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Senior trade official to represent Korea at WTO over dispute with Japan
Amid escalating trade tension between South Korea and Japan, the Trade Ministry here said Monday its senior official would participate in the World Trade Organization’s General Council on Tuesday to better respond at the scene due to the gravity of the issue. Kim Seung-ho, deputy minister for multilateral and legal affairs, will participate in the general council, the highest decision-making body, in Geneva. The council is slated to discuss the two nations’ trade dispute at its meeti
Industry July 22, 2019
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Korea to make all-out efforts to lift Japan’s export restrictions
South Korea is sparing no efforts to persuade the international community to press Japan to withdraw its export restrictions on hi-tech materials and impugn Tokyo’s reasoning behind its retaliatory measures. Early this month, Japan announced it would curb exports on Korea’s hi-tech materials crucial to the production of chips and display panels. It also said it plans to remove South Korea from a whitelist of 27 countries that receive preferential treatment for trade with Japan. The J
Industry July 21, 2019
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Korea Gas Corp. seeks to expand global presence
State-run Korea Gas Corp. (Kogas) is expanding its global presence in the liquefied natural gas market with its robust technologies and overseas networks. The company is currently participating in 25 global projects in 13 nations, including the exploration, development and production of natural gas. It also includes liquefaction of LNG and the construction and operation of gas pipelines and terminals overseas. Last year, Kogas sold 36 million tons of LNG in Korea after purchasing from Qatar
Industry July 21, 2019
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Volvo, Samsung SDI to co-develop battery packs for electric trucks
Volvo Group said Thursday it has entered into a strategic alliance with Samsung SDI to develop battery packs for electric trucks. The Swedish automaker said the alliance will cover joint development of battery packs specifically developed for its models. While Samsung SDI intends to provide battery cells and modules to meet the demand for the automaker’s electric trucks, Volvo will utilize the battery pack technology for assembly in its plants. “The alliance with Samsung SDI is
Industry July 18, 2019
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[News Focus] Korean tech firms seek localization, diversification amid escalating trade row
To combat growing trade risks with Japan, South Korean chip and display makers are seeking ways to localize key materials and diversify supply sources, although it appears difficult in the short term. On July 1, the Japanese government tightened its export procedures to Korea of three classes of hi-tech materials crucial to the production of chips and display panels. They include fluorinated polyimide, photoresist and hydrogen fluoride, used mostly by Samsung Electronics, SK hynix, Samsung Displ
Industry July 17, 2019
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Korean oil refiners push into EV charging market
The three large Korean oil refiners -- Hyundai Oilbank, GS Caltex and SK Innovation -- are seeking new opportunities in electric vehicle charging infrastructure, amid slowing sales of diesel cars and weakening profitability in the saturated gas station market. On Monday, Hyundai Oilbank said it signed with local EV charger producer JoongAng Control and charger operator Charzin to build charging infrastructure for electric vehicles in Korea. Under the agreement, the three firms will form a hybrid
Industry July 15, 2019
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Japan walks back earlier claims, says export controls unrelated to NK sanctions
The first round of working-level talks between South Korea and Japan ended without progress Friday evening, with Japan retracting its earlier claims and saying its decision to impose restrictions on the export of high-tech materials to South Korea has nothing to do with North Korea.Representatives of Japan’s Trade Ministry, instead, said the export control systems of both South Korea and Japan were being mismanaged and accused Japanese exporters of violating the country’s export
Industry July 12, 2019
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