Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
LS Cable & System inks $100 million deal to supply submarine power cables to Taiwan
LS Cable & System won a deal worth 89 million euros ($100 million) with Denmark’s state-run energy firm, Orsted, to build a submarine power grid in Taiwan, the firm said Friday. The Korean industrial company said it had agreed with Orsted to supply submarine power cables to offshore wind farms in Changhua, a city in central Taiwan, and put them in place by 2022. The Taiwanese government plans to invest around $23 billion to increase the amount of renewable energy generated in the
Industry July 12, 2019
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[News Analysis] Why is Korea so dependent on Japanese materials?
The aggravating trade dispute with Japan reveals some hard truths about South Korea’s lack of basic technologies despite being dubbed as a tech powerhouse, not to mention the dire need to diversify its supply channels to reduce its heavy dependence on the neighboring nation. On July 1, the Japanese government tightened the export process to Korea of three classes of hi-tech materials crucial to the production of chips and display panels and removing it from the white list. The materials in
Industry July 11, 2019
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Half of Korean firms say anti-bullying act ambiguous: survey
With the new anti-office bullying act coming into force next Tuesday, over half of surveyed companies in South Korea said the regulations are ambiguous and that voluntary change within each firm should come before legal measures.According to a poll of 300 Korean firms conducted by the Korea Chamber of Commerce & Industry last week, most large conglomerates said they had made due preparations, while some 20 percent of small and midsized businesses said they were not yet ready. Almost all, or
Industry July 9, 2019
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HHI signs $49m deal with India for nuclear plant engines
Hyundai Heavy Industries said Tuesday it has signed a $49 million deal with Indian firm Powerica to supply emergency generators for nuclear reactors.The generators include 10 units of the 6.3-megawatt HiMsen propulsion system developed by HHI. They will be supplied to Unit 3 and 4 of the Kudankulam nuclear power plant in the southern state of Tamil Nadu, by 2022. The generators help stabilize maintenance of a nuclear reactor by supplying power to a circulating water pump during emergencies.
Industry July 9, 2019
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Japan’s export curbs cast cloud over HHI-DSME takeover
Amid the growing political and economic row between South Korea and Japan, Hyundai Heavy Industries faces fresh concerns over its decision to acquire Daewoo Shipbuilding & Marine Engineering as it needs to get approval from Japan’s regulators amid a widespread anti-Korean sentiment. After submitting a request for formal approval from Korea’s Fair Trade Commission early this month, HHI is slated to make similar requests to antitrust watchdogs in Japan, China, Kazakhstan and the Eu
Industry July 8, 2019
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[Going Renewable (5)] South Korea faces solar power dilemma
The Korea Herald is publishing a series of articles on the quest of South Korea’s government and businesses to switch to renewable energy. -- Ed.Solar energy is among the keys in the Moon Jae-in administration’s push for renewable energy in response to concerns about life-threatening air pollution and demand for cleaner and safer energy. In December 2017, the government announced “Renewable Energy 2030,” aiming to increase renewable energy’s share of generation capa
Industry July 7, 2019
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Korea embarks on W160b project to develop disruptive technologies
The South Korean government has embarked on a 160 billion won ($136 million) project to develop disruptive technologies, including technologies to produce electric vehicles capable of traveling more than 600 kilometers after just one minute of charging, officials said Sunday.The seven-year project, called “Alchemist,” is a follow-up to the “manufacturing renaissance” vision and strategy announced by the Industry Ministry in June. It will cover six categories of products,
Industry July 7, 2019
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Apple to take voluntary action to correct unfair practices in Korea
Apple has offered to take voluntary action to correct its business practices in the local telecom market, South Korea’s top antitrust watchdog said Thursday, after having previously accused the tech company of abusing its superior position and harming local mobile carriers. Apple applied for a consent order June 4, the Fair Trade Commission said, meaning the company has initiated a process to close a case early by voluntarily agreeing to take corrective action to restore order to the marke
Industry July 4, 2019
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German commerce chamber begins female empowerment program
The Korean-German Chamber of Commerce and Industry said Wednesday its female leadership group Women in Korea kicked off the second generation of its mentorship program. KGCCI started the mentorship program in 2018 with 14 mentors who are international and Korean C-level female executives in Korea and 16 mentees who are female employees in the middle management of KGCCI’s member companies. The second generation of the WIR mentorship program has more than doubled the number of participa
Industry July 3, 2019
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KNOC, GS Energy become first in Korea to produce oil in UAE
The state-run Korea National Oil Corporation and GS Energy have become the first South Korean companies to start oil production in the United Arab Emirates, together with the state-run Abu Dhabi National Oil Company. On Tuesday, KNOC and GS Energy held a ceremony with ADNOC in Abu Dhabi to celebrate the commencement of commercial oil production in oil fields in Haliba, located in east Abu Dhabi. The event was attended by KNOC CEO Yang Su-yeong, GS Energy CEO Huh Yong-soo and ADNOC CEO Sultan Ahm
Industry July 2, 2019
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Posco estimated to lose W4b from power outages
Steelmaker Posco said Tuesday it reactivated five furnaces that were shut down at its Gwangyang steel mill due to a blackout the day before. On Monday, the company halted the operation of five furnaces at its steel mill due to a power failure. Posco said all the five furnaces have returned to normal operations and all other major production facilities are running as usual. The blackout is estimated to temporarily increase fixed costs by at least 40 billion won ($34 million) due to reduced p
Industry July 2, 2019
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Workforce for chips, display industries to reach 165,000 by 2027
The South Korean government projects that the nation’s future industries would require 165,000 workers by 2027, vowing to address skills shortages by training workers through higher education and public projects. On Tuesday, the Ministry of Trade, Industry and Energy said its survey results revealed a growing need for manpower in five future industries, including next-generation chips, advanced display panels, internet of things-based home appliances, augmented reality and virtual reality
Industry July 2, 2019
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Eximbank under pressure to boycott coal finance
South Korea’s official export credit agency Export-Import Bank of Korea is under pressure from international environmental activists to halt its financing of coal power plants, amid a growing global campaign to tackle climate change and air pollution. On Sunday, Greenpeace Korea shone a laser light on the headquarters building of the Export-Import Bank of Korea in Seoul, displaying messages that read, “Stop investing in coal-fired plants” and “President Moon Jae-in, when
Industry July 1, 2019
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Trans-Korea gas pipeline project needs ‘economic approach’
The two Koreas and Russia should take an economic -- not political -- approach to the trans-Korea gas pipeline project to make the idea feasible, said the chief of the Korea Energy Economics Institute at a forum on Friday. “As for the gas pipeline project, South Korea, North Korea and Russia have different interests and calculations,” said Cho Yong-sung, president of the KEEI, in a keynote speech during a forum, titled “Trans-Korea Gas Pipeline Project: Enhancing Regional Coope
Industry June 30, 2019
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Korea seeks stronger ties with young, fast-growing economies of Southeast Asia
South Korea is deepening ties with Southeast Asia in hopes of creating new growth engines in the region’s young, fast-growing economies and seeking a breakthrough amid growing uncertainties in global trade. In 2017, the Moon Jae-in administration launched the New Southern Policy as its key foreign economic policy, reflecting its strong commitment to prosper with ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As a f
Economy June 27, 2019
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