Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
EV competition gets tougher in Korea
The electric vehicle competition in South Korea is becoming fiercer with more local and foreign automotive brands launching their new electric cars in line with government support and the global environmental trends. In the first half of this year, 22,267 electric vehicles were sold here, up 23 percent from the same period last year, according to the Korea Automobile Manufacturers Association, although sales of EV passenger cars among them slightly declined 2.7 percent. The surge was mainly
Mobility Oct. 3, 2020
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Shinsegae heirs expected to pay W300b in gift taxes
As Shinsegae Group heirs Chung Yong-jin and Chung Yoo-kyung became the largest shareholders of the group’s retail and department store units, respectively, upon receiving shares as gifts from their mother, they are expected to pay a combined 300 billion won ($256 million) in gift taxes, according to the industry. According to a regulatory filing on Monday afternoon, Shinsegae Group Chairwoman Lee Myung-Hee donated an 8.22 percent stake in E-mart to her son, Yong-jin, and an 8.22 percent
Industry Sept. 29, 2020
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[Photo News] Genesis unveils its first GV70 teaser image
NEW GENESIS IN CAMOUFLAGE -- Genesis unveiled its first GV70 teaser image wrapped in camouflage Tuesday. Genesis emphasized the brand’s identity by attaching the G-Matrix pattern camouflage film to the GV70. The GV70 is the fifth vehicle in the Genesis lineup, and is a rear-wheel-drive-based luxury midsize sport utility vehicle. (Hyundai Motor)
Mobility Sept. 29, 2020
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Hanwha heir to lead group’s solar power unit
Kim Dong-kwan, Hanwha Group Chairman Kim Seung-youn’s eldest son, was promoted to president of Hanwha Solutions, a year after he was promoted to vice president, the group said Monday. “Kim, who was in charge of the strategy division with the launch of Hanwha Solutions in January this year, led the reorganization of the business and the discovery of future projects to make a leap toward eco-friendly energy and high-tech materials companies, and contributed to the creation of a s
Industry Sept. 28, 2020
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Antitrust watchdog drafts law to regulate online platforms
South Korea’s antitrust watchdog said Monday that it has drafted a bill to regulate dominant online platform operators as unfair trade has become a reality in the sector amid the surge in digital transactions caused by the pandemic. The proposed Act on the Fairness of Online Platform Transactions will be announced for 40 days starting Sept. 28. “As the platforms’ influence and position are strengthened in the digital economy, there are also various threats that hinder the
Industry Sept. 28, 2020
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Korean firms say restructuring is inevitable: survey
Amid the slowdown in global trade in the wake of the pandemic, many South Korean companies see changes in global value chains as inevitable, a survey showed Sunday. According to a recent survey of 300 Korean manufacturers by the Korea Chamber of Commerce and Industry, 41.7 percent of the respondents said they were “experiencing the GVC changes” and 27.3 percent said they were “expecting changes.” As the biggest factor affecting the restructuring of global value chains
Industry Sept. 27, 2020
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Hyundai Motor taps into China with new cars, smarter technologies
The nation’s largest automaker, Hyundai Motor, said Sunday that it had unveiled new cars and technologies targeting China at the 16th Beijing International Automotive Exhibition, which kicked off a day earlier. The automaker said it showcased a technology brand, called “H Smart+,” exclusively for China. The space consists of three areas: a clean field that focuses on electric cars and hydrogen cars, a connected field showing connectivity technology such as Baidu 3.0 and B
Mobility Sept. 27, 2020
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Companies on pandemic alert ahead of holiday
As daily confirmed coronavirus cases in South Korea returned to three-digit figures ahead of the Chuseok holiday, tensions are mounting at large companies, which recall painful memories of shutting down their factories during the first wave of the pandemic early this year. The nation’s largest automaker Hyundai Motor said it sent letters of cooperation to all of its employees at its Ulsan plant twice in an effort to prevent the spread of COVID-19. In the letter, the carmaker asked emplo
Industry Sept. 24, 2020
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Service exports make highest contribution to economic growth since 2014: report
Service exports contributed more to South Korea’s economic growth than exports of goods for the first time since 2015, data showed Wednesday. According to the latest report from the Korea International Trade Association, service exports accounted for 0.5 percent of the nation’s gross domestic product growth in 2019, the highest percentage since 2014. Korea’s GDP growth stood at 2 percent, and exports of goods accounted for 0.2 percent of that growth. Service exports have i
Industry Sept. 23, 2020
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Hyundai reveals exterior design of 2021 Sonata N Line
Hyundai Motor revealed Wednesday the exterior design of its 2021 Sonata N Line. The new Sonata N Line expands Hyundai’s midsize sedan lineup following the launch of the Sonata and Sonata Hybrid in 2019. “The 2021 Sonata N Line will attract more customers to both the rock-solid Sonata lineup and our increasingly popular N Line subbrand. Sonata N Line will appeal to customers who desire sporty styling in a sedan package,” said Lee Sang-yup, head of the Hyundai Global Desi
Mobility Sept. 23, 2020
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Doosan sells Doosan Tower for W800b to Mastern Investment
Doosan Group said Monday the firm sold its iconic building Doosan Tower to real estate investment company Mastern Investment Management for 800 billion won ($689 million). Doosan said the sale is aimed at improving the group’s financial structure. The group sold Doosan Solus and Doosan Tower one after another to normalize the management of its struggling construction firm Doosan Heavy Industries & Construction. It is also seeking to sell other subsidiaries such as Doosan Infracor
Industry Sept. 21, 2020
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[Behind the Wheel] Kia Stinger returns with more power, technology
Defying speculations that it may be discontinued, Kia Motors’ sports sedan Stinger was reborn with a face-lift in the Stinger Meister, three years after its launch in 2017, featuring an upgraded powertrain. Despite the fair performance and sleek design, sales of the Stinger have been less than stellar, falling behind its rival Genesis midsize sedan G70. Its cumulative sales here stood at 1,870 units between January and August, compared to G70’s 5,652 units. It is the lowest figur
Mobility Sept. 21, 2020
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LS Cable & System mass-produces aluminum wires for EVs
LS Cable & System said Monday it has started mass-producing aluminum wires for electric vehicles. The cable provider expanded its investment in aluminum wires as it believes that aluminum will become a key material for vehicles amid growing competition in EV industries. Aluminium conductor wires are 40 percent lighter than conventional copper wires and can reduce the weight of wires from 25 kilograms per vehicle to about 15 kilograms, the firm said. LS Cable said it has built a factor
Industry Sept. 21, 2020
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KCCI calls for caution on 284 business bills
The Korea Chamber of Commerce and Industry, which represents South Korean businesses, has called on lawmakers to carefully discuss bills that may greatly affect corporate management. The KCCI said Monday that it had submitted a report to the National Assembly containing its constituents’ opinions on major legislative issues. According to the business association, citing its own survey, 284 bills were proposed in the three months from June to August following the opening of the 21st N
Industry Sept. 21, 2020
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Renault Samsung’s SUV QM6 popular among city commuters
Renault Samsung Motors’ sport utility vehicles have been gaining popularity in South Korea as more consumers choose SUVs for city driving and commuting with the vehicle’s improved fuel efficiency and ride quality. Sales of SUVs in Korea this year were tallied at 315,534 so far, a 25 percent from the same period of last year. In line with the upward trend, RSM’s SUV sales have been on the rise too, the automaker said. Its best-selling model mid-sized SUV QM6 sold 24,946 uni
Mobility Sept. 20, 2020
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