Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
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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KGCCI calls for applications for innovation awards
The Korean-German Chamber of Commerce and Industry is calling for innovative companies in Korea to apply for the “6th KGCCI Innovation Awards” until May 31, the organization said Tuesday. “Companies of all industries and sizes located in Korea can apply for the award by submitting their applications through the official awards homepage,” KGCCI said. “Not only innovations made in Korea but also innovations made in Germany that have add value in the Korean market c
Industry April 28, 2020
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Seoul, Beijing agree on fast-track system: ambassador
With South Korean businesses in China suffering from low business sentiment and depressed sales amid the coronavirus pandemic, the Chinese ambassador to Korea said Tuesday that Seoul and Beijing had agreed on a fast-track system to guarantee efficient business travel between the two countries. In a keynote speech at a meeting hosted by the Federation of Korean Industries, Chinese Ambassador Xing Haiming said Korea and China had agreed on the plan and that details of their consultations
Industry April 28, 2020
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LS Group boosts power infrastructure, smart energy business worldwide
LS Group plans to expand into the power infrastructure, smart energy and digital transformation sectors in the global market, the firm said Monday. Chairman Koo Ja-yeol, in his New Year’s address this year, urged the company to “thoroughly localize the organization and manpower of its global business and increase their operational efficiency.” To this end, LS plans to establish a group-level regional strategy centered on areas with high growth potential, such as China and th
Industry April 27, 2020
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Doosan to secure W3tr through self-rescue efforts
Doosan Group said Monday it finalized a self-rescue plan to secure 3 trillion won ($2.4 billion) by selling assets and reducing costs to improve struggling Doosan Heavy Industries’ financial structure. Minutes later, its main creditors released a statement, saying they accept the plan and have begun reviewing additional financial support. “Even if the recovery of the global economy and power generation market are delayed, Doosan will make self-rescue efforts to improve its financia
Industry April 27, 2020
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[News Focus] Will militant labor union of Hyundai Motor change upon pandemic?
Change seems to be looming for Hyundai Motor’s labor union -- known for hard-line protests and strikes -- with their new pragmatic leader and as the global pandemic persists. Hyundai Motor’s wage negotiations, which are normally launched in late April or May at the latest, are expected to be delayed until July this year. “We are considering a plan to finalize the requests in mid-June and hold a meeting with the management in July. We have to watch the global pandemic trend
Mobility April 26, 2020
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Korea to inject emergency funds into five key industries hit by pandemic
South Korea on Thursday decided to inject emergency funds into the nation’s five key industries -- automobiles, aviation, shipping, shipbuilding and oil refineries -- that are facing a liquidity crisis since the outbreak of the new coronavirus. It discussed customized support measures for each industry at the crisis management meeting led by Finance Minister Hong Nam-ki as a follow-up measures to President Moon Jae-in’s announcement of a 40 trillion won ($32.5 billion) worth relie
Industry April 23, 2020
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Antitrust watchdog approves Jeju Air-Eastar Jet merger
South Korea’s antitrust watchdog has approved low-cost airline Jeju Air’s takeover of the management of struggling Eastar Jet, officials said Thursday. Early last month, Jeju Air signed a deal with Eastar Holdings, the largest shareholder of Eastar Jet, to acquire the airline for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. “The Fair Trade Commission conducted the review as promptly as possible, considering the circu
Mobility April 23, 2020
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Shipbuilders nervous as oil prices plummet
South Korean shipbuilders are jittery as oil prices in the US plummeted to negative territory for the first time in history this week, coupled with the reduced demand for crude oil and global shipments driven by the novel coronavirus pandemic. The business outlook for the global shipbuilding industry is also not very rosy. In the first quarter of this year, global orders for ships fell 78 percent year-on-year to 2.33 million compensated gross tons. Here, only two liquefied natural gas carri
Industry April 22, 2020
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Young owner family executives, many of them women, emerging in Korean business world
Compared with years past, more of the executives from owner families at South Korea’s conglomerates are women or members of the younger generation, data from a local corporate tracker showed Monday. Six group chairpersons were born since 1970 and nearly a quarter of the conglomerates’ 150 young executives are women, the Korea CXO Institute said, citing its survey of the 200 largest groups. Among the younger business leaders in charge at the nation’s top 10 conglomerates are
Industry April 20, 2020
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SK E&S sells entire stake in China Gas Holdings
SK E&S has sold its entire stake in a Chinese private gas company to prevent a liquidity crisis as demand in the energy market plunged since the global coronavirus pandemic. The energy unit of SK Group said it sold all of its 10.25 percent stake (535 million shares) in China Gas Holdings through a block deal on the Hong Kong Stock Exchange the previous day in a regulatory filing Friday. The sale price was 1.8 trillion won ($1.4 billion), 11.1 percent off the closing price of the contra
Industry April 17, 2020
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Hyundai Motor provides Paju human resources center for entrants from overseas
Hyundai Motor is set to provide about 60 rooms in its human resources development center in Paju as temporary quarantine lodgings for people entering South Korea, the automaker said Friday. The facilities are places where people who enter the country without symptoms can stay until they are notified of the results of coronavirus tests. The company will also provide outdoor parking lots for the installation of test facilities. In March, Hyundai Motor Group provided two training centers in Gye
Industry April 17, 2020
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Airlines to apply no fuel surcharges on all routes in May
As oil prices continue to fall, airlines will not impose fuel surcharges on international and domestic airline tickets issued in May, according to the industry Friday. Fuel surcharges are imposed in steps when the average value per gallon (3.785 liters) of Singapore’s jet fuel is 150 cents and over. From March 16 to Wednesday -- the period that determines fuel surcharges for international routes for May -- the average price of Singapore’s jet fuel was $27.60 per barrel and 65.72 c
Mobility April 17, 2020
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Unsold duty-free items to be sold at regular stores: reports
The South Korean government is seeking to enable department stores and outlets to temporarily sell duty-free stores’ inventory to help the struggling operators, according to local news outlets on Friday. According to news reports, major duty-free operators in Korea, including Lotte, Shilla and Shinsegae, held a meeting last week with officials from the Korea Duty-Free Shops Association and the Korea Customs Service to discuss the sale of bonded goods. During the meeting, the duty-free
Industry April 17, 2020
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