Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Lotte head Shin Dong-bin to lead Japanese holding firm
Lotte Group announced Wednesday that Chairman Shin Dong-bin will head the holding firm in Japan, securing leadership of operations in South Korea and Japan, ending a six-year dispute with his elder brother Shin Dong-joo,. The Lotte Holdings board of directors in Japan decided to appoint him as chairman effective April 1. Lotte Holdings had operated under the leaderships of Lotte’s late founder Shin Kyuk-ho and Vice Chairman Dong-bin. The post was vacant since the founder was named hon
Industry March 19, 2020
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Sharp dip in oil prices weighs on Korean firms
The sudden plunge in oil prices -- following the coronavirus outbreak -- is taking a toll on the South Korean economy, denting many key industries. The hardest hit are the oil refining, construction, shipbuilding, steel and consumer goods sectors. Low oil prices, once considered a boon for the transport industry, are no longer beneficial amid falling consumption and travel restrictions. In recent months, oil prices have dropped, mainly due to the global economic slowdown caused by the pan
Industry March 19, 2020
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Chung Euisun reelected as Hyundai Mobis’ internal director
Hyundai Motor Group Executive Vice Chairman Chung Euisun was reelected as Hyundai Mobis’ in-house director Wednesday during a shareholders meeting, after overcoming objections. Chung’s term was extended until 2022. The same day, the shareholders passed resolutions approving the financial statements and appointing two outside directors, Young&Co’s CEO Chang Young-woo and former Opel Chief Executive Karl-Thomas Neumann. Prior to the shareholders meeting, some overseas
Industry March 18, 2020
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Korean firms on edge about rapid coronavirus spread in Europe, US
South Korean companies are feeling the strain as the new coronavirus spreads rapidly in their major production bases and premium markets -- Europe and the US. The cumulative number of confirmed cases in Europe totaled around 67,000 as of Monday, and the death toll exceeded 2,300. In the US the number of new cases increased by more than 1,000 over the weekend to about 3,100. Europe, which the World Health Organization declared the “epicenter” of the pandemic on Friday, is h
Industry March 16, 2020
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Stocks of major firms plunge over coronavirus spread
Major listed South Korean firms have seen a sharp drop in market capitalization by losing a combined 174 trillion won ($142 billion), down more than 20 percent, in the last 52 days, according to latest data Sunday. Local corporate tracker Korea CXO Institute surveyed the share price of 100 listed Korean companies -- top five in 20 industries -- between Jan. 20, when the first confirmed coronavirus case was reported here, and Thursday, after the World Health Organization declared COVID-19 a pan
Industry March 15, 2020
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Many Korean firms plan to cut hiring in H1: report
A quarter of South Korea’s large companies are expected to cut recruitment in the first half of this year due to worsening economic and business conditions, according to a local economic research firm Wednesday. The Korea Economic Research Institute surveyed recruitment plans of the nation’s 500 largest companies with 300 employees or more between Feb. 5-19. The survey results showed that 27.8 percent of the 126 companies surveyed said they would reduce hiring or not hire at all i
Industry March 11, 2020
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Hyosung ITX to implement quarterly dividend system
Hyosung ITX, an information technology affiliate of Hyosung, will strengthen its shareholder return policy by increasing dividends and buying treasury shares, the firm said on Tuesday. The company said it would implement a quarterly dividend system -- from the current one-time dividend per year -- starting this year and increase dividend payments by 30 percent. It also plans to increase shareholder value by purchasing its treasury shares and encouraging the electronic voting system. Hyosung
Industry March 10, 2020
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Despite worsened ties, Korea, Japan hold talks on export controls
South Korean and Japanese government officials held a video conference Tuesday to discuss issues related to Tokyo’s export regulations on local firms -- the first in three months amid worsened bilateral relations. The meeting was aimed at resolving the restrictions imposed in July on three key materials of chips and display panels made against Korea last year, as well excluding the country from its export control whitelist, according to the Trade Ministry. The Trade Ministry’s t
Industry March 10, 2020
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KCCI calls for W40tr extra budget to revive economy
Korea Chamber of Commerce and Industry Chairman Park Yong-maan said Monday that the supplementary budget currently being discussed at the National Assembly should be expanded to 40 trillion won ($33 billion) as the coronavirus damage is likely to continue for a considerable period of time. “This is the time for bold policies,” Park pointed out in an unscheduled press briefing, adding that “the country should drastically expand the extra budget to change the direction of the s
Industry March 9, 2020
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Dark clouds loom over Korea's economy
Fifty days after confirmation of the first novel coronavirus case in South Korea, the economy is in a tailspin with major industries facing severe setbacks amid production disruptions, falling consumption and growing uncertainties. As of Monday morning, the number of confirmed COVID-19 patients stood at 7,382, up 248 from the previous day, while the death toll stood at 51. As the outbreak continues to escalate, global investment banks and rating firms -- including Morgan Stanley, Nomura, Sta
Industry March 9, 2020
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Foreign firms in Korea support Korea's fight over coronavirus
American and European companies with a presence in South Korea expressed concerns Thursday about the prolonged coronavirus outbreak affecting their businesses, but also expressed full support in the country‘s fight against the epidemic. The American Chamber of Commerce in Korea said approximately 70 percent of its member companies had reported disruption of travel and a decline in revenue as COVID-19 infections have continued to surge. About 40 percent of the companies reported a disr
Industry March 5, 2020
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Shinsegae to spend W900b to help small suppliers amid outbreak
Shinsegae Group is set to provide a total of 900 billion won ($758 million) to help small and medium-sized business partners that are struggling as a result of the new coronavirus outbreak. Shinsegae Department Store and E-Mart decided to pay about 800 billion won in advance to some 5,000 small and medium-sized suppliers to help them remain stable at a time of plunging sales. Shinsegae TV Shopping also plans to pay its smaller partner companies 25 billion won in advance. The department store
Industry March 5, 2020
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Korean exporters on edge as COVID-19 disrupts overseas operations
South Korean companies, including Samsung and LG, are on edge about the possibility of critical production setbacks at key manufacturing bases in Vietnam and China as a result of coronavirus fears. The nation’s largest tech firms, Samsung Electronics and LG Electronics, produce smartphones and home appliances in Vietnam. In China, Samsung and SK hynix produce chips, LG Display makes organic light-emitting diode panels, Hyundai Motor and Kia Motors manufacture automobiles and LG Chem pro
Industry March 3, 2020
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Jeju Air acquires Eastar Jet for W54.5b
South Korea’s low-cost airline Jeju Air is set to take over the management of struggling Eastar Jet, according to the firm’s regulatory filings Monday. Jeju Air said it signed an acquisition deal with Eastar Holdings, the largest shareholder of Eastar Jet, for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. The purchase price was lowered from 69.5 billion won, the initial price estimated at the time of signing the memorandum o
Industry March 2, 2020
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Coronavirus outbreak dents value of Chaebol owners’ stock holdings
The prolonged coronavirus outbreak is driving down the stock asset valuation of the wealthy chaebol owners, with Samsung Chairman Lee Kun-hee suffering a drastic slump of more than 2.7 trillion won ($2.2 billion), according to latest data Monday. Local corporate tracker Korea CXO Institute surveyed changes in the stock asset valuation of the nation’s 10 largest conglomerates between Jan. 20 and Feb. 28, 40 days since the first confirmed case of COVID-19 infection here. The share price
Industry March 2, 2020
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