Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Sales growth of Korean firms slows, market share in China declines
Only eight companies, including Samsung Electronics, LG Electronics and Hyundai Motor, have been ranked among Korea’s top 50 listed companies in revenue for 35 consecutive years. Seventy percent of the largest companies were found to have lost their ranks or changed ownership, data showed Tuesday. Local research firm Sustainable Growth Institute surveyed sales data of the nation’s 50 largest companies by revenue between 1984 and 2018. The surveyed companies are in the manufacturin
Industry Feb. 18, 2020
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Who will chair boards at Samsung, Hyundai Motor?
Attention is turning to who will replace the leadership on the boards of Korea’s tech and automobile behemoths -- Samsung Electronics and Hyundai Motor -- at the upcoming general shareholders meetings in March. On Friday, Lee Sang-hoon, chairman of Samsung Electronics’ board, resigned from his role after being found guilty of sabotaging labor unit activities. Lee was sentenced to 18 months in jail in December upon conviction of violating labor union-related laws. On his resignat
Industry Feb. 17, 2020
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[The Heirs (1)] Succession at CJ slow but remains on track
Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups have been preparing for 3rd to 4th generational shift in their ownership. The Korea Herald looks into different groups, different families and different scenarios for their power handover. - Ed. In taking over their parents’ multibillion-dollar chaebol, heirs follow a similar path. Young heirs begin their careers at key affiliates, usually at a manager level, and fast ascend to executive po
Industry Feb. 17, 2020
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Hanwha Systems to develop air taxi with Overair
Hanwha Systems, the defense unit of Hanwha Group, said Sunday it would take part in an air taxi project by US personal air vehicle company Overair. On Friday, the opening ceremony of the US company -- recently spun off from aerospace-development firm Karem Aircraft -- was attended by CEO Ben Tigner and Hanwha Systems CEO Kim Yeon-chul. In December, the US Committee on Foreign Investment approved Hanwha Systems’ investment of $25 million in Overair. The Korean firm said it would contri
Industry Feb. 16, 2020
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FTC to report Naver Chairman to prosecutors for violating antitrust laws
South Korea’s Fair Trade Commission is set to report Naver Chairman Lee Hae-jin to prosecutors for alleged violation of antitrust laws, officials said Sunday. The antitrust watchdog said Lee is accused of omitting 20 affiliates, including Line Friends and some of his own and relatives’ companies, when submitting data to the FTC in 2015. The company was also found to have omitted eight affiliates owned by executives of nonprofit companies wholly owned by Naver in 2017 and 2018. Ea
Industry Feb. 16, 2020
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Coronavirus provokes disputes between consumers, travel agencies
An increasing number of disputes are being reported between consumers and travel agents over trip cancellation fees, as the coronavirus outbreak continues to stifle international travel. The nation’s major travel agencies have been waiving cancellation fees for travel products such as flights, hotels and car rentals involving China, Hong Kong and Macao. However, as the government has further encouraged people to limit their travel to Japan, Taiwan, Malaysia, Vietnam, Thailand and Singapo
Industry Feb. 13, 2020
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FTC slaps W1.6b antitrust fine on BGF Retail
South Korea’s antitrust watchdog has slapped convenience store chain BGF Retail with a fine of 1.6 billion won ($1.31 million) for violating a subcontracting law, officials said Thursday. The Fair Trade Commission said CU, one of the leading convenience store chains in Korea, was found to have forced subcontractors to pay more than 50 percent of costs for buy-one, get-one-free marketing activities between 2014 and 2016. During the period, the retail firm set up an operation strat
Industry Feb. 13, 2020
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Hyundai Motor Group to adopt e-voting system at all subsidiaries
All of Hyundai Motor Group’s listed subsidiaries will introduce an electronic voting system, with the aim of shareholder friendly management, the group said Wednesday. Until last year, Hyundai Glovis, Hyundai Bng Steel and Hyundai Motor Securities had preemptively introduced the e-voting system to allow wider participation from shareholders. This year, the remaining nine listed subsidiaries decided to adopt the electronic voting. The units are Hyundai Motor, Kia Motors, Hyundai Ste
Mobility Feb. 12, 2020
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KAI joins Singapore Airshow to showcase high-tech aircraft
Korea Aerospace Industries said Thursday it is participating in the Singapore Airshow 2020 to showcase a variety of high-tech aircraft. The Singapore Airshow, which kicked off Tuesday, is one of the world’s three largest air shows, along with the Paris Airshow and Farnborough Airshow. During the six-day event, KAI presents various aircraft, including light combat aircraft FA-50, basic training aircraft KT-1 and transport utility helicopter Suorin. It also displays high-tech aircraft i
Industry Feb. 12, 2020
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CJ Group shares credit for Parasite’s historic Oscar win
Capping off the historic moment at the 92nd Academy Awards on Sunday was a relatively unfamiliar face, thanking everyone from her brother to the Academy and general moviegoers for the best film win. That was Lee Mi-kyung, vice chairman of South Korea’s retail and entertainment mogul CJ Group, who -- without the need for a translator -- shared her joy with director Bong Joon-ho and the cast and crew of the first non-English-language film to win the Academy of Motion Picture Arts and Scien
Industry Feb. 10, 2020
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Travel, transport sectors suffer most from novel coronavirus outbreak
The continued spread of China’s new coronavirus is hitting the South Korean economy hard, adversely affecting many sectors including travel, tourism, services, airlines and auto firms. Among them, the tourism industry has been more severely affected due to fears of infections in tourist spots and airports where many people gather. Hana Tour, the nation’s biggest tour agency, saw overseas travel demand dip around 50 percent last month. It is urging employees to apply for unpaid l
Industry Feb. 10, 2020
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FTC slaps W9.3b antitrust fine on Daebo E&C
South Korea’s antitrust watchdog said Sunday it has slapped local construction firm Daebo Engineering & Construction with a 9.3 billion won ($7.84 million) fine for violating subcontracting laws. The Fair Trade Commission said the firm did not pay 247 million won to 196 subcontractors between 2016 and 2018. It was also found to have paid subcontractors promissory notes even though it received the payment in cash from its clients. The FTC said the payments were processed during the
Industry Feb. 9, 2020
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Cho Hyun-ah denounces Hanjin KAL board decision
Cho Hyun-ah, the eldest daughter of late Hanjin Group Chairman Cho Yang-ho, released a statement on Friday afternoon to denounce the board decision made by Hanjin KAL in the morning. In a joint statement with local activist fund Korea Corporate Governance Improvement and midsized builder Bando Engineering & Construction, she said the board decisions consisted of “improvised measures to obtain the votes of the shareholders just before the general shareholders’ meeting without s
Industry Feb. 7, 2020
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Hanjin KAL decides to give board of directors right to pick chairman
Hanjin KAL, the holding company of Hanjin Group, held a board meeting on Friday, to have the chairman of the board of directors be elected by the board to separate the position of its company president and the board chair. The board also decided to reorganize the hotel and leisure business that former Korean Air Vice President Cho Hyun-ah -- who is engaged in a feud with her brother Cho Won-tae -- had been dedicated to. “The intention is to strengthen the role of the board of director
Industry Feb. 7, 2020
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[Newsmaker] Coronavirus infection closes GS Home Shopping headquarters, live show suspended
GS Home Shopping said Thursday it has decided to close its headquarters until Saturday morning as one of its employees was infected with the new coronavirus. “As an employee was confirmed to be infected by the new coronavirus, the company has closed the headquarters building in Seoul in case of emergency,” the company said. During the period, the firm said it would thoroughly disinfect the entire building. All of its home shopping broadcasts will be replaced by rebroadcas
Industry Feb. 6, 2020
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