Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Posco signs with clients to use Innovilt brand
South Korea’s largest steelmaker Posco said Wednesday it has signed agreements with 17 local companies for certification of 23 products of its premium construction steel materials brand Innovilt. Construction steel materials are generally used in buildings, houses, roads and bridges, but are not exposed outside, making it difficult to identify which steel products were used. In November last year, Posco launched the integrated steel bran Innovilt which allows consumers to easily recogn
Industry March 25, 2020
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LSIS changes name to LS Electric
LS Industrial Systems said Tuesday it will change its name to LS Electric and accelerate the expansion of its global business. The South Korean electric power and automation equipment provider has retained the name LSIS since 2005 after previously being known as LG Industrial Systems. The firm separated from LG Group in 2003. LS Electric said the change reflected the company’s strong commitment to strengthening its global business and customer-centered management. “(The name) I
Industry March 24, 2020
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Korean firms buy back shares amid coronavirus crisis
With South Korea’s stock market staring at a prolonged bearish phase amid the coronavirus spread, major conglomerates have begun to buy back their own shares to reassure fleeing investors. Over the past two months, Korean stocks have crumbled and major firms have lost their market value by a third. To assure investors, major listed firms have decided to either buy or cancel their treasury stocks. The nation’s largest steelmaker Posco said Tuesday Chairman Choi Jung-woo and 51 ex
Industry March 24, 2020
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Coronavirus dents market cap of major firms, exports
Major South Korean firms have suffered a sharp drop in market capitalization, losing a combined 266 trillion won ($207 billion) over the past two months since the country’s first confirmed case of coronavirus infection, latest data showed Monday. Local corporate tracker Korea CXO Institute surveyed the share prices of 100 listed Korean companies -- the top five in 20 industries -- for the 60 days starting Jan. 20, until Friday. Their market cap fell by 29.7 percent during the period,
Industry March 23, 2020
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Samsung shuts down TV plants in Slovakia
Samsung Electronics announced Friday it has decided to suspend operations of its Slovakia plant for a week due to the fast spread of coronavirus. The South Korean tech giant said it made the decision to protect employees from the spread of COVID-19. Currently, there are about 30 suppliers of the firm in Slovakia. Slovakia has declared a state of national emergency, limiting both logistics and personnel movement, due to the increasing number of COVID-19 confirmed cases. The government has s
Technology March 20, 2020
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Asiana Airlines to suspend all European routes from April
Asiana Airlines will halt all its European routes in April as the new coronavirus spreads fast and the continent closes its borders and restricts movement, the firm confirmed Friday. The decision comes after the European Union decided on Tuesday to block the entry of foreign travelers to Europe for 30 days to prevent the spread of COVID-19. According to the airline, service on the Incheon-Frankfurt route, the only European route it is still operating, will be halted from April 1 to April 16.
Industry March 20, 2020
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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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