Articles by Hong Yoo
Hong Yoo
yoohong@heraldcorp.com-
Antitrust chief hints at tighter scrutiny of Kakao
South Korea’s Fair Trade Commission chief hinted Monday at tighter scrutiny of local platform operators like Kakao that enjoy an almost monopoly status. Referring to the recent nationwide meltdown of Kakao services following a fire at its main data center, FTC Chairman Han Ki-jeong said there is a need to effectively correct the adverse effects of monopoly power. “We will be revising regulations that hinder innovative companies from entering the online platform market and also regula
Industry Nov. 14, 2022
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[Herald Interview] GM Korea to bolster safety management in time of e-mobility
As the automobile industry transitions towards electrification, GM Korea is establishing new safety measures to address potential risks associated with new technologies in manufacturing electric vehicles. Wayne O’Brien, chief safety officer at GM Korea, told The Korea Herald last week that electrification program does bring different safety exposures, particularly in the form of energy, and that they are in the process of developing robust systems to help employees understand all the criti
Mobility Nov. 13, 2022
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Minister calls regulatory reform, globalization key to boosting startup ecosystem
South Korea’s biggest startup festival event Comeup 2022 kicked off in Seoul on Wednesday, with SMEs and Startups Minister Lee Young stressing regulatory reform and globalization as the two keywords for the nation’s startup ecosystem. “Regulations that are limiting potential of innovative startups are those that have been implemented during the industrial period. We will be bold in loosening such regulations to help startups open up their wings,” said the minister during
Industry Nov. 9, 2022
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Renault’s QM6 sales stay strong
Renault Korea said Tuesday it sold a total of 2,007 units of the QM6 in October, as the top-selling LPG SUV increasingly appeals to drivers with its spacious interior and comfortable driving. The sales figure accounted for nearly half of the total car sales of the French carmaker, at 4,339 last month. The car’s exports also surged 41.9 percent to 2,449 units compared to the same period last year. The carmaker picked the car’s spacious interior as the key point of attraction to local
Mobility Nov. 8, 2022
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Biz groups step up pressure for corporate tax breaks
Major business lobby groups on Monday urged the National Assembly to swiftly approve a corporate tax reduction bill that the Yoon Suk-yeol administration introduced in July to help local businesses better respond to widespread fears of an economic recession on time. The nation’s six business groups, led by the Korea Chamber of Commerce and Industry, released a joint statement contending that the new measure should be implemented within this year for it to be effective by the second half of
Industry Nov. 7, 2022
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Jeju kicks off autonomous driving service
South Korea’s Transport Ministry announced Wednesday that it will begin operating an autonomous driving transportation service that can transport tourists and local residents around Jeju Island starting from Thursday. The autonomous driving vehicles will travel two routes. One will travel 16 kilometers back and forth from Jeju International Airport to the road along the coast of Jeju Island passing through Yongduam Rock and Iho Tewoo Beach, and the other will travel 5 kilometers within the
Mobility Nov. 2, 2022
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[Herald Interview] Can electric, self-operating machines become the future of agriculture?
South Korea's agricultural sector has faced a labor shortage for decades, with aging farmers and a shrinking population. To keep the rural economy sustainable, one solution might be to deploy autonomous machines that are operated through smart connectivity. Gam Byoung-woo, chief of product development division of Daedong Corporation, said his company, the largest agricultural machine manufacturer in Korea, has been offering solutions to precision farming, calling it AgTech. “If tradit
Industry Nov. 1, 2022
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Land Ministry says plans ready to make Korea among world's top 4 builders
South Korea’s Ministry of Land, Infrastructure and Transport will soon announce plans to make the country one of the world's top four in overseas construction capable of winning $50 billion in overseas deals per year by 2027, officials said Monday. Land Minister Won Hee-ryong is expected to emphasize active support in winning big overseas projects by working with the private sector and also support the technological development of the construction and equipment sectors. The government
Industry Oct. 31, 2022
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Hyundai Motor chief asks Czech PM to support Busan 2030 Expo
Chung Euisun, chairman of Hyundai Motor Group, visited the Czech Republic to ask for the country's support for Busan’s bid to host the 2030 World Expo, according to the carmaker on Friday. In the meeting with Czech Prime Minister Petr Fiala, Chung explained Busan’s competitiveness and the port city’s future vision for hosting the global event. “Busan Expo seeks nature-friendly life and technology innovation to prepare for a sustainable future and resolve global issue
Industry Oct. 28, 2022
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Daewoo E&C breaks ground for $500m commercial project in Vietnam
South Korean builder Daewoo E&C held a ground-breaking ceremony of Vietnam Hanoi Starlake B3CC1 Complex, a $500 million development project that involves two multipurpose 35-story buildings in the Vietnamese capital, on Wednesday. Spanning over 211,462 square meters of floor space, the complex will comprise a hotel and offices. Korean hotel chain Hotel Shilla will be responsible for the operations of the envisioned hotel. Dignitaries including Daewoo E&C CEO Baek Jung-wan and Hanoi Peopl
Industry Oct. 28, 2022
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Daewoo E&C submits letter of intent to acquire Kaduna refinery rehabilitation project in Nigeria
South Korean builder Daewoo E&C and its Nigerian counterpart signed a letter of intent to rehabilitate an oil refinery in the African country with Nigerian President Muhammadu Buhari in attendance. The letter of intent signed by the Daewoo E&C CEO Baek Jung-wan and the Group CEO of Nigerian National Petroleum Corporation Mele Kyari is aimed at reoperating the Kaduna refinery located at Chikun, Kaduna, Nigeria, capable of producing up to 110,000 barrels of petroleum per day. The plant h
Industry Oct. 27, 2022
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Ratio of young workers at manufacturing halved over 20 years: FKI
The working population of the manufacturing industry in South Korea is aging faster than those in the US and Japan, showed research published Wednesday by the Federation of Korean Industries (FKI), a local organization representing businesses. According to the research of Korean manufacturing industry workers from 2001 to 2021, the ratio of young workers, aged 15 to 29, dropped from 29.7 percent in 2011 to 14.8 percent in 2021. Also, the ratio of workers in their 30s decreased from 33.9 percent
Industry Oct. 26, 2022
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Overseas flight bookings soar over 14-fold, with a half heading to Japan
Overseas flight bookings skyrocketed during the first three weeks of this month by 1,336.3 percent compared to the same period last year, according to Interpark on Tuesday. The noticeable increase of overseas travel bookings comes after COVID-19 travel restrictions have been lifted not only in South Korea but in other popular tourist spots as well, says the online ticketing site. Japan was topped the list of popular travel destinations with 48.2 percent of flights booked heading there. The numbe
Mobility Oct. 25, 2022
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Mercedes-Benz CSR Committee continues to reach out to communities in need
Mercedes-Benz Korea has donated vehicles to local communities for seven consecutive years as part of its social outreach project called Mercedes-Benz All Together, according to the company on Tuesday. Mercedes-Benz Korea launched its Mercedes-Benz CSR Committee in 2014 to make a systematic and continuous contribution to Korean society such as donating cars to social welfare institutions. The committee has donated a total of 44 vehicles to 43 institutions as of this year, the German carmaker said
Mobility Oct. 25, 2022
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[Test Drive] The ID.4: a great family EV
It’s no wonder why Volkswagen took a while to introduce its electric vehicle in South Korea. With its all-electric SUV ID.4, the German carmaker offers an accessible EV solution for local customers pursuing an eco-friendly family life. The electrified midsize SUV boasts remarkable spaciousness. It is big enough to accommodate a family as well as equipment for activity lovers. There is enough leg- and headroom in both the front and back seats, and the trunk is capable of storing up to 543 l
Mobility Oct. 24, 2022
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