Articles by Jo He-rim
Jo He-rim
herim@heraldcorp.com-
Ports, shipping industry disrupted by novel coronavirus
In the wake of the novel coronavirus outbreak, operations at ports and the shipping industry have been severely disrupted, with sea ports and manufacturers shutting down in China, South Korea’s major trade partner, according to the industry on Thursday. Shipyards here are clogged with containers that should have been either delivered or stopped over at Chinese ports. Meanwhile, vessels bringing in imported goods to Korea from China have slowed, leaving customs inspection storage units ne
Industry Feb. 6, 2020
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Hyosung’s operating profit surpasses W1tr in 2019
Hyosung Corp. said Thursday the company and its four major affiliates saw their combined operating profit surpass 1 trillion won ($848 million) in 2019. The five companies – Hyosung Corp., Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, Hyosung Chemical -- recorded combined revenue of 18.11 trillion won and operating profit of 1.1 trillion won. It is the second time the Hyosung Group has seen the operating profit go above 1 trillion won since 2016, when it saw revenue
Industry Feb. 6, 2020
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Orion records highest operating profit of W327b in 2019
Korean confectionary firm Orion said Wednesday it recorded operating profit of 327.3 billion won ($275.9 million) in 2019, marking the highest figure in company history. According to the company, it saw its net profit increase 54.1 percent on-year to post 220.3 billion won, and its annual revenue hit 2.02 trillion won, up 5 percent from the year before. The company’s operating profit in the fourth quarter last year was 97.8 billion won, up 39.2 percent in the same period on-year, and t
Consumer Feb. 5, 2020
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Call me ‘Bae Ha-jun’: OB CEO from Belgium gets Korean name
Ben Verhaert, CEO of the South Korea-based Oriental Brewery, has chosen a new Korean name to foster friendly communication with his Korean employees and customers, the company said Wednesday. The Belgian national now goes by Bae Ha-jun. The CEO took up his current post in November last year. Belgian brewing giant Anheuser-Busch InBev acquired OB in 2014. The name Ha-jun consists of the Chinese characters “ha,” referring to water, and “jun,” meaning height, the company
Consumer Feb. 5, 2020
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Hanjin family sides with son in sibling power struggle
As the power struggle between two siblings of Hanjin Group’s controlling family continues ahead of the upcoming shareholders meeting, their mother and sister, who are major stakeholders, said they backed the brother of the two. In a statement Tuesday, Lee Myung-hee, the mother of the siblings and their youngest sister Hyun-min expressed support for Hanjin Group Chairman Cho Won-tae over his sister Cho Hyun-ah, the former vice president of the airline. “Lee Myung-hee and Cho Hyun-m
Mobility Feb. 4, 2020
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CJ Logistics launches new headquarters for North America
CJ Logistics, a major South Korean logistics firm, said Tuesday it had launched CJ Logistics America -- a joint operating company of its subsidiaries in the United States and Canada -- and DSC Logistics, to expand the company’s presence in North America. Under the new corporate body, CJ Logistics will operate warehouses of a combined 280,000 square meters in size in the US and Canada, to extend its operating network across North America, the company said. CJ Logistics USA, a subsidiar
Mobility Feb. 4, 2020
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Coupang CEO freezes price of masks amid coronavirus outbreak
The outbreak of the Wuhan coronavirus has led to controversy about whether it is right for face mask manufacturers to raise the prices of their highly sought-after products. While overall prices of such masks appear to be on the rise, the CEO of Coupang said the South Korean e-commerce firm will freeze the prices of face masks being sold on its platform. “Although the market price of masks rose as demand increased, we have frozen our prices for retail masks,” Coupang CEO Kim Bom-
Consumer Feb. 3, 2020
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Daewoo E&C, financial firms to invest in new town project in Hanoi
Daewoo Engineering & Construction said Monday it has agreed with South Korean financial institutions to jointly invest in the construction of a new town project in the center of Hanoi, Vietnam. According to Daewoo E&C, it signed an investment development contract worth $388 million with the Korea Development Bank and other Korean financial institutions on Jan. 20, to construct buildings, including a hotel, and residential and commercial buildings, inside Starlake City in Hanoi. This i
Industry Feb. 3, 2020
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Amorepacific partners with top Indonesian retailer, expands presence in region
Korea’s top cosmetics maker Amorepacific Group said Monday it confirmed a business partnership with PT Mitra Adiperkasa (MAP), a leading retailer in Indonesia, strengthening its position as global beauty brand in the region. According to the company, Amorepacific President Bae Dong-hyun and MAP Group CEO Virendra Sharma inked the agreement at the MAP headquarters in Jakarta, Indonesia, on Wednesday. Under the partnership, Amorepacific will present its cosmetics brands, Sulwhasoo, Lanei
Consumer Feb. 3, 2020
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[Herald Interview] Homeplus eyes market expansion with private brand, global sourcing
Private brands -- exclusively manufactured for a retailer -- have for long been making strides, although they are still concentrated in the developed markets of Europe, North America and Australia. While still in a nascent stage in South Korea, the private brand market has shown exponential growth in recent years, with brand loyalty for large retailers reigning the landscape. How well a retailer builds trust with its consumers is the key to success, and a lot of that comes from the quality of
Consumer Feb. 3, 2020
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Hyosung Heavy Industries expands in Europe with deal in Sweden
Hyosung Heavy Industries said Friday it won a contract to supply high-voltage switchgears in Sweden, clenching a second deal in Europe to expand its presence there. According to the company, it recently landed a contract with Svenska Kraftnet, Sweden’s national power grid, to supply 420-kilovolt switchgears. The company said it will supply the high-voltage switchgears to electric stations in Stockholm by 2021. “Hyosung Heavy Industries plan to expand its power apparatus business
Industry Jan. 31, 2020
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Posco’s operating profit down 30% in 2019 amid industry downturn
South Korean steel giant Posco said Friday its operating profit dropped 30.2 percent in 2019 from the previous year, amid the overall industry downturn and protectionism by major trading partners. The steelmaker said its revenue stood at 64.3 trillion won ($53.9 billion), down 0.9 percent on-year. The operating profit posted at 3.86 trillion won, while net profit was 1.98 trillion won last year. The operating margin recorded 6 percent. Its sales volume increased by 400,000 tons on-year to re
Industry Jan. 31, 2020
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World’s largest halal exhibition to be held in Malaysia in April
Malaysia International Halal Showcase, the world’s largest halal trade fair, will be held in Kuala Lumpur from April 1 to 3, the event’s organizers said Thursday. According to Malaysia’s Ministry of International Trade and Industry, this year’s MIHAS, themed “Expand Your Halal Horizon,” will feature over 1,200 booths of companies from countries around the world, including halal-certified and trade-ready manufacturers, suppliers, buyers and distributors. T
Industry Jan. 31, 2020
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Bando E&C begins apartment project in central LA
Bando Engineering & Construction said Thursday that it had started the construction of a mixed-use apartment building in Los Angeles, the company’s first overseas project in nine years. According to the company the Bora 3170 will be an eight-floor building with one floor below ground, about 10 minutes from downtown LA in the Korea Town neighborhood. It is the second overseas project for Bando E&C, which built the Ubora Towers in Dubai, United Arab Emirates, in 2011. Led by C
Industry Jan. 30, 2020
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Lotte Chilsung rolls out eco-friendly water product with no plastic labels
Lotte Chilsung Beverage said Wednesday it has rolled out bottled mineral water without plastic labels. The new product, 1.5-liter Icis 8.0 Eco, has its brand name engraved on the plastic bottle, taking away the hassle of having to remove the label before recycling it. The exclusion of the label will save about 4.3 tons of packing materials, the company said. The product will be released on Lotte Chilsung’s official shopping site and other online channels, in two bundles, each consist
Consumer Jan. 29, 2020
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