Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Calls grow for supervision of financial conglomerates
Calls have been growing in Korea to pass a bill that will beef up consolidated supervision of financial conglomerates, citing the need to lower their insolvency risk, while opponents claim the move excessively tightens the grip over chaebol. The system is intended to supervise financial conglomerates that do not own banks but hold more than 5 trillion won ($4.43 billion) in financial businesses, including lending, insurance or other finance investments. The system recommended by the Internationa
Industry March 6, 2019
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[Going Renewable (2)] Lacking strategy, companies count cost of carbon trading
The Korea Herald is publishing a series of articles looking into the South Korean government and businesses quest toward renewable energy. -- Ed.Four years since South Korea adopted its emissions trading scheme, the market appears to have soft-landed with the strong intervention of the government. Emissions trading refers to the system where the government allocates permits to discharge specific quantities of pollutants over a given time period. Polluters that want to increase their emissions mu
Industry March 5, 2019
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Korea sets aside W235tr to back exporters
South Korea set aside 235 trillion won ($209 billion) for trade finance with the aim of backing struggling exporters amid growing uncertainties over global trade and a slowdown in chip exports, the nation’s key export driver. The Ministry of Trade, Industry and Energy said Monday, “This year, six financial institutions will provide a total of 235 trillion won, up 15.3 trillion won from last year, to back exporters through trade finance,” in a joint plan with other ministries, including the Finan
Industry March 4, 2019
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Oil refiners appear passive toward government’s hydrogen drive
Despite the South Korean government’s ambitious plans to create a hydrogen economy this year, oil refiners appear to be taking a passive stance, citing questions over profitability. In January, the government announced its road map to boost the hydrogen economy, produce 6.2 million fuel cell vehicles by 2040 and eventually become the largest hydrogen car producer in the world. The government said 50,000 tons of byproduct hydrogen are currently available to fuel 250,000 hydrogen cars. Byproduct h
Industry March 3, 2019
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Yoo Myung-hee named new trade minister
President Moon Jae-in named Yoo Myung-hee, deputy minister for FTA negotiations, as trade minister Thursday, replacing Kim Hyun-chong, who was appointed deputy chief of the presidential National Security Office on the same day. Yoo Myung-heeThe new trade minister started her public service career in 1992 after passing the nation’s public administration examination. In 1995, she moved to the Ministry of Foreign Affairs and Trade,
Industry Feb. 28, 2019
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Posco to invest W1tr in green facilities
Korean steelmaker Posco plans to invest 1.07 trillion won ($956 million) in building environment-friendly facilities by 2021, with the aim of cutting air pollutants by 35 percent by 2022, in line with the government’s efforts to cut emissions of carbon dioxide. “We will close six aging units out of a total of 21 generating units by 2021 and invest 350 billion won to build new facilities with the latest technologies. The construction of new plants will start in December after undergoing environme
Industry Feb. 26, 2019
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S. Korea to tighten food sanitation regulations
The South Korean government said Tuesday it will tighten regulations and standards for food manufacturing companies to ensure health safety. The Ministry of Food and Drug Safety said it planss to implement from July a one-strike-out policy involving its controversial application of hazard analysis and critical control points, or HACCP, when a certified company violates basic food safety principles. (Yonhap)HACCP is a preventative management system that verifies and manages risks in the entire
Industry Feb. 26, 2019
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Experts from around the world call for standardization of advanced self-driving
Experts on self-driving cars from the US, the UK, Germany and Japan gathered in Seoul on Monday to urge for swift establishment of global standards for advanced self-driving cars in order for related technologies to further advance, according to the government here Monday.Lee Seung-woo, chief of the Korean Agency for Technology and Standards (MOTIE)An international conference on standardization of self-driving cars, hosted by the Korean Agency for Technology and Standards, was attended by around
Industry Feb. 25, 2019
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Kepco reports first operating loss in six years
State-run electric utility company Korea Electric Power Corporation reported an operating loss in 2018 for the first time in six years, due mainly to rising fuel prices and the cost of buying power from its affiliates. Kepco posted an operating loss of 208 billion won ($184 million) last year, down from an operating profit of 4.9 trillion won the previous year, according to its regulatory filing on Friday. It reported sales of 60.6 trillion won, up from 59.8 trillion won last year. Last year, fu
Industry Feb. 22, 2019
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KAEMS to provide first maintenance for Boeing 737
Korea Aviation Engineering & Maintenance Service said Thursday it will begin providing aircraft maintenance for the Boeing 737. KAEMS, which is a service provider for aircraft maintenance, repair and operations, was jointly launched in July last year by Korea Aerospace Industries, Korea Airports Corporation, BNK Financial Group, Jeju Air and Eastar Jet. (Yonhap)The launch was designed to offer wider options for Korean aircrafts that depend on foreign companies for their maintenance. Korean airli
Industry Feb. 21, 2019
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Hyundai Steel apologizes for worker’s death at plant
Hyundai-Steel on Thursday apologized for the death of its worker at its plant in Dangjin, South Chungcheong Province, which has repeatedly seen workplace accidents over the past decade. “We send our deep condolences to the victims and their families. We will do our best to cooperate with related organizations on the investigation and we take safety measures not to repeat this accident,” the firm said in a statement.(Yonhap)At 5:20 p.m. on Wednesday, a worker died after being caught in a coal con
Industry Feb. 21, 2019
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Yuhan-Kimberly selected as most admired company for 16 years
Yuhan-Kimberly, South Korea’s leading sanitary product manufacturer, ranked fifth on a list of South Korea’s most admired companies, making it to the top 10 for 16 straight years, according to a survey released by Korea management Association Consulting this week. By segment, the company ranked first in terms of social value and first in household goods business, according to the survey of around 10,000 local consumers and professionals. Yuhan-Kimberly sanitary napkins, tissues and paper towels
Industry Feb. 20, 2019
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Workers oppose Hyundai Heavy-DSME merger plan
The merger plan between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering is facing opposition from workers of the two firms, who say it would lead to possible technology leaks and restructuring. A labor union of Daewoo Shipbuilding & Marine Engineering said Monday it has started voting on whether to go on a strike over the acquisition by Hyundai Heavy Industries. (Yonhap)The voting involves 5,611 workers at its shipbuilding plants in Okpo, a neighborhood in the city of Geoje
Industry Feb. 18, 2019
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Korean carmakers troubled as US auto tariff decision looms closer
South Korean carmakers remain on edge as a decision on tariffs by US President Donald Trump looms closer, with the Department of Commerce reportedly having concluded in its confidential recommendation report due Sunday that auto imports could hurt national security.Last week, Agence France-Presse reported the Department of Commerce had concluded that auto imports are “a threat to national security,” citing two unnamed sources and the report expected to be delivered to the White House by Sunday.(
Industry Feb. 17, 2019
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[Newsmaker] Concerns rise over workplace safety at Hanwha after deaths of 3 workers
The deaths of three employees in an explosion at a Hanwha factory on Thursday have fueled concerns about workplace safety at the major Korean conglomerate, as an explosion at the same factory had claimed the lives of five people just seven months ago. Hanwha confirmed Thursday three employees had died after the explosion at its plant in Daejeon, a city some 140 kilometers south of Seoul. (Yonhap)“We express our deep condolences to the victims and their families. We will do our best to address th
Industry Feb. 14, 2019
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