Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
EU suspends HHI-DSME merger screening amid coronavirus pandemic
The European Commission has recently suspended the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering amid the coronavirus pandemic. The commission site showed the “deadline” of the screening was “suspended” without specifying the reason. The EU recently notified on its website that due to the complexities and disruptions caused by the coronavirus, companies were encouraged to delay merger notifications original
Industry April 3, 2020
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CJ donates dumpling to Korean community in New York
CJ Group plans to donate dumplings to Korean residents in New York who are suffering from the coronavirus outbreak, the firm said Friday. The dumplings -- enough for 1,600 servings -- will be given to the Korean Community Service in New York through the Korean American Association. “The donation was made with the aim of adding some support to the Korean community suffering from the impact of coronavirus in New York,” the group said. CJ plans to deliver the food produced at its
Industry April 3, 2020
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FTC to give benefits to firms supporting coronavirus-hit suppliers
South Korea’s antitrust watchdog said Thursday it planned to give benefits to companies that support small and medium-sized enterprises affected by the coronavirus. Since early February, conglomerates have offered support for their suppliers facing disruptions in production and supply. Korean SMEs, which rely mostly on manufacturing and exports, are directly hit by production setbacks and drops in demand caused by the coronavirus. In a recent survey of 407 companies by the Korea Federa
Industry April 2, 2020
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Conglomerates post sharp fall in operating profit, investment
Major South Korean companies saw their operating profit fall to half in 2019 on-year and have cut their investments by more than 10 percent, amid the worsening global economic crisis, according to a local corporate tracker Wednesday. CEOScore analyzed the financial records of 358 affiliates of Korea’s conglomerates -- with more than 10 trillion won ($8.2 billion) in assets -- submitted to the Financial Supervisory Service. Booyoung Group, GM Korea and Jungheung Construction were exclud
Industry April 1, 2020
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LG donates 50,000 coronavirus test kits to Indonesia
LG Group said Tuesday its four affiliates -- LG Electronics, LG Chem, LG Innotek and LG International Corp. -- have donated 50,000 coronavirus test kits to the Indonesian government. The donation was made in response to a request by the country, which lacks diagnostic kits due to the surge in COVID-19 cases, and to contribute to overcoming international difficulties caused by the infectious disease, the group said. Supplies of some diagnostic kits to the Indonesian National Board for Dis
Industry March 31, 2020
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Korea should prepare for stronger US protectionist trade policies: report
South Korean companies should keep a close eye on the protectionist trade policies in the US as President Donald Trump is expected to raise trade barriers there ahead of the November presidential election amid the worldwide spread of coronavirus, a local trade association said Tuesday. The Korea International Trade Association’s new report said the coronavirus pandemic has emerged as an important variable in the Trump administration’s trade policy and the US presidential election
Industry March 31, 2020
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Korean firms face coronavirus heat in Europe
South Korean companies operating in Europe are reeling from the coronavirus pandemic that has devastated the region, a survey showed Monday. The domestic situation is also dismal, with the business sentiment that gauges the nation’s export outlook hitting the lowest level in 135 months. The Korea International Trade Association surveyed 80 Korean companies doing business in Europe between Wednesday and Friday. According to the survey, 41 companies said the damage was “very ser
Industry March 30, 2020
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Hyundai Motor heir gains W18b through stock buyback
Hyundai Motor Group Executive Vice Chairman Chung Euisun, who recently purchased treasury shares, has seen gains from the stock market recovery as well as the strengthening of his control. The market capitalization of Hyundai Motor and Hyundai Mobis shares totaled 100 billion won ($81 million) as of Thursday, with 49.4 billion won for the automaker and 50.7 billion won for the parts unit. From Thursday last week to Wednesday, Chung bought shares of Hyundai Motor at a price between 68,435 won
Industry March 26, 2020
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[Photo News] Duty-free hit by coronavirus
The duty-free zone of Incheon International Airport’s Terminal 1 appears quiet Wednesday afternoon. As the industry was hit hard by the sharp drop in outbound travelers due to the spread of the new coronavirus, some of the airport’s duty-free shops couldn’t pay the rent in February. SM Duty Free pays about 3 billion won ($2.4 million) a month in rent and incurs interest of nearly 16 percent per year if it can’t pay on time. (Yonhap)
Industry March 26, 2020
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Korea’s supply chain vulnerable to coronavirus crisis
The novel coronavirus pandemic has exposed the vulnerability of South Korean industries that are deeply integrated with the global supply chain. Korea’s global value chain participation rate was 55 percent and ranked sixth among 18 developed economies of the Organization for Economic Cooperation and Development countries as of 2017, according to a recent report of the Korea International Trade Association. The nation’s active role in global production, in turn, has revealed frag
Industry March 26, 2020
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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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