Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
German commerce chamber begins female empowerment program
The Korean-German Chamber of Commerce and Industry said Wednesday its female leadership group Women in Korea kicked off the second generation of its mentorship program. KGCCI started the mentorship program in 2018 with 14 mentors who are international and Korean C-level female executives in Korea and 16 mentees who are female employees in the middle management of KGCCI’s member companies. The second generation of the WIR mentorship program has more than doubled the number of participa
Industry July 3, 2019
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KNOC, GS Energy become first in Korea to produce oil in UAE
The state-run Korea National Oil Corporation and GS Energy have become the first South Korean companies to start oil production in the United Arab Emirates, together with the state-run Abu Dhabi National Oil Company. On Tuesday, KNOC and GS Energy held a ceremony with ADNOC in Abu Dhabi to celebrate the commencement of commercial oil production in oil fields in Haliba, located in east Abu Dhabi. The event was attended by KNOC CEO Yang Su-yeong, GS Energy CEO Huh Yong-soo and ADNOC CEO Sultan Ahm
Industry July 2, 2019
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Posco estimated to lose W4b from power outages
Steelmaker Posco said Tuesday it reactivated five furnaces that were shut down at its Gwangyang steel mill due to a blackout the day before. On Monday, the company halted the operation of five furnaces at its steel mill due to a power failure. Posco said all the five furnaces have returned to normal operations and all other major production facilities are running as usual. The blackout is estimated to temporarily increase fixed costs by at least 40 billion won ($34 million) due to reduced p
Industry July 2, 2019
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Workforce for chips, display industries to reach 165,000 by 2027
The South Korean government projects that the nation’s future industries would require 165,000 workers by 2027, vowing to address skills shortages by training workers through higher education and public projects. On Tuesday, the Ministry of Trade, Industry and Energy said its survey results revealed a growing need for manpower in five future industries, including next-generation chips, advanced display panels, internet of things-based home appliances, augmented reality and virtual reality
Industry July 2, 2019
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Eximbank under pressure to boycott coal finance
South Korea’s official export credit agency Export-Import Bank of Korea is under pressure from international environmental activists to halt its financing of coal power plants, amid a growing global campaign to tackle climate change and air pollution. On Sunday, Greenpeace Korea shone a laser light on the headquarters building of the Export-Import Bank of Korea in Seoul, displaying messages that read, “Stop investing in coal-fired plants” and “President Moon Jae-in, when
Industry July 1, 2019
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Trans-Korea gas pipeline project needs ‘economic approach’
The two Koreas and Russia should take an economic -- not political -- approach to the trans-Korea gas pipeline project to make the idea feasible, said the chief of the Korea Energy Economics Institute at a forum on Friday. “As for the gas pipeline project, South Korea, North Korea and Russia have different interests and calculations,” said Cho Yong-sung, president of the KEEI, in a keynote speech during a forum, titled “Trans-Korea Gas Pipeline Project: Enhancing Regional Coope
Industry June 30, 2019
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Korea seeks stronger ties with young, fast-growing economies of Southeast Asia
South Korea is deepening ties with Southeast Asia in hopes of creating new growth engines in the region’s young, fast-growing economies and seeking a breakthrough amid growing uncertainties in global trade. In 2017, the Moon Jae-in administration launched the New Southern Policy as its key foreign economic policy, reflecting its strong commitment to prosper with ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As a f
Economy June 27, 2019
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Hyosung to partner with Aramco for carbon fibers
South Korean industrial conglomerate Hyosung said Thursday it will partner with Saudi Aramco in the area of carbon fibers. Under a memorandum of understanding, signed by Hyosung Group Chairman Cho Hyun-joon and Saudi Aramco CEO Amin H. Nasser on Tuesday, the two sides agreed to consider building a carbon fiber plant in Saudi Arabia or Korea. They also agreed to cooperate on technology development of carbon fiber production. Carbon fibers are fibers that weigh one-fourth less than steel but
Industry June 27, 2019
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Glimpse into S-Oil’s RUC/ODC project
S-Oil is slated to hold an inauguration ceremony Wednesday to celebrate the successful completion and beginning of operations of its residue upgrading complex and olefin downstream complex, or RUC and ODC, built at a cost of 5 trillion won ($4.3 billion). The RUC/ODC project, which began operations in November last year, relies on low-value residue oil as feedstock to produce high-value petrochemical products. “We believe increased production capacity of high-value products through th
Industry June 26, 2019
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S-Oil broadens horizons with preeminent chemicals projects
South Korea’s leading oil refiner S-Oil is getting closer to its “Vision 2025,” in which it aspires to become the most competitive and admired energy and chemical company in the Asia-Pacific region. It is swiftly responding to rapid changes in the business environment brought on by the shale boom and emergence of electric vehicles. S-Oil, founded in 1976, has delivered phenomenal growth since Saudi Aramco’s investment in 1991 as the largest shareholder. Its crude refining
Industry June 26, 2019
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Korean consortium wins UAE nuclear reactor maintenance bid
A South Korean consortium led by state-run Korea Hydro & Nuclear Power has secured a five-year maintenance deal for the United Arab Emirates’ first nuclear power station, ending a long bidding process that began late last year. The Barakah Nuclear Power Plant is being built by a consortium which includes the Korea Electric Power Corp., KHNP, Doosan Heavy Industries & Construction, Hyundai Engineering & Construction and Samsung C&T Corp.Initially, it was expected that the co
Industry June 24, 2019
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Moon’s new policy aide vows to promote fair economy, income-driven policy
President Moon Jae-in’s new secretary for policy, who earned the nickname “chaebol sniper” for his decadelong shareholder activism, vowed to keep his stance of promoting income-led growth, innovation and a fair economy. At a farewell meeting as chief of Fair Trade Commission, Kim Sang-jo told reporters he is open to dialogue with conglomerate chiefs while drawing a clear line saying that incumbent Finance Minister Hong Nam-ki will keep his role as control tower on economic poli
Industry June 23, 2019
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Daesung hosts microbes forum to promote bio-economy
South Korean energy conglomerate Daesung Group hosted its third annual forum on microbes Thursday in Seoul, with the theme “Lab to Industry for Bioeconomy.” Attended by around 150 participants, the 2019 Daesung Haegang Microbes Forum offered a venue for academia and the private sector to discuss the latest trends in clean energy and environment technologies using microorganisms, as well as to seek ways to bring them into the market. The highlight of the forum was the utilization and
Industry June 20, 2019
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South Korea to map out AI strategy this year, build 2,000 AI-based factories by 2030
South Korea announced its vision to create a “manufacturing renaissance” over a number of industries, viewing manufacturing as the nation’s economic foundation and a way of creating high-quality jobs and innovative growth. “The government has mapped out strategies for the nation to become an innovative manufacturing powerhouse over the next decade by being away from ‘quantitative and market follower strategies,’” a spokesperson for the Ministry of Trade,
Economy June 19, 2019
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Kepco selected as preferred bidder for 200 MW Guam power plant
State-run Korea Electric Power Corp. said Wednesday it has been selected as a preferred bidder for a Guam power plant by the Guam Power Authority. If the deal is sealed, Kepco will build and operate a 200-megawatt Guam power plant in Dededo, northern Guam. Hyundai Engineering will also join the project to build the power plant. The project will be carried out in the form of build-operate-transfer project financing. Kepco will be able to sell power produced in the region over the next 25 yea
Industry June 19, 2019
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