Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
In concession to firms, Korea to ease workplace safety law
The government will seek to revise the act on serious industrial accidents that holds business management criminally liable for deadly workplace accidents by shifting its focus from punishment to prevention. The move comes amid persistent opposition to the law from the business circles. They say the law, officially called the Serious Accidents Punishment Act, is vague in its application and opens up the possibility of abuse of power by investigative authorities. The Ministry of Labor said it wou
Social Affairs Nov. 30, 2022
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Taking Korea-Vietnam ties to next level in 30th year
Over the last three decades Korea and Vietnam have been major trade partners, played critical roles in one another's industrial supply chain and provided cultural inspiration to each other. To this day, there are countless Korean corporations searching for business and investment opportunities in Vietnam, and seeking to adapt to the shifting dynamics caused by Vietnam's exponential growth and modernization, as well as demographic and behavioral changes. These agenda will be on the tabl
Industry Nov. 30, 2022
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Seoul hit by first subway labor union walkout in 6 years
The labor union of the state-run Seoul Transportation Corp., the main operator of the Seoul Metro public transit network, began a walkout at 6:30 a.m. Wednesday, as the union refused to accept management's plan to downsize. On the sidelines of the subway union's industrial action that kicked off for the first time in six years, the union also held a rally near Seoul City Hall at 10:40 a.m., with some 6,000 people taking part. The strike is to cause the transit network of South Korea&
Social Affairs Nov. 30, 2022
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[Global Finance Awards] Qraft Technologies forays onto Wall Street with AI prowess
South Korean startup Qraft Technologies is one of the companies that has spearheaded the introduction of artificial intelligence in finance here. Since it was founded in 2016, the Seoul-based startup has proved the efficiency of AI when it comes to executing optimal equity asset allocation. The SoftBank-backed company operates four exchange-traded funds -- QRFT, AMOM, NVQ and HDIV. These funds are currently trading on, and have exposure to, North American stock bourses including the New York Sto
Market Nov. 29, 2022
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Yoon issues executive order against striking truckers as crisis bites
The government on Tuesday ordered some 2,500 cement cargo truck drivers at over 200 companies across the nation to stop their strike and return to work on the sixth day of the walkout, taking an unprecedented move as the supply crisis deepens. The order came into effect immediately after the Cabinet meeting presided by President Yoon Suk-yeol for cement truckers took place in the morning. Those who refuse to comply with the order will be subject to a suspension of their trucker license, as well
Social Affairs Nov. 29, 2022
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Yoon to review executive order to force truckers back to work
President Yoon Suk-yeol could issue an order to force truckers to return to the workplace, as he pledged Monday to take a hard-line stance on their strike, blasting them for causing serious supply chain disruptions nationwide. Yoon's office said in a statement that a Cabinet meeting will take place Tuesday to review the feasibility of the order, which has never been issued in Korea's history. Failure to comply with the order would be subject to a punishment of at most three years in jail
Social Affairs Nov. 28, 2022
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LG taps two female CEOs in unprecedented move
South Korea's fourth-largest conglomerate LG has tapped two female CEOs in its groupwide year-end reshuffle that ended Thursday. Consumer goods arm LG H&H named Executive Vice President Lee Jung-ae as the new chief executive officer, replacing Cha Suk-yong after nearly 18 years of service. Lee is one of two female CEOs to have been nominated for the first time in LG's history. Since joining LG H&H in 1986, the 59-year-old Lee has been dedicated to consumer goods marketing, and
Technology Nov. 24, 2022
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[Newsmaker] Long-awaited insurance bill reignites debate on Samsung’s ownership structure
The long-awaited bill to revise the Insurance Business Act is reigniting debate over Samsung’s ownership structure, under which its insurance arm is the largest shareholder of Samsung Electronics. The National Assembly on Tuesday for the first time put forward the revision bills in the parliament's National Policy Committee. The bills, proposed in June 2020 respectively by main opposition Democratic Party lawmakers such as Rep. Park Yong-jin and Rep. Lee Yong-woo, were the first bills to b
Technology Nov. 24, 2022
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Will Korea host Tesla 'gigafactory'?
Business tycoon Elon Musk's confirmation that South Korea is among the top candidates for Tesla's second electric vehicle production plant in Asia highlights the robust automotive parts ecosystem in Korea for cutting-edge autonomous driving technology, as well as the brand's popularity here. All eyes are on whether the fourth-largest economy in Asia could outdo other regional candidates such as Japan and Indonesia, which have richer EV consumer bases than Korea. On Wednesday, President Yoon Suk-
Technology Nov. 23, 2022
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LG Chem to build $3.2b battery material plant in US
South Korean battery material supplier LG Chem announced Tuesday plans to build a $3.2 billion facility to manufacture 120,000 metric tons of cathode materials used for electric vehicle batteries annually in Tennessee, the United States. Once construction of the facility on the 1.7-square-kilometer land is completed by 2027, the plant will be able to power batteries mounted on 1.2 million pure electric vehicles that can run 500 kilometers on a single charge. Construction is set to start in the
Technology Nov. 22, 2022
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SK hynix reaches settlement in chip cluster dispute
South Korean memory chip manufacturer SK hynix has reached a compromise with Yeoju city over a dispute surrounding the chipmaker's right to use freshwater for new fabrication plants in Yongin, Gyeonggi Province, the government announced Monday. The settlement, with a memorandum of understanding signed on Monday at the National Assembly, opens the doors for SK hynix to proceed the chip cluster project as planned by 2027 on the 4.15 square-kilometer site, which would cost at least 120 trillion won
Technology Nov. 21, 2022
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[Photo News] Metaverse cooperation
Ryu Young-sang (left), chief executive officer of South Korean mobile carrier SK Telecom, poses for a photo with NTT Docomo CEO Motoyuki Ii at a signing ceremony on Friday in Seoul. SK Telecom announced Monday it has signed a memorandum of understanding with its Japanese counterpart to seek a strategic partnership in the fields of the metaverse, sixth-generation telecommunication infrastructure and media content development.
Technology Nov. 21, 2022
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Samsung tops global brand ranking, outpacing Google, YouTube
South Korean tech giant Samsung Electronics was ranked the highest in United Kingdom-based market research firm YouGov's annual Global Best Brand Rankings in 2022, data showed Sunday. Of 380 brands in 38 markets including the United States, the UK, China, India and South Korea, Samsung scored 127 points overall to take the top notch, followed by Google's 106 points, YouTube's 85 points, Netflix's 59 points and Shopee's 51 points. The score was based on YouGov's esti
Technology Nov. 20, 2022
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[Newsmaker] Grassroots campaigns emerge to help grieving families of foreign victims
Expat communities in South Korea are rallying behind grieving families of foreign victims of the Itaewon tragedy for whom bringing their loved one home is another ordeal fraught with administrative, financial and language barriers. As of Thursday, only four of the 26 foreign nationals who died in the Oct. 29 crowd crush in Itaewon had been repatriated. Three more are expected to return home Friday, according to the Ministry of Foreign Affairs. South Korea has pledged to treat all 156 victims equ
Social Affairs Nov. 3, 2022
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Samsung's W130tr market cap evaporates in 10 months
Sixteen affiliates of South Korea's No. 1 business conglomerate Samsung have seen a drop in stock market cap by 129.36 trillion won ($90.78 billion) combined during the period of January to October, data showed Tuesday. This means nearly 20 percent of the market cap of the affiliates has evaporated compared to the end of 2021, according to the stock market data compiled by business intelligence Leaders Index. As a result, Samsung's 16 affiliates saw a total market cap of 541.8 trillion wo
Technology Nov. 1, 2022
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