Hanwha Group’s defense units will showcase their latest technologies at North America’s largest land-power exposition in Washington this week, the company said Sunday. Hanwha Corp., Hanwha Defense and Hanwha Systems will share a booth at the 2019 Annual Meeting and Exposition of the Association of the US Army, which takes place from Monday to Wednesday, local time. In its ground system zone, Hanwha will present its newest technologies, such as the Redback armored car, which was

Industry Oct. 13, 2019

In the age of social media, where information spreads fast, companies need to rethink their risk management strategies by focusing more on the masses, said an American crisis management expert during a forum held by The Korea Herald on Friday. “We are living in a revolutionary period. We always talk about hardware and software, but this is not a technology revolution. This is an information revolution,” said Richard Levick of the Washington-based crisis management firm LEVICK during

Industry Oct. 11, 2019

Korea International Trade Association said Thursday its Chairman Kim Young-ju is slated to visit the US next week to expand economic and trade cooperation. He will be accompanied by executives of eight Korean companies, including Samsung Electronics, Hyundai Motor, Posco and Hyosung during his four-day visit starting Monday. Kim will meet with Kelly Ann Shaw, Trump’s special assistant and senior director for international trade, to highlight the importance of the two nations as a secu

Industry Oct. 10, 2019

South Korea and Japan are slated to have bilateral consultations in Geneva on Friday, a first step toward resolving a trade dispute triggered by Japan’s export restrictions, officials said Thursday.Since Sept. 20, when Tokyo responded to Seoul’s request for bilateral consultations in accordance with the World Trade Organization’s rules, the two countries have discussed details such as dates and times through diplomatic channels and decided to send director-level representatives

Industry Oct. 10, 2019

The Korea International Trade Association on Tuesday held a seminar on technological cooperation between Germany and Korea to explore ways to improve the competitiveness of the materials, parts and equipment industries, in response to growing uncertainty in the global trade market. Over 150 participants from Korean and German companies and research organizations joined the event to seek breakthroughs through supply chain diversification and technology exchanges amid an uncertain trade market due

Industry Oct. 8, 2019

Hyundai Heavy Industries has been grappling with growing opposition from workers against a merger with Daewoo Shipbuilding & Marine Engineering. In March, HHI signed a formal deal, worth an estimated 2 trillion won ($1.7 billion), with the state-run Korea Development Bank to buy its smaller rival DSME. The deal will be completed when the world’s two largest shipbuilders get approval from antitrust watchdogs in Japan, China, Kazakhstan and the European Union. The authorities will r

Industry Oct. 6, 2019

Over the past five years, Lotte Group was the South Korean conglomerate that received the highest number of sanctions from the nation’s antitrust watchdog, data showed Friday. According to the data supplied by Rep. Chun Hae-chul of the ruling Democratic Party of Korea, the Fair Trade Commission sanctioned Lotte on 81 occasions between 2014 and 2018. The group that received the next-greatest number of sanctions was Hyundai Motor Group with 76, followed by Kolon Group with 63, SK Group with

Industry Oct. 4, 2019

Public institutions affiliated with the Ministry of Trade, Industry and Energy have not recovered financially from past failures of overseas resource development projects, data showed Thursday.According to data supplied by Rep. Wi Seong-gon of the ruling Democratic Party of Korea, the combined debt of 41 ministry-affiliated public institutions stood at 182 trillion won ($150 billion) last year, up 8 trillion won from the previous year.  “The debt of the public organizations has grown

Industry Oct. 3, 2019

South Korean steelmaker Posco said Thursday it has hit the 1-billion ton milestone of crude steel production since 1973, amid intensifying oversupply globally. The volume is equivalent to the material needed to produce 1 billion midsized cars or 20,000 units of Lotte Tower, the nation’s tallest skyscraper in Seoul.Posco began producing the first molten metal at its blast furnace in 1973. It produced 1 million tons of crude steel, supplied steel for 25,000 cars and provided 12,000 compensat

Industry Oct. 3, 2019

LS Cable & System has received government certification for its national disaster safety products, becoming the first cable manufacturer to gain this recognition, the firm said Tuesday. The certified products are fireproof, and they emit less smoke and lower levels of toxic gas during a fire, according to the company. In the event of a fire, the company explained, durability is crucial for emergency lights, fire alarms, sprinklers, ventilators and evacuation facilities. The company&rsqu

Industry Oct. 1, 2019

South Korea on Tuesday once again urged Japan to resolve their trade dispute through consultations in accordance with the World Trade Organization regulations, according to government officials. Japan unilaterally announced its decision to impose tighter export controls against Korea three months ago. On July 4, it tightened export controls for three high-tech materials: fluorinated polyimide, photoresist and hydrogen fluoride.“The export restrictions are still in place. The number of expo

Industry Oct. 1, 2019

The government is moving to strengthen taxation of high-income influencers and content creators on social networking services, including YouTubers, to prevent tax evasion, according to documents submitted to lawmakers on Monday.  According to Rep. Kang Byung-won of the Democratic Party of Korea, the Finance Ministry has been collecting foreign exchange receipts exceeding $10,000 per person from the Bank of Korea, and using the data for tax reports and investigation of high-income influencer

Industry Sept. 30, 2019

INNOVATION AWARDS -- Korean four-dimensional radar technology firm Bitsensing CEO Lee Jae-eun (center) poses for a photo with Manfred Martin, a professor at RWTH Aachen University, at the fifth KGCCI Innovation Awards ceremony held at the Sebitseom floating islands in Seoul on Friday. During the event, Bitsensing and three other companies, including 42 Maru, BASF Korea and Henkel Korea, received innovation awards in the presence of high-ranking executives from the Korean-German business communit

Industry Sept. 30, 2019

The new chief executive officer of aerospace and defense company Korea Aerospace Industries has urged his employees to focus all of their capabilities on winning orders to overcome the management crisis, the firm said Sunday. “Despite the harsh environment, KAI has achieved remarkable growth through the efforts of its employees and partner companies as well as support from the government. However, the company is in a crisis due to stagnant sales and orders over the past five years,&rd

Industry Sept. 29, 2019

SK Innovation on Sunday expressed regret over the patent infringement lawsuit recently filed against it by LG Chem with a US court, as they had agreed five years ago not to sue each other on one particular patent case.Vowing a befitting response as the legal battle rages, SK Innovation said, “We will respond strongly by taking all possible legal actions,” lashing out at LG Chem for failing to create a virtuous cycle through fair and cooperative competition.The remarks came as LG Chem

Industry Sept. 29, 2019