The Korean government is ramping up efforts to request exemptions from the US administration’s Iran sanctions amid growing concerns from the local petrochemical and plant construction industries that heavily rely for their businesses on the regime. Following US President Donald Trump’s decision to reimpose sanctions on Iran in May, the first round of sanctions began in August to curb Iran’s purchase of US dollars and its trading of metals and coal. In November, the second wave of sanctions will

Industry Aug. 16, 2018

South Korean President Moon Jae-in’s anti-nuclear campaign is facing backlash from critics with the recent scorching heat and massive losses of energy public corporations prompting concerns for what they claim could lead to industrywide fallout.Korea’s anti-nuclear drive was one of Moon’s key pledges during his election campaign in 2017, with a plan to shift the nation’s energy reliance from nuclear power to renewable energy, and the aim of reducing pollution and creating new industries and jobs

Industry Aug. 15, 2018

The Korean shipbuilding industry accounted for nearly half of global shipbuilding orders, winning 22 vessels in July, according to shipbuilding industry analyzer Clarkson Research on Tuesday. Hyundai Heavy IndustriesAccording to the research firm, Korean shipbuilders recorded orders equal to 970,000 compensated gross tons last month, accounting for 48 percent of a total of 2.01 million CGTs in the global shipbuilding market. The Korean firms, including Hyundai Heavy Industries, Samsung Heavy Ind

Industry Aug. 14, 2018

The nation’s antitrust watchdog said Monday it decided to report Cho Yang-ho, chairman of Hanjin Group, to prosecutors over alleged unfair business practices, adding another allegation to the chief already accused of tax evasion and embezzlement by prosecutors. The Fair Trade Commission said the Korean conglomerate that owns Korean Air and Hanjin Shipping omitted to report its four affiliates run by Cho’s family members as well as the names of 62 family members to the FTC from 2003 to 2018, with

Industry Aug. 13, 2018

The Korean Intellectual Property Office said Thursday that starting from Friday agents of foreign companies applying for a patent or trademark will face simpler lists of certifications to file in the process.So far, agents of foreign companies have been required to submit notarial certificates to identify the authority of a signature included in the mandate letter for the agents’ representation in such a case the signature was not of the company’s CEO. Most other countries do not require the sig

Industry Aug. 9, 2018

The Korea Herald is publishing a series of articles featuring inter-Korean relations to mark the paper’s 65th anniversary that falls on Aug. 15. Following is the sixth installment. - Ed. Despite anticipated hurdles, the recent talks of peace on the Korean Peninsula have brought hope among regional governments and politicians in the South to have their regions designated special economic zones that can serve as hubs for exchanges across the border.Establishing a “special economic zone for unifica

Industry Aug. 8, 2018

Finance Minister Kim Dong-yeon is not likely to request Samsung Electronics make greater investments at a meeting with the group’s heir, Lee Jae-yong, on Monday, according to sources from the government and Samsung on Friday.  Finance Minister Kim Dong-yeon (Yonhap)It had been rumored that the minister would ask Samsung to spend more to create new jobs ahead of their meeting. But Samsung making fresh investments is unlikely to be addressed, as the government seeks to avoid public criticism for b

Industry Aug. 3, 2018

As Hyundai Group Chairwoman Hyun Jeong-eun visited Kumgangsan in North Korea to attend a private service commemorating of her late husband Chung Mong-hun, shares rose Friday morning in expectation of the resumption of inter-Korean economic cooperation. Share prices of Hyundai Group’s affiliates, including Hyundai Engineering & Construction, Hyundai Elevator and Hyundai-Rotem, were on upward trend this week.  Hyundai Group Chairwoman Hyun Jeong-eun (Yonhap)On Friday morning, stock price of Welcro

Industry Aug. 3, 2018

South Korea is ramping up efforts to win a bid for a Saudi Arabia nuclear project after facing a setback in acquiring a nuclear power plant construction project in the UK.On Wednesday, state-run Korea Electric Power Corp. CEO Kim Jong-kap met with Khalid Al-Sultan, president of the King Abdullah City for Atomic and Renewable Energy, in Riyadh, Saudi Arabia, to deliver Korea’s strong willingness to win the bid for Saudi Arabia’s new nuclear project, according to Kepco.Kim also conveyed the curren

Industry Aug. 2, 2018

On Wednesday the South Korean government scurried to calm escalating debate over the latest setback faced by the state-run Korea Electric Power Corporation in acquiring a nuclear power plant construction project in the UK.It was revealed that Kepco lost its status as the preferred bidder to obtain Toshiba’s 100 percent stake in the NuGen nuclear power plant project last month, as the Japanese company felt burdened by prolonged negotiations and high operating cost, in order to open doors to alter

Industry Aug. 1, 2018

Kim Sang-hoon, 29, with type B blood rarely takes part in conversations about blood types linked with personalities. “Koreans have the misperception that a man with type B blood is selfish, a womanizer or hot-tempered. I don’t want people to judge me in such a way before getting to know me,” he said. Despite no scientific proof that blood types and personalities are linked, Koreans often ask about blood types to predict someone’s personality -- sometimes going further to judge relationships and

Culture July 26, 2018

A thousand hydrogen-powered buses are slated to hit the road in South Korea by 2022, starting with five cities, including Seoul and Ulsan next year. At a meeting convened Tuesday by the minister of trade, industry and energy, Paik Un-gyu, the government said it would ease regulations on production and transportation of hydrogen-powered buses. The meeting was attended by Korea Gas Corp. President Cheong Seung-il, Hyundai Motor Vice President Park Kwang-sik and the heads of four related companies.

Industry July 24, 2018

Legal representatives of Qualcomm on Monday refuted the Korean antitrust watchdog’s claim that it had an “unfair business model” during the first hearing to take place since the chipmaker filed an appeal to the Seoul High Court in February 2017 against over 1 trillion won ($885 million) in penalties.In December 2016, the FTC found Qualcomm guilty of monopolistic practices, imposing penalties and ordering the company to carry out renegotiations with its clients over patent use. One of the key poi

Industry July 23, 2018

South Korea is making all-out efforts to oppose the US slapping high tariffs on imported cars and auto parts, reflecting the growing anxiety of the local auto industry.Top policymakers capitalized on their overseas agendas during the weekend to underline the value of fair trade between Seoul and Washington, as well as negative consequences the tariff hike is to have on the US economy.Deputy Prime Minister and Finance Minister Kim Dong-yeon took the helm and called for the exclusion of Korea from

Industry July 22, 2018

Daimler Trucks Korea signed an agreement with the Korean-German Chamber of Commerce and Industry to collaborate on the German dual vocational training program Ausbildung on Wednesday in Seoul. The signing ceremony was attended by Barbara Zollmann, president and CEO of the Korean-German Chamber of Commerce and Industry, and Cho Kyu-sang, CEO of Daimler Trucks Korea. Barbara Zollmann (right), president and CEO of the Korean-German Chamber of Commerce and Industry, and Cho Kyu-sang, CEO of Daimler

Industry July 15, 2018