Articles by Shin Ji-hye
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Shin Ji-hye
shinjh@heraldcorp.com-
Hyundai to invest W60tr by 2025
Hyundai Motor unveiled Thursday its new “2025 Strategy” for innovative mobility solutions and core business strategies such as electric vehicles, urban air mobility, autonomous driving, fuel cells and the hydrogen ecosystem. The nation’s largest automaker announced the plan during its CEO Investor Day forum held online for shareholders, analysts and credit rating agency officials. During the event, the company vowed to invest 60.1 trillion won ($55 billion) in future busines
Mobility Dec. 10, 2020
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[News Focus] Revised laws may have big ramifications for major conglomerates
South Korean businesses on Thursday cried foul over the passage of what they called anti-business bills, saying the revisions could threaten management controls and put pressure on them at a time of unseen hardships stemming from the pandemic. Among the bills that passed the National Assembly on Wednesday, a revision to the Commercial Act regarding the “3 percent rule” has been met with the most criticism. The amendment requires listed companies to elect at least one auditor fro
Industry Dec. 10, 2020
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Kia Motors workers to strike again for three days
Kia Motors’ labor union on Wednesday began a partial strike, its third collective action this year, following the collapse of negotiations over wages and other issues a day earlier. Lost production from strikes this year is expected to exceed 30,000 vehicles. Representatives of the management and the union held talks for two days, but failed to reach a compromise. Following the talks’ collapse at midnight Tuesday, the union decided to cut work short by four hours per day for three
Mobility Dec. 9, 2020
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Conglomerates spent more on R&D this year despite pandemic
Faced with growing market uncertainties stemming from the pandemic, large companies in South Korea expanded their research and development investment to secure future growth engines. Samsung Electronics and Naver led the way, data showed Wednesday. According to an analysis conducted by Seoul-based corporate tracker CEO Score of 217 of the nation’s top 500 companies by revenue, the companies’ total aggregate R&D spending came to 40 trillion won ($36 billion) from January to Sept
Industry Dec. 9, 2020
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Cafe24 to integrate Facebook Shops in real time
South Korean e-commerce company Cafe24 said Tuesday that it launched its Facebook Shops real-time integration service, allowing e-commerce merchants to gain 3.1 billion Facebook users as potential customers. Cafe24 said Facebook Shops allows merchants operating online direct-to-consumer stores to showcase their products on Facebook and Instagram. With a few clicks, merchants can set up their shops on both social media platforms. Businesses of all sizes using Cafe24 can now use Shops. Previousl
Industry Dec. 9, 2020
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LG Group sets up AI research center
LG Group said Monday it has set up an artificial intelligence research center called LG AI Research as part of its digital transformation strategy to create better value for customers. The research institute will study data intelligence that predicts optimal judgment through big data analysis, next-generation voice, image recognition and analysis technology, and language processing technology that enables natural situation recognition. To this end, it will establish a high-performance computin
Technology Dec. 7, 2020
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[Behind the Wheel] Mercedes-Benz 2021 E-Class gets fresh, modern touch
The Mercedes-Benz E-Class is South Korea‘s most beloved imported sedan. Since its launch in 2016, the 10th generation E-Class models have sold about 160,000 units, making it the best-selling imported car in Korea. Last year, the E-Class was the top-selling luxury car among both Korean and imported cars. Maintaining the highest spot in the luxury sedan market, however, is not an easy job. Hyundai’s luxury sedan Genesis G80 came on fast this year, overtaking the E-Class. By October
Mobility Dec. 6, 2020
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Samsung Electronics to hold global strategy meeting next week
Samsung Electronics, which completed its annual executive reshuffle Friday, is expected to hold a global strategy meeting next week with the participation of all executives from the global offices to establish business strategies for next year. Samsung’s global strategy meeting, which is held twice a year in June and December, is a venue where executives at local and global units gather to review the business conditions of each sector and discuss new growth engine plans. Convention
Industry Dec. 6, 2020
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1 in 4 companies cut head counts amid pandemic: survey
One in 4 companies in South Korea has implemented or is planning restructuring measures this year due to financial difficulties stemming from the prolonged COVID-19 pandemic, data showed Thursday. According to a survey of 437 companies carried out by local job search platform Saramin, 27.2 percent of the respondents said they had conducted layoffs or planned to do so. The most common reason given for restructuring was “the worsening business situation due to COVID-19” (69.7 perce
Industry Dec. 3, 2020
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Hyosung ups spandex investment in Brazil
Hyosung is ramping up its investment in spandex in Brazil to capture rising demand for stretchable fiber used for comfortable clothing amid COVID-19 pandemic. Hyosung is the world’s largest spandex manufacturer with its brand Creora, with a 32 percent market share. Hyosung T&C, a fiber production unit of Hyosung Group, said Wednesday it would invest 40 billion won (about $36 million) by December next year to increase the production volume of its spandex plant by 10,000 metric tons i
Industry Dec. 2, 2020
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Hyundai Motor Group reveals new platform dedicated to electric cars
Hyundai Motor unveiled on Wednesday its new battery electric vehicle (BEV) dedicated platform, which will serve as the core technology for the automobile group’s next-generation electric vehicles. The automaker said the Electric-Global Modular Platform, or E-GMP, would underpin a range of new vehicles starting 2021, including Hyundai Motor’s Ioniq 5 and Kia Motor’s first electric vehicle to be revealed next year. Battery electric vehicles are those that only use energy stored
Mobility Dec. 2, 2020
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SK sets up hydrogen business group
SK Group is poised to make a big bet on the rising hydrogen market, seeing the fuel as a next-generation eco-friendly energy source. SK Holdings said Tuesday it established a hydrogen business promotion group, an organization dedicated to the hydrogen project, which consists of about 20 experts from related companies such as SK Innovation and SK E&S. The holding firm said it has been reviewing the feasibility of the hydrogen project and establishing strategies since early this year. And,
Industry Dec. 1, 2020
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Innovative companies awarded at KGCCI ceremony
The Korean-German Chamber of Commerce and Industry held its 6th KGCCI Innovation Awards ceremony Friday in Seoul in a toned-down setting to comply with Level 2 social distancing rules and safety measures, the KGCCI said Monday. The KGCCI Innovation Awards were initiated in 2015 with the purpose of showcasing innovative products, technologies and business strategies of Korean and German companies. The event was held in a hybrid format and livestreamed due to the prolonged COVID-19 situation.
Industry Nov. 30, 2020
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Foreign firms say biz environment deteriorated over past 3 years
Foreign-invested companies rated South Korea’s business environment as excellent overall, but were unsatisfied with the labor environment and the passive attitude of the authorities, survey showed Monday. The Federation of Korean Industries conducted a survey for trade and investment officers as well as foreign economic organizations of the top 50 foreign investment countries in Korea about the business environment in the nation. The survey took place from Oct. 12 to Nov. 6. While givi
Industry Nov. 30, 2020
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Business groups seek next leaders
South Korea’s major business organizations will see the terms of their incumbent chiefs end early next year, with attention being paid to who their successors will be. The term of Korea Chamber of Commerce and Industry Chairman Park Yong-maan, Korea International Trade Association Chairman Kim Young-ju and Federation of Korean Industries Chairman Huh Chang-soo will end in March. Each business group plans to hold a general meeting early next year to elect its next leader. For the KCCI
Industry Nov. 25, 2020
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