American and European companies with a presence in South Korea expressed concerns Thursday about the prolonged coronavirus outbreak affecting their businesses, but also expressed full support in the country‘s fight against the epidemic. The American Chamber of Commerce in Korea said approximately 70 percent of its member companies had reported disruption of travel and a decline in revenue as COVID-19 infections have continued to surge. About 40 percent of the companies reported a disr

Industry March 5, 2020

Shinsegae Group is set to provide a total of 900 billion won ($758 million) to help small and medium-sized business partners that are struggling as a result of the new coronavirus outbreak. Shinsegae Department Store and E-Mart decided to pay about 800 billion won in advance to some 5,000 small and medium-sized suppliers to help them remain stable at a time of plunging sales. Shinsegae TV Shopping also plans to pay its smaller partner companies 25 billion won in advance. The department store

Industry March 5, 2020

South Korean companies, including Samsung and LG, are on edge about the possibility of critical production setbacks at key manufacturing bases in Vietnam and China as a result of coronavirus fears. The nation’s largest tech firms, Samsung Electronics and LG Electronics, produce smartphones and home appliances in Vietnam. In China, Samsung and SK hynix produce chips, LG Display makes organic light-emitting diode panels, Hyundai Motor and Kia Motors manufacture automobiles and LG Chem pro

Industry March 3, 2020

South Korea’s low-cost airline Jeju Air is set to take over the management of struggling Eastar Jet, according to the firm’s regulatory filings Monday. Jeju Air said it signed an acquisition deal with Eastar Holdings, the largest shareholder of Eastar Jet, for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. The purchase price was lowered from 69.5 billion won, the initial price estimated at the time of signing the memorandum o

Industry March 2, 2020

The prolonged coronavirus outbreak is driving down the stock asset valuation of the wealthy chaebol owners, with Samsung Chairman Lee Kun-hee suffering a drastic slump of more than 2.7 trillion won ($2.2 billion), according to latest data Monday. Local corporate tracker Korea CXO Institute surveyed changes in the stock asset valuation of the nation’s 10 largest conglomerates between Jan. 20 and Feb. 28, 40 days since the first confirmed case of COVID-19 infection here. The share price

Industry March 2, 2020

The novel coronavirus is disrupting the plants of Korea’s major conglomerates, as new confirmed cases reported one after another involve their employees. On Sunday, Samsung Electronics confirmed its third case of COVID-19 infection, of a worker at its smartphone plant in Gumi, North Gyeongsang Province. The Gumi site produces next-generation smartphones such as the Galaxy Z Flip and Galaxy Fold. The assembly line where the employee worked is temporarily closed and expected to be fully

Industry March 1, 2020

GS Group said Thursday it has donated 1 billion won ($820,000) to the Community Chest of Korea to prevent and deal with the spread of COVID-19 outbreak. “We hope that the donation will help the medical staff and victims who are struggling under difficult circumstances,” said Chairman Huh Tae-soo. “We will continue to do our best to support those vulnerable to the virus, especially in Daegu and low-income people who suffered from the contraction due to economic activities,&r

Industry Feb. 27, 2020

KT&G said Thursday it signed a 2.2 trillion won ($1.8 billion) contract with Dubai-based consumer giant Alokozay for a period of seven years and four months. This is the South Korean tobacco company’s second global collaboration this year following the supply deal signed with Philip Morris International on Jan. 29 to export the firm’s e-cigarettes globally for the next three years. KT&G said through the deal, it “cleared uncertainties in major overseas markets,

Consumer Feb. 27, 2020

Samsung C&T said its board approved Wednesday to expand dividend income over the next three years and cancel treasury stocks worth 300 billion won ($250 million), as part of its shareholder-friendly policies. Last year, the firm allocated 2,000 won per share, which amounted to 60 percent of dividend income of related companies, including firms that its holds a stake in -- Samsung Electronics Samsung SDS, Samsung Life Insurance, Samsung Heavy Industries and Samsung Engineering. Over th

Industry Feb. 26, 2020

South Korean steelmaker Posco said Wednesday its charity unit, Posco1%Foundation, plans to support disabled artists and persons of merit with new and innovative programs through an open contest. The foundation conducted a monthlong contest in January inviting applications from individuals and institutions for various charity ideas and projects. A total of 271 ideas were submitted, many of which focused on future generations, multiculturalism and disabled, culture and arts, the firm said. Aft

Industry Feb. 26, 2020

South Korea’s listed companies are on edge ahead of shareholders meetings scheduled for March as the number of COVID-19 cases surges day by day and many shareholders are expected to stay away. Next month, more than 300 listed companies are slated to hold shareholders meetings to handle issues such as the approval of financial statements and the appointment of in-house directors. Tech giant Samsung Electronics has a shareholders meeting scheduled for March 18, Hyundai Motor for March 19,

Industry Feb. 26, 2020

The new coronavirus outbreak has led to drastic changes in South Korea’s workplace culture, albeit temporarily. Many major companies are letting their employees work from home or have flexible working hours after the government raised the alert level to “serious” and the number of cases here surged. As of Tuesday afternoon, the number of confirmed COVID-19 patients stood at 977, up 84 from 10 a.m., while the death toll stood at 10. The nation’s largest conglomerat

Industry Feb. 25, 2020

South Korea’s major industries -- including electronics, automobiles, retail and oil refining -- are on high alert due to a surge in COVID-19 cases here, as well as the market slowdown in China, the nation’s biggest export destination. As of Monday, the number of confirmed COVID-19 patients stood at 833, up 161 from the previous day, and the death toll had risen to eight. The nation’s largest tech firm, Samsung Electronics, temporarily shut down its operations at its Gumi p

Industry Feb. 24, 2020

A corporate culture centered on employees is often misunderstood here. It is mistakenly considered the opposite of a profit-centered culture and is used to describe companies providing generous welfare and compensation to employees. However, PMK goes beyond that, said Upadhyay in an interview with The Korea Herald. The company ensures staff go through a better employee experience throughout the employment cycle, starting from the job-seeking stage to leaving the company. Upadhyay, who has w

Industry Feb. 24, 2020

Former Finance Minister Park Jae-wan was appointed as the new board chair of Samsung Electronics, becoming the first outside director to head the tech giant’s board of directors, the company said Friday. Park, 64, has been an outside director for the tech behemoth since March 2016. Park served as the minister of labor from 2010 to 2011 and minister of finance from 2011 to 2013, both times in the Lee Myung-bak administration. He holds a bachelor’s degree in economics from Seoul Nati

Industry Feb. 21, 2020