LG Electronics has partnered with Gwangju City to foster an industrial ecosystem focused on air quality, amid growing concerns over air pollution in South Korea, according to the government.Fostering such an industrial ecosystem is one of the government’s regional initiatives to stimulate the recovery of 14 regions that are facing industrial hollowing out. The effort will focus on the development of technologies and products for air purifiers, humidifiers and dehumidifiers amid growing demand fo

Industry March 18, 2019

Posco Daewoo has decided to rebrand itself as Posco International during a general shareholders meeting, according to the trading arm of South Korea’s largest steelmaker Monday. The firm said the change of the name is aimed at shaping its identity as a global trading company, leading global business of Posco Group and raising the future valuation. Posco International CEO Kim Young-sang (Posco International)“The launch of Posco International is an important momentum to create synergies with overs

Industry March 18, 2019

South Korea’s largest 10 conglomerates held record-high cash reserves last year, as they earned more on thriving chip businesses but spent less on fears of a sluggish economic outlook.According to local corporate tracker Chaebul.com on Sunday, the nation’s 10 biggest business groups by assets had combined cash reserves of around 248 trillion won ($218 billion) last year, up 12.2 percent from 2017, based on the consolidated financial statements of their 95 affiliates. The cash reserves in consoli

Industry March 17, 2019

Late on a Saturday afternoon, Itaewon was nothing like the way it is described in most Seoul tourism books. People could be seen walking down the street in sparse numbers. Stores were almost empty. Some had gone out of business and displayed “for rent” signs in their windows. Granted, this neighborhood is better known for its nightlife, but it was too quiet for a place once known as a “magnet” for expats and locals alike. An owner of a souvenir shop on the neighborhood’s main street told The Kor

Culture March 14, 2019

The Korea Fair Trade Commission said Thursday it asked Google to change some of its terms and conditions related to copyright infringement, as the first competition authorities in the world to do so. Google’s video-streaming platform currently allows the firm to arbitrarily delete and reuse video posted by users.The antitrust watchdog said it is unfair that even if a user deletes his or her video, YouTube can still possess and use that video. It is also unfair that YouTube can arbitrarily delete

Industry March 14, 2019

Under legislation passed Wednesday morning, anyone in South Korea can now buy a liquefied petroleum gas-fueled vehicle. Previously, only taxis and rental cars could use LPG fuel. The bill, proposed by Rep. Yoon Han-hong of the main opposition Liberty Korea Party and calling for the complete deregulation of LPG vehicles, passed during the plenary session of the National Assembly’s industry committee.  (Yonhap)Yoon proposed the bill in 2016, citing a growing need to expand consumer choices, supply

Industry March 13, 2019

The Korean Fair Trade Commission chief is slated to share the nation’s competition policies and law enforcement with European nations during his seven-day trip to the continent this week. During his stay, Kim Sang-jo is slated to have a bilateral meeting with the European Union’s top antitrust official, give a keynote speech at the International Workshop on Competition Policy in Serbia and participate as a speaker at the International Conference on Competition held in Berlin. On Sunday, Kim Sang

Industry March 11, 2019

Lee Jae-woong, founder and CEO of car-sharing app SoCar, said the latest deal struck by taxi unions and car-sharing service providers may set a bad precedent as it appears to restrict business activities already allowed under the current law. After a monthslong dispute, an agreement was reached Thursday among the government, lawmakers, taxi companies and car-sharing firms to allow a car-sharing service for four hours daily on weekdays, in a move that hopes to end protests from taxi drivers claim

Industry March 8, 2019

Hyundai Heavy Industries Group said Friday it closed a deal with the state-run Korea Development Bank to take over Daewoo Shipbuilding & Marine Engineering. HHI CEO Kwon Oh-gap and KDB Chairman and CEO Lee Dong-gull announced a joint statement, pledging employment security for DSME workers and continued relationships with DSME’s current business partners.  (Yonhap)“The decision to welcome DSME to the HHI Group is deeply rooted in our belief that it is a mission given to our group, as the trailbl

Industry March 8, 2019

LG Chem announced Thursday it plans to issue corporate bonds worth 1 trillion won ($885 million). The Korean firm said it decided to increase the initially planned 500 billion won of corporate bonds to 1 trillion won after carrying out “demand forecasting” for institutional investors this week. (LG Chem)The demand from investors stood at a total of 2.64 trillion won, the largest since Korea adopted the demand forecasting system in 2012, the firm said. By segment, it plans to issue 160 billion wo

Industry March 7, 2019

Jim Rogers, a famed investor and chairman of Rogers Holdings, said a unified Korea is just around the corner and the Korean Peninsula will be the world’s most attractive place to put money on. Describing the botched US-North Korea summit in Hanoi last week as only a “bump in the road,” Rogers said the reunification of the two Koreas is already happening. “It’s a delay and it’s something that’s inevitable. It’s going to happen. ... North Korea wants it, South Korea wants it, China wants it (and)

Industry March 6, 2019

LS Cable & System is slated to sell a 49 percent stake in its subsidiary LS Alsco to local private equity fund Keistone Partners with the aim of securing capital to foster its electric vehicle parts business, according to a regulatory filing on Wednesday. The company will retain a 51 percent stake in LS Alsco and the sale is expected to be fetch 30.9 billion won ($27 million). LS Alsco, which specializes in aluminum, will expand its business into related materials for EV parts. LS Cable & System

Industry March 6, 2019

Calls have been growing in Korea to pass a bill that will beef up consolidated supervision of financial conglomerates, citing the need to lower their insolvency risk, while opponents claim the move excessively tightens the grip over chaebol. The system is intended to supervise financial conglomerates that do not own banks but hold more than 5 trillion won ($4.43 billion) in financial businesses, including lending, insurance or other finance investments. The system recommended by the Internationa

Industry March 6, 2019

The Korea Herald is publishing a series of articles looking into the South Korean government and businesses quest toward renewable energy. -- Ed.Four years since South Korea adopted its emissions trading scheme, the market appears to have soft-landed with the strong intervention of the government. Emissions trading refers to the system where the government allocates permits to discharge specific quantities of pollutants over a given time period. Polluters that want to increase their emissions mu

Industry March 5, 2019

South Korea set aside 235 trillion won ($209 billion) for trade finance with the aim of backing struggling exporters amid growing uncertainties over global trade and a slowdown in chip exports, the nation’s key export driver. The Ministry of Trade, Industry and Energy said Monday, “This year, six financial institutions will provide a total of 235 trillion won, up 15.3 trillion won from last year, to back exporters through trade finance,” in a joint plan with other ministries, including the Finan

Industry March 4, 2019