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The Korea Herald

Companies

December 02, 2019
Auto sales show mixed results in Nov.

Hyundai Motor said Dec. 2 its sales fell 2.8 percent last month from a year earlier due to weak demand at home and abroad. The company sold 392,247 vehicles in November, down from 403,368 units a year earlier, the company said in a statement. Domestic sales declined 1.5 percent to 63,160 un...
December 02, 2019
Nonlife insurers’ 9-month profit down 24.6%

South Korea’s nonlife insurance firms saw their combined net profit drop 24.6 percent in the first nine months of 2019 from a year earlier, mainly due to increased losses stemming from their long-term insurance and auto insurance businesses, data showed Dec. 2. Nonlife insurance firms operatin...
December 02, 2019
7 firms to recall 12,000 vehicles over faulty parts

Volkswagen, Fiat Chrysler Automobiles and five other companies will recall more than 12,000 vehicles due to faulty components, the transport ministry said Monday. This is the latest in a series of recall plans for local and overseas carmakers and importers of foreign vehicles. Audi VW Korea...
December 01, 2019
China imports $100m worth of South Korean instant noodles

China’s import value of South Korean instant noodles jumped fivefold last year compared to 2014, industry data showed on Dec. 1. According to the Korea Trade-Investment Promotion Agency, China imported $100 million (118 billion won) worth of South Korean instant noodles last year, up from $15.1 m...
December 01, 2019
SK Energy to complete vacuum residue desulfurization in Jan.

ULSAN -- SK Energy, an affiliate of SK Innovation, is set to complete the construction of its vacuum residue desulfurization facility in January, in time for the implementation of tighter environmental regulations. In response to heightening environmental concerns and growing harmful emissions fro...
December 01, 2019
New IMO rules, lower fuel prices unlikely to affect S-Oil: analysts

S-Oil, headquartered in Seoul and wholly owned by Saudi Aramco, is unlikely to be affected by concerns about lower fuel prices and stricter environmental rules, according to analysts. The new International Maritime Organization rules -- IMO 2020 -- lowering the limit of sulfuric content in bunker ...
December 01, 2019
Posco to support socially responsible firms via preferential bidding system

South Korean steel firm Posco said on Dec. 1 that it would offer incentives to socially responsible firms from Monday as part of its own efforts to contribute to society. Socially responsible firms refer to companies that are recognized as such under three laws established to encourage entreprene...
November 28, 2019
Foreign visitors to local duty-free stores top 1.8m in Oct.

The number of foreigners visiting local duty-free shops surpassed 1.8 million last month, hitting the highest monthly mark since late 2016, industry data showed Nov. 28. Statistics provided by the Korean Duty Free Association said more than 1.8 million foreigners visited duty-free stores in the...
November 28, 2019
Hyundai Glovis sets up Chinese JVs for used car, shipping biz

Hyundai Glovis said Nov. 28 it has set up two joint ventures in China to advance into the local secondhand car and shipping markets. The logistics unit of Hyundai Motor Group and Beijing Changjiu Logistics have formed two separate joint ventures -- Beijing Changjiu Glovis Automobile Service and...
November 28, 2019
GS Energy to build LNG plant in Vietnam

GS Energy, a unit of energy and retail conglomerate GS Group, said Nov. 28 it has partnered with a Vietnamese asset management firm to build a power plant fired by liquefied natural gas there to tap into the local electricity market. The company has signed an initial agreement with VinaCapital ...
November 28, 2019
SK Chemical’s SID 710 receives FDA sales approval

SK Chemical on Nov. 27 announced that its SID 710, a patch-type medication that aims to treat people with Alzheimer’s disease has won sales approval from the US Food and Drug Administration. The patch has been sold under the name Wondron Patch, a generic version of Novartis’ Exelon Patch for Alz...
November 27, 2019
Big firms’ debt-service ability worsens on falling profit

Large South Korean companies’ ability to service their debts worsened sharply in the first nine months of this year due to plunging profits, a corporate tracker said Nov. 27. The interest coverage ratio for 241 out of the country’s top 500 firms averaged 5.08 as of end-September, compared wit...
November 27, 2019
Hyundai Motor to build new HQ by 2026

Hyundai Motor Group said Nov. 27 it will complete the construction of its new headquarters in downtown Seoul by 2026 after breaking ground early next year. The Seoul Metropolitan Government has given permission for the construction of the 105-story Global Business Center in southern Seoul after...
November 26, 2019
[ASEAN-Korea Summit] ASEAN trade agencies woo Korean investment

BUSAN -- Some 75 trade agencies from 10 Southeast Asian countries gathered at the ASEAN-ROK Business Expo for a two-day investment seminar as part of the commemorative summit held in Busan, the Korea Trade-Investment Promotion Agency said Nov. 26. The seminar, dubbed Invest ASEAN 2019, featured bo...
November 26, 2019
Celltrion’s Remsima SC wins European approval

South Korean biopharmaceutical firm Celltrion said Nov. 26 that its drug Remsima SC for the treatment of autoimmune diseases has won sales approval in Europe. The European Medicines Agency has given the green light to Celltrion’s application to sell the subcutaneous version of Remsima, a biosi...

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