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The Korea Herald

Industrials

February 22, 2019
SK hynix moves to clear red tape for chip cluster

SK hynix is taking steps to overcome the red tape for creating the world’s biggest semiconductor cluster in the Yongin area of Gyeonggi Province On Feb. 22, the Trade, Industry and Energy Ministry said it plans to ask the Land Ministry to ease the regulations that restrict factory building in the...
February 21, 2019
KT&G’s net profit falls 22% in 2018

KT&G, Korea’s dominant tobacco company, said on Feb. 21 its on-year net profit dropped 22 percent last year on decreased sales in overseas markets. Net profit for the whole of 2018 fell to 906.2 billion won (US$805 million) from 1.16 trillion won a year earlier, the company said in a statement. ...
February 21, 2019
Hyundai Rotem wins W91b won locomotive order in Bangladesh

Hyundai Rotem said on Feb. 21 it has secured a 90.6 billion won (US$239 million) diesel-electric locomotive order in Bangladesh. Under the deal, Hyundai Rotem will build 20 diesel-electric locomotives for Bangladesh’s railway authorities by 2021, the company said in a statement. Last year, the c...
February 20, 2019
Top conglomerates increase assets

Assets owned by top 60 conglomerates amounted to 2,048.35 trillion won (US$1.81 trillion) as of end-September last year, with SK Group close to grabbing the No. 2 spot from Hyundai Motor, a local business tracking site said on Feb. 20. The tally marked the first time that the conglomerate-held ass...
February 19, 2019
Incheon airport’s global passenger volume ranking moves up 2 notches

The global ranking of Incheon International Airport, the gateway to Seoul, measured in terms of international passenger traffic, jumped by two notches to fifth last year, its operator said on Feb. 19. Incheon International Airport Corp., citing a report from the Airports Council International, sai...
February 19, 2019
Air Busan tops LCC customer satisfaction for 3rd consecutive year

Air Busan topped other budget carriers in customer satisfaction for the third consecutive year, a local survey said on Feb. 19. The Korean carrier earned the highest scores among the country‘s six budget carriers in most of 12 categories, which cover social contribution and corporate reliability,...
February 19, 2019
DSME workers to strike against HHI takeover

Workers at Daewoo Shipbuilding & Marine Engineering voted on Feb. 19 to strike to oppose Hyundai Heavy Industries’ proposed takeover, its labor union said. The approval for the proposed strike heralds a bumpy road for a mega deal between HHI and the state-run Korea Development Bank. Over 90 perc...
February 19, 2019
HHI-DSME to double combined order book for LNG ships

The proposed merger between Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering is expected to double the value of their outstanding orders for LNG ships to over US$12 billion, industry data showed on Feb. 19. HHI, the world’s largest shipbuilder, is set to formally sign a dea...
February 18, 2019
DSME workers vote on strike against sale to HHI

Unionized workers at Daewoo Shipbuilding & Marine Engineering began voting on Feb. 18 on whether to go on strike in opposition to Hyundai Heavy Industries’ proposed takeover. Voting by the some 5,600-member union set to run through Feb. 19 will be critical in a mega deal between Hyundai Heavy and...
February 14, 2019
3 million tourists used Airbnb in Korea last year

A total of 2.9 million tourists used Airbnb, a global house-sharing platform, last year, up 56 percent from a year earlier, the company said on Feb. 14. Seven out of 10 Airbnb users, or some 2.02 million, were locals, with some 156,200 Chinese tourists to South Korea staying at Airbnb accommodatio...
February 13, 2019
Hanjin vows to improve transparency in corporate governance

Hanjin Group said on Feb.13 it will establish internal audit committees under its holding firm and logistics subsidiary to improve transparency in its business management. The conglomerate, whose business ranges from air passenger service, logistics and hotels, announced measures to improve the...
February 13, 2019
Jeju Air becomes 1st Korean LCC to hit W1tr annual sales milestone

Jeju Air on Feb. 12 announced that it has become the first low-cost carrier in Korea to cross the 1 trillion won (US$891.18 million) milestone in annual sales last year. The leading budget carrier said in a regulatory filing that its revenue in 2018 amounted to 1.26 trillion won, a sharp 26.4 perc...
February 12, 2019
Seoul Semiconductor supplies LEDs to Dutch lighting firm

Korean light-emitting diode maker Seoul Semiconductor said on Feb. 12 that it has supplied its LEDs for horticulture lighting products developed by Rofianda B.V, a Dutch lighting solution company. LED lighting is often used by farmers in cultivating crops, to overcome difficulties in plants receiv...
February 12, 2019
Falling oil prices dash hopes for offloading KNOC’s offshore assets

Following faulty investment decisions that led to an outstanding debt of 17.39 trillion won (US$15.45 billion) with a debt-equity ratio of 940 percent in the first half of 2018, state-run Korea National Oil Corp. faces a looming financial crisis. Created in 1979 to ensure the country’s energy sec...
February 11, 2019
HHI labor union protests layoffs in DSME after takeover

The labor union at Hyundai Heavy Industries, the world’s largest shipyard by sales, demanded on Feb. 11 that the company provide job guarantees to its employees if it wants to proceed with its push to buy a smaller local rival. Last month, state-run Korea Development Bank signed a temporary memor...

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