Today

Cho Won-tae appointed as Hanjin Group chairman

Hanjin Group’s holding company Hanjin Kal said Wednesday its board of directors had decided to appoint Korean Air President Cho Won-tae as the group’s new chairman. The appointment of Cho is aimed at minimizing the leadership vacuum in the group and maintaining stable business operations, Hanjin Kal said in a statement, adding there will be no separate inauguration ceremony for Cho. Hanjin Group Chairman Cho Won-tae (Hanjin Group)This comes about two weeks after Cho’s father, former Hanjin Group

Today

SK denies $1b investment in Vietnam’s Vingroup

SK has denied local reports that the conglomerate is gearing up for a $1 billion investment in Vietnam’s largest private company Vingroup.“We have been reviewing a number of investment cases, but there is no such case confirmed yet,” the company’s spokesman said. (Yonhap)News reports said the nation’s third-largest conglomerate will soon invest $1 billion to acquire shares of Vingroup through its overseas investment arm SK South East Asia Investment. Based in Singapore, SK’s investment unit was

Apr 24, 2019

CJ to shut down Bibigo in China by August

CJ is shutting down its loss-making Korean restaurant chain Bibigo in China, with a plan to dissolve the unit by August this year, according to an industry source. The move is part of restructuring of its food and beverage business due to poor profitability. It follows the closure of VIPS, the group’s family restaurant chain that ended operations in March, the source told The Investor on Tuesday on the condition of anonymity. Bibigo restaurants in China took up half of the total number of stores

Today

‘IP-intensive industries have tangible impact on economy’

Korea Institute of Intellectual Property finds correlation between IP and economic impact

Today

[Herald Interview] Korea aims to go global with IP system

Equipped with comprehensive IP portfolio, KIPO chief pledges to expand scope of IP exports to ASEAN, India and Brazil

Today

Kepco CEO pledges to accept civil liability for wildfire damage

Korea Electric Power Corporation CEO Kim Jong-kap on Wednesday apologized to residents of Gangwon Province who lost their homes in the recent wildfires and said the firm would accept civil liability for the damage. “We truly apologize to the victims as the fire started from facilities managed by Kepco,” Kim told local residents at a town office in Goseong, Gangwon Province.  CEO Kim Jong-kap bows to local residents in a show of remorse for the recent wildfires that destroyed many of their homes.

Today

Nexon Developers Conference 2019 kicks off

The three-day Nexon Developers Conference kicked off Wednesday at Nexon Korea’s headquarters in Pangyo Techno Valley, Gyeonggi Province. The NDC began in 2007 as an opportunity for Nexon Korea employees to share knowledge internally. It has since become Korea’s biggest conference for sharing knowledge on game development.  (Lim Jeong-yeo/The Korea Herald)

Apr 23, 2019

Creditors to inject 1.6 tln won into Asiana Airlines

Creditors of Asiana Airlines Inc. will funnel 1.6 trillion won (US$1.4 billion) into the cash-strapped airline to help it overcome a liquidity crisis, its main creditor said Tuesday.The Korea Development Bank-led creditors will buy 500 billion won worth of perpetual bonds to be sold by Asiana Airlines, open a 800 billion-won credit line to the airline and extend 300 billion won in the form of a standby letter of credit, a bank guarantee of payment on behalf of clients, the state lender said in a

Apr 24, 2019

GM Korea' R&D workers vote for strike, no output losses expected

Workers at GM Korea Co.‘s R&D firm voted to go on strike against the carmaker’s move to apply unfavorable wages and working conditions for the spin-off entity, GM Korea‘s union said Tuesday.　In a vote held Monday and Tuesday, 83 percent of 2,067 employees at the GM Technical Center Korea (GMTCK) agreed on industrial action to prevent the company from applying a “discriminative” collective agreement to them, a spokesman for the union said.　　“The union will hold talks with the company (on behalf o

Apr 24, 2019

Iran sanctions alarm Korean petrochemical sector

Korea, major player in crude oil market, seeking alternative countries would drive up costs

Apr 23, 2019

Posco pursues eco-friendly business with steel byproducts

Steelmaking itself is not environment-friendly, but its byproducts can be, South Korean steel giant Posco said Monday, citing its application of slag and gases to the company’s conservation projects and businesses. 　On average, in the process of making 1 metric ton of steel around 600-700 kilograms of byproduct is produced, mostly slag. Posco’s Triton is installed for marine life conservation. (Posco)Slag, if the lime is separated, can be used as a fertilizer to improve the production of rice ar

Apr 23, 2019

SK E&C clinches oil refinery modernization deal in Uzbekistan

SK Engineering & Construction will modernize an oil refinery in Uzbekistan to enhance the quality of gasoline, diesel and lube oil products there, the firm said Monday.SK E&C clinched a $600 million deal with Uzbekistan’s state-run oil and gas corporation UNG to modernize Bukhara Oil Refinery, located 437 kilometers southwest of the capital city of Tashkent. It is the company’s first project in Uzbekistan.SK E&C President Ahn Jae-hyun (left) shakes hand with Uzbekistan’s UNG Chairman Sidikov B.B

Apr 23, 2019

Chinese characters, Korean history outdated: survey

South Korean companies no longer see knowledge of Chinese characters and Korean history as necessary skills to include in resumes, a poll showed Monday.Obtaining respective qualifications concerning knowledge of Chinese characters and Korean history had been considered by local job seekers as quintessential specifications for employment for decades.The research, conducted by job researcher Saramin, involved 385 local firms. (Yonhap)Of the surveyed firms, 73.2 percent acknowledged there were qual

Apr 23, 2019

Biodegradable plastic? Hanwha Chemical teams up with Yonsei to develop eco-friendly tech

Hanwha Chemical has established a research center together with Yonsei University to develop innovative eco-friendly technologies, the chemical firm said Monday. The research center, which will run for five years, will focus on five projects involving eco-friendly technologies as part of the firm’s efforts to adapt to climate change. Hanwha chemical websiteOne of the projects will involve using electrolysis to split water molecules to produce hydrogen, a promising alternative to the use of crude