The combined operating profit of South Korea’s top 50 companies fell 61 percent in 2019 from the previous year, due mainly to the weak performance of tech giants, latest data showed Thursday. Local research firm Sustainable Growth Institute surveyed earnings data of the nation’s 50 largest companies by sales between 2018 and 2019. The survey found the combined operating profit of the top 50 companies in 2018 was 87.7 trillion won ($71.1 billion), but their operating profit shrank

Since Minister Park Young-sun took the helm of South Korea’s SMEs and Startups Ministry in April 2019, a lot has happened. For one, the COVID-19 pandemic continues to pummel all industries worldwide, and most devastatingly, smaller businesses. At this juncture, Park may be the most suitable representative voice supporting startups and small and medium-sized enterprises, with her expansive journalistic and political career driven by her support for the principle of balanced economic grow

The European business community in Korea shared their opinions with the nation’s antitrust watchdog head on industrial issues and the business environment here, the organization representing their interests here said Tuesday. The European Chamber of Commerce in Korea said it hosted a breakfast meeting with Fair Trade Commission Chairperson Joh Sung-wook, which was attended by around 50 representatives of member companies and European embassies. European business leaders, including Dirk

FRIGATE DEPARTS WITH MASKS -- The Philippine Navy’s latest 2,600-ton frigate, the Jose Rizal, recently built by Hyundai Heavy Industries, set sail for the Philippines on Monday carrying masks and other quarantine supplies. Hyundai Heavy shipped 20,000 masks, 180 bottles of disinfectant, 2,000 bottles of hand sanitizer and 300 packs of sanitizing wipes to the Philippines out of gratitude for its participation in the Korean War.

The Korea Chamber of Commerce and Industry was selected as the winner of the 2020 James A. Van Fleet Award in recognition of its contribution to strengthening Korea-US relations, the KCCI said Monday. It is the first time that a business organization has received the award. The Van Fleet Award is an award given by the Korea Society, a Korea-US nonprofit foundation for friendship, to individuals or organizations that have worked to promote mutual understanding and friendship between the two cou

All South Korean airlines -- both major and low-cost -- have posted quarterly losses as the pandemic dampened travel demand and slashed flight numbers. The nation’s largest airline, Korean Air, has turned into a deficit in three quarters. It posted an operating loss of 56.6 billion won ($45.9 million) in the January-March period according to the firm’s regulatory filing Friday. Its sales reached 2.3 trillion won, down 22.7 percent from the same period last year. Its passenger bus

Korean Air announced Friday it will make it mandatory for domestic passengers to wear masks from Monday to follow the government’s social distancing guidelines amid the pandemic. Passengers using Korean Air’s domestic flights must wear masks or appropriate face shields not only on board but also during the pre-flight process. Exceptions are made for infants under 24 months old, people who are difficult to remove their masks on their own and people who are unable to breathe when we

South Korea’s three mobile carriers’ performance in the first quarter can be summarized as “comparatively good” despite the huge negative effects of the novel coronavirus. SK Telecom posted 4.45 trillion won ($3.62 billion) in sales with operating profit of 302 billion won. Sales rose 2.7 percent on-year, but operating profit fell 6.4 percent. KT’s sales rose 1 percent on-year to 5.83 trillion won, but its operating profit fell 4.7 percent to 383 billion won. LG

With the Chinese government poised to revise its regulations on beauty products for the first time in 30 years, South Korean cosmetics firms are seeking to expand shipments to their largest export market, a government agency said Wednesday. Under the current regulations, exporters must pass a complicated sanitary permit and certification process. The rule applies to all beauty items, including simple soaps. Cosmetics made from raw materials that have not been used in China also have difficult

South Korea’s first public-private sandbox support center was launched Tuesday with the aim of removing regulatory hurdles to new innovative businesses. The regulatory sandbox system allows for the relaxation of regulations to accommodate certain innovative products and services. The government adopted it early last year in an effort to promote innovative growth in all industries. On Tuesday, the sandbox support center, set up at the Korea Chamber of Commerce and Industry in January,

South Korea’s largest steelmaker Posco said Tuesday it is set to launch a new logistics corporation by the end of this year to integrate logistics capabilities within the group. The new corporation, tentatively named Global Smart Platform, plans to enhance logistics efficiency by taking charge of integrated contract and operation management of the transportation volume of Posco and its affiliates. It will also seek to support logistics partners to build smart and eco-friendly infrastr

South Korean entrepreneurs have called on lawmakers to promptly pass nine economy-related bills as the term of the current National Assembly ends this month. The Korea Chamber of Commerce and Industry, the largest business lobby group here, said Monday that it delivered a report on economic legislation to the National Assembly, including the floor leaders of the main political parties and relevant standing committees. The report called for the passage of nine bills urgently needed to overcome

HMM said Sunday its containership HMM Algeciras departed for Europe from Yantian, China, on Friday with a full load of containers. The world’s largest container vessel entered Busan’s new port in April 28 and departed two days later with 7,156 TEUs, or twenty-foot equivalent units. It later entered Yantian Thursday last week after passing through Ningbo and Shanghai in China, and headed to Europe on Friday with 19,621 TEUs, the largest shipment ever worldwide. Geneva-based ship

The number of disciplinary actions taken by public corporations in South Korea against their employees increased by more than 20 percent over the past two years, according to a local corporate tracker on Sunday. According to a survey conducted by CEOScore, the total number of employees who faced disciplinary action at 36 public companies in 2019 was 705, a 21.6 percent increase from 580 cases reported in 2017. But the penalties imposed were less serious, with only 50 people facing dismissa

As the global pandemic has caused disruption in the global supply chain, companies should manage key suppliers, secure multiple and alternative sources and establish regional supply chains, experts said in a symposium held Thursday. The public-private joint video symposium in response to the global supply chain crisis was held jointly by the Industry Ministry and the Korean Production & Operations Management Society. The seminar aimed to find out the impact of the pandemic-led crisis on i

The true impact of the pandemic on the job market in March was far more serious than government data would suggest, a local research institute said Wednesday. The Korea Economic Research Institute said a team led by professor Park Ki-sung from Sungshin Women’s University reworked the raw material used to calculate the employment statistics, instead using the Full-Time Equivalent method to determine actual employment growth. Under the FTE method, an employee working 40 hours a week count

South Korea plans to create an organization dedicated to the International Civil Aviation Organization, aiming to upgrade its status and raise global competitiveness, officials said Tuesday. The Transport Ministry said it will create a team named, ICAO and Global Partnerships, responsible for policies related to international civil aviation. ICAO is a UN specialized agency, established by States in 1944 to manage the administration and governance of the Convention on International Civil Avia

South Korea’s airline industry is likely to record its worst performance in the first quarter with the dismal situation continuing in the near future. The nation’s largest airline Korean Air, which will announce its first-quarter earnings next week, is expected to post an operating loss of around 240 billion won ($195 million), the first red in 18 quarters since 2015, according to industry watchers. Passenger traffic is expected to shrink around 30 percent on-year. Asiana Airlin

The outlook for South Korea’s exports, which plunged in April due to the novel coronavirus, remains grim as the pandemic persists in key trading partners the US and Europe. Korea’s exports fell 24.3 percent in April to $36.9 billion year-on-year due to weak global demand triggered by the novel coronavirus. The country’s trade balance posted a deficit of $950 million, the highest deficit in 99 months. All major export items, including chips, shipbuilding, petrochemicals and

The number of workers subscribed to the national pension program has dropped by more than 10,000 over the past two months in South Korea, as the global COVID-19 pandemic has dampened corporate business, according to a local corporate tracker on Wednesday. CEOScore surveyed 492 companies out of the nation’s top 500 companies on the number of their employees who joined the mandatory National Pension Service. According to the survey, the number of pension subscribers stood at around 1.6 mi