South Korea’s six largest steel companies were fined a combined total of 119 billion won ($105 million) by the antitrust watchdog for fixing the prices of steel reinforcement bars, officials said Sunday.According to the Fair Trade Commission, the six steel producers fixed prices by reducing discounts during the period from May 2015 to December 2016, significantly lowering the market price of steel rebar. The six local steel manufacturers included Hyundai Steel and Dongkuk Steel Mill, which were

The South Korean government called for the easing of India’s trade restrictions during the first meeting between the two countries on cooperation in trade remedies, citing the difficulties faced by Korean exporters, said officials on Thursday. The meeting was held in New Delhi on Thursday as a follow-up measure to the summit of the two nations in July. It was attended by Kwon Oh-jung, chief of Korea’s Ministry of Trade, Industry and Energy’s trade research division, and Sunil Kumar, additional s

Korea Gas Corp. will be running liquefied natural gas-powered trucks starting this month, as part of its shift toward eco-friendly fuel such as natural gas and hydrogen, according to the public corporation Wednesday. Korea Gas Corp. said it would operate a pilot project involving 400-horsepower LNG trucks in partnership with Tata Daewoo, an automaker headquartered in Korea and owned by the Indian company Tata Motors, until early next year. After the pilot project, dozens more LNG trucks will be

The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the tenth installment. -- Ed.Korea’s discipline-oriented work culture was an important factor in the nation’s impressive growth, but now it needs to give way in favor of creativity and flexibility as the country becomes more all-inclusive in terms of industries and cultures, according to a representative of European companies doing business here. “

Korea’s revised free trade deal with the US unveiled by the government late Monday included the revision of investor-state dispute settlement, in a move to curb the excessive use of lawsuits by foreign investors against the government. This may prevent the Korean government from being embroiled in legal disputes similar to those raised by Elliott and Schindler Holding AG, according to industry watchers.ISDS is a system through which investors can sue countries for alleged discriminatory practice

The Yellow Sea Free Economic Zone in Korea is attracting foreign direct investment with diverse tax benefits and geographical advantages, according to officials on Wednesday.YESFEZ is a special economic zone located near the port of Pyeongtaek in the southwestern part of Gyeonggi Province. Foreign resident companies are provided with 100 percent exemption of corporate tax and income tax for up to seven years, according to the YESFEZ Authority. The authority said it has so far attracted more than

A consortium of Daewoo Engineering & Construction and Doosan Heavy Industries & Construction was selected for new nuclear power plant projects in the Czech Republic and Poland, pushed by state-run nuclear operator Korea Hydro & Nuclear Power, according to Daewoo on Wednesday. The consortium was selected after a weeklong screening of its business proposal based on prequalification (60 points) and the business development plan (40 points). The prequalification is based on capability for business p

Kumho Petrochemical is strengthening the management system for workspace safety, viewing that safe distribution, storage and use of chemical substances are critical for a company handling chemical substances.An employee inspects a safety management system. (Kumho Petrochemical)The company adopted a chemical management system in 2016 to better systematically monitor the entire workplace. Once raw materials, such as butadiene or styrene monomer used for synthetic rubber and synthetic resins, enter

The Korea Herald is publishing a series of articles on South Korea’s latest measures, hurdles and the market drive for hydrogen economy. This is the third installment. -- Ed.Korea’s first hydrogen-related act is highly likely to be passed this year due to the government’s strong willingness and a consensus reached on the green energy source by both ruling and opposition parties, according to the lawmaker who proposed the bill. Despite having launched the world’s first hydrogen cars, Korea still

Hyosung Group Chairman Cho Hyun-joon has promised wider business cooperation with Yuan Jiajun, the governmor of Zhejiang province in China, at its headquarters in Seoul on Saturday during Yuan’s four-day visit to Korea, according to the company on Monday. Hyosung Chairman Cho Hyun-joon (left) shakes hands with governor Yuan Jiajun of Zhejiang province at Hyosung’s headquarters in Seoul on Saturday. (Hyosung)Zhejiang, an eastern coastal province of China, is Hyosung’s first overseas production ba

The Korea International Trade Association will establish a center within the Coex Convention and Exhibition Center in Gangnam, southern Seoul, next year, to help South Korean startups advance into the global market, a spokesperson said Monday. Bird's-eye view of Global Startup Center (KITA)The trade organization said the Startup Global Center, slated to open in April, would have professional consultants on board to advise startups on how to break into the global market and implement projects wit

The nation’s antitrust watchdog said on Sunday that it was proposing legislation to overhaul the nation’s fair trade laws and strengthen regulations against unfair business practices. It is now inviting feedback from the public before submitting the proposal to the National Assembly. If the laws are revised as proposed, the overhaul will be the first major change to Korea’s fair trade laws in 38 years. Foremost among the changes is the revocation of the Fair Trade Commission’s exclusive right to

Samsung Display’s organic light-emitting diode panel has continued to prove its excellence in Samsung Electronics’ latest premium smartphones and tablets. Samsung’s latest smartphone Galaxy Note 9 sports the largest OLED display on any of its phones with a 6.4-inch panel, 18.5:9 aspect ratio and quad high definition with a resolution of 1440 x 2960 pixels. The Samsung Display panel boasts screen reflectance, absolute color accuracy, peak brightness, native color gamut, contrast ratio and screen

Daegu Exhibition & Convention Center (Exco) aims to host more exhibitions in the second half of the year in preparation for the expansion of its exhibition hall in 2020, according to the Exco chief. “We will increase the operating rate of exhibition halls and foster related professionals in response to the expansion of exhibition halls in 2020,” said Kim Sang-wook, chief of Exco, in an interview with The Korea Herald.By December 2020, Exco will offer 30,000 square meters of exhibition space on t

Intragroup mergers of Korean conglomerates saw a big rise in the first half of the year amid a push to improve their corporate governance, according to the nation’s antitrust watchdog Wednesday.According to the Fair Trade Commission, the volume of mergers and acquisitions by conglomerates with assets of more than 5 trillion won ($4.4 billion) stood at 16.5 trillion won in the January-June period compared to 15.3 trillion won in the same period last year. Of the volume, 14.6 trillion won was trad

South Korean prosecutors will have the authority to charge companies over hardcore cartels without accusations by the Fair Trade Commission, following a mutual agreement between the two organizations to abolish the national antitrust watchdog’s exclusive right to charge businesses, officials said Tuesday.In the current system, prosecutors can begin an investigation only if there is an official accusation by the FTC in the area of violation of fair trade laws.However, with growing complaints the

Fair Trade Commission chief Kim Sang-jo vowed Monday that the FTC would never be involved in the recruitment process of its retirees amid an ongoing investigation by prosecutors into the FTC’s top officials accused of forcing conglomerates to hire its retirees. Twelve of the antitrust watchdog’s incumbent and former executives, including former chief Jeong Jae-chan, were accused of abusing their investigative power to force companies to hire FTC retirees. “The FTC will never be involved in retir

South Korean tech giants are competitively filing patents related to foldable panels in a move to make a breakthrough in the smartphone industry slowed down by limits of hardware innovation.Over the last six years, a total of 276 patents related to foldable panels were applied for in Korea, with 210 patents filed in the last three years, according to the Korean Intellectual Property Office on Sunday. LG Display has applied for the highest number of patents (94), followed by its rival Samsung Dis

Korea Gas Corp. will invest 10 trillion won ($8.8 billion) by 2025 in pursuit of new growth engines. The public natural gas company said it plans to invest 10 trillion won by 2025, with 6 trillion won set aside for local businesses, 3 trillion won for overseas projects and the remaining 1 trillion won for new business areas. The plan will create 70,000 new jobs for domestic businesses and 20,000 jobs for infrastructure businesses overseas, the company’s officials said.Korea Gas Corp. said it pla

LG Innotek said Wednesday it has launched visible light-emitting diodes for disinfection lighting, which is a light source with the effect of sterilization by sunlight using indoor light.The company said its 405-nanometer visible LEDs can sterilize an indoor space without having to use any chemicals by removing 99.9 percent of bacteria while the light is turned on. LG Innotek said, “As this product does not harm the human body, its sterilization function can be used in places where many people p