The Korean government is ramping up efforts to request exemptions from the US administration’s Iran sanctions amid growing concerns from the local petrochemical and plant construction industries that heavily rely for their businesses on the regime. Following US President Donald Trump’s decision to reimpose sanctions on Iran in May, the first round of sanctions began in August to curb Iran’s purchase of US dollars and its trading of metals and coal. In November, the second wave of sanctions will

South Korean President Moon Jae-in’s anti-nuclear campaign is facing backlash from critics with the recent scorching heat and massive losses of energy public corporations prompting concerns for what they claim could lead to industrywide fallout.Korea’s anti-nuclear drive was one of Moon’s key pledges during his election campaign in 2017, with a plan to shift the nation’s energy reliance from nuclear power to renewable energy, and the aim of reducing pollution and creating new industries and jobs

The Korean shipbuilding industry accounted for nearly half of global shipbuilding orders, winning 22 vessels in July, according to shipbuilding industry analyzer Clarkson Research on Tuesday. Hyundai Heavy IndustriesAccording to the research firm, Korean shipbuilders recorded orders equal to 970,000 compensated gross tons last month, accounting for 48 percent of a total of 2.01 million CGTs in the global shipbuilding market. The Korean firms, including Hyundai Heavy Industries, Samsung Heavy Ind

The nation’s antitrust watchdog said Monday it decided to report Cho Yang-ho, chairman of Hanjin Group, to prosecutors over alleged unfair business practices, adding another allegation to the chief already accused of tax evasion and embezzlement by prosecutors. The Fair Trade Commission said the Korean conglomerate that owns Korean Air and Hanjin Shipping omitted to report its four affiliates run by Cho’s family members as well as the names of 62 family members to the FTC from 2003 to 2018, with

The Korean Intellectual Property Office said Thursday that starting from Friday agents of foreign companies applying for a patent or trademark will face simpler lists of certifications to file in the process.So far, agents of foreign companies have been required to submit notarial certificates to identify the authority of a signature included in the mandate letter for the agents’ representation in such a case the signature was not of the company’s CEO. Most other countries do not require the sig

The Korea Herald is publishing a series of articles featuring inter-Korean relations to mark the paper’s 65th anniversary that falls on Aug. 15. Following is the sixth installment. - Ed. Despite anticipated hurdles, the recent talks of peace on the Korean Peninsula have brought hope among regional governments and politicians in the South to have their regions designated special economic zones that can serve as hubs for exchanges across the border.Establishing a “special economic zone for unifica

Finance Minister Kim Dong-yeon is not likely to request Samsung Electronics make greater investments at a meeting with the group’s heir, Lee Jae-yong, on Monday, according to sources from the government and Samsung on Friday.  Finance Minister Kim Dong-yeon (Yonhap)It had been rumored that the minister would ask Samsung to spend more to create new jobs ahead of their meeting. But Samsung making fresh investments is unlikely to be addressed, as the government seeks to avoid public criticism for b

As Hyundai Group Chairwoman Hyun Jeong-eun visited Kumgangsan in North Korea to attend a private service commemorating of her late husband Chung Mong-hun, shares rose Friday morning in expectation of the resumption of inter-Korean economic cooperation. Share prices of Hyundai Group’s affiliates, including Hyundai Engineering & Construction, Hyundai Elevator and Hyundai-Rotem, were on upward trend this week.  Hyundai Group Chairwoman Hyun Jeong-eun (Yonhap)On Friday morning, stock price of Welcro

South Korea is ramping up efforts to win a bid for a Saudi Arabia nuclear project after facing a setback in acquiring a nuclear power plant construction project in the UK.On Wednesday, state-run Korea Electric Power Corp. CEO Kim Jong-kap met with Khalid Al-Sultan, president of the King Abdullah City for Atomic and Renewable Energy, in Riyadh, Saudi Arabia, to deliver Korea’s strong willingness to win the bid for Saudi Arabia’s new nuclear project, according to Kepco.Kim also conveyed the curren

On Wednesday the South Korean government scurried to calm escalating debate over the latest setback faced by the state-run Korea Electric Power Corporation in acquiring a nuclear power plant construction project in the UK.It was revealed that Kepco lost its status as the preferred bidder to obtain Toshiba’s 100 percent stake in the NuGen nuclear power plant project last month, as the Japanese company felt burdened by prolonged negotiations and high operating cost, in order to open doors to alter

Kim Sang-hoon, 29, with type B blood rarely takes part in conversations about blood types linked with personalities. “Koreans have the misperception that a man with type B blood is selfish, a womanizer or hot-tempered. I don’t want people to judge me in such a way before getting to know me,” he said. Despite no scientific proof that blood types and personalities are linked, Koreans often ask about blood types to predict someone’s personality -- sometimes going further to judge relationships and

A thousand hydrogen-powered buses are slated to hit the road in South Korea by 2022, starting with five cities, including Seoul and Ulsan next year. At a meeting convened Tuesday by the minister of trade, industry and energy, Paik Un-gyu, the government said it would ease regulations on production and transportation of hydrogen-powered buses. The meeting was attended by Korea Gas Corp. President Cheong Seung-il, Hyundai Motor Vice President Park Kwang-sik and the heads of four related companies.

Legal representatives of Qualcomm on Monday refuted the Korean antitrust watchdog’s claim that it had an “unfair business model” during the first hearing to take place since the chipmaker filed an appeal to the Seoul High Court in February 2017 against over 1 trillion won ($885 million) in penalties.In December 2016, the FTC found Qualcomm guilty of monopolistic practices, imposing penalties and ordering the company to carry out renegotiations with its clients over patent use. One of the key poi

South Korea is making all-out efforts to oppose the US slapping high tariffs on imported cars and auto parts, reflecting the growing anxiety of the local auto industry.Top policymakers capitalized on their overseas agendas during the weekend to underline the value of fair trade between Seoul and Washington, as well as negative consequences the tariff hike is to have on the US economy.Deputy Prime Minister and Finance Minister Kim Dong-yeon took the helm and called for the exclusion of Korea from

Daimler Trucks Korea signed an agreement with the Korean-German Chamber of Commerce and Industry to collaborate on the German dual vocational training program Ausbildung on Wednesday in Seoul. The signing ceremony was attended by Barbara Zollmann, president and CEO of the Korean-German Chamber of Commerce and Industry, and Cho Kyu-sang, CEO of Daimler Trucks Korea. Barbara Zollmann (right), president and CEO of the Korean-German Chamber of Commerce and Industry, and Cho Kyu-sang, CEO of Daimler

Hong Kong has long been a financial hub in Asia but it is now seeking investment to nurture innovative technologies such as artificial intelligence and robotics, said the head of an investment promotion agency in Seoul.“Hong Kong is now very much focused on innovation and technology. We genuinely think that greatly fits with Korea having very advanced companies in the areas -- both large and small -- at a global level,” said Stephen Phillips director-general of Invest Hong Kong, in an interview

When you think of Paju, a city in Gyeonggi Province northwest of Seoul, the first thing that comes to mind is its vicinity to the de facto border with North Korea. Driving along Jayuro toward Paju on a good day, you can even get a glimpse of the northern side. Paju, through which the Imjin River flows into the Han River, was loved by ancient sages. As if to live up to its heritage, the city has developed into a cultural site for visitors in recent decades. At the heart of the city’s culture are

The nation’s antitrust watchdog launched an on-site investigation Wednesday into two local units of German automakers, Audi Korea and Mercedes-Benz Korea, in relation to their alleged manipulation of emissions-related software.According to an industry source, the Fair Trade Commission sent its investigators to the local headquarters of the two firms, with the aim of looking into whether Audi and Mercedes-Benz’s Euro-6 diesel models violated the advertising act of the nation’s fair trade law. The

 공정거래위원회가 11일 아우디와 벤츠에 대한 현장조사에 착수했다.업계 관계자에 따르면 공정위는 배출가스 관련 시험결과를 조작한 혐의를 받는 아우디와 벤츠에 대해 유로6 경유차에 대한 표시광고법 위반여부를 확인하기 위한 절차에 들어갔다. 공정위는 아우디와 벤츠의 경유차가 “유로6 배출가스 허용 기준을 충족한다”는 내용이 허위광고인지에 초점을 맞춰 조사를 진행하고 있다. 유로6는 유럽연합이 도입한 경유차 배기가스 규제단계의 명칭이다. 　공정위는 2016년에도 배출가스 저감 장치를 조작하고 거짓 광고를 한 혐의로 아우디폴크스바겐코리아에 시정명령과 함께 과징금 373억2600만원을 부과하고, 전•현직 고위임원 5명을 검찰에 고발한 바 있다. 공정위가 아우디와 벤츠의 표시광고법 위반 혐의를 입증하면 관련 매출의 최대 2%에 달하는 과징금을 부과하고 검찰에 고발할 수 있다. 이번 조사는 3년 전 발생한 폭스바겐의 디젤게이트 사태 이후 최근 또다시 불거진 배출가스 조작에 독일 정부가 아우디·벤

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 ninth installment. -- Ed.Managing risks has been a tricky task for foreign companies operating in South Korea, where personal relations largely overpower official ones and the culture is relatively secluded as well as cautious toward the unfamiliar. On top of it, disparity between the reality here and formal procedures upheld by headquarters ba