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Korean Air calls for 6-month work stoppage for 70 pct of workforce
UK’s Johnson spends night in ICU; not on ventilator
Top diplomats of S. Korea, UAE hold phone talks over coronavirus response
Virus puts UK PM in intensive care; Japan declares emergency
Moon wishes for British prime minister's recovery
Moon’s ‘telephone diplomacy’ continues in wake of pandemic
[Market close-up] Market eyes KDB's bail-out plan on coronavirus-hit compan...
[Graphic News] Retail sales up 9.1% in Feb. amid virus pandemic
Tax payment deferred for petroleum industry
Bar employee tests virus positive after contact with infected K-pop singer

Apr 7, 2020 Industry

Korean Air calls for 6-month work stoppage for 70 pct of workforce

South Korea's No. 1 flag carrier, Korean Air Lines, said Tuesday that it will start a six-month-long work stoppage for more than 70 percent of its workforce, as the novel coronavirus wreaks havoc on the airline industry. The measure is part of an ongoing effort to survive the worsening business environment brought on by the COVID-19 pandemic that has caused air passenger movement to nosedive with countries around the world restricting movement of people. The stoppage, which will go into effec

[Graphic News] Retail sales up 9.1% in Feb. amid virus pandemic

　Retail sales in South Korea rose 9.1 percent in February from a year earlier as more people purchased daily necessities through online platforms amid the spread of the new coronavirus here, data showed. 　The combined sales of 26 major offline and online retailers reached 10.6 trillion won ($8.68 billion) last month, compared with 9.71 trillion won a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy. 　The sharp increase came as online stores enjoyed a w

Apr 7, 2020
Retail
Tax payment deferred for petroleum industry

The South Korean government has initiated a temporary tax relief program for domestic petrochemical companies as global demand has plummeted amidst the worsening coronavirus pandemic. The Ministry of Trade, Industry and Energy said Tuesday it will allow 54 petrochemical companies to delay their tax payments on oil imports and sales of petroleum products for 90 days, giving financial room to cope with the effects of the COVID-19 outbreak. “Tax payments for April, May and June will be p

Apr 7, 2020
Industry
South Korean research institute develops low-cost cold-chain safety sticker

The Korea Research Institute of Chemical Technology on Tuesday announced that it has invented a cold-chain safety sticker that allows one to tell whether frozen food products have been mishandled during delivery. The nanofiber-film sticker, which costs around 120 won (1 cent) to produce, can be used when transporting different types of frozen foods, as well as expensive medicines and medical supplies, the research team said. The cold-chain sticker is designed to indicate how long frozen food

Apr 7, 2020
Technology
Beauty app Zamface accumulates over 10m clicks on AI service

Zamface, a beauty video app, said Tuesday that its “Time Jump” service function accumulated over 10.17 million clicks from users since its launch in June 2019. The app’s Time Jump service allows users to skip ahead to parts of beauty YouTube videos to search out specific information, without having to watch the whole video. Time Jump, which is based on artificial intelligence, automatically analyzes a video to mark different chapters and create the time jump options -- shad

Apr 7, 2020
Industry
FTC vows for strict evaluation of Baemin-Yogiyo merger

After Baemin’s attempt to change commission system takes flak, watchdog checks for monopoly

Apr 7, 2020
Industry
Are chaebol owners making use of stock plunge for succession plans?

Owners of large South Korean conglomerates have been buying their low-priced shares amid the stock plunge caused by the coronavirus pandemic, raising questions as to whether they are taking advantage of the situation for their succession plans. Over the past two months, Korean stocks have tumbled and major firms have lost their market value by a third. Amid the stock market crash, the repurchase of treasury stocks has been on the rise. The cumulative spending on treasury stocks amounted to aro

Apr 7, 2020
Industry
German firms in Korea face revenue drop over COVID-19

German companies doing business in South Korea are concerned about the impact of the COVID-19 pandemic on their business operations but are likely to retain their local workforce, a survey showed Tuesday. The Korean-German Chamber of Commerce and Industry released the results of a survey measuring the impact of COVID-19 on its member companies. It was conducted from March 19 to April 2, and 82 companies took part. According to the chamber, one-third of respondents said the curre

Apr 7, 2020
Industry
Seegene’s market cap surges amid virus pandemic

Market capitalization of the nation’s top 100 companies has fluctuated widely amid the novel coronavirus outbreak, while that of bio-related companies surged, according to a local corporate tracker Tuesday. Korea CXO Institute surveyed the market cap of more than 2,300 listed companies in the first quarter, noting that the combined market value of the top 100 companies fell 17 percent from 1,218 trillion won ($994 billion) on Jan. 2 to 1,011 trillion won on March 31. Despite the stock

Apr 7, 2020
Industry
S. Korea ranks 2nd in Q1 shipbuilding orders

South Korea received the second largest amount of new shipbuilding orders in the first quarter of the year after China, with global shipbuilding orders plunging 71 percent amid the spreading coronavirus outbreak, industry data showed Tuesday. South Korea won new shipbuilding orders totaling 360,000 compensated gross tons (CGTs) in the January-March period, accounting for 16 percent of overall orders around the globe totaling 2.33 million CGTs, according to the data from Clarkson Research Servi

Apr 7, 2020
Industry
[Newsmaker] From drive-thru markets to flower challenges, virus-hit businesses go creative

Small businesses and local governments in South Korea are testing out creative ideas as they seek to overcome a slump stemming from the new coronavirus that has infected more than 10,000 here. In the southern cities of Gimhae and Seosan, farmers have set up drive-thru markets to sell vegetables and fruit, taking a cue from the government's successful drive-thru virus screening centers. A package of 11 kinds of vegetables is being sold for 20,000 won (A social media challenge aimed at helping

Apr 7, 2020
Retail
[Behind the Wheel] New Sorento’s spaciousness threatens other family SUVs

Kia Motors’ mid-sized sports utility vehicle Sorento means a lot to the automaker, considering that its SUV lineup ranging from Niro to Mohave has begun to receive attention with popularity of Sorento. The first Sorento was launched in 2002, with the third generation of the car released in 2014. Six years later, an all-new Sorento was unveiled on March 17. The Korea Herald had the chance to test drive the fourth-generation Sorento on March 23 on a 25 kilometer route from Yeouido in Seou

Apr 7, 2020
Transport
Samsung, LG defend operating profit in Q1

‘Economic effects of COVID-19 will rub off on profit starting Q2’

Apr 7, 2020
Industry
[Graphic News] Car sales fall 15% in March on coronavirus impact

　South Korea’s car sales fell 15 percent last month from a year earlier as the spreading coronavirus outbreak affected vehicle production and sales. 　The country’s five carmakers - Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor - sold a combined 597,826 vehicles in March, down from 702,929 units a year ago, according to data from the companies. 　The lower sales largely resulted from suspended operations of Hyundai and Kia’s major overseas

Apr 6, 2020
Industry
Homeplus exports toilet paper to Singapore

South Korean hypermarket chain Homeplus said Monday it was exporting toilet paper to Singapore, which has a shortage of daily necessities as its trade partners close borders amid the COVID-19 outbreak. According to the company, it is selling 2,000 packs of its private brand product Simplus toilet paper and facial tissues to Qoo10, a Singapore-based e-commerce firm. The products departed from Busan Port for delivery to Singapore on Monday. The two types of Simplus products are to be sold on

Apr 6, 2020
Retail

The Korea Herald by Herald Corporation

Address : Huam-ro 4-gil 10, Yongsan-gu,Seoul, Korea
Online newspaper registration No : Seoul 아03711
Date of registration : 2015.04.28
Publisher. Editor : Kwon Chung-won
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