The Korea Herald

Choi He-suk

안녕하세요 Choi He-suk 기자입니다.

Articles by Choi He-suk

PyeongChang Winter Olympics to be a massive boost for Korean economy

IndustryJul 7, 2011

Banners celebrating PyeongChang’s selection as the host of the Winter Games in 2018 are hung across a road near the Alpensia Resort in PyeongChang on Thursday. (Yonhap News)PyeongChang’s hosting the Winter Olympics in 2018 will bring massive economic benefits for the country.According to estimates based on a report compiled in 2008 by the Korea Institute for Industrial Economics and Trade, hosting
POSCO to acquire Southeast Asia’s largest stainless steel maker

IndustryJul 7, 2011

POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox.ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis.POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel giant ac
LG Electronics cuts smartphone target by 20 pct

IndustryJul 7, 2011

LG Electronics Inc., the world's third-largest maker of mobile phones, said Thursday that it expects to sell 24 million smartphones this year, 20 percent fewer than its earlier target, as competition in the lucrative handset market intensifies.The reduced sales target may complicate LG's efforts to revive its money-losing mobile business, which is expected to report a fifth straight quarterly loss
SK Group’s Chey family hit by series of scandals

IndustryJul 6, 2011

A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate.In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amount
End of fuel discount raises tension among refiners

IndustryJul 5, 2011

A banner advertising a 100-won discount per liter on fuel is seen at a gas station in Seoul on Sunday, three days before the scheduled end of the discount period. (Yonhap News)Tension among refiners is flaring up again with the government pressuring them to bring fuel prices back to normal rates in stages.Under pressure from the government, local refiners lowered the pump price of motor fuel by 10
Cisco plans Songdo investment of $47m

IndustryJul 4, 2011

New Songdo International City Development, the International Business District developer established as a collaborative project between POSCO E&C and the U.S. developer Gale International, on Monday signed a $47 million investment deal with Cisco Systems Inc.Under the deal, Cisco will move its Smart + Connected Communities Global Center into the Northeast Asia Trade Tower in Songdo, Incheon and es
Builders’ H1 overseas contracts drop 35%

IndustryJul 1, 2011

The value of overseas contracts won by Korean construction firms during the first half of the year fell 35 percent compared to the same period last year, industry data showed Friday.According to the International Contractors Association of Korea, local construction firms won 243 contracts during the first six months of the year, the combined value of which came in at $23.6 billion.In comparison, t
Korea, Europe now in one market

Jun 30, 2011

The Korea-EU Free Trade Agreement took effect Friday, beginning the process of removing tariffs on more than 20,000 items produced in Korea and the EU.Negotiations over the pact, which began in May 2007, came to a close in October 2009 when the agreement was penciled in, and in October 2010 the agreement was formally signed by the leaders of Korea and the EU.Under the agreement, tariffs on 11,261
LG Global Challenger

IndustryJun 30, 2011

(LG Group)LG Group chairman Koo Bon-moo (left) hands the symbol for the LG Global Challenger program to the representative of students taking part at the company’s office in Seoul on Wednesday. The program is in its 17th year, and allows participants to take part in research projects and visit other countries.
Korean conglomerates expand global network

IndustryJun 29, 2011

SK Innovation’s oil platform in operation at an offshore mining area in Vietnam. (SK Group)Local firms look for opportunities for old and new businesses abroadFaced with a fast saturating domestic market, local firms have increasingly been seeking growth in overseas markets.For some, such as Hyundai Motor Group, overseas expansion has been an extension of their main businesses.Others, such as SK
Well begun is ‘half’ done: The Korea-EU FTA

Jun 29, 2011

Kim Jong-hoonTomorrow, the free trade agreement between the Republic of Korea and the European Union will finally enter into force. With the publication of the agreement in the official gazettes of the two sides the day before yesterday, all the required procedures have been completed and we are now about to embark upon the smooth implementation of the agreement.As is often said, well begun is hal
Korea-EU FTA opens doorway to Europe

Jun 28, 2011

South Korea steps closer to completing FTA networkThe Korea-EU Free Trade Agreement is set to take effect on Friday, opening new doors for the country’s economy.The negotiations over the pact, which began in May 2007, came to a close in October 2009 when the agreement was penciled in, and in October 2010 the agreement was formally signed by the leaders of Korea and the EU.The EU approved the deal,
POSCO begins works on third FINEX plant

IndustryJun 28, 2011

POSCO began construction on its third FINEX steel mill at its steelworks in Pohang, North Gyeongsang Province on Tuesday.The new FINEX plant, which will have an annual production capacity of 2 million metric tons, is scheduled for completion in 2013.The company said the construction budget for the new FINEX plant is 1.3 trillion won ($1.2 billion), equal to that used in building the second FINEX p
STX shipbuilder fund to support suppliers

IndustryJun 28, 2011

STX Offshore and Shipbuilding Co. on Tuesday set up a 3.8 billion won ($35 million) fund to give low-interest loans to suppliers in collaboration with two local banks.The new shared-growth fund will be used to extend loans to STX Offshore and Shipbuilding’s suppliers at rates between 1.9 percentage point and 2.5 percentage points lower than the benchmark rates, the company said.The fund was establ
POSCO chief to head engineering academy

IndustryJun 27, 2011

POSCO chief executive Chung Joon-yang was appointed the new president of the National Academy of Engineering of Korea at the organization’s general meeting on Monday.Chung replaces Kim Doh-yeon who will now head the National Science and Technology Commission. Chung Joon-yang. (POSCO)The POSCO chief executive has been a full member of the National Academy of Engineering of Korea since 2008, and wil