SK chief calls on board members to help CEOs make balanced decisions

SK Group Chairman Chey Tae-won called on the board of directors to review the decision-making process of South Korea's second-largest business conglomerate’s overall management activities and actively provide feedback to help CEOs make optimal and balanced decisions, the group said Wednesday. “By making efforts to promote communication with executives and employees, the board of directors will be able to resolve (the group) affiliates’ problems and inconveniences, while pr

Nov. 1, 2023

LG, Hyundai, YouTube team up for in-car infotainment system

LG Electronics said Wednesday that it was supplying its in-vehicle infotainment system for Hyundai Motor Group’s upcoming Genesis vehicles from next year, allowing both drivers and passengers to stream a variety of entertainment content, including YouTube videos. The new system is based on LG’s own webOS that has already been operating on 200 million units of LG smart TVs worldwide. LG, Hyundai and YouTube have teamed up to adjust the system to enable the YouTube app to run on moving

Nov. 1, 2023

HDC to spur digital innovation for efficiency, safety

South Korean real estate developer and builder Hyundai Development Co. is shifting the landscape of construction projects via digital transformation, with the aim of promoting safer and more efficient working processes. In particular, digital innovation is optimizing the entire process of architectural fields, the company said. HDC has invented the HDC Estimate System based on BIM or building information modeling, which enables the developer to immediately calculate the amount of materials neede

Nov. 1, 2023

CJ Olive Young opens foreigner-focused outlet in Seoul

CJ Olive Young Corp., the distribution unit of South Korean food-to-cosmetics conglomerate CJ Group, on Wednesday opened a foreigner-focused outlet in Seoul as travelers return to the country after years of the COVID-19 pandemic. CJ Olive Young's outlet in Myeongdong, central Seoul, underwent a large-scale renewal to serve as an online-to-offline (O2O) shopping platform mainly for the convenience of foreign customers. O2O commerce is a business model that draws potential customers from onli

Nov. 1, 2023

Asiana Airlines delays decision on cargo business sell-off

Asiana Airlines board members plan to hold another round of meetings soon after they failed to reach an agreement on the previous day on whether to sell the air carrier’s cargo business to clear the way for approval of its planned merger with Korean Air. On Monday, Asiana’s five board directors discussed the sell-off plans but failed to reduce their differences even after a seven-hour meeting. Some members reportedly opposed the plans, saying that the sale of the cargo unit could pot

Oct. 31, 2023

NCSoft to unveil new titles at G-Star in Busan

NCSoft, one of South Korea's major game developers and publishers, is set to showcase its latest entertainment content via various on-site events at the upcoming global game expo, G-Star 2023, to be held in Busan Nov. 16-19. A total of 200 booths will be featured to have demos, events and special stage zones at Korea's largest game trade show, according to the company, Tuesday. Visitors can test out three new titles slated for global debut, including shooting game "LLL," ac

Oct. 31, 2023

[Photo News] Hyundai Elevator's Global Top Talent Training

Hyundai Elevator invited a total of 12 outstanding employees from overseas subsidiaries in China, Vietnam, Malaysia, Indonesia and Turkey to join its annual Global Top Talent Training event held in Seoul and Cheongju, North Chungcheong Province, Oct. 24-27. During the event, attendees participated in a comprehensive training program to enhance their understanding of the company’s core mission and develop hands-on technical skills. They also explored Korean culture through visits to cultu

Oct. 31, 2023

STX, Triple-A team up for crypto payment services on Trollygo

South Korean trading company STX said Tuesday that it had signed a payments partnership agreement with Triple-A to provide crypto payment services on Trollygo, its business-to-business online trading platform set to be launched in November. The signing ceremony was attended by STX CEO Park Sang-jun and Triple-A CEO Eric Barbier at the trading company’s office in central Seoul, Monday. Based in Singapore, Triple-A is Asia’s largest crypto payment gateway and obtained a license from th

Oct. 31, 2023

LX chairman offers unwavering support for women’s baseball

LG Group spinoff LX Group is sparing no efforts for the growth of Korean women’s baseball, having hosted the nation’s only corporate-sponsored women’s baseball competition for a second time. Co-hosted and organized by LX Group and Women’s Baseball Association Korea, the 2023 LX Cup Korea Women’s Baseball League kicked off on Oct. 21. Classified as an amateur league, the competition drew a total of 41 teams and over 1,000 players and staff this year. Koo Bon-joon, ch

Oct. 31, 2023

Korean financial firms' overseas expansions to get regulatory boost

The Financial Services Commission announced on Tuesday that it will ease regulations on credit lending limits for overseas subsidiaries of financial holding companies starting from Jan. 1, 2024. The regulation revision comes after the FSC pledged in July to help local financial companies beef up their presence in overseas markets. Under the current regulation, the credit lending limit for each subsidiary must not exceed 10 percent of the parent company's equity, and the total credit lendi

Oct. 31, 2023

Lunch with Mirae Asset, Naver chiefs to be auctioned

Mirae Asset Financial Group founder and Chairman Park Hyeon-joo will sit down with the younger generation to better communicate with them at a private luncheon to be held in Seoul on Dec. 11, the Federation of Korean Industries said Tuesday. Earlier in May, the business lobby invited Hyundai Motor Group Chief Executive Chung Euisun along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul to take part in the event, akin to Warren Buffett's famous annual charity l

Oct. 31, 2023

Hyundai Oilbank renews push for biofuel business

HD Hyundai Oilbank announced Tuesday that it has signed two new agreements to secure some 80,000 tons annually of palm fatty acid distillates, a key renewable raw material for biodiesel production, as part of its push to propel its biofuel business. Through the latest deals, Hyundai has managed to stabilize and bolster the supply chain for its biodiesel plant with a total annual capacity of 130,000 tons, set to be operational by the end of this year, the company added. In an agreement inked with

Oct. 31, 2023

Korean Air orders 20 more Airbus A321neo aircrafts

Korean Air Co., South Korea's No. 1 flag carrier, said Monday it has placed an order for 20 additional Airbus A321neo aircrafts as part of its fleet modernization plan. Korean Air had already ordered 30 units of the model and so far has received eight units in December of last year. The latest order brings the company's total A321neo orders to 50. Korean Air is operating the next-gen Airbus fleets on its short and medium-haul routes to Southeast Asia, China and Japan. Korean Air said i

Oct. 30, 2023

Lotte Biologics to begin ADC production in 2025

BARCELONA, Spain -- Lotte Biologics will begin antibody-drug conjugate manufacturing at its site near Syracuse, New York, starting in the first quarter of 2025, according to CEO Lee Won-jik, who also goes by Richard Lee. The company expects its ADC production to account for some 10 percent of its total sales in 10 years, Lee added. “Lotte Biologics is building an ADC facility within its Syracuse facilities. The company expects the construction to be completed by 2024 and the operation to b

Oct. 30, 2023

Low birthrate drives rise in number of working women in 30s

The recent trend of an increase in the proportion of working women in their 30s was primarily due to a reduction in the number of women with children, according to a report released Monday by the Korea Development Institute, a South Korean state-run think tank. Kim Ji-yeon, a researcher at the KDI, noted that although the drop in the number of women in their 30s that have children may seem like a positive factor in the short term because it boosts the number of women working in their 30s, it wil

Oct. 30, 2023

Posco faces first-ever pay strike risk

South Korean steel giant Posco faces the threat of a strike -- the first in its 55 years of history -- after months of wage talks between management and the company's labor union failed to reach an agreement. In a vote held over the weekend, nearly 80 percent of Posco's unionized workers voted in favor of a strike, marking the first time a Posco union has approved a strike since the firm’s establishment in 1968. Of the 11,145 union members, 10,756 people, or 96.51 percent, partic

Oct. 30, 2023

CJ’s Korean-style fried rice hits W100b in US sales

South Korean food giant CJ CheilJedang announced Monday that cumulative sales of its frozen fried rice products manufactured in the US have surpassed 100 billion won ($74 million) in the country, on the back of the rising popularity of Korean food among American consumers. The figure is expected to rise to some 130 billion won by the end of the year, the food giant added. The upbeat earnings are attributed to the acquisition of major US food firm Schwan's Co. in 2019, which helped it secure

Oct. 30, 2023

Hyundai Rotem debuts world's 1st LTE-based train control system

Hyundai Rotem, a railway, defense and plant systems provider under Hyundai Motor Group, said Monday that it has successfully commercialized an LTE-based train control system for the first time in the world. Called Korean Train Control System 2, or KTCS-2, the latest system will be installed on the Jeolla Line spanning 180 kilometers from Iksan in North Jeolla Province to Yeosu in South Jeolla Province. Based on the ultrafast wireless communication network, the technology transmits data in real t

Oct. 30, 2023

[KH Explains] Card firms increasingly hesitant over Apple Pay

To grab a bit of Apple or leave it on the shelf? That's the question that has been lingering among card companies here since Apple Pay was launched in Korea in March with initial local partner Hyundai Card. Hesitation over adopting Apple Pay entered a new phase after a parliamentary audit held on Oct. 11 raised concerns about Hyundai Card, which introduced the service at the cost of paying high commission fees to Apple. During the parliamentary audit, Rep. Yun Chang-hyun of the ruling P

Oct. 29, 2023

Posco, HBIS Group complete steel sheet plant in China

South Korean steelmaker Posco said Monday that it has completed the construction of the first unit of its galvanized steel sheet plant for automobiles in China via its joint venture with Chinese steel producer, HBIS Group. Some 200 officials, including Posco CEO Choi Jeong-woo, Posco Vice Chairman Kim Hag-dong and HBIS Group Chairman Yu Yong, attended the completion ceremony held in Hebei province on Oct. 19. In 2021, Posco and HBIS Group inked an agreement to establish a $600 million joint comp

Oct. 29, 2023