South Korea’s major business groups said Thursday they had asked US lawmakers and Cabinet members of the Joe Biden administration to grant Korea a three-year extension to the US Inflation Reduction Act so that Korean automakers can keep receiving electric vehicle incentives there. The law, effective since Aug. 16, is leaving out Hyundai Motor and its affiliate Kia from federal tax credits since ...

The unofficial "richest man in the world" and the de facto leader of Saudi Arabia's choice of lodging during his stay in South Korea is garnering attention with his extravagant decision to stay in a suite room that goes for 22 million won ($16,449) a night. According to industry insiders, Saudi Arabia's Crown Prince Mohammed bin Salman arrived at Seoul Air Base around midnight and spent the nigh...

Centuries-old staple now enjoyed around the world

Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman arrived in Seoul on Thursday to hold talks with President Yoon Suk-yeol and top business leaders, initiating a slew of agreements worth an estimated $30 billion between the two countries. The crown prince’s trip to Seoul is his first in three years. In a closed meeting held earlier in the day, Yoon and the crown prince agreed to...

Massive project marks largest-ever investment made in Korea by Aramco

(From left) Former Swiss professional soccer player Pascal Zuberbühler, former Italian professional soccer player Gianluca Zambrotta, former Uruguayan professional soccer player Diego Forlan, Director of the FIFA World Football Museum Marco Fazzone, Hyundai Motor India, M.East & Africa Strategic Region Executive Vice President Kim Un-soo, and former Korean professional soccer player Park Ji-sung ...

South Korean home appliance maker Coway said Thursday it will begin constructing a solar power plant on the roof of its global sleep technology subsidiary iOBED's factory, located in Paju, Gyeonggi Province, in December. The construction is set to be completed in March 2023. The solar power plant will begin operation in the first half of 2023, and is estimated to have an annual generation capaci...

KCCI stresses donations made voluntarily to fuel momentum

Small and medium-sized businesses in South Korea are demanding more foreign workers than the government plans to bring in next year to plug the growing skills shortage, data showed Wednesday. According to a survey conducted this month by the Korea Enterprises Federation, one of the five major business lobby groups, 55 percent of the 307 companies -- comprising those with fewer than 300 employees...

Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it is entering the Malaysian logistics market in a strategic partnership with local logistic giant Lion Group, as part of efforts to expand its presence in Southeast Asia. The two sides signed a memorandum of understanding, under which the Korean firm will apply its smart logistic solutions to enhance efficiency of Lion'...

Yido, a South Korean firm that specializes in integrated management for infrastructure and golf courses, said Wednesday that it has signed a strategic partnership with US sports virtualization hardware and software company Full Swing to expand their presence in the Asian market. Established in 1986, Full Swing is the industry's top golf simulator maker and the official licensed simulator of the ...

South Korean manufacturer of electric vehicle chargers SK Signet said Wednesday it will start producing ultrafast 350-kilowatt electric vehicle chargers in the US from the second quarter of 2023. The plan comes after the company, an affiliate of the nation's second-largest conglomerate SK Group, revealed in October it was investing $15 million to acquire a new manufacturing facility in Plano, Te...

South Korea, Indonesia sign a total of 10 MOUs at G-20 to boost economic ties

Porsche Korea aims to strengthen its brand presence in esports as part of its marketing strategy to reach out to younger customers and let them experience the brand in a new way, according to the carmaker. In response, Porsche Korea signed a partnership agreement with the South Korean esports team DRX last year to support them for three years and host various esports activities. Team DRX, spons...

SK Geocentric, a chemical materials unit of South Korean conglomerate SK Group, said Tuesday it had secured loans worth 475 billion won ($358 million) from global banks, in recognition of the company's future plans for its environmental, social and governance initiatives. SK Geocentric held a signing ceremony for a three-year agreement for sustainability-linked loans with five global financial i...