Most Popular
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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S. Korea lags behind in govt. support for virus-hit airlines
South Korea lags far behind advanced countries in terms of the amount of government support for the airline industry during the coronavirus pandemic, a business lobby group said Monday. The government plans to extend a total of 3.2 trillion won ($2.7 billion) to South Korean airlines -- 2.9 trillion won to full-service carriers and 300 billion won to low-cost carriers -- to help them ride out the COVID-19 impact. The amount is far less than the United States' planned 30.4 trillion won suppo
June 29, 2020
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LCCs expand domestic routes for holiday season, but profitability remains questionable
South Korea’s low cost carriers have been opening more domestic routes to prepare for the upcoming summer holiday season, but the profitability of operating such routes remains questionable due to fierce competition over price, industry sources said Sunday. After the latest COVID-19 outbreak, budget carriers have been focusing on expanding more domestic routes as part of an effort to secure liquidity in the short run. Market data showed that the combined cashable assets of f
June 28, 2020
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Japanese carmakers suffer extended setback in S. Korea from trade row
Japanese automakers are suffering an extended slump in South Korea amid a protracted trade row between the two Asian neighbors and the coronavirus pandemic, industry sources said Sunday. Honda Korea reported an operating profit to 1.98 billion won ($1.64 million) in the 2019 fiscal year that ended in March, plunging 90 percent from 19.6 billion won a year earlier, according to its audit report. Its sales also plunged 23 percent to 363.2 billion won from 467.4 billion won over the cited period.
June 28, 2020
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Hyundai to launch upgraded Genesis G90 next month
Hyundai Motor Co. said Friday it will launch the upgraded G90 flagship sedan under its independent Genesis brand next month to boost sales. The facelifted G90 comes with a 3.3-liter turbocharged gasoline engine, a 3.8-liter gasoline engine or a 5.0-liter gasoline engine, with prices ranging from 79 million won ($66,000) to 160 million won, the company said in a statement. The G90 is equipped with multiple safety features, such as parking collision-avoidance assist reverse (PCA-R), Genesis a
June 26, 2020
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Jeju Air's Eastar Jet takeover faces growing uncertainty over unpaid wages, virus shock
Jeju Air Co.'s planned takeover of smaller local rival Eastar Jet Co. could be delayed further due to differences over acquisition terms between the two sides amid the new coronavirus outbreak, industry sources said Friday. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake in Eastar Jet from its parent Eastar Holdings Inc. for 54.5 billion won ($45 million) as part of its expansion strategy despite the growing COVID-19 pandemic's impact on the airline industry. Ea
June 26, 2020
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HDC's Asiana acquisition delayed to H2 amid pandemic
HDC Hyundai Development's planned acquisition of Asiana Airlines Inc. has been delayed to the second half due to the new coronavirus' impact on the airline industry, industry sources said Friday. In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire the country's second-biggest airline from Kumho Asiana Group, with a plan to complete the acquisition by June 27. Early this month, Asiana's main creditor Korea Development Bank (KDB) demanded that
June 26, 2020
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[Monitor] US imports of auto tires from Korea fall 2.2%
US imports of automotive tires manufactured in South Korea fell by 2.2 percent on-year at $1.2 billion, data from Korea Trade-Investment Promotion Agency showed. Compared to Korea, countries like Vietnam, Thailand, Mexico and Japan saw their exports of tires to US increase by 23 percent, 14.7 percent and 13.6 percent on-year, respectively. Earlier this week, the US Commerce Department announced that it has kicked off anti-dumping investigations on imports of tires from Korea, Taiwan, Thaila
June 26, 2020
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Renault Master van records global sales of 3 million units
French automaker Renault Group’s flagship van Renault Master has achieved accumulated sales of 3 million units globally in 40 years since its launch, according to the local unit of the automaker Thursday. Renault Samsung Motors said that last year over 124,000 units of Renault Master were sold in 50 countries, topping the van category of sales in Europe for five consecutive years. The model’s interior can be modified depending on the purpose of the vehicle such as a ca
June 25, 2020
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Kia Motors tops J.D. Power Initial Quality Study in US
South Korean automaker Kia Motors has topped the J.D. Power Initial Quality Study in the US, securing the highest rank for six consecutive years as a mass market auto brand, the firm said Thursday. The J.D. Power IQS is a US study that began in 1987 and assesses vehicle product quality based on the problems experienced by owners during their first 90 days of ownership. Using the 223 criteria, a total of 189 vehicles from 31 brands -- 13 premium brands and 18 mass market brands -- have been eva
June 25, 2020
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[Herald Interview] COVID-19 to reshape logistics: DHL exec
The ongoing COVID-19 pandemic outbreak around the world has had a profound impact on global supply chains and logistics. For example, the South Korean automotive, aviation and heavy industries that rely on foreign demand have shut down their operations and are suffering from constrained inventory control and capacity at sites. But the latest crisis is not the first time that the global supply chains have been significantly affected. Over the last decade, disasters like volcanic eruptions, tsu
June 25, 2020
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Korean Air pilot tests positive for coronavirus
A pilot of Korean Air Lines Co. has been diagnosed with the new coronavirus, the company said Wednesday, adding to the woes of the national flag carrier. The pilot tested positive Tuesday for COVID-19 after showing symptoms of the virus during his vacation that began on June 18, a Korean Air spokeswoman said by phone. Three fellow cockpit crew members who worked with the pilot were tested for the coronavirus. Two of them tested negative, and the third person is waiting for the test result,
June 24, 2020
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[Photo News] New Mini Countryman unveiled in Korea
Bernd Korber, who is in charge of BMW Group’s premium compact car brand Mini, makes a presentation on the New Mini Countryman during a press conference held in Yongin, Gyeonggi Province, on Wednesday. The brand’s only four-door sports activity vehicle Mini Country has been face-lifted and is slated for launch in Korea in the fourth quarter. It is the first time in the Mini’s 60-year history that a new model is being unveiled in Korea. Mini Korea said the unveiling took
June 24, 2020
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Hankook Tire supports mobility service at social welfare centers
South Korea’s Hankook Tire & Technology Group said Tuesday it has been ramping up its corporate social responsibility efforts and is diversifying support for mobility services at social welfare centers across the nation. The company established the Hankook Tire Foundation in 1990 to fulfill its responsibility to support those who experience mobility difficulties, under its slogan of “driving for happiness.” Since 2008, it has been offering a bus service for social
June 23, 2020
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Hyundai Motor, LG Group chiefs discuss future battery biz
Hyundai Motor Group Executive Vice Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo met Monday and discussed further partnerships over future battery business, the firms said. Chung visited LG Chem’s EV battery production site located in Cheongju, North Chungcheong Province on Monday morning. It was the first official meeting between the two tycoons. Chung was accompanied by Hyundai Motor Group’s R&D President Albert Biermann, President Seo Bo-shin, who is in charge of
June 22, 2020
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Questions grow about Jeju Air's bid to take over Eastar Jet
Jeju Air Co., South Korea's leading low-cost carrier, has been at odds with Eastar Jet Co. over Eastar's demand for the shouldering of some of its overdue wage payments, industry officials said Monday, a move that could act as a possible deal breaker. The dispute comes seven days before the two sides are scheduled to close their deal. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake in Eastar Jet from its parent Eastar Holdings Inc. for 54.5 billion won ($45 milli
June 22, 2020
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GM bets big on Ultium for future EV lineup
Global automakers have been striving to make progress in developing their own platforms and battery systems for electric vehicles that can be applied to all brands for efficiency and cost reasons. Detroit-based automaker General Motors has a presence in 60 markets with 11 plants, including a major research and development center in South Korea. The US automaker is betting big on its latest battery system called Ultium which was unveiled in March, to be applied in different markets while also
June 21, 2020
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Mahindra in process of selling SsangYong Motor: sources
Indian carmaker Mahindra & Mahindra Ltd. is in the process of selling its South Korean unit SsangYong Motor Co. by picking a lead manager for a potential exit from the loss-making affiliate, industry sources said Friday. In 2011, Mahindra acquired a 70 percent stake in SsangYong Motor for 523 billion won ($438 million). Mahindra currently owns a 74.65 percent stake in the SUV-focused carmaker. Mahindra and SsangYong didn't confirm whether they have named an unidentified adviser for
June 20, 2020
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BMW Korea introduces electronic contract system
BMW Korea said Friday it will introduce an electronic contract system, called the Digital Sales Platform, becoming the first foreign carmaker to do so here. According to the BMW Korea, the new system, which would entirely replace the traditional face-to-face contract services, will be implemented in all of its seven dealerships and 52 showrooms across the country, starting July 1. The Digital Sales Platform will replace all paperwork necessary in purchasing a car, including registering for a
June 19, 2020
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SsangYong partners with China firm for exports
SsangYong Motor Co. said Friday it has signed an initial agreement with Chinese carmaker Songuo Motors Co. to export its Tivoli sport utility vehicle. Under the basic agreement, SsangYong Motor will deliver the Tivoli SUV in the form of knockdown units to Songuo Motors' plants in China to be assembled into complete vehicles for exports to the Middle East and Africa from late this year, the company said in a statement. Songuo Motors plans to develop its own vehicle based on the Tivoli platfo
June 19, 2020
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Chiefs of Hyundai Motor, LG to meet over EV battery biz
Hyundai Motor Group Executive Vice Chairman Chung Euisun is scheduled to meet LG Group Chairman Koo Kwang-mo next week to discuss electric vehicle battery business, industry sources said Friday. This comes less than a month after the heir apparent of South Korea’s largest automaker met Samsung Electronics Vice Chairman Lee Jae-yong to discuss next-generation EV batteries in Cheonan on May 13. They reportedly exchanged opinions on the current situation and the directions for develop
June 19, 2020