South Korean telecom and energy giant SK Group has rolled out a plan to invest 80 trillion won over the next three years in semiconductor and renewable energy, as well as mobility and bio industries, offering a glimpse into its long-term growth strategy. SK Group Chairman Chey Tae-won outlined his plans in a meeting between Finance Minister Kim Dong-yeon Wednesday, vowing to hire 28,000 more wor...

LS Group, a South Korean conglomerate, has broken ground on a new plant in Serbia to produce magnet wire targeting the European market, the company said Thursday. LS Group Chairman Christopher Koo speaks at a groundbreaking ceremony of a magnet wire plant held in Serbia on Wednesday. Essex is LS` US subsidiary. (LS Group) The project is being carried out by its US subsidiary Superior Essex. The...

A week after General Motors announced that it would be shutting down one of its plants in South Korea, an executive in charge of the US carmaker’s overseas operations made yet another rare move. On Feb. 20, Barry Engle, the president of GM International, visited the parliament to meet lawmakers apparently uneasy over the carmaker’s restructuring plan. While shaking hands with lawmakers suspicio...

The state-run Korea Development Bank will review injecting fresh investment into ailing GM Korea after examining the viability of its profit structure, its chief said Thursday. Chairman Lee Dong-gull of the KDB told reporters that he had made a “verbal commitment” to the President of GM International Barry Engle that he would consider making fresh investment into the US carmaker’s local unit on ...

For Scott Park, a 42-year-old businessman in Seoul, seeing Samsung’s de facto chief paraded in handcuffs at the height of the presidential bribery scandal last year was not something that he thought he could expect just a few months earlier. To him, Samsung has always been a prime representation of the South Korean economy, more so in recent decades, as the conglomerate has pulled far ahead of i...

A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with share...

GM Korea suffered a record operating loss of 800 billion won ($736 million) last year, further aggravating its high number of debts largely due to a strategy shift by its head office, according to provisional data submitted by the carmaker. The local unit of the US carmaker suggested the estimated figures to the government while asking for cash last month. Data showed that the company posted an...

Resumed wage talks between union representatives and management of GM Korea ended without progress on Wednesday, while unionized workers held a sit-in protest in the heart of Seoul, demanding the carmaker withdraw its decision to shutdown a plant in Gunsan. Both parties were resuming the talks for the first time since GM‘s surprise announcement to close one of its three plants last month. The ma...

Mahindra & Mahindra, an Indian conglomerate and the owner of South Korean carmaker SsangYong Motor, will jointly develop rechargeable batteries to accelerate its electric vehicle business, the company said Monday evening. “LG Chem will develop a unique cell exclusively for India application and also supply lithium-ion based on nickel-manganese-cobalt chemistry with high energy density,” Mahindra...

GUNSAN, North Jeolla Province -- As controversy persists over the decision by General Motors to pull out of Gunsan, a lawmaker representing Gunsan said that the US carmaker could ditch more factories in Korea to press the government. “After all, the company is pressurizing the government … If the answers are not enough to satisfy them, the next step could be made,” said Rep. Kim Kwan-young of th...

GUNSAN, North Jeolla Province -- Jeon Byung-sun, 53, recalls six years ago when GM’s Gunsan factory was running 24 hours a day. “The factory boomed 5-6 years ago when we produced 1,200 units of Lacetti and Rezzo combined. The factory ran 24 hours. Back then Gunsan was a cash cow for GM,” said Jeon, a worker at GM’s Gunsan plant. Despite the proud memories he has, Jeon couldn’t believe it when h...

한국GM에 생산한 반조립제품이 원가 수준의 싼 가격으로 팔려 왔다는 의혹이 일고 있는 가운데, 한국을 방문 중인 배리 엥글 GM 총괄 부사장이 “오히려 비싸게 팔리고 있다” 며 이를 부인한 것으로 알려졌다. 바른미래당 김관영의원은 21일 코리아헤럴드와의 인터뷰에서 “앵글 부사장이 한국GM에 부품을 고가에 공급하고 반제품(Complete Knock Down, CKD)은 싼값에 수출했다는 의문에 대해 ‘해외에 판매되는 가격도 결코 싼 게 아니라’고 했다”며, 의혹을 정면 반박했다고 전했다. 전북 군산 지역의원인 김의원은 전날 더불어민주당 원내대표 회의실에서 우원식 민주당 원내대표, 김성태 자유한국당 원내대표, 노회찬 정의당 원내대표 등과 엥글 부사장을 만나 비공식 면담을 진행한 바 있다. 배리 엥글 GM...

A day after a surprise visit to the parliament, General Motors moved fast to find a compromise with the Seoul government in the form of a trillion-won support plan. The company suggested a meeting with the trade minister this week, amid growing speculation over the US carmaker’s plans. The Ministry of Trade, Industry and Energy confirmed Wednesday morning that Barry Engle, president of GM Inter...

When thinking of a steel mill the typical image that comes to mind is molten metal pouring out from a blast furnace and workers sweating while maneuvering a large-scale operation inside a factory. Taking steps beyond the conventional industry, South Korean steel giant Posco is seeking a transformation itself by integrating information and communication technology, artificial intelligence and big...