Lotte Group Chairman Shin Dong-bin met Israel’s Economy Minister Eli Cohen to discuss ways to strengthen partnership with tech companies and startups in the Middle Eastern country, the South Korean food and retail giant said Monday.During a meeting in Jerusalem on Sunday, the chairman told the minister that Lotte plans to invest in Israel’s innovative companies in the areas of agriculture, robots and artificial intelligence for the group’s future growth. Minister Cohen, in resp

Industry Aug. 12, 2019

A decision to have Hanwha Chemical Corp. absorb its wholly owned subsidiary Hanwha Q Cells & Advanced Materials drew market interest this week not just because of the move aimed to boost solar power business, but also the indication that the group may be laying the groundwork for a leadership transfer to the chairman’s son.Hanwha Q Cells & Advanced Materials is a global manufacturer of solar power modules and automotive lightweight materials.It has been led by Executive Vice Presid

Industry Aug. 1, 2019

Samsung Electronics’ operating profits halved in the second quarter on weak chip prices and poor mobile sales, but it is expected to face even more challenges in the second half of the year due to increased uncertainties over trade disputes and the nearing trial to determine the fate of its de facto leader. The South Korean IT giant’s sales slid 4 percent to 56.1 trillion won ($47.4 billion), but its operating profits plunged 55.6 percent on-year to 6.59 trillion won over lower memor

Technology July 31, 2019

An Indonesian Cabinet member has confirmed Hyundai Motor’s plan to build a new manufacturing factory with a $1 billion investment into the country, according to local media. Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan said he met the carmaker’s de facto leader Chung Euisun on Friday to discuss the investment plan and that the carmaker has secured a plot for construction on western Java Island, Indonesian newspaper Kompas reported Sunday. The planned factory wil

Mobility July 29, 2019

SONGDO, Incheon – As vehicles increasingly shift from gasoline to electric power, attention is turning to whether lighter materials such as carbon fiber reinforced polymers and aluminum will replace steel in car parts, frames and bodywork. But South Korean steel giant Posco thinks there is hope for steel yet. It is aiming to keep carmaker clients by offering lighter but stronger kinds of steel. The strategy comes thanks to a highly engineered marketing solution devised by its research and

Industry July 28, 2019

Hyundai Motor Group plans to launch a research unit of its artificial intelligence division in the heart of Silicon Valley within this year, establishing its first overseas division entirely for AI development, the company said Thursday.The AIR Center will be the latest addition to Hyundai Motor’s AI projects. The carmaker launched the Artificial Intelligence Research Lab late last year and hired Kim Jeong-hee, a South Korean expert in deep learning and former leader of Naver Lab’s i

Mobility July 25, 2019

Hyundai Motor Group Executive Vice Chairman Chung Euisun on Thursday held talks with Indonesian President Joko Widodo to discuss the carmaker’s market entry and future investment plans, according to the company.Chung is the first South Korean conglomerate leader to meet President Widodo after his election victory in May. During the meeting held at the presidential palace in Jakarta, the Indonesian leader reportedly sought more investments by Hyundai in the country, touting the carmaker as

Mobility July 25, 2019

The prosecution on Wednesday indicted former executives of Hyundai Motor and Kia Motors on charges of delaying recall processes in Korea for 18 months, though they were allegedly aware of engine defects.According to the Seoul Central District Prosecutors’ Office, three former executives who were responsible of product quality between 2015 and 2017 were indicted on charges of violating the Motor Vehicle Management Act.The companies were aware of problems such as engine stalls, connecting ro

Mobility July 24, 2019

Doosan Heavy Industries & Construction, South Korea’s industrial equipment maker has agreed to provide key parts needed for construction of a small modular reactor in the United States, the company said Wednesday.Under a partnership with NuScale Power, the South Korean company will supply parts crucial for a nuclear steam supply system and other parts for the SMR. SMR is a new kind of light water reactor for a nuclear power plant.  The project is a part of a plan between NuScale a

Mobility July 24, 2019

Renault Samsung, the South Korean unit of French carmaker Renault, has released an upgraded version of its premium sedan SM6 while keeping its price down, amid intensifying competition in the midsized sedan market, the company said Wednesday.The company has added the upper-end premium model SM6 Premiere and a liquefied petroleum gas version of the vehicle to cater to the diversifying needs of customers. Emphasizing the premium features of the sedan, the company said it has applied the Bose surro

Mobility July 24, 2019

Creditors and Kumho Industrial, the largest stakeholder of Asiana Airlines, will post a public notice to sell the nation’s second-largest air carrier on Thursday, which is likely to be the largest deal of the year.After completing a financial review of the air carrier, creditors said they would speed up the bidding process, if no additional insolvent factors or problems that would complicate the company’s operations are found. Officials at Asiana Airlines confirmed that there’s

Industry July 23, 2019

British American Tobacco Group has named Kim Eui-soung, a cross-border industry marketing expert, as new chief executive officer and president of its South Korean unit, the company said Monday.Kim replaces Matthieu Juery who led BAT Korea for two years, becoming the first Korean head of the tobacco maker’s local unit launched 29 years ago. The change comes amid intensifying market competition in the fast-changing tobacco market here along with the rise of new types of cigarettes. BAT Korea

Industry July 22, 2019

Amid growing tension between the management and unionized workers, Hyundai Motor said Monday it saw its operating profit rise 30 percent in the second quarter chiefly on the weaker Korean won and sales of new sport utility vehicles.The South Korean carmaker said in a regulatory filing that it earned an operating profit of 1.23 trillion won ($1.04 billion), a 30.2 percent on-year increase, crossing the 1-trillion-won mark for the first time in seven quarters. Hyundai sold lesser cars, but both it

Mobility July 22, 2019

SK Innovation said Friday that two of its subsidiaries, SK Energy and SK Trading International, have acquired a combined 35 percent stake in Best Oil Co., the second-largest oil retailer in Myanmar. The two companies spent about 150 billion won ($127.7 million) to hold 17.5 percent of BOC’s shares each. BOC has market share of 17 percent in Myanmar’s oil retail market.The deal was aimed at securing stable exports and a trading destination, and making inroads into the foreign ret

Industry July 21, 2019

YONGIN, Gyeonggi Province -- Hyundai Motor’s latest sports utility vehicle Venue targets a specific group of people -- those in their 20s and 30s pursuing a single and minimalist lifestyle. Well, as its name indicates, the vehicle can literally take you anywhere, but the driving experience of Venue, which simply is just a small SUV, is short of enthralling. Let’s admit it. One should not expect too much from an entry-level car with a price range between $13,000 and $18,000. But the l

Mobility July 21, 2019