Lotte Group Chairman Shin Dong-bin urged members of Asia Society Korea to contribute to a peaceful and shared future at an event held by the organization to mark its 10th anniversary on Tuesday.“Now is the perfect opportunity to foster educated global conversations around the world. We have built the bridge and we want to motivate people to cross that bridge together,” said Shin, who serves as the chairman of Asia Society Korea. Lotte Group’s leader and Chairman of Asia Society Korea Shin Dong-b

Industry Sept. 20, 2017

Until last year, Korea Aerospace Industries, the nation’s sole aircraft manufacturer, was riding high on the expectation of its increased entries into foreign markets with homegrown choppers and jets. Speaking proudly of KAI’s fast technological advancement, then-CEO Ha Sung-yong told investors on Jan. 28, 2016 that the company aimed to become one of the top 15 aircraft manufacturers in the world by 2020. Its joint venture with US defense giant Lockheed Martin on the US Air Force’s trainer progr

Industry Sept. 19, 2017

Seeking global partnerships to fight climate change, representatives from 17 countries gathered in Seoul on Wednesday to make city lives safe and sustainable by sharing ideas and policies on urban forests.Around 200 scholars, representatives from governments and nongovernmental organizations participated the second Asia-Pacific Urban Forestry Meeting, hosted by Korea’s state-run forest agency, to seek ways to resolve urban pollution by expanding greener spaces in the cities. Under the slogan, “A

Industry Sept. 13, 2017

Hyundai Motor and its sister company Kia Motors said Tuesday that they have decided to suspend the operation of their production facilities in Alabama to prevent possible damages from hurricane Irma.Production will be halted for two days starting Sept. 14, the company said. Global headquarters of Hyundai Motor Co. and Kia Motors Corp. in southern Seoul. (Yonhap)“Suspension of plant operations is a precautionary measure taken to prevent possible damages from a natural disaster,” the company said.

Mobility Sept. 12, 2017

Hankook Tire, the nation’s largest tiremaker, will supply its ultra-high-functioning tire Ventus S1 evo2 for Audi’s new RS5 Coupe model, the company said Thursday. The product will be supplied as original equipment tire to German luxury carmaker, it added.It is the second high-spec Audi model to equip Hankook Tire’s Ventus S1 evo2. Hankook Tire has already been supplying the product for the Audi TT. (Yonhap)Winning recognition from the Deutsche Tourenwagen Meisterschaft, a touring car racing ser

Mobility Sept. 7, 2017

Hyundai Motor has signed a memorandum of understanding with Technion, an Israeli institute of technology, to jointly develop artificial intelligence and technologies for autonomous driving, the company said Thursday.The joint project also includes a plan to support budding enterprises in Israel and use their ideas to devise new market platform aimed at realizing innovative mobility. South Korea’s Korea Advanced Institute of Science and Technology also joins the project, the company said. Officia

Mobility Sept. 6, 2017

(Yonhap)A yearlong negotiation between creditors of Kumho Tire and Qingdao Doublestar hit a major snag on Tuesday, as the former group rejected the Chinese company’s demand of cutting down its bid price for a controlling stake in the South Korean tiremaker.If the Chinese firm refuses to renegotiate, the deal is terminated automatically.“We were not able to accept, because Doublestar made an excessive demand,” said an official representing one of the creditors, including the state-run Korea Devel

Industry Sept. 5, 2017

With North Korea’s latest nuclear test accelerating geopolitical tension, foreign companies operating here on Monday expressed concerns over Pyongyang’s continued threat, but were seen to remain calm.Many foreign companies here are “familiar with constant noise from the North” and also such rhetoric “does not create any significant issues or concerns,” according to a group of US companies here. (123RF)“There is no significant threat to day-to-day business for our member companies nor do we antic

Industry Sept. 4, 2017

Chey Yun-jeongSK Group chairman’s daughter will tie the knot with an official of an IT venture firm on Oct. 21, the group said Monday.Chey Yun-jeong, 28, is Chairman Chey Tae-won’s eldest child from his marriage with Roh So-young, the daughter of former President Roh Tae-woo. The younger Chey joined SK’s pharmaceutical arm in June. She had begun her career at Bain and Company, a global consulting firm. Chey met her fiance, surnamed Yoon, while working at Bain, the company said, without revealing

Industry Sept. 4, 2017

The Italian Chamber of Commerce in Korea and Edrington Korea are holding a weeklong promotion to promote Campari, a predinner wine imported from Italy.The campaign, “Reddy to Italy,” kicked off Monday to first promote Italy’s aperitivo, a part of the country’s dining culture, and Campari, one of its representative predinner wine brands. The word “reddy” represents the color of the wine and was picked to raise consumer interest in the world of Italian wine, the company said. The Aperitivo Week ru

Industry Sept. 1, 2017

A local court ruled bonuses and lunch allowances paid to workers at Kia Motors as part of “ordinary wages” Thursday, ordering the nation’s second-largest carmaker to pay 422.3 billion won ($375.5 million) as compensation.The Seoul Central District Court was partially upholding the demand by workers from Kia Motors, the nation’s second-largest automaker, who had claimed 1.09 trillion won, or about 110 million won per worker in compensation. However, the court ordered that they be paid around one-

Industry Aug. 31, 2017

Amid ongoing talks with the US government to amend the bilateral free trade agreement with South Korea, the head of the nation’s largest group of exporters on Tuesday evening urged business leaders to strengthen cooperation, stressing that it would benefit both in the fast changing trade environment. Speaking at a forum held to welcome members of US congress visiting Seoul, Kim In-ho, Chairman of the Korea International Trade Association said that business leaders should promote bilateral exchan

Industry Aug. 30, 2017

Beijing Hyundai, a joint venture between Hyundai Motor and BAIC Motor, resumed the operations of its four plants in China on Wednesday, ending a weeklong suspension triggered by delayed payments to a local supplier.Since last week, Hyundai had halted assembly lines at its three plants in Beijing and a fourth facility in Changzhou. The carmaker was forced to stop the assembly lines temporarily, as a local partner declined to supply auto parts over delayed payments for its products.  (Yonhap)Beiji

Mobility Aug. 30, 2017

Hyundai Motor, South Korea’s largest carmaker, has suspended the operations of its manufacturing plants in China, the carmaker said Tuesday.The carmaker’s office in China, Beijing Hyundai, has decided to halt its three plants in the Chinese capital and a fourth facility in Changzhou. (Yonhap)The decision came as local partners are declining to supply auto parts to Hyundai in a show of complaint over delayed payments for their products.Beijing Hyundai has failed to pay around 18.9 billion won ($1

Mobility Aug. 29, 2017

Twelve diesel vehicles imported by Audi Volkswagen Korea, which have been suspended from sales on charges of manipulating related documents, have passed emissions tests set by South Korea’s Environment Ministry, officials said Tuesday.The National Institute of Environmental Research, an agency under the ministry commissioned to run emissions tests on vehicles aiming to enter the market here, has approved the diesel cars, which include the small sport utility vehicle Tiguan and Arteon, the latest

Mobility Aug. 29, 2017