-
Hyundai chief reelected as head of Korea Archery Association
Hyundai Motor Group Executive Chair Chung Euisun has been reelected as president of the Korea Archery Association for a sixth consecutive term, according to the company on Friday. Chung has led the state-run institute responsible for nurturing national archery team athletes through a systematic training and selection system since 2005. With the latest appointment, Chung’s term will extend for another four years from until January 2029. Chung is also now in his fifth term as president of World Ar
Dec. 22, 2024 -
S. Korea successfully launches 3rd spy satellite into orbit
South Korea successfully placed into orbit its third homegrown spy satellite launched from a US space center Saturday, the defense ministry said, as the country seeks to bolster its independent surveillance capabilities on North Korea. A SpaceX Falcon 9 rocket carrying the satellite normally lifted off at 8:34 p.m. (Korean time) from the Vandenberg Space Force Base in California as planned and sent the reconnaissance satellite into orbit at 9:24 p.m., according to the ministry. The launched sate
Dec. 22, 2024 -
Hanwha completes $100m acquisition of Philly Shipyard of US
South Korea's Hanwha Group said Friday it has completed a $100 million acquisition of Philly Shipyard, a leading US shipbuilder for commercial and government projects. The acquisition was finalized six months after signing a contract with Norway's Aker ASA, the parent company, in June. Hanwha Ocean Co. and Hanwha Systems Co. jointly undertook the acquisition. Philly Shipyard was established in 1997 on the site of a former US Navy shipyard in Philadelphia. It has been newly named Hanwha Philly Sh
Dec. 20, 2024 -
Renault, BMW Korea chiefs win Car Person of the Year awards
Renault Korea CEO Stephane Deblaise and BMW Korea CEO Han Sang-yoon won the 2024 Car Person of the Year awards from the Korea Automobile Journalists Association on Thursday. In the four award categories, Deblaise received the Industrial Innovation award, while Han was honored with the Industrial Contribution award. According to KAJA, Deblaise has played a crucial role in revitalizing the French auto giant’s Korean operations since his appointment in 2022. Deblaise, a former automotive en
Dec. 19, 2024 -
Hyundai Motor keeping tabs on Honda-Nissan merger
The reported merger plan between Japanese auto brands -- Honda and Nissan -- is set to increase competition for Hyundai Motor Group amid an unpredictable outlook brought on by geopolitical uncertainties. According to news reports Wednesday, Honda and Nissan began discussing a plan to establish a joint holding company as they look to better grapple with the fast-changing electric vehicle industry and bolster their competitiveness against EV leaders such as America’s Tesla and China’s
Dec. 18, 2024 -
Hyundai Motor sales chief urges record year-end production
Lee Dong-suk, head of domestic sales and chief strategic officer at Hyundai Motor Group, has called on employees to push for record-breaking year-end production despite business disruptions, the company said Wednesday. “The most pressing issue is that (both international and domestic uncertainties) are raising concerns among global investors and customers. These factors are likely to impact us directly, leading to fears of hurting (the company’s) sales volume and a diminishing corpor
Dec. 18, 2024 -
Samsung to present AI-driven appliances at CES 2025
Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat
Dec. 18, 2024 -
Hyundai Mobis to roll out battery cooler material for EV
Hyundai Mobis, the automotive parts maker affiliated with Hyundai Motor Group, said Tuesday that it is ready to commercialize a new battery cell cooler material expected to boost electric vehicle charging efficiency and safety. The material, called “Pulsating Heat Pipe,” consists of aluminum alloy tubes filled with refrigerants. In the battery module assembly, the tubes, located between battery cells, cool down the heat, especially during fast charging. With the breakthrough in batte
Dec. 17, 2024 -
Economy's biggest fear is uncertainty, says SK chief
SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, on Tuesday urged policymakers to ensure consistent economic policies to support businesses amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk Yeol over his botched martial law decree. During a meeting with National Assembly Speaker Woo Won-shik, Chey relayed the business community’s concerns regarding stalled economic bills and the challenge of navigati
Dec. 17, 2024 -
US approves $9.63b loan to SK On, Ford’s battery joint venture
BlueOval SK, a joint venture between SK On and Ford Motor Co., received approval from the US Department of Energy for a $9.63 billion loan Monday, securing funds to construct three battery manufacturing plants in the US. The loan is part of the government’s Advanced Technology Vehicles Manufacturing program, which offers low-cost loans with an interest rate equivalent to the US 10-year Treasury bond, currently around 4 percent, according to sources. The program targets companies producing
Dec. 17, 2024 -
Kakao Mobility slapped with W15.1b fine for unfair business practices
South Korea's antitrust regulator said Tuesday it has fined Kakao Mobility Corp., the operator of the country's top taxi-hailing service, 15.1 billion won ($10.5 million) for unfair business practices. Kakao Mobility is accused of manipulating its algorithm to direct more ride requests received through its mobile taxi application to cabs under its franchise, the Fair Trade Commission said. While the app is open to both franchise and non-franchise taxis, it allegedly allowed franchise t
Dec. 17, 2024 -
Get ready for aggressive US trade policy: ex-Trump adviser
A former top trade adviser to US President-elect Donald Trump during his first administration warned that Trump's second term would likely adopt a more “aggressive” stance on trade, urging South Korean businesses to engage proactively with US officials to navigate potential challenges. Stephen Vaughn, a lawyer and former acting US Trade Representative, spoke at a seminar, titled "Trade Regulations Under Trump's Second Term: Risk Management and Strategies for Korean Com
Dec. 16, 2024 -
Calls grow for swift passage of stalled chips, AI bills
Business leaders are calling on lawmakers to expedite the approval of bipartisan, noncontentious bills on semiconductors and artificial intelligence, amid rising concerns that political uncertainty following President Yoon Suk Yeol’s impeachment could delay enactment of critical legislation, jeopardizing industry competitiveness. Finance Minister Choi Sang-mok on Sunday stressed the importance of passing legislation such as the Semiconductor Special Act, the AI Basic Act and the Expansion
Dec. 16, 2024 -
Porsche Korea's 'Do Dream' campaign drives positive change
Since 2017, Porsche Korea has led corporate social responsibility efforts among imported car brands in South Korea through its Porsche Do Dream campaign. The initiative focuses on five key areas -- education, sports, arts and culture, environment and society -- to address societal challenges and promote sustainable development. By 2024, Porsche Korea has donated 76.3 billion won ($53 million) to various projects, cementing its position as one of the top contributors in the industry. To celebrate
Dec. 16, 2024 -
Hyundai Motor’s global execs gather to address trade disruptions
Hyundai Motor Group’s global executives convened on Thursday to devise strategies to address potential trade disruptions arising from Korea’s martial law crisis and the upcoming inauguration of Donald Trump’s second administration. The company said its newly appointed president and CEO Jose Munoz, who doubles as the global chief operating officer, and overseas regional heads from Europe, Russia, China, India, Latin America and other regions gathered to discuss strategies for th
Dec. 13, 2024