The head of the nation’s flag carrier Korean Air on Sunday apologized for causing public concerns over the escalating “water rage” scandal involving his youngest daughter, and vowed to dismiss his two children from their executive posts, effective immediately. “I would have Korean Air Senior Vice President Cho Hyun-min step down from all of her posts within Hanjin Group, as well as Cho Hyun-ah, ...

A plan by South Korean auto giant Hyundai Motor Group to spin off and merge affiliates as part of its corporate governance reform drive, is “the most desirable” case for conglomerates here attempting voluntary restructuring method under state pressure, the head of antitrust watchdog said. In a meeting with foreign press in Seoul on Friday, Kim Sang-jo, chairman of the Fair Trade Commission said ...

The number of cars South Korean auto giants Hyundai and Kia sold in Europe grew last month despite declining auto sales in the region, data showed Thursday. According to the European Automobile Manufacturers Association, the number of newly registered cars in March fell 5.3 percent on-year, falling for the first time since 2014. Hyundai Motor, meanwhile, sold a total of 60,663 units, a 3.6 perc...

The head of South Korea’s steel giant Posco, who has more than two years of his term left, abruptly offered to resign on Wednesday, amid rumors that his decision has been influenced by the intention of Cheong Wa Dae. In a surprise decision, Posco Chairman Kwon Oh-joon said he was stepping down, citing his health. He said that he wishes to pass the baton to a “young and powerful” leader who he be...

South Korean auto giant Hyundai Motor unveiled the world’s first electrified compact SUV on Thursday at an exhibition in Seoul to highlight the growing interests in electric vehicles here. Named Kona Electric, the latest green vehicle by Hyundai is certified by the Seoul government to drive 406 kilometers per charge, more than the 390 kilometers range the carmaker had expected when it started to...

South Korean textile giant Hyosung is participating in a textile exhibition being held in Ho Chi Minh City to seek new business opportunities in the emerging market, the company said Wednesday. Vietnam Saigon Textile & Garment Industry Expo 2018 is the largest textile exhibition in Vietnam. Hyosung is presenting its spandex brand Creora, which is highly resistant to chlorine -- a chemical used ...

Kim Dong-won, an executive at Hanwha Group’s financial arm, attended a roundtable session of global business leaders hosted by Chinese President Xi Jinping at the Boao Forum on Wednesday. Kim, 33, was one of 50 business leaders invited to the meeting with the Chinese president. The list of attendees included Derong Chen, president of China Baowu Steel Group, Minsheng Yang, executive chairman at ...

Posco Steel Village in Vietnam (Posco) The United Nations has recognized a corporate social responsibility project by South Korean steel giant Posco as a case leading its sustainable development goals aimed at transforming the world by 2030. Posco has been building steel-framed residences in poor neighborhoods in cities where the company operates. The project titled Posco Steel Village is aimed...

At first sight, Mercedes-Benz’s new S560 seems to be too big and too old-fashioned. The long-bodied sedan requires drivers to pay careful attention when navigating the narrow streets and maze-like parking lots of Seoul. But don’t be disturbed. Once you get your hands on the mahogany wood grip of the steering wheel, this ponderous vehicle feels as light as a feather. The new S560 offers extraord...

A regional unit of South Korean cable maker LS Cable and System has invested about 10 billion won ($9.5 million) in its subsidiary in Vietnam to expand copper rod production, the company said Thursday. The investment by LS C&S Asia will expand the production capacity of its copper rod plant in Vietnam to 100,000 tons a year. LS VINA, a local production unit in the Southeast Asian country, curren...

A face-lifted Range Rover series was released in South Korea on Thursday, in a bid to keep the popularity of the British luxury SUV afloat. The new Range Rover Sport is the latest in the line in five years, equipped with all-round light-emitting diode headlights, a V6 supercharger engine and stone massage functions for both front and back seats. Kim Jung-yong, product manager at Jaguar Land Rov...

Amid growing speculation on US activist hedge fund Elliott Management’s move towards Hyundai Motor Group, the chief of the nation’s top financial regulator on Thursday urged stakeholders not to react “sensitively,” stressing this time seems different from the group’s previous battles with Samsung. “There’s no need to sensitively respond to Elliott’s move this time,” said Choi Jong-ku, chairman o...

A local unit of a US fast food chain McDonald’s donated 300 million won to build a temporary residence for families with children in hospital in the nation’s southeastern region. The donation was delivered as part of events to celebrate its 30th anniversary here. Out of profits made from selling Big Mac and Happy Meal sets, Joh Ju-yeon, managing director of McDonald’s Korea delivered the check t...

Steel slabs (Posco) POHANG, North Gyeongsang Province -- A red-hot steel slab weighing around 25-30 tons passes between giant rollers at Posco’s steel mill in the nation’s southeastern city of Pohang, North Gyeongsang Province, producing not just sizzling heat and ear-piecing machine sounds, but also a grand sight. “Every two minutes and 30 seconds, a slab becomes a coil of steel plate with rol...

To drive another successful 50 years, South Korean steel giant Posco will seek new business opportunities in nonsteel sectors by investing in emerging technologies like lithium and biopharma, its chief said. At a meeting with Korean reporters Saturday on the occasion of the steel giant’s 50th anniversary, Posco Chairman Kwon Oh-joon said the company has recently “set a direction to commercialize...