The Korean auto industry is still reeling from unsettled labor disputes that are likely to extend into next year amid sluggish sales as well as the fallout from a diplomatic row with China this year. Hyundai Motor, the nation’s largest carmaker, and GM Korea, the Korean branch of the US carmaker, are unlikely to reach agreements with their respective labor unions over wages this year, according ...

Skyscrapers are not just buildings that are tall, but are the outcome of a complex combination of evolving technologies. From highly sophisticated engineering techniques to futuristic elements, today’s skyscrapers have absorbed the latest technology to realize a luxurious human dream. The challenge when building a skyscraper is how to overcome the forces of nature -- wind, heat from above and be...

The sales volume of automotive steel processed at Posco’s plant in Suzhou, China, has surpassed the 5 million ton mark, riding on the fast-growing car market in the country, the company said Wednesday. The plant, located west of Shanghai, known as China’s auto cluster, has reached the 5-million-ton mark faster than any other plants operated by Posco around the world, it added in a statement. Wo...

South Korean President Moon Jae-in will visit Hyundai Motor’s newly built assembly plant in Chongqing, southwest China, Friday during a state visit, Cheong Wa Dae said Tuesday. The plant is the fifth manufacturing facility in China for Hyundai. A 50:50 joint venture set up by Hyundai Motor and Beijing Automotive Group invested a combined $1 billion to build the plant capable of producing 300,000...

If a US safeguard is implemented on products manufactured by South Korean appliance makers, the number of washing machines imported to the country is expected to half, according to a report compiled by a US trade watchdog. In the final report on its Section 201 investigation to US President Donald Trump last week, the US International Trade Commission stated that a broad tariff will increase the...

The Korea Herald has organized the first Global Finance Awards, recognizing that strengthening competitiveness in South Korea’s finance industry and establishing an ecosystem on par with global standards are required for the nation’s economy to make a new leap forward in the era of the “fourth industrial revolution.” This award is meant to acknowledge outstanding individuals and companies that h...

Like other parts of advanced markets in the world, expectations have been growing for budding enterprises in South Korea for their roles of creating unique ideas. Some of them have high potential to start in the Korean market, with the possibility of expanding globally afterward, an expert in startup accelerator program in Hong Kong said. But designing the product or service by having global exp...

Choosing the right padded jacket -- this winter’s ‘it’ item -- is a much more complicated task than one may think. It’s not just design and color, but the type of insulation also has to be decided -- goose, duck or synthetic materials, as well as their composition ratios, waterproof or not and even the overall weight. For many South Koreans, however, it all seems to come down to a choice between...

Posco Daewoo, the trading arm of the South Korean steel giant, has signed a $60 million contract with a Pakistani paper manufacturing company, it said Thursday. Under the deal, Posco Daewoo will supply plant equipment to Century Paper & Board Mills, one of the largest paper making companies in Pakistan. Posco Daewoo CEO Kim Young-sang (left) shakes hands with Century Paper & Board Mills Presid...

Amid persistent rumors of leaving South Korea, GM Korea’s new chief said Thursday he would focus on reviving the financial stability of the carmaker first by cutting down its costs and promoting sales next year. In his first meeting with Korea media, Kaher Kazem, president and CEO of GM Korea, said the carmaker will launch Equinox, a Chevrolet compact sports utility vehicle, next year to expand ...

The National Tax Service has begun reviewing the Samsung chief’s assets allegedly withdrawn from accounts opened under borrowed names, after the Finance Ministry said the accounts are subject to taxation regardless of the timeline, officials said Wednesday. The Finance Ministry said as the upper body of the tax office that it could apply the limitation of period for tax assessment for 10 years o...

DAEGU -- Renault Samsung Motors, the Korean unit of the French carmaker, on Thursday introduced the new full-electric vehicle, SM3 Z.E., as part of its strategy to tap into the new market of green cars here. The presentation was made by the group‘s Senior Vice President Gilles Normand at Daegu International Future Auto Expo held for four days from Wednesday at Daegu EXPO. As Korea’s only sub mi...

Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed. (123rf) Q. If a local Korean subsidiary of a global corporation is considered as an independent “importer,” a lower customs value is accepted compared to the cas...