The sharing economy can simply refer to well-known platforms like Uber and Airbnb, or in the broader sense of all democratized marketplaces. Unlike its vibrant use in North America, though, the term remains relatively unfamiliar to the public here. Now a Korean chaebol is seeking to bring this economic concept to life in the South Korean market. Chey Tae-won, the chairman of telecom and energy g...

Korea’s antitrust watchdog said Thursday it would correct what it called an error in its guideline on conglomerates’ cross-shareholding structure, a decision that would force a Samsung affiliate to sell more of its stake in Samsung C&T Corp., the de facto holding company of the tech giant. In December 2015, the Fair Trade Commission had set the guideline with regard to a merger between Samsung C...

Hyundai Motor has completed the development of a voice-recognition personal assistant jointly developed with a US tech company, and will adopt the service in cars to be released in 2019, the company said Thursday. The voice-recognition platform called Intelligent Personal Agent controls in-car systems and features, and provides information for drivers on a real-time basis, the company said in a ...

Premium steel products and an engineering solution by Posco were used for the construction of major facilities for the PyeongChang Winter Olympics, the company said Wednesday. Posco, the nation’s largest steelmaker, supplied steel products for the construction of major buildings at sites for the sporting event including the International Broadcasting Center, media residence and Gwandong Hockey C...

A combined heat and power plant in northwestern China invested by LG International Corp., the trading arm of South Korea’s LG Group, has recently started operation, the company in Seoul said Wednesday. Combined heat and power plant in Wuwei, Gansu Province, China (LG International Corp.) In 2015, the company formed a joint venture with Gansu Province Electric Investment Group Corp. to build a p...

CJ Cheiljedang, the food arm of CJ Group, will secure 20 percent of shares of the group’s logistics unit to become a sole affiliate under CJ Corp., the holding company of the conglomerate, it said Tuesday. The logistics arm of CJ Group will also merge with the conglomerate’s construction unit to create synergy in building logistics centers and other related businesses, it added. The company has...

SsangYong Motor’s G4 Rexton led the growth of the large sport utility vehicle segment in South Korea this year, according to market data Tuesday. As of October, a total of 77,516 units of large SUVs were sold, a 29 percent increase from last year, according to data compiled by the Korean Automobile Manufacturers Association. SsangYong`s Rexton G4 (SsangYong Motor) Since its debut in May, more ...

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...