With their fathers stepping down from the top management seats, heirs to the nation’s two major air carriers appear to be readying to fill the vacuum amid market concerns over their lack of experience and untested leadership. Unlike other conglomerates that have spent years preparing their heirs to take the top spot, the third-generation chaebol scions at Korean Air and Kumho Asiana Group, the p...

ILSAN, Gyeonggi Province -- Envisioning the future of connected and sustainable mobility, an auto extravaganza kicks off Friday with carmakers around the world showcasing a variety of vehicles under development, concept cars and their vision for the world’s 10th largest car market. Taking place at Kintex in Ilsan, Gyeonggi Province, 21 car manufacturers and 206 electric vehicle-only makers, part...

Hyundai Motor has named its first sport utility vehicle entry model, codenamed “QX,” as Venue, breaking its tradition of naming SUVs after resort cities and luxury residential areas in US. Targeting consumers born after 1980, the carmaker said, “Venue will be marketed as a car that could bring them anywhere they wish to go, a special place where they can have hopes and dreams.” Hyundai’s existi...

Despite a slowing economy and growing uncertainties for market growth, South Korean SUV maker SsangYong has put its business back on track in the last four years, the company said Tuesday, crediting its CEO’s leadership for its revival. SsangYong Motor CEO and President Choi Johng-sik joined the carmaker in 2010 as domestic sales head and was appointed to the top post in 2015. The CEO with 43 ye...

Chairman Koo Kwang-mo of LG Corp., the holding company of LG Group, on Tuesday vowed to pursue sustainable and transparent management to increase public trust in the nation’s fourth-largest conglomerate, while taking pre-emptive measures to take the lead in the fast-changing market. In a statement read by Vice Chairman Kwon Young-soo during the annual shareholders meeting, the chairman said the ...

The duty-free arm of retail giant Lotte has opened new branches in Australia and New Zealand after acquiring five units from Australian duty-free operator JR Duty Free in August last year, the company said Monday. By opening four branches in Australia and one in New Zealand, the South Korean duty-free operator aims to expand its business and become No. 1 in the Oceania market in the next four ye...

Tension ran high early Friday morning, just before Hyundai Motor’s annual general shareholders meeting at the carmaker’s headquarters in Yangjae, southern Seoul, and it showed on the faces of the executives. Highlighted in the media weeks earlier, the second battle between the South Korean auto giant and the US hedge fund Elliott was a must-win for Hyundai Motor, which had already suffered big a...

Former South Korean midfielder Kim Jung-woo received a warm reception at his retirement ceremony on Friday as fans gave a standing ovation for his service to the national football team. Kim officially bid goodbye to his playing career and thanked fans for their support in his retirement ceremony prepared by the Korea Football Association (KFA) during halftime of the men's national football team ...

South Korea has proposed holding military talks with North Korea on implementing a bilateral accord signed last year, but there's no reply from Pyongyang yet, an official here said Friday. "Recently, (we) suggested South-North military talks and are currently waiting for a response," the defense ministry official said, requesting anonymity. Attending a National Security Council (NSC) session la...

Ending weeks of arguments over the adequacy of Hyundai Motor’s dividend plans, shareholders on Friday rejected a proposal by US activist investor Elliott Management that urged it to provide a combined 8.3 trillion won ($7.3 billion) dividends to investors this year. At an annual shareholders meeting held at the carmaker’s headquarters in Seoul, 86 percent of the shareholders voted for Hyundai’s ...

Posco has launched a new committee consisting of outside directors and scholars to enhance the steelmaker’s presence as a socially responsible company, the company said Thursday. The seven-member Corporate Citizenship Committee is chaired by former Sungkyunkwan University President Kim Jun-young, with professor Chang Sea-jin of the National University of Singapore and professor Kim In-hoe of Inh...

Hoping to pick up the declining sales of midsize sedans, Hyundai Motor on Thursday said it has set the 2019 sales target of more than 70,000 units for the eighth-generation Sonata, a signature vehicle for more than three decades through which it has built its reputation. “By setting the sales target at 70,000 units this year, excluding (the number of vehicles to be sold) for commercial use, (Hyu...

The Korea Herald is publishing a series of articles on South Korea’s latest measures to support the hydrogen economy, the market drive for hydrogen-powered vehicles and the hurdles that stand in the way. This is the seventh installment. -- Ed. TOKYO -- Close to Shiba Park, just under the Tokyo Tower, one of the Japanese capital’s most famous landmarks, is a modern building plastered with a huge ...

A series of estimate reports by local brokerage houses on South Korea’s two major chipmakers reignited market fears Tuesday, as they became more skeptical over their first-quarter earnings, citing falling memory chip prices due to market saturation. According to local market researcher FnGuide, the market consensus on Samsung Electronics’ operating profit came to 8.33 trillion won ($7.36 billion...

The number of preorders for Hyundai Motor’s all-new Sonata has surpassed the 10,000 mark in five days across the country since the carmaker start receiving orders on March 11, the company said Sunday. The eighth-generation Sonata sedan is selling faster than the previous one, around 2,000 units a day. On average, a total of 5,487 units of the seventh-generation Sonata, also known as Sonata LF, w...