Korea Chamber of Commerce and Industry Chairman Park Yong-maan (Yonhap) The head of the Korea Chamber of Commerce and Industry urged businesses to strengthen ties with Moroccan firms, highlighting the country’s push for industrial development. “Morocco, which has signed free trade agreements with about 50 countries, holds geopolitical advantage for business expansion,” said Park Yong-maan, chai...

Korea Aerospace Industries, the nation’s sole aircraft manufacturer, said Friday that it would accept the findings of an investigation identifying a defective part as the cause of a Marine Corps chopper crash in July. After a monthslong probe, a team of civilian, government and military experts said a defective rotor mast on the Marineon chopper had caused the crash that killed five military per...

Transport Minister Kim Hyun-mee proposed in July that taxi drivers adopt an IT system similar to that of Uber in order to streamline their operations, but received no response, she said in a radio interview on Friday. “If you look at Uber service abroad, it is built to make reservations and pay through an IT platform and the drivers get (paid) for various supplementary services,” she said. “I b...

Steel giant Posco has hired former the CEO of Daelim Industrial to seek the company’s future growth, it said Thursday in a statement. Oh Gyu-seok Oh Gyu-seok, former president of the local builder, will take charge of the newly established future growth division assigned to pave the way for the 50-year-old steelmaker struggling to find alternatives amid declining market demand for metal. Oh is ...

Car-sharing services in South Korea on Thursday intensified their marketing efforts while taxi drivers held a massive rally in protest of the planned launch of commercial carpool services. Kakao Mobility offered 10,000 points to carpool drivers who joined its trial service, in addition to 5,000 won ($4.50) worth of points per service, in an effort to encourage them to continue operating despite ...

Hyundai Motor’s compact SUV Kona was named the car of the year by a Spanish national daily newspaper, beating Peugeot’s 508 and Honda CR-V, the company said Wednesday. According to ABC, the newspaper based in Madrid, Kona topped the list with 312 points, followed by Peugeot 508 and SEAT Arona, with 264 and 182 points, respectively. Also by a UK-based auto magazine Next Green Car.com, the electr...

The new head of the nation’s third-largest telecom company said Wednesday that the firm would make a final decision as to whether it will acquire a local cable TV service provider by June next year, making its merger and acquisition attempt official for the first time. “We are going to decide whether to proceed with (acquiring the cable TV service provider) or not as soon as possible,” said LG U...

The Ministry of Industry on Tuesday unveiled a comprehensive plan aimed at revitalizing the sluggish auto sector and increasing state spending on research and development for manufacturers of chips and batteries to secure their leadership in the global market. Industry Minister Sung Yoon-mo (center) visit a local auto parts maker in Changwon, South Gyeongsang Province, as part of the industry in...

It’s practically a taboo for a car company, particularly South Korean carmaker Hyundai Motor, to hire a celebrity as the face of a new vehicle. It’s supposed to be all about the car, not the star. Breaking this unspoken rule, Hyundai Motor brought a global sensation -- Korean boy band BTS -- into its all-out efforts to promote the large SUV it launched last month, seeking a rebound for its globa...

Hyundai Motor’s market share in the US sport utility vehicle segment rose to a record high of 3.7 percent as of November, industry sources said Sunday. That marks the South Korean auto giant’s strongest showing since it entered the market in 2000. Hyundai sold 271,377 SUVs between January and November, a 14.1 percent increase from the same period last year. The company’s SUV market share had he...

South Korea’s largest carmaker carried out a drastic executive reshuffle Wednesday, with the heir replacing his father's close aides with young CEOs and a foreign engineer, seeking immediate change within the 51-year-old conglomerate. In the sweeping reshuffle, led by Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, the group appointed former BMW chief engineer Albert Biermann as its f...

YONGIN, Gyeonggi Province -- Despite being a late starter, Hyundai aims to take the top position in the large sport utility vehicle sector both in South Korea and in other major markets, the company said Tuesday, stressing the innovative design, high quality and state-of-the-art technology of its new SUV Palisade. Eight business days since the official launch of the new SUV on Nov. 29, the compa...

South Korean carmakers Hyundai and Kia have sold a combined 20 million vehicles in the US since entering what is currently the world’s second-largest market 33 years ago. Their accumulated sales marked 20.69 million units as of November, the companies’ data showed. Hyundai entered the market in 1985. Kia, after it was acquired by Hyundai, started selling vehicles there in 1994. (Hyundai Motor) ...

A joint venture plan involving a local government and Hyundai Motor to build a manufacturing plant in Gwangju for sake of reinvigorating the local economy went adrift Thursday as the sides failed to narrow their differences at the last minute. Gwangju’s city government on Wednesday demanded Hyundai Motor remove a condition that wage renegotiations be suspended for the first five years. Later in ...

South Korean SUV maker SsangYong Motor established an overseas sales subsidiary in Melbourne, Australia, last week, as part of efforts to expand its global operations, the company said Wednesday. The Australian unit will lead SsangYong’s overall operation in the country, building dealership networks and bolstering customer service. The carmaker expects to expand shipments to Australia, following...