LG Innotek, a South Korean manufacturer of optical electronic parts, has unveiled a full lineup of LEDs generating light sources that grow plants faster than the natural sunlight.Named “Horticulture LEDs,” the products are a semiconductor light source that can control plant growth rates and increase the nutrient content of the crop by using the light of a specific wavelength, the company said in a statement. “This product was developed considering the characteristics that the physiological respo

Industry July 6, 2018

The chairman of Kumho Asiana Group, which owns the nation’s second-largest air carrier, apologized Wednesday for causing public concern amid escalating controversy over operating passenger flights without meals and a questionable deal behind it.Offering an official apology, Chairman Park Sam-koo said he was sorry for causing concern and that he feels “grave responsibility” for causing customer inconvenience.Kumho Asiana Chairman Park Sam-koo seen at a press conference held at the group's head of

Industry July 4, 2018

Controversy escalated Tuesday over some flights of major South Korean air carrier Asiana Airlines not providing inflight meals, not only for causing inconvenience to passengers but also on allegations of a questionable deal.(Yonhap)The air carrier’s catering service for some international routes got suspended Friday, citing a fire that had broken out at a plant of its new supplier Gate Gourmet Korea in March, according to local reports that quoted officials involved in the matter. To fill the la

Industry July 3, 2018

South Korean auto giant Hyundai Motor has invested in Autotalks, an Israeli chip company that makes vehicle-to-vehicle communication systems for self-driving cars. The exact size of the investment was not disclosed. Under the investment deal, the carmaker has agreed to collaborate with Autotalks for the development of a chipset that works like a human brain for connected cars.The chipset is a crucial part in self-driving technology for vehicles set to be equipped with a computerized system that

Mobility July 3, 2018

Shorter working hours kicked off nationwide Monday, testing both the competiveness and productivity of Korea Inc., which has long relied on a workforce that puts in long hours for its dramatic growth. Marking a significant change in the nation’s labor market, after the five-day workweek was adopted in 2004, the new system requires workers to work less than 52 hours a week. It has taken effect for large businesses with more than 300 employees for now. Smaller businesses with fewer than 300 worker

Industry July 2, 2018

Kim Sang-jo, FTC chairman (Yonhap)Hanjin Group, parent company of flag carrier Korean Air, is facing a number of accusations of breaching market rules alongside the cases of intra-company trade blamed for benefiting the interest of the owner family, the head of the nation’s anti-trust watchdog said Friday.“Not just intra-affiliate dealings for the benefit of the owner family, (Hanjin Group) have allegedly violated a number of rules,” said Kim Sang-jo, chairman of the Fair Trade Commission in a r

Industry June 15, 2018

A South Korean energy firm Daesung Group will hold a forum on microbes on June 21 to seek ways of tackling environment and energy problems through microbial waste management, the company said Thursday.Titled “2018 Daesung Haegang Microbes Forum,” the event will be held at The Korea Chamber of Commerce and Industry headquarters, featuring renowned speakers coming from around the world.  Panels talk at Daesung Group`s Few Nexus Conference held last year. (Daesung Group)The list includes Philippe S

Industry June 14, 2018

South Korean steel giant Posco appears to be taking a cautious approach in selecting its new CEO amid reports questioning the political neutrality of the formerly state-run enterprise.The firm’s council, consisting of five outside board members, picked 11 candidates from 21, in its sixth round of meetings, the company said Wednesday. The list of candidates was not disclosed. The council will interview five candidates at the next meeting, before selecting one finalist in June.The CEO candidate mu

Industry June 13, 2018

The possibility of North Korea opening up is something not just Hyundai Group is preparing for, with other South Korean conglomerates like Lotte, Hyosung and Posco also anchoring hopes on making inroads into the uncharted market in advance.Retail giant Lotte has been aggressive in forming a task force to study the North Korean market and neighboring countries Russia and China. Communication head Oh Seong-yeop is leading the team to conduct feasibility studies on promoting the tourism industry in

Industry June 13, 2018

It all started from one business magnate who crossed the heavily fortified border in Panmunjeom with a herd of 500 cattle two decades ago, spreading the message of peace to people in the North. Hyundai Group, once the largest conglomerate here long before Samsung’s dominance, became the first South Korean business entity to start business operations under Pyongyang’s rare accreditation. Largely hurt by the 1997-98 Asian Financial Crisis and an ugly family feud, however, Hyundai Group lost most o

Industry June 12, 2018

I remember how much my mother cherished the Tupperware plastic containers she bought from Namdaemun market in late 1980s. Plastic bowls made in US was a revolutionary item for many South Korean housewives and a symbol of modern life. Probably brought by US army personnel and then sold to merchants in markets in Seoul, the Tupperware series always made my mother proud, as they kept food freshly sealed and were safe even if her playful kids threw them around. But not many could afford the American

Industry June 8, 2018

Amid concerns over the political neutrality of the nation’s largest steelmaker, Posco held a council meeting earlier this week to pick a new CEO, officials said Thursday.The council has identified eight candidates from recommendations of around 30 institutional investors with ownership of more than 0.5 percent of shares and seven recruitment agencies. The list includes one non-Korean candidate. The eight candidates will be screened along with 10 candidates who currently work at Posco. The counci

Industry June 7, 2018

Surrounded by growing public antagonism and state pressure, Korean Inc. have been speeding up efforts to improve transparency in their corporate governance, long blamed for allowing the owner families to stay in power despite their small shares in companies.Not only Hyundai Motor, top conglomerates like Hanhwa and Hyosung came up with grand plans last week that they believe would improve shareholders’ rights. And believe it or not, they want to complete such complicated and costly restructuring

Industry June 4, 2018

South Korean textile giant Hyosung officially launched a holding group and four affiliates on Friday to improve transparency in management and corporate governance, officials said Sunday.In the first major change in decades, the textile company will have four operations under a control tower, Hyosung Corp. The CEO post of the holding company will be shared by Hyosung Chairman Cho Hyun-joon and President Kim Kyu-young. President Cho Hyun-sang, the chairman’s younger brother, was named boardroom m

Mobility June 3, 2018

Korea Chamber of Commerce and Industry, the nation’s largest business lobby group, is hosting an annual photo competition from June 1 to Sept. 30, officials said Thursday.Titled “Businessmen’s workplace and life,” the panelists will look for candidates who capture unexpected scenes at workplaces and the people with stories. They also expect to have creative pieces that are also high in photographic quality. The 100 million won ($92,900)-competition is the largest photo competition in Korea. The

Industry May 31, 2018