Articles by Cho Chung-un
Cho Chung-un
christory@heraldcorp.com-
Hyundai E&C, Hyosung removed from sustainable biz index
Four industrial companies -- Hyundai Engineering and Construction, Hyundai Steel, Daelim Industrial and Hyosung -- will be removed from a list of the top 150 businesses that enhance corporate transparency by the Korea Exchange, according to the nation’s sole securities exchange operator on Thursday.Based on the latest evaluation of listed companies on their efforts in enhancing corporate transparency in environmental, social and corporate governance, the four firms will be excluded as of March 2
Industry March 22, 2018
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Park Yong-maan re-elected as KCCI chairman
The incumbent chairman of the Korean Chamber of Commerce and Industry was unanimously re-elected as the head of the organization representing the interests of businesses here on Thursday.Accepting the chairman post, Park Yong-maan said he would turn the KCCI into a private think tank to better provide policy suggestions on industries, economy and labor. Korean Chamber of Commerce and Industry Chairman Park Yong-maan (KCCI)“The KCCI will make full-pledged efforts to provide ideas on policy altern
Industry March 22, 2018
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Hyundai receives 733 preorders for Nexo on first day
Hyundai Motor received a total of 733 preorders on the first day of opening for its Nexo, the automaker’s latest sport utility vehicle powered by fuel cells, the company said Tuesday.The number of preorders is three times more the number of vehicles subject to the government’s subsidy, reflecting its popularity, officials said. Hyundai Vice Chairman Chung Eui-sun (right) poses with Chris Urmson, CEO of Aurora, at a press conference held to unveil Nexo on sidelines of Consumer Electronics Show i
Mobility March 20, 2018
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Kia starts preorders of K9, plans to sell 26,000 a year
Kia Motors, sister company to South Korean auto giant Hyundai Motor, has started preorders of all new K9, the largest model of its signature K-series here, with an aim to sell 20,000 units a year, the company said Tuesday.At a media session held to unveil the all new K9, the carmaker’s vice president Kwon Hyuk-soo said it also plans to sell the luxury sedan overseas in the second half, setting the sales target at 6,000 a year.A K9 sedan displayed at Salon de K9 in Seoul (Kia Motors)Calling it th
Mobility March 20, 2018
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Korea Midland Power seeks to expand overseas projects
Korea Midland Power, an electricity provider based in Boryeong, South Chungcheong Province, is seeking to enter markets abroad, following a series of successful projects in Southeast Asia, the company announced Monday.An affiliate of state-run power provider Korea Electric Power Corp., Komipo finished construction of a coal power plant on the island of Java, Indonesia, last year as part of a trilateral venture. The Korean company holds a 27.5 percent stake, with Japan’s largest trading company M
Industry March 19, 2018
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Global sales of Kia’s Sportage surpass 5 million mark
The accumulated sales of Sportage, a 25-year-old sport utility vehicle from Kia Motors, has surpassed 5 million units, the company said Monday. The sister company to South Korean auto giant Hyundai Motor has sold a total of 5,003,537 of the midsized SUV around the world since its market debut in 1993. Of the total, more than 13 percent, or 684,186, units were sold on the domestic market, while the rest were either manufactured at the company’s overseas plant or shipped to foreign markets. Sporta
Industry March 19, 2018
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Where is SK’s W80tr investment headed?
South Korean telecom and energy giant SK Group has rolled out a plan to invest 80 trillion won over the next three years in semiconductor and renewable energy, as well as mobility and bio industries, offering a glimpse into its long-term growth strategy.SK Group Chairman Chey Tae-won outlined his plans in a meeting between Finance Minister Kim Dong-yeon Wednesday, vowing to hire 28,000 more workers during the course of the investment. Finance Minister Kim Dong-yeon (left)and SK Group Chairman Ch
Industry March 15, 2018
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LS builds magnet wire plant in Serbia for Europe expansion
LS Group, a South Korean conglomerate, has broken ground on a new plant in Serbia to produce magnet wire targeting the European market, the company said Thursday. LS Group Chairman Christopher Koo speaks at a groundbreaking ceremony of a magnet wire plant held in Serbia on Wednesday. Essex is LS` US subsidiary. (LS Group)The project is being carried out by its US subsidiary Superior Essex. The group has invested 18.5 billion euros ($23 million) to build the plant, which will be capable of produc
Industry March 15, 2018
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[Newsmaker] Engle in tug-of-war over fate of GM Korea
A week after General Motors announced that it would be shutting down one of its plants in South Korea, an executive in charge of the US carmaker’s overseas operations made yet another rare move. On Feb. 20, Barry Engle, the president of GM International, visited the parliament to meet lawmakers apparently uneasy over the carmaker’s restructuring plan. While shaking hands with lawmakers suspicious of the fate of GM’s remaining operations here, he said that the carmaker wants to stay and continue
Mobility March 13, 2018
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KDB chairman puts ball in GM’s court
The state-run Korea Development Bank will review injecting fresh investment into ailing GM Korea after examining the viability of its profit structure, its chief said Thursday.Chairman Lee Dong-gull of the KDB told reporters that he had made a “verbal commitment” to the President of GM International Barry Engle that he would consider making fresh investment into the US carmaker’s local unit on the condition of the company presenting a self-rescue plan. But regarding the carmaker’s request to han
Mobility March 8, 2018
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[News Analysis] End of a chaebol era? Unlikely
For Scott Park, a 42-year-old businessman in Seoul, seeing Samsung’s de facto chief paraded in handcuffs at the height of the presidential bribery scandal last year was not something that he thought he could expect just a few months earlier. To him, Samsung has always been a prime representation of the South Korean economy, more so in recent decades, as the conglomerate has pulled far ahead of its rivals, led by Lee Jae-yong with a global reputation to claim for.“It was because of how we grew up
Industry March 7, 2018
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#MeToo spreads to business sphere, partially
A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with shares of companies even remotely related to the politician collapsing rapidly on Tuesday.Share price of BG
Industry March 6, 2018
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GM Korea suffers record operating loss last year
GM Korea suffered a record operating loss of 800 billion won ($736 million) last year, further aggravating its high number of debts largely due to a strategy shift by its head office, according to provisional data submitted by the carmaker.The local unit of the US carmaker suggested the estimated figures to the government while asking for cash last month. Data showed that the company posted annual losses for four straight years. In 2014, GM Korea saw 148.6 billion won in operating loss, followed
Mobility March 1, 2018
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Wage talks at GM Korea end without progress
Resumed wage talks between union representatives and management of GM Korea ended without progress on Wednesday, while unionized workers held a sit-in protest in the heart of Seoul, demanding the carmaker withdraw its decision to shutdown a plant in Gunsan.Both parties were resuming the talks for the first time since GM‘s surprise announcement to close one of its three plants last month. The management reportedly came with an intensive restructuring plan to freeze all wages and skip bonuses, as
Mobility Feb. 28, 2018
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Mahindra partners LG Chem for India’s EV push
Mahindra & Mahindra, an Indian conglomerate and the owner of South Korean carmaker SsangYong Motor, will jointly develop rechargeable batteries to accelerate its electric vehicle business, the company said Monday evening.“LG Chem will develop a unique cell exclusively for India application and also supply lithium-ion based on nickel-manganese-cobalt chemistry with high energy density,” Mahindra said in a statement.The battery cells will be deployed in electric vehicles to be manufactured by Mahi
Mobility Feb. 28, 2018
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