South Korean oil refiner S-Oil, owned by Saudi Arabia’s Aramco, on Thursday confirmed its $7 billion massive project of building a large-scale petrochemical plant in the nation’s southeastern city of Ulsan. The so-called “Shaheen Project” is the largest investment made in Korea by Aramco that holds 63.4 percent shares in the refiner. The announcement comes as Saudi Arabian Crown prince Mohammed bin Salman was visiting Seoul to hold talks with President Yoon Suk-yeol and b

Industry Nov. 17, 2022

(From left) Former Swiss professional soccer player Pascal Zuberbühler, former Italian professional soccer player Gianluca Zambrotta, former Uruguayan professional soccer player Diego Forlan, Director of the FIFA World Football Museum Marco Fazzone, Hyundai Motor India, M.East & Africa Strategic Region Executive Vice President Kim Un-soo, and former Korean professional soccer player Park Ji-sung pose in front of the Hyundai Motor's FIFA Museum in Doha, Qatar, during its opening cer

Industry Nov. 17, 2022

Volkswagen Korea debuted the new Golf GTI, the eighth-generation of the German carmaker’s gasoline-powered hot hatch, in Seoul on Tuesday before its official launch next month. Since its debut in 1976, the Golf GTI has been recognized as a reasonably priced sports car that popularizes the new car segment “hot hatch.” The upcoming Golf GTI is equipped with the EA888 2.0-liter inline 4-cylinder turbocharged gasoline engine with a maximum horsepower of 245 and a maximum torque of

Mobility Nov. 16, 2022

South Korea’s largest air carrier Korean Air’s buyout of Asiana Airlines faced yet another hurdle, as the US antitrust regulator decided to conduct a more thorough investigation before granting approval of the merger. The US Federal Trade Commission was expected to announce its decision this week, but informed Korean Air on Wednesday it would need more time for a thorough evaluation, according to the Koran air carrier. In March, the US antitrust watchdog evaluated that when merged

Mobility Nov. 16, 2022

Porsche Korea aims to strengthen its brand presence in esports as part of its marketing strategy to reach out to younger customers and let them experience the brand in a new way, according to the carmaker. In response, Porsche Korea signed a partnership agreement with the South Korean esports team DRX last year to support them for three years and host various esports activities. Team DRX, sponsored by Porsche Korea, won the LoL World Championship finals in San Francisco on Nov. 6, scoring 3-2 an

Industry Nov. 15, 2022

South Korea’s Fair Trade Commission chief hinted Monday at tighter scrutiny of local platform operators like Kakao that enjoy an almost monopoly status. Referring to the recent nationwide meltdown of Kakao services following a fire at its main data center, FTC Chairman Han Ki-jeong said there is a need to effectively correct the adverse effects of monopoly power. “We will be revising regulations that hinder innovative companies from entering the online platform market and also regula

Industry Nov. 14, 2022

As the automobile industry transitions towards electrification, GM Korea is establishing new safety measures to address potential risks associated with new technologies in manufacturing electric vehicles. Wayne O’Brien, chief safety officer at GM Korea, told The Korea Herald last week that electrification program does bring different safety exposures, particularly in the form of energy, and that they are in the process of developing robust systems to help employees understand all the criti

Mobility Nov. 13, 2022

South Korea’s biggest startup festival event Comeup 2022 kicked off in Seoul on Wednesday, with SMEs and Startups Minister Lee Young stressing regulatory reform and globalization as the two keywords for the nation’s startup ecosystem. “Regulations that are limiting potential of innovative startups are those that have been implemented during the industrial period. We will be bold in loosening such regulations to help startups open up their wings,” said the minister during

Industry Nov. 9, 2022

Renault Korea said Tuesday it sold a total of 2,007 units of the QM6 in October, as the top-selling LPG SUV increasingly appeals to drivers with its spacious interior and comfortable driving. The sales figure accounted for nearly half of the total car sales of the French carmaker, at 4,339 last month. The car’s exports also surged 41.9 percent to 2,449 units compared to the same period last year. The carmaker picked the car’s spacious interior as the key point of attraction to local

Mobility Nov. 8, 2022

Major business lobby groups on Monday urged the National Assembly to swiftly approve a corporate tax reduction bill that the Yoon Suk-yeol administration introduced in July to help local businesses better respond to widespread fears of an economic recession on time. The nation’s six business groups, led by the Korea Chamber of Commerce and Industry, released a joint statement contending that the new measure should be implemented within this year for it to be effective by the second half of

Industry Nov. 7, 2022

South Korea’s Transport Ministry announced Wednesday that it will begin operating an autonomous driving transportation service that can transport tourists and local residents around Jeju Island starting from Thursday. The autonomous driving vehicles will travel two routes. One will travel 16 kilometers back and forth from Jeju International Airport to the road along the coast of Jeju Island passing through Yongduam Rock and Iho Tewoo Beach, and the other will travel 5 kilometers within the

Mobility Nov. 2, 2022

South Korea's agricultural sector has faced a labor shortage for decades, with aging farmers and a shrinking population. To keep the rural economy sustainable, one solution might be to deploy autonomous machines that are operated through smart connectivity. Gam Byoung-woo, chief of product development division of Daedong Corporation, said his company, the largest agricultural machine manufacturer in Korea, has been offering solutions to precision farming, calling it AgTech. “If tradit

Industry Nov. 1, 2022

South Korea’s Ministry of Land, Infrastructure and Transport will soon announce plans to make the country one of the world's top four in overseas construction capable of winning $50 billion in overseas deals per year by 2027, officials said Monday. Land Minister Won Hee-ryong is expected to emphasize active support in winning big overseas projects by working with the private sector and also support the technological development of the construction and equipment sectors. The government

Industry Oct. 31, 2022

Chung Euisun, chairman of Hyundai Motor Group, visited the Czech Republic to ask for the country's support for Busan’s bid to host the 2030 World Expo, according to the carmaker on Friday. In the meeting with Czech Prime Minister Petr Fiala, Chung explained Busan’s competitiveness and the port city’s future vision for hosting the global event. “Busan Expo seeks nature-friendly life and technology innovation to prepare for a sustainable future and resolve global issue

Industry Oct. 28, 2022

South Korean builder Daewoo E&C held a ground-breaking ceremony of Vietnam Hanoi Starlake B3CC1 Complex, a $500 million development project that involves two multipurpose 35-story buildings in the Vietnamese capital, on Wednesday. Spanning over 211,462 square meters of floor space, the complex will comprise a hotel and offices. Korean hotel chain Hotel Shilla will be responsible for the operations of the envisioned hotel. Dignitaries including Daewoo E&C CEO Baek Jung-wan and Hanoi Peopl

Industry Oct. 28, 2022