By Kim Wan-ki Drivers instinctively reach for their seat belts, whether they’re off to work in the morning or heading out for a weekend picnic. According to a 2023 traffic culture index survey, seat belt usage in South Korea reached approximately 85 percent, which reflects the belief that seat belts are an essential safety device protecting drivers from potential accidents. Then, what is the equivalent of a seat belt for export enterprises? How can they safeguard their innovative technol

The business presence of South Korean companies in China has withered palpably in recent years amid toughened competition from local rivals and sluggish domestic demand in the neighboring country, industry watchers said Monday. In September, LG Display Co. sold its liquid-crystal display (LCD) factory in China's Guangzhou to a local company for around 2 trillion won ($1.43 billion), effectively ending China operations of South Korean LCD manufacturers following a similar move by industry

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, held a meeting with its Japanese counterpart on Monday and agreed to strengthen ties in areas of energy, supply chains, and advanced technologies. According to the KCCI, the 13th meeting of the business chamber leaderships of South Korea and Japan was held in Osaka in collaboration with the Japan Chamber of Commerce and Industry. Their last meeting took place in Busan, South Korea, in June 2023. The South Korean sid

The trade ministry hosted a roundtable with South Korean businesses operating in Vietnam on Monday to discuss strategies for addressing potential changes in US trade policies under the incoming administration. The meeting, held in Seoul, came amid potential shifts under the second Donald Trump administration, including the implementation of blanket tariffs on all imports, which are expected to impact South Korean firms operating overseas as well, according to the Ministry of Trade, Industry and

Hyundai Motor Group's chief has mentioned the possibility of collaboration with Japan's Toyota Motor Corp. in areas involving hydrogen-powered mobility. Euisun Chung, executive chair of Hyundai Motor, said, "(Hyundai and Toyota) are discussing hydrogen and trying to collaborate well together." Chung made the remark Sunday while meeting with reporters at the 2024 World Rally Championship (WRC) at Toyota Stadium in Aichi Prefecture, Japan. The remarks followed Chung's meet

South Korean stocks opened higher Monday, led by gains from top-cap Samsung Electronics and other major tech shares. The benchmark Kospi added 19.51 points, or 0.78 percent, to 2,520.75 in the first 15 minutes of trading. The increase was driven by institutional buying, which offset selling by foreigners and retail investors. On Friday, the Kospi rose above 2,500 points for the first time in 11 sessions following a sharp drop the previous week amid concerns over expected policy changes by the

SHENZHEN/CHONGQING, China -- The license plate on the Denza Z9, a high-performance electric vehicle produced by Chinese EV maker BYD, read “10,000,000th” as a group of Korean journalists entered the BYD’s final assembly factory in Shenzhen on Tuesday. BYD celebrated its 30th anniversary with the completion of its 10-millionth car at the manufacturing plant the previous day. The 10 assembly lines at the site were packed with BYD vehicles. A BYD official noted that the day’

CHONGQING, China -- Chinese electric vehicle maker BYD will not focus on sales volume when it debuts in the Korean passenger car market early next year, the EV giant’s Asia Pacific head says. “We will not set a sales target for our first year (in Korea), “said Liu Xueliang, general manager of BYD Asia Pacific auto sales division, in a group interview with Korean reporters at BYD’s headquarters in Shenzhen, China, Wednesday. “Our hope is to give Korean customers hand

Hyundai Motor Group Executive Chair Chung Euisun (left) greets Toyota Motor Corp. Chairman Akio Toyoda Sunday at the Toyota Gazoo Racing Service Park in Nagoya as the final round of the World Rally Championship, FORUM8 Rally Japan 2024, concludes. Thierry Neuville and co-driver Martijn Wydaeghe of the Hyundai World Rally Team won the season’s drivers’ and co-drivers’ championships, a first for Hyundai since its WRC debut in 2014. The event, held on the challenging tarmac stages

Samsung Electronics, the world's largest memory chip maker, is expected to supply its cutting-edge chips to the top graphics processing unit maker Nvidia soon, stepping closer to securing a footing in the lucrative AI chip market. Speaking on the sidelines of a convocation ceremony at Hong Kong University of Science and Technology on Saturday, Nvidia CEO and founder Jensen Huang told Bloomberg Television that the company is "working as fast as it can to certify Samsung's AI memory

South Korea leads the world in industrial robot adoption, with 1,012 robots per 10,000 employees deployed in 2023, according to a global study. The World Robotics 2024 report, presented by the Frankfurt, Germany-based International Federation of Robotics, reveals that the Asian country’s robot density far surpasses other nations. Singapore ranked second with 770 robots per 10,000 employees, followed by China at 470 robots per 10,000 employees. “Robot density serves as a barometer

Doosan Group’s ambitious corporate restructuring plan, which will separate Doosan Bobcat from Doosan Enerbility and merge it into Doosan Robotics, is entering its final stages. Following regulatory approval last Friday, the proposal now awaits a vote at a shareholders’ meeting on Dec. 12, marking the completion of a process that began four months ago. The restructuring process has undergone six amendments to its securities filings since the plan was first announced on July 11, as Doo

Woori Bank CEO Cho Byung-kyu is stepping down in disgrace as legal risks surrounding the bank and its parent group intensify. According to industry sources on Sunday, the board of Woori Financial Group, the holding company of Woori Bank, on Friday decided against reappointing Cho following the expiration of his current term at the end of this year. The decision came hours after local prosecutors filed an arrest warrant for former Woori Financial Chairman Son Tae-seung on charges of breach of tru

The Purme Foundation, a South Korean nonprofit dedicated to helping people with disabilities lead independent lives, has been awarded the Grand Prize at the 2nd annual HD Hyundai Honor Awards. The announcement was made Sunday by the HD Hyundai 1% Nanum Foundation, which organizes the awards. The HD Hyundai Honor Awards were created to spotlight individuals and organizations making a real difference in their communities. Winners are chosen for their efforts to tackle social challenges and promote

The number of newly hired workers in their teens and 20s marked the lowest figure since an official tally has been kept since 2018, a government data showed Sunday. A total of 1.45 million new hires among people under the age of 30 occurred in the second quarter of this year, down 8.6 percent from 1.59 million in the same quarter in last year, according to the Korean Statistical Information Service data by the Statistics Korea. The number of existing jobs held by the same worker for Q2 marked

The US sales expansion of Hyundai Motor Company’s luxury brand, Genesis, may face setbacks with President-elect Donald Trump’s proposed tariff hikes, according to industry sources Friday. The incoming Trump administration, set to begin its term on Jan. 20 next year, reportedly plans to implement up to 20 percent tariffs on most goods from other countries in line with its campaign pledges. Currently, Genesis exports most of its vehicles manufactured in Korea to the US. Hyundai Motor&r

South Korean builder Daewoo Engineering & Construction said Friday that Chairman Jung Won-ju was honored with the Mahatma Gandhi International Award in recognition of his efforts to strengthen economic cooperation and exchanges between South Korea and India. The award, an accolade presented by the New Delhi-based Non-Resident Indians Welfare Society, recognizes international figures who foster mutual understanding and strengthen cultural and economic ties between India and other nations. Jun

SK Group Chairman Chey Tae-won suggested responding to deepening global uncertainties with "design thinking" at the annual Tokyo Forum on Friday. “Most people think design and business are separate disciplines, but both fundamentally share the characteristic of creating new ventures with limited resources,” the chairman said in his opening speech at the event in Tokyo. Chey emphasized the importance of design thinking in the business domain, stating, “CEOs must act

Hanjin Logistics Corporation said Friday it has signed a strategic partnership agreement with DHL Supply Chain Korea, to strengthen collaboration in logistics operations and expand its network in South Korea. The agreement will focus on key industries, including pharmaceutical, semiconductor, consumer goods, automotive and eco-friendly logistics, the company said. Through the partnership, the two companies plan to jointly target new customers, improve logistics efficiency for existing clients, a

Hanwha Ocean said Friday it withdrew its police complaint against rival HD Hyundai concerning the bidding process for the 8 trillion won ($5.7 billion) next-generation Korean destroyer (KDDX) project. In March this year, the shipbuilder filed a complaint requesting an investigation into HD Hyundai executives’ involvement in leaking Hanwha Ocean’s confidential materials related to the KDDX bid, hosted by the Defense Acquisition Program Administration, in 2013. Nine HD Hyundai employee