As US President-elect Donald Trump assembles his energy team with the aim of expanding oil and gas production in his second term, there may be pressure on allies to import US oil. However, South Korean oil companies, heavily reliant on Middle Eastern suppliers, might hesitate to switch to US crude, industry sources said Monday. Over the weekend, Trump tapped Chris Wright, CEO of Liberty Energy, a natural gas fracking company, as the secretary of energy, and North Dakota Gov. Doug Burgum to head

SK Group Chairman Chey Tae-won (center right, front row), who doubles as chairman of the Korea Chamber of Commerce and Industry; Japan Chamber of Commerce and Industry Chairman Ken Kobayashi (on Chey's right) and other business leaders from both countries pose for a photo during their annual meeting held in Osaka on Monday. The two chambers agreed to strengthen ties in the areas of energy, supply chains and advanced technologies at Monday's meeting. In his opening remarks, Chey stresse

Hyundai Capital Services, the financial arm of Hyundai Motor Group, announced Monday the official launch of its Australian subsidiary, Hyundai Finance Australia, marking its 12th overseas expansion in automotive financing. The new entity will provide tailored financial solutions for Hyundai Motor customers in Australia, offering a wide range of products such as installment plans for new and certified pre-owned vehicles. Among its offerings is the flagship Guaranteed Future Value program, which p

South Korean banks will head to Las Vegas next January for CES 2025, with some set to showcase their latest artificial intelligence-driven financial technologies at the world’s largest consumer electronics event. Among the participants will be Shinhan Bank, returning for a third consecutive year to host its own booth at the global expo. This year, the bank will highlight two of its newest innovations -- "AI Investment Mate" and "AI Branch." "AI Investment Mate,&quo

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, is looking to expand relations with Chinese electric vehicle giant BYD in an apparent move to diversify its profit sources outside of Hyundai and Kia. According to industry sources Monday, a group of Hyundai Mobis officials visited BYD’s headquarters in Shenzhen last month. Currently, Hyundai Mobis supplies steering parts to BYD, the No. 1 EV maker in China. During the visit, sources say, the two companies discussed ways

Posco International, the trading and energy arm of Posco Group, announced Monday that its local subsidiary has completed the first gas processing plant in Queensland, Australia. In April 2022, Posco International acquired Senex Energy together with Hancock Prospecting. It aims to triple Senex's annual natural gas production from 20 petajoules to 60 petajoules, enough to produce approximately 1.2 million metric tons of liquefied natural gas. Senex Energy has initiated commissioning tests for

Kumho Tire’s European branch president Cho Nam-hwa (right) and Hawks Chief Commercial Officer Andrew Saltzman hold a jersey to mark Kumho’s new sponsorship of the Atlanta Hawks. This partnership gives Kumho prominent exposure at the team’s State Farm Arena. With roots in Georgia, where it runs a factory and logistics hubs, Kumho also plans to support local communities with volunteer events and youth outreach programs. Fans can expect exciting extras, too, like autograph session

Samsung SDI is charging ahead to claim a bigger slice of the electric vehicle battery market, bolstered by new supply agreements, upcoming product launches and accelerating demand for EVs, particularly in Europe. One of the company’s latest moves is expanding its supply with Audi. Samsung SDI recently began supplying batteries for two of Audi’s EV models, the E-Tron 50 Quattro and E-Tron Sportback 50 Quattro, which previously used batteries from LG Energy Solution. Of the 14 Audi EV

Shinhan Life, the life insurance arm of Shinhan Financial Group, has partnered with US-based asset management firm Apollo Global Management. The South Korean insurer announced Monday that the two firms signed a memorandum of understanding to enhance Shinhan Life's asset management capabilities and secure diverse investment opportunities using Apollo's specialized investment platform and advisory services while bolstering Apollo's presence in Korea. The partnership will include a

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 technolo

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