Third-generation members of business families moving up the executive ladder Third-generation chaebol family members appear to be rapidly consolidating their positions at the country’s largest conglomerates. Among the grandchildren of chaebol founders, Hyundai Motor Group’s Chung Eui-sun is taking the fastest route to the top. On Aug. 20, 2009, Hyundai Motor Group promoted chairman Chung Mong-...

NEW YORK (AP) ― Google is making its largest investment yet in clean energy in an effort to help private homeowners put solar panels on their rooftops. The $280 million deal with installer SolarCity is the largest of its kind. SolarCity can use the funds to pay for a solar system that it can offer to residents for no money down. In exchange, customers agree to pay a set price for the power produ...

DETROIT (AFP) ― With its turnaround in North America essentially finished, Ford Motor Co. is looking to the next act in its comeback by building its business in Asia’s emerging markets. Ford plans to grow global sales by 50 percent over the next four years with a strong push into markets such as China and India, chief executive officer Alan Mulally said last week. “We are rapidly making the tra...

Airbus, the world’s largest aircraft manufacturer, said it would look to develop planes which all passengers can enjoy the view by 2050. In the plane, people would no longer have to grab a window seat to get a glimpse of sky, but could enjoy the views through glass ceilings. There also will be no division of classes of seats, it said. Charles Champion, executive vice president of Airbus, told r...

POSCO opened its first overseas thick-plate processing center in China on Tuesday. These are steel plates thicker than 6 millimeters used in shipbuilding and heavy equipment production. The center, POSCO-China Dalian Plate Processing Center or POSCO-CDPPC, is located on Changxing Island of the coast of Dalian in Liaoning province, Northeast China. “China was chosen for the site of the company’s...

Korea plans to develop unmanned boats for maritime research and surveillance by investing 20 billion won ($18.5 million) over the next five years, the government said Tuesday. The automated boats will sail at a speed of up to 90 kilometers per hour within a 16 kilometers radius and avoid collisions with other vessels or obstacles, the Ministry of Land, Transport and Maritime Affairs said in a st...

Samsung Electronics announced on Tuesday that it has begun its London Olympics promotion campaign. The promotion campaign sponsored by Samsung Electronics, which is the event’s official mobile telecom sponsor, will be held under the theme “Everyone’s Olympic Games.” The company also began the process of selecting the runners for the torch relay. Samsung Electronics plans to select young people ...

Korea Aerospace Industries on Monday held a reception marking the export of its T-50 trainer jets to Indonesia. The T-50 is the country’s first supersonic jet developed in collaboration with the U.S. defense giant Lockheed Martin. The project took 2 trillion won ($1.8 billion) and 13 years to produce the T-50. Under the $400 million contract, signed last month, with the Indonesian defense minis...

Samsung Electronics and SK Telecom were picked as the best companies for people to work in a survey released by an economic consulting firm on Monday. The Korea Management Association Consultant said Samsung Electronics received the highest marks in manufacturing and SKT was rated No. 1 in service providers when selecting the top company to work for in Korea in a survey answered by 5,214 people....

Zhangjiagang Pohang Stainless Steel, a China-based stainless steel subsidiary of POSCO, on Monday completed the facility expansion project that pushes up its annual production capacity to 1 million metric tons. Located in Zhangjiagang, Jiangsu Province, Zhangjiagang Pohang Stainless Steel or ZPSS is 82.5 percent held by POSCO. The remaining 17.5 percent is held by China’s Shagang Group. POSCO al...

Electronics maker pledges further greenhouse gas emission cuts, labor rights promotion LG Electronics vice chairman and CEO Koo Bon-joon called for the electronics maker to commit to the basics in its sixth sustainability report issued last month, the Seoul-based company said on Monday. “The most important principle for a company to maintain its sustainability is essentially to secure competenc...