A consortium proposing the development of a casino-driven integrated resort on Yeongjongdo Island in Incheon has won the business license to do so, the Ministry of Culture, Sports and Tourism said Friday. The island is where Incheon International Airport is located. Inspire Integrated Resort, a special purpose company, jointly set up by U.S.-based casino operator Mohegan Sun, Incheon Airport and KCC, a leading Korean construction materials maker, won the heated bid, the ministry added. The compa

Tivoli, Ssangyong's compact SUV, was selected as the best family car in Belgium.　For marketers, the car industry is one of the most difficult sectors as no single factor determines customers’ decision to buy one of their biggest assets. While some consumers focus on the design of a car, others are obsessed with the emblem of luxury car brands. 　For those in their 20s and 30s whose wallets are relatively slim, price has been one of key factors that affects their car buying decision. However, mill

A group of unionized pilots at Korean Air conduct a silent rally in front of Korean Air’s headquarters near the Gimpo International Airport on Thursday. Yonhap　Korean Air, the nation’s largest flag carrier, requested a court injunction Thursday to put an end to a strike by pilots, claiming their union vote was “invalid.” 　The Korean Air Pilot Union, one of the two pilot unions in Korean Air, went on a strike last Saturday a day after a majority of about 1,900 unionized pilots voted in favor, whi

KOTRA CEO Kim Jae-hong   The Korea Herald  Korea will shift its focus from conglomerates to small and medium enterprises for reviving falling exports along with structural changes, the head of the state-run investment and export promotion agency said Wednesday.“The outlook for the nation’s outbound shipments this year looks grim not only because of the prolonged global economic downturn but also due to structural issues,’’ said Kim Jae-hong, CEO of Korea Trade-Investment Promotion Agency, during

  With the season for annual shareholders meetings of the nation’s conglomerates approaching, the limelight is on SK Group chairman Chey Tae-won once again. 　Two months ago, the business tycoon suffered a public backlash with his confession about an extramarital affair and a love child. This time, attention is being paid not to his personal life but to his return to the executive board of key affiliates of the nation’s third-largest conglomerate. 　One reason why the chairman’s move is drawing pu

　Andrea Baldi, head of the Asia-Pacific region at Lamborghini, makes a presentation of the company and its business before unveiling Huracan LP 580-2 at the launch event in Seoul, Friday. SQDA Motors The yellow colored Lamborghini 580-2, a two-wheel drive version of the Huracan SQDA Motors 　　 Sales of Lamborghini sports cars came to a standstill last year not because of the prolonged economic slowdown in Korea but because of financial difficulties faced by its Korean car dealer Charmzone. 　This

  Kia Motors, the nation’s second-largest carmaker, is ready to debut Niro, its first hybrid sport utility vehicle, in Europe by hosting a media preview event in Frankfurt, Germany, on Wednesday.　Kia plans to officially debut the compact SUV in Europe during the 86th Geneva International Motor Show in Switzerland between March 3 and 13.　Early this month at the Chicago Auto show, the Korean automaker unveiled Niro, developed on the same platform with its sister firm Hyundai Motor’ Ioniq hybrid, f

 A deal with German luxury carmaker Mercedes-Benz is expected to give a boost to SK innovation’s electric vehicle battery business, analysts said.　SK Innovation, the holding company of SK Group’s energy-related businesses, announced Wednesday that the company had been selected as a lithium ion battery cell supplier for Mercedes-Benz passenger cars. 　It is the fourth major battery deal that SK Innovation has won from a global automaker, following others with Hyundai Motor Group, Beijing Automotiv

Lexus Korea CEO Akihisa Yoshida makes opening remarks during a launch event for the all-new Lexus RX SUVs at the Hotel Shilla in Seoul on Wednesday. Lexus Korea   Lexus Korea will continue to focus on hybrids and SUVs for growth this year, the Japanese carmaker’s chief executive officer said Wednesday. 　“The cheap oil prices are expected to affect sales of hybrid cars in Korea, but the company will continue to expand the lineup of hybrid cars under a mid- and long-term vision,’’ Lexus Korea CEO

   POSCO filed a defamation lawsuit against a former senior company official Monday, a rare move by the nation‘s top steelmaker stressing family values in its corporate culture.An employee passes by the corporate logo of POSCO. Bloomberg　Jeong Min-woo, former leader of external relations who was in charge of dealing with government affairs, has organized a one-person demonstration with a picket reading “Dear President, Save POSCO’’ near the presidential residence in central Seoul, since Feb. 5. 

Driving shot of Renault Samsung‘s new midsize sedan SM6 RSM　　    A series of new car launches by local car manufacturers this year are heating up the family sedan market.　Renault Samsung, the local unit of French automaker Renault, jumped into the race last month by debuting SM6, the locally-adjusted version of Talisman, Renault’s premium midsize sedan. 　SM6 is a strategic new model with a mission to reclaim the status of Renault Samsung as the nation’s third largest automaker after Hyundai Moto

    Driverless cars might be spotted on roads in Korea from March as the Ministry of Land, Infrastructure and Transport will start receiving applications for test drives of such cars from Friday. 　“With the move, the applicants -- companies or individuals -- will be able to test their autonomous driving technologies in the designated zones on the highway or city roads as early as in March,” Kim Chang-ki from the ministry said. 　To get approval for a test drive, applicants have to get insurance a

Innisfree, a subsidiary of AmorePacific, became the number one road shop cosmetics brand in sales for the first time last year, overtaking The Face Shop which has fallen to second place, industry sources said. “Road shops” refer to a market segment in Korea made up of stores which sell only one brand of products. According to the 2015 earnings of AmorePacific, released Tuesday, sales of Innisfree products jumped 30 percent to 592.1 billion won ($485.3 million).At first glance, Innisfree’s sales

   Lotte Group founder Shin Kyuk-ho may face a prosecution probe over suspicions of false information reporting over his ownership of the retail giant, the Fair Trade Commission indicated Monday.　“We found differences between data in regulatory filings submitted by Lotte last year, regarding general chairman Shin’s shareholdings in Lotte affiliates, and our investigation results,” an FTC official said.　The antitrust watchdog said it would consider bringing Shin to the prosecution if the suspicio

The 2015 corporate earnings this week showed that the manufacturing industry, once the backbone of the nation’s exports-driven economic growth, is losing steam at a fast pace.　The nation’s top two manufacturers -- Samsung Electronics and Hyundai Motor -- recorded a double digit year-on-year fall in their net profit last year, squeezed by falling demand in major overseas markets and growing competition from cheap rival products. Samsung Electronics and Hyundai Motor announced a 19 percent and a 1

   Despite record sales of 91.96 trillion won ($76.45 billion) in 2015, Hyundai Motor’s operating profits plunged 15.8 percent from a year ago, the lowest level since 2010.　The nation’s largest carmaker recorded a 3 percent increase in sales from a year ago, however its operating profits shrank to 6.36 trillion won, the company said Tuesday.　photo: A Hyundai Motor Tucson sport utility vehicle stands on display at the 16th Shanghai International Automobile Industry Exhibition. Bloomberg　Last year

          JS Communications, fully-owned by Lee Jae-hwan, the chairman of CJ Group’s younger brother, is being investigated by the Fair Trade Commission over deals with its sister firm CJ CGV, according to industry sources Monday. 　JS Communications, the screen advertising arm of the nation’s food and entertainment giant, has offered services to CJ CGV, the nation’s largest multiplex cinema chain, since its foundation in 2005. 　“We can only confirm that officials from the Fair Trade Commission c

   A bulk cargo ship run by Hyundai Merchant Marine HMM   Hyundai Merchant Marine, facing a liquidity crisis, is reportedly in negotiations with local private equity firm Hahn & Company for the sale of its bulk cargo shipping business. 　The target for sale is the company’s business on shipping fuel sources like iron ore and coal used for power generation.　The deal amount is forecast to reach about 600 billion won ($495 million) as the private equity firm reportedly offered a cash payment of 100

   POSCO, the nation’s top steelmaker, is likely to post a net loss in 2015, weighed by excessive supply by Chinese rivals and weak demand in the global steel market, according to industry sources Tuesday.   The forecast is based on the combined performance of its affiliates, including POSCO Energy, Daewoo International and POSCO Engineering & Construction. Its core steelmaking business will continue to remain profitable, the sources added. 　POSCO’s worst-ever performance in 2015 has been expect

The nation’s flagship carrier Korean Air faces a bumpy ride as its two pilot unions plan to cast a vote on the pay raise proposed by management -- 1.9 percent increase over 2015. “The unions have developed action plans, including a partial walkout, in preparation for the rejection of the proposal,’’ Seo Sang-won from the Korean Pilot Union said. About 1,900 members of the KPU and the New Korean Air Pilot Union will vote on the company proposal until Jan 29. Industry watchers forecast the airline