Among South Korea’s rich stockholders aged under 50, LG Group Chairman Koo Gwang-mo ranks No.1 with an estimated stock value of 2.8 trillion won ($2.55 billion), industry data showed Thursday. Also, in the superrich group of those with stock assets worth more than 1 trillion won, two were chaebol heirs while the other two were self-made men in the up-and-coming entertainment and game industries -- reflecting the market changes over recent years. The number of those under 50 and with s

As the United States prepares to inaugurate Joe Biden as its 46th president, South Korea’s business community on Wednesday took swift steps to align itself with the new Democratic US government that will take charge of the world’s largest economy for at least the next four years. Given that Biden’s policy direction largely centers on reviving multilateralism and boosting green and digital growth -- in tune with President Moon Jae-in’s Korean New Deal package -- local

The American Chamber of Commerce in Korea expressed its discomfort over the recent detention of Lee Jae-yong, the chief of the country’s top conglomerate, Samsung Group. While respecting the court’s decision to put Lee behind bars for bribery, the business association cited the case as an example of a “Korea-unique” business hurdle for global business entities here. “Samsung is an important company with significant global leadership, which was why we were sad

Hankook Tire, the world’s seventh-largest tire maker by sales, will be one of the tire suppliers for Tesla’s electric sport utility vehicle Model Y, industry officials said Monday. The Korean tire manufacturer’s 19-inch tires are currently fitted on Model Y vehicles that are produced in Tesla’s Shanghai plant, which accounts for the Chinese market and other countries around the world. The Korean market, however, is likely to be excluded from the Hankook Tire production

South Korea’s largest conglomerate, Samsung Group, is facing another watershed as chief Lee Jae-yong was once again taken into custody Monday after receiving a jail term for bribery and embezzlement. The departure of Lee from the helm of the group comes at a time when the IT giant is seeking to make progress on its long-pending management succession and to press forward amid the post-coronavirus economic recovery. “Lee should be held responsible for the suggested bribery and embez

As the United States is set to inaugurate Joe Biden as president this week, South Korea’s economy is expected to gain momentum from the upcoming US administration’s pump-priming programs and trade multilateralism, phasing out the uncertainties under Donald Trump. But the enhanced environment-related regulations may pose challenges to Korean companies and the persisting US-China trade conflict will continue to weigh upon Korea’s trade-reliant economy, according to market obse

South Korea’s retail giant Lotte Group needs to undergo innovative changes and portfolio revisions to respond to the post-COVID-19 market changes, the group’s chair said in a call to action, according to company officials Thursday. Chairperson Shin Dong-bin also sent out a reprimanding signal to executives for failing to defend the group’s previous lead in the retail market. “The sluggish management indexes amid the COVID-19 crisis last year indicate that we failed

South Korea has realigned its regulations for eco-friendly vehicles, in an effort to catch up with the quickly changing industry and global enhanced calls for reduced emissions, officials said Thursday. While the discontinued low-speed electric vehicles were removed from the regulatory guidance, articles on microsized electric vehicles were added. Clauses on the maximum speed and travel range for a single charge have also been updated, reflecting the current level of technology. The governm

Family members of chaebol owners are climbing the corporate ladder visibly faster than their peers, reaching the C-suite within a mere five years, industry data showed Wednesday. According to an analysis by corporate tracker CEO Score, it took an average of 4.8 years for chaebol owner family members to be promoted to executive positions. The study was based on 43 family-controlled conglomerates in which both the owner parents and children participated in management. The chaebol offspring join

Hyundai Motor on Wednesday released the teaser for the upcoming Ioniq 5, the first purely electric model based on its electric vehicle platform. The Ioniq 5 mid-sized crossover vehicle is marked with the electric-global modular platform, or E-GMP, which offers a driving range of up to 500 kilometers on a single charge, as well as an ultrahigh-speed 800-volt charger that can charge 80 percent of battery capacity within 18 minutes. The model’s key design features include the Parametric Pi

Kia and Kakao Mobility have established a partnership to expand the supply of eco-friendly electric vehicles here, officials said Wednesday. Officials of both companies met Tuesday at Kia’s headquarters in southern Seoul’s Apgujeong-dong and signed a memorandum of understanding to promote electric vehicle supplies. The strategic orientation of the MOU is to combine Kia’s automobile infrastructure and Kakao’s mobility platform, seeking to advance the convenience of both

South Korea will start doling out the third round of disaster relief funds to small businesses hit hard by the COVID-19 pandemic, officials said Monday. Some 2.76 million people are set to receive up to 3 million won ($2,731), depending on the size and nature of the business. The Ministry of SMEs and Startups has sent out text messages to 2.76 business owners, starting 8 a.m., offering guidelines on the subsidy application and timeline. The beneficiary pool comprises some 116,000 businesses

Kia Corp., South Korea’s second-biggest carmaker and affiliate of Hyundai Motor Group, said Monday that it has rolled out the 2021 version of its flagship premium sport utility vehicle Mohave. The renewed vehicle marks the first product launch since the company changed its logo and brand slogan -- from Kia Motors to Kia Corp. in a move to step beyond conventional automaker to comprehensive mobility platform operator. “The 2021 Mohave is noted for a number of newly added user conve

The National Assembly on Friday passed a bill to enhance employer liability in industrial accidents, amid persistent backlash from business circles. The corresponding bill was laid out to the parliamentary plenary session in the afternoon and obtained 164 votes out of the 266 lawmakers attending, while 44 dissented and 58 abstained. Under these new enhanced rules, employers are to face a minimum jail sentence of one year or a maximum fine of 1 billion won ($915,751), should a deathly industr

Ssangyong Motor is managing to keep its manufacturing operations afloat, as some suppliers are temporarily providing a minimal amount of necessary parts while the automaker works on finding a new investor. “Our manufacturing facilities are fully functional as sufficient parts are being supplied for now,” an official said. “But this is a provisional situation as no official deal has been struck regarding resuming the (once stalled) parts supplies.” In December, the carm

Kim Kyung-wook, former vice land minister, has been nominated as president and CEO of the state-run Incheon International Airport Corp. to fill in the vacuum caused by the predecessor’s dismissal. The airport operator held a shareholders‘ meeting virtually on Thursday and agreed to nominate Kim as the sole candidate for the ninth president and CEO post, officials said Friday. The top post has remained vacant since Koo Bon-hwan was dismissed in September for neglecting his supervis

SK Group Chairman Chey Tae-won is set to be named as the next chief of the Korea Chamber of Commerce and Industry, succeeding incumbent Chairman Park Yong-maan, industry officials said Thursday. The KCCI has so far never been led by a figure at the helm of one of the so-called Big Four chaebol -- Samsung, Hyundai Motor, SK or LG. Chey’s selection is seen as a signal that the KCCI is seeking to enhance its role and stature amid the post-coronavirus market turbulence. The KCCI will conve

Rival political parties on Tuesday reached an agreement to put the bill on industrial accident to a full parliamentary vote this week, seeking to approve the enhanced regulations for employers as early as within the week. With the apparently accelerated legislative timeline, business groups -- especially those speaking for large-size employers -- reiterated their concerns that the bill is set to exert excessive pressure on business operators. Reps. Kim Tae-nyeon and Joo Ho-young, the respecti

Despite the extensive fallout of the COVID-19 pandemic, South Korea’s shipbuilding industry maintained its top spot in the world in order volume last year, outrunning China with a last-minute clinching, data showed Tuesday. According to UK-based global shipping information provider Clarksons Research, the total amount for shipbuilding contracts across the world came to 17.92 million compensated gross tonnage as of Dec. 28. Of the sum, China and South Korea respectively accounted for 7.9

After a year of unprecedented crisis brought on by the pandemic, South Korean businesspeople were realigning themselves for the new year, tense over continuing market disturbances. In their respective New Year’s addresses, conglomerate chiefs all predicted that the market will face an accelerated transformation this year in response to post-coronavirus new norms. The most hopeful was the electronics industry, including the country’s No. 1 tech giant, Samsung Electronics, which has