For South Korea’s electric vehicle business, 2020 apparently served as a turning point with global players such as Tesla on the up and up and the ongoing COVID-19 pandemic raising the alarm about environmental pollution by internal combustion engines. In the new year, this growing market is anticipated to take long strides on the back of prolonged government subsidies and carmakers’ paradigm shift towards ecofriendly vehicles. The number of newly registered passenger EVs here came

Amid the worldwide crisis known as COVID-19, South Korea’s industries have faced mixed fates this year, with some riding on the effects of the pandemic, strict social distancing rules and accompanying market turbulence and others succumbing. On momentum from the contactless consumer trend, the information technology sector has thrived, apparently ending years of sluggish semiconductor sales. The biotechnology industry has basked in the spotlight as companies raced to develop diagnostic

Hyundai Motor Group said Wednesday that nine products from its three auto brands have won prizes for transportation design at the 2020 Good Design Awards. The All-New Avante (launched in the US under the name Elantra), Concept Car 45, Prophecy, Hi-Charger, K5, Sorento, G80, GV80, Genesis Copper Design Theme were all selected, South Korea’s second-largest conglomerate said in a release. The three car models by Hyundai Motor -- All-New Avante, Concept Car 45, and Prophecy -- were all mark

Overwhelmed by the unprecedented COVID-19 pandemic this year, South Korea’s conglomerates have gone all-out to overhaul their business structures in light of the crisis. Additionally, key groups embraced leadership changes, with third or fourth-generation scions officially taking the front line, and appointed young talents to strategic posts -- signaling a new generation cycle in the business realm. Stepping into the spotlight was Lee Jae-yong, chief of the No. 1 conglomerate Samsung Gr

Germany-based Delivery Hero will concede its food delivery services Yogiyo as a cost of acquiring Woowa Brothers, the operator of market champion app Baemin, officials said Monday. The apparently reluctant decision came after South Korea’s antitrust watchdog disapproved the monopolistic merger of the top two apps in the fast-growing food delivery market. “We request that the Fair Trade Commission send the final notice in the first quarter next year,” the company posted on

The head of South Korea’s leading business lobby group called for additional legislative measures to minimize the side effects of the so-called fair economy laws, which have caused concern among business operators here. He added that Asia’s fourth-largest economy should refrain from relying too much on a fast-paced recovery, as the effects of the pandemic are likely to be enduring, and extraordinary measures entail fiscal repercussions later on. “Thanks to the health authorit

SsangYong Motor, which recently filed for court receivership due to a liquidity crunch, said Thursday that its parts delivery deadlock is showing signs of alleviating as one of the key partners resumed supply. “Hyundai Mobis has announced that it will start supplying head lamps again, starting Dec. 29,” said an official of the company. The cash-strapped automaker had announced Wednesday that it will suspend the operation of its Pyeongtaek factory on Dec. 24 and 28 after its suppli

South Korea’s major e-commerce platform operator Coupang said Thursday that it has launched Coupang Play, an over-the-top service that provides unlimited streaming to premium membership holders. Vying with global players such as Netflix and incoming Disney Plus, as well as a number of domestic rivals, Coupang Play will tap the video content market by bundling it with their Rocket Wow Club service at the existing price of 2,900 won ($2.63) per month. The application for Android mobile ph

Kim Young-hoon, chairman of South Korean energy conglomerate Daesung Group, has received top-grade recognition for his contribution to the country’s energy efficiency, the company said Tuesday in a release. The businessman was awarded the Distinguished Silver Tower Order of Industrial Service at the 2020 Korea Energy Awards, held at the Grand InterContinental Seoul Parnas Hotel. The newly added Silver Tower is the highest acclaim for the Korean energy sector, outrunning the Bronze Tower,

South Korea’s business circles protested Tuesday against the ongoing legislative move to enhance their safety management responsibilities and to hand down sanctions, including the possible imprisonment of a top official. “We fully agree to the legislative intent to better protect workers’ safety and to prevent industrial accidents,” said the country’s key business groups in a joint rally held at the Korea Federation of SMEs headquarters in Yeouido, western Seoul.

Due to the repeated resurgence of COVID-19 and the prolonged market fallout, the contactless business trend has become an inevitable reality even for hardcore manufacturing sectors such as automobiles. While major carmakers sought to expand online promotion channels for their newly launched vehicles, tire companies focused on providing non-face-to-face callouts for repairs and replacement. Genesis, the luxury automobile brand from South Korea’s second-largest conglomerate, Hyundai Motor

The state-run Korea Trade-Investment Promotion Agency is holding a “hybrid” exhibition in Vietnam’s Ho Chi Minh City in an effort to help small- and mid-sized Korean firms, the agency said Friday. KOTRA opened a Korean booth at the Saigon Exhibition and Convention Center, as part of the three-day specialized exhibition that runs from Thursday to Saturday. The event was organized by the city’s Department of Industry and Trade to help businesses boost production, develop

Mercedes-Benz Korea is sponsoring the year-end League of Legends event, in an extended move to promote the prestige automobile brand to the young generation, the company said Friday in a release. The 2020 League of Legends All-Star Event kicked off Friday to run until Sunday, in which the German automaker is to take part as the sole official partner. In September this year, Mercedes-Benz Korea became the first luxury car brand to be named the official partner of LOL publisher Riot Games and s

While South Korea reels under the third wave of COVID-19 infections and its consequences, leading conglomerates here are making gestures to alleviate the top priority dilemma for health authorities -- the shortage of sickbeds and medical facilities. SK Group, the country’s third-largest conglomerate in assets, said Thursday that its decision-making body SUPEX Council has donated 12 billion won ($11 million) to the Community Chest of Korea. The latest contribution not only came as part w

LS Cable & System, the world’s third-largest wire and cable maker by sales, said Thursday that it has won a submarine cable supply deal worth around 200 billion won ($183 million), marking the largest deal of the kind in more than 10 years. Slated to be completed by end-2023, the given project aims at connecting South Jeolla Province’s Wando to Jeju Island by installing some 90 kilometers of high voltage, direct current -- or HVDC -- submarine cable. LS C&S will be undert

Hanwha Corp. and Hanwha Defense, the two defense affiliates of Hanwha Group, have signed an agreement on collaborative research and development of key defense items and technologies, officials said Wednesday in a release. The Cooperative Research and Development Agreement -- CRADA -- was signed Dec. 10 by the US Army Combat Capabilities Development Command Armaments Center -- DEVCOM AC -- and the two Hanwha affiliates. CRADA refers to a cooperative mechanism that enables the US government

South Korea’s eighth-largest conglomerate GS Group has donated 4 billion won ($3.67 million) to the Community Chest of Korea, in a gesture to help the socially vulnerable, the group said Wednesday. The business group has been making year-end donations to the charity organization since 2005 and the latest contribution has brought the accumulated total amount to 60 billion won. “We hope to offer help and comfort to those who are going through difficult times due to the COVID-19 cris

South Korea’s conglomerate owner families are increasingly turning away from the political world and seeking matrimonial ties with peer chaebol families, corporate tracker data showed Wednesday. Of the incumbent conglomerate owners’ offspring, the majority have married other “chaebol kids,” reflecting the growing preference within business circles for inherited wealth. According to data compiled and released by CEO Score, 153 out of 317 chaebol owner family members,

South Korea’s second-largest conglomerate Hyundai Motor Group on Tuesday named the new chief for its flagship automaker unit, while promoting key leaders in future mobility sectors to affiliates’ top posts. The latest personnel reshuffle, marking the first of the kind since Chung Euisun was promoted to the group chairman position, was seen as the Korean auto group’s augmented signal to trail its blaze in future growth domains amid prolonged economic challenges and accelerati

South Korea’s listed companies are under growing pressure to overhaul their audit systems in time for their regular shareholders meetings, slated for February and March next year, due to a new set of corporate regulations set to take effect soon. As the new rules restrict the voting power of owner families in the appointment of auditors, conglomerates will focus on defending their managerial authority from external influence while smaller businesses are likely to struggle to attract qual