The sharing economy can simply refer to well-known platforms like Uber and Airbnb, or in the broader sense of all democratized marketplaces. Unlike its vibrant use in North America, though, the term remains relatively unfamiliar to the public here. Now a Korean chaebol is seeking to bring this economic concept to life in the South Korean market.Chey Tae-won, the chairman of telecom and energy giant SK Group and the nation‘s fifth-richest man, according to The Investor, has been pursuing ways to

Korea’s antitrust watchdog said Thursday it would correct what it called an error in its guideline on conglomerates’ cross-shareholding structure, a decision that would force a Samsung affiliate to sell more of its stake in Samsung C&T Corp., the de facto holding company of the tech giant. In December 2015, the Fair Trade Commission had set the guideline with regard to a merger between Samsung C&T and Cheil Industries, prohibiting the conglomerate from strengthening its shareholding chains by th

Hyundai Motor has completed the development of a voice-recognition personal assistant jointly developed with a US tech company, and will adopt the service in cars to be released in 2019, the company said Thursday.The voice-recognition platform called Intelligent Personal Agent controls in-car systems and features, and provides information for drivers on a real-time basis, the company said in a statement.The South Korean carmaker will unveil the connected car service at the Consumer Electronics S

Premium steel products and an engineering solution by Posco were used for the construction of major facilities for the PyeongChang Winter Olympics, the company said Wednesday.Posco, the nation’s largest steelmaker, supplied steel products for the construction of major buildings at sites for the sporting event including the International Broadcasting Center, media residence and Gwandong Hockey Center. The company said it had tailored steel structures for the construction of the broadcast center t

A combined heat and power plant in northwestern China invested by LG International Corp., the trading arm of South Korea’s LG Group, has recently started operation, the company in Seoul said Wednesday. Combined heat and power plant in Wuwei, Gansu Province, China (LG International Corp.)In 2015, the company formed a joint venture with Gansu Province Electric Investment Group Corp. to build a power plant capable of generating 700 megawatts of electricity. Built on 410,000 square meters of land, t

CJ Cheiljedang, the food arm of CJ Group, will secure 20 percent of shares of the group’s logistics unit to become a sole affiliate under CJ Corp., the holding company of the conglomerate, it said Tuesday. The logistics arm of CJ Group will also merge with the conglomerate’s construction unit to create synergy in building logistics centers and other related businesses, it added.The company has decided to secure 20.1 percent of CJ Logistics’ shares currently held by KX Holdings, formerly known as

SsangYong Motor’s G4 Rexton led the growth of the large sport utility vehicle segment in South Korea this year, according to market data Tuesday.As of October, a total of 77,516 units of large SUVs were sold, a 29 percent increase from last year, according to data compiled by the Korean Automobile Manufacturers Association. SsangYong`s Rexton G4 (SsangYong Motor)Since its debut in May, more than 13,000 units of the G4 Rexton have been sold, taking the top position in the market segment.The G4 Re

The Korean auto industry is still reeling from unsettled labor disputes that are likely to extend into next year amid sluggish sales as well as the fallout from a diplomatic row with China this year. Hyundai Motor, the nation’s largest carmaker, and GM Korea, the Korean branch of the US carmaker, are unlikely to reach agreements with their respective labor unions over wages this year, according to industry watchers Monday. (Yonhap)If they fail to narrow differences in the remaining two weeks of

Skyscrapers are not just buildings that are tall, but are the outcome of a complex combination of evolving technologies. From highly sophisticated engineering techniques to futuristic elements, today’s skyscrapers have absorbed the latest technology to realize a luxurious human dream.The challenge when building a skyscraper is how to overcome the forces of nature -- wind, heat from above and below and natural disasters that can happen without warning.The key to overcoming these challenges is in

Samsung Electronics and Revono, a US mobility software company, will collaborate to develop “highly-automated vehicle technology,” the two companies said Wednesday. The two have been working together since the beginning of this year on enabling the Smart Machines Group under the Samsung Strategy and Innovation Center to use Renovo’s Aware operating system in its first fleet of test vehicles in California, the US company said.Aware is a scalable automated mobility operating system which merges so

The sales volume of automotive steel processed at Posco’s plant in Suzhou, China, has surpassed the 5 million ton mark, riding on the fast-growing car market in the country, the company said Wednesday. The plant, located west of Shanghai, known as China’s auto cluster, has reached the 5-million-ton mark faster than any other plants operated by Posco around the world, it added in a statement. Workers at Posco Suzhou plant celebrate the plant surpassing 5 million ton mark of selling automotive ste

South Korean President Moon Jae-in will visit Hyundai Motor’s newly built assembly plant in Chongqing, southwest China, Friday during a state visit, Cheong Wa Dae said Tuesday.The plant is the fifth manufacturing facility in China for Hyundai. A 50:50 joint venture set up by Hyundai Motor and Beijing Automotive Group invested a combined $1 billion to build the plant capable of producing 300,000 vehicles a year. Hyundai Vice Chairman Chung Eui-sun is expected to accompany the president, the compa

If a US safeguard is implemented on products manufactured by South Korean appliance makers, the number of washing machines imported to the country is expected to half, according to a report compiled by a US trade watchdog.In the final report on its Section 201 investigation to US President Donald Trump last week, the US International Trade Commission stated that a broad tariff will increase the retail prices of large residential washers (LRW) sold in the US market compared to 2016 while benefitt

The Korea Herald has organized the first Global Finance Awards, recognizing that strengthening competitiveness in South Korea’s finance industry and establishing an ecosystem on par with global standards are required for the nation’s economy to make a new leap forward in the era of the “fourth industrial revolution.” This award is meant to acknowledge outstanding individuals and companies that have pioneered the global market and provided convenient financial services wit

Like other parts of advanced markets in the world, expectations have been growing for budding enterprises in South Korea for their roles of creating unique ideas. Some of them have high potential to start in the Korean market, with the possibility of expanding globally afterward, an expert in startup accelerator program in Hong Kong said. But designing the product or service by having global expansion in mind from the beginning will bring differences afterward."One point of advice I would like t

Choosing the right padded jacket -- this winter’s ‘it’ item -- is a much more complicated task than one may think. It’s not just design and color, but the type of insulation also has to be decided -- goose, duck or synthetic materials, as well as their composition ratios, waterproof or not and even the overall weight. For many South Koreans, however, it all seems to come down to a choice between luxury and cost-effective alternatives. Moncler‘s 2017 Fall/Winter collection (Moncler)On the high-en

Posco Daewoo, the trading arm of the South Korean steel giant, has signed a $60 million contract with a Pakistani paper manufacturing company, it said Thursday.Under the deal, Posco Daewoo will supply plant equipment to Century Paper & Board Mills, one of the largest paper making companies in Pakistan.  　Posco Daewoo CEO Kim Young-sang (left) shakes hands with Century Paper & Board Mills President Iqbal Ali Lakhani, after signing a $60 million contract in Karachi, Pakistan, Wednesday. (Posco Dae

Amid persistent rumors of leaving South Korea, GM Korea’s new chief said Thursday he would focus on reviving the financial stability of the carmaker first by cutting down its costs and promoting sales next year. In his first meeting with Korea media, Kaher Kazem, president and CEO of GM Korea, said the carmaker will launch Equinox, a Chevrolet compact sports utility vehicle, next year to expand the carmaker‘s sales volume.Kaher Kazem, CEO and president of GM Korea, speaks at a press conference i

Indian carmaker Mahindra & Mahindra has teamed up with Uber to expand sales of electric vehicles in India, the company’s office in Seoul said Wednesday.The collaboration includes deploying hundreds of the vehicles in Delhi and Hyderabad, and operating Mahindra’s electric vehicles -- the e2oPlus hatch and eVerito -- on the Uber platform there, it said.Under the partnership, Uber drivers can purchase Mahindra electric vehicles at competitive prices and with attractive financing and insurance premi

The National Tax Service has begun reviewing the Samsung chief’s assets allegedly withdrawn from accounts opened under borrowed names, after the Finance Ministry said the accounts are subject to taxation regardless of the timeline, officials said Wednesday.The Finance Ministry said as the upper body of the tax office that it could apply the limitation of period for tax assessment for 10 years on the accounts allegedly used for fraud and other wrongdoings. With the ministry’s interpretation, it w