South Korean telecom and energy giant SK Group has rolled out a plan to invest 80 trillion won over the next three years in semiconductor and renewable energy, as well as mobility and bio industries, offering a glimpse into its long-term growth strategy.SK Group Chairman Chey Tae-won outlined his plans in a meeting between Finance Minister Kim Dong-yeon Wednesday, vowing to hire 28,000 more workers during the course of the investment. Finance Minister Kim Dong-yeon (left)and SK Group Chairman Ch

LS Group, a South Korean conglomerate, has broken ground on a new plant in Serbia to produce magnet wire targeting the European market, the company said Thursday. LS Group Chairman Christopher Koo speaks at a groundbreaking ceremony of a magnet wire plant held in Serbia on Wednesday. Essex is LS` US subsidiary. (LS Group)The project is being carried out by its US subsidiary Superior Essex. The group has invested 18.5 billion euros ($23 million) to build the plant, which will be capable of produc

A week after General Motors announced that it would be shutting down one of its plants in South Korea, an executive in charge of the US carmaker’s overseas operations made yet another rare move. On Feb. 20, Barry Engle, the president of GM International, visited the parliament to meet lawmakers apparently uneasy over the carmaker’s restructuring plan. While shaking hands with lawmakers suspicious of the fate of GM’s remaining operations here, he said that the carmaker wants to stay and continue

The state-run Korea Development Bank will review injecting fresh investment into ailing GM Korea after examining the viability of its profit structure, its chief said Thursday.Chairman Lee Dong-gull of the KDB told reporters that he had made a “verbal commitment” to the President of GM International Barry Engle that he would consider making fresh investment into the US carmaker’s local unit on the condition of the company presenting a self-rescue plan. But regarding the carmaker’s request to han

For Scott Park, a 42-year-old businessman in Seoul, seeing Samsung’s de facto chief paraded in handcuffs at the height of the presidential bribery scandal last year was not something that he thought he could expect just a few months earlier. To him, Samsung has always been a prime representation of the South Korean economy, more so in recent decades, as the conglomerate has pulled far ahead of its rivals, led by Lee Jae-yong with a global reputation to claim for.“It was because of how we grew up

A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with shares of companies even remotely related to the politician collapsing rapidly on Tuesday.Share price of BG

GM Korea suffered a record operating loss of 800 billion won ($736 million) last year, further aggravating its high number of debts largely due to a strategy shift by its head office, according to provisional data submitted by the carmaker.The local unit of the US carmaker suggested the estimated figures to the government while asking for cash last month. Data showed that the company posted annual losses for four straight years. In 2014, GM Korea saw 148.6 billion won in operating loss, followed

Resumed wage talks between union representatives and management of GM Korea ended without progress on Wednesday, while unionized workers held a sit-in protest in the heart of Seoul, demanding the carmaker withdraw its decision to shutdown a plant in Gunsan.Both parties were resuming the talks for the first time since GM‘s surprise announcement to close one of its three plants last month. The management reportedly came with an intensive restructuring plan to freeze all wages and skip bonuses, as

Mahindra & Mahindra, an Indian conglomerate and the owner of South Korean carmaker SsangYong Motor, will jointly develop rechargeable batteries to accelerate its electric vehicle business, the company said Monday evening.“LG Chem will develop a unique cell exclusively for India application and also supply lithium-ion based on nickel-manganese-cobalt chemistry with high energy density,” Mahindra said in a statement.The battery cells will be deployed in electric vehicles to be manufactured by Mahi

GUNSAN, North Jeolla Province -- As controversy persists over the decision by General Motors to pull out of Gunsan, a lawmaker representing Gunsan said that the US carmaker could ditch more factories in Korea to press the government.“After all, the company is pressurizing the government … If the answers are not enough to satisfy them, the next step could be made,” said Rep. Kim Kwan-young of the Bareun Future Party in an interview with The Korea Herald on Wednesday, a day after he met Barry Engl

GUNSAN, North Jeolla Province -- Jeon Byung-sun, 53, recalls six years ago when GM’s Gunsan factory was running 24 hours a day.“The factory boomed 5-6 years ago when we produced 1,200 units of Lacetti and Rezzo combined. The factory ran 24 hours. Back then Gunsan was a cash cow for GM,” said Jeon, a worker at GM’s Gunsan plant. Despite the proud memories he has, Jeon couldn’t believe it when he first heard from his colleagues last week that the US carmaker will shut down the plant, saying that t

한국GM에 생산한 반조립제품이 원가 수준의 싼 가격으로 팔려 왔다는 의혹이 일고 있는 가운데, 한국을 방문 중인 배리 엥글 GM 총괄 부사장이 “오히려 비싸게 팔리고 있다” 며 이를 부인한 것으로 알려졌다.바른미래당 김관영의원은 21일 코리아헤럴드와의 인터뷰에서 “앵글 부사장이 한국GM에 부품을 고가에 공급하고 반제품(Complete Knock Down, CKD)은 싼값에 수출했다는 의문에 대해 ‘해외에 판매되는 가격도 결코 싼 게 아니라’고 했다”며, 의혹을 정면 반박했다고 전했다.전북 군산 지역의원인 김의원은 전날 더불어민주당 원내대표 회의실에서 우원식 민주당 원내대표, 김성태 자유한국당 원내대표, 노회찬 정의당 원내대표 등과 엥글 부사장을 만나 비공식 면담을 진행한 바 있다. 배리 엥글 GM 총괄 부사장 (오른쪽 두번째)  (사진=연합)엥글은 또, “(차를) 구입하고 안 하고는 계열사들의 판단”이라며 “유럽 오펠의 경우도 비싸서 한국GM으로부터 구입하지 않겠다고 얘기했다”고 말

A day after a surprise visit to the parliament, General Motors moved fast to find a compromise with the Seoul government in the form of a trillion-won support plan.The company suggested a meeting with the trade minister this week, amid growing speculation over the US carmaker’s plans.The Ministry of Trade, Industry and Energy confirmed Wednesday morning that Barry Engle, president of GM International, has requested a meeting with Minister Baek Ung-kyu before returning to the US on Thursday. But

When thinking of a steel mill the typical image that comes to mind is molten metal pouring out from a blast furnace and workers sweating while maneuvering a large-scale operation inside a factory.Taking steps beyond the conventional industry, South Korean steel giant Posco is seeking a transformation itself by integrating information and communication technology, artificial intelligence and big data to its manufacturing sites. A worker stands next to a blast furnace releasing molten iron at Posc

여야 원내지도부 및 더불어 민주당 한국 GM 대책 TF과의 간담회를 위해 20일 국회를 방문한 배리 엥글 GM 총괄 부사장 겸 해외사업부분 사장은 간담회 직후 기자들과 만나 ”한국에서 사업을 지속하고자“ 노력하고 있다고 답했지만 한국정부와 어떤 논의를 거치고 있는지에 대해서는 함구했다.　　다음은 엥글사장과의 문답 전문:　Q. 한국 정부는 지원에 앞서 GM이 먼저 자구안을 마련해오라고 했는데, 본사 쪽에서 마련해온 자구안 내용이 있다면 설명해주시기 바란다. (The Korean government has asked GM to bring self-rescue plan before discussing (any type of) support, tell us if you brought such plans from the head office?)　 　A. 우리는 한국에서 사업을 지속하고자 하며, 경영상황을 개선해 건전하게 만들어 나가기를 바랍니다. 이러한 방안을 위해 회생(자구)계획안을 준비했

Joe Erlinger (center, in hanbok), president of McDonald’s High Growth Markets Segment, has breakfast with local staff in Sokcho, Gangwon Province, Tuesday. The former head of McDonald‘s Korea is visiting the country to celebrate the company’s 30th anniversary here and the PyeongChang Winter Olympics, the company said. (McDonald’s)

Lunar New Year, or Seollal, like Christmas season in the West, is supposed to be a fun and relaxing family time. But for some -- especially married women in Korea -- the holiday is more regarded as a time of endurance with long hours of domestic labor. Stemming from the Confucian tradition in which making the home is the sole “virtue” of wives, visiting the home of the husband’s parents is prioritized during the holidays. While at their in-laws, it is mostly the women’s’ responsibility to cook t

Kia Motors, the sister company of Hyundai Motor, released its fully changed sedan K3 on Tuesday, highlighting its increased fuel efficiency.The first fully change model in six years has a 1.6-liter gasoline engine and a fuel economy of 15.2 kilometers per liter, a 10 percent increase from its previous model. Kia Motors’ Pierre Leclercq, head of Styling, gives a presentation on the All New K3 at Walkerhill Hotel in Gwangjin-gu, Seoul, Tuesday. The K3, the first full-change model in six years, com

General Motors’ made a widely anticipated decision to permanently close its plant in Korea’s southwest on Tuesday, prompting the Seoul government to express regret and up the pressure on it to normalize its business here. The move is the first concrete action that points to GM’s speculated upon withdrawal from the country.Calling it the “first step for necessary restructuring,” GM Korea said it would stop production and close its plant in Gunsan, North Jeolla Province, by the end of May. GM’s Gu

SsangYong Motor has signed a product license deal with parent company Mahindra and Mahindra to start production of the G4 Rexton, a large premium sport utility vehicle, in India, the company said Monday.The assembly of the South Korean carmaker’s latest SUV will start within the second half of the year at Mahindra and Mahindra’s Chakan plant in Maharashtra, western India. Under the deal that expires on Dec. 31, 2023, SsangYong Motor will exports parts for the G4 Rexton in kits for them to be ass