The diplomatic row between South Korea and China over Seoul’s decision to deploy a US anti-missile system has put SsangYong Motor’s much-awaited dream to build a manufacturing base overseas on hold. But China is not the carmaker’s priority and it has more options in terms of overseas expansion, including the United States, by around 2020, said the chief executive officer of Mahindra & Mahindra, an Indian auto giant that owns the Korean SUV maker.“We certainly need to develop two or three good ma

Municipal offices, local businessmen and suppliers to GM Korea are stepping up efforts to help GM Korea, which is struggling with mounting deficits amid rumors of its business withdrawal, officials in the industry said Wednesday.Workers at GM Korea’s Bupyeong plant, a local business group and Chevrolet retailers in the nearby port city Incheon plan to sign an agreement Thursday to boost sales of the US car brands and revitalize the local economy largely connected to the operation of the Korean b

LG전자의 전장사업부가 영국서 R&D 센터를 신설하고 현지 자동차업계와 협업을 모색하는 등 투자에 나섰다. 　코리아헤럴드는 LG가 워릭대 산하 워릭 사이언스파크내에 R&D 센터를 설립하고 운영 중인 것을 관계자 및 자료 조사를 통해 확인했다. 이는 LG가 10여년전 전장사업에 뛰어든 후 첫 해외 R&D투자 사례이다. 　워릭 사이언스파크는 영국 자동차 산업의 중심지인 코벤트리에 위치하고 있으며, 가까이에는 재규어 랜드로버등 다수의 영국 완성차업체들의 생산기지가 있다. 워릭 사이언스파크 홈페이지에 LG전자의 전장사업부를 R&D 입주업체로 명시하고 있다. (Warwick Science Park)워릭 사이언스파크의 홈페이지에는 LG전자의 전장사업부를 입주업체로 소개하고 있으며 다른 참가 업체들로는 독일의 보쉬와 슈나이더 엘렉트릭 등이 있다.　영국 자동차산업의 정통한 한 관계자는 재규어와 협업을 늘리고 있는 한국의 한 “큰 규모의” 회사가 영국의 R&D 센터를 통해 투자를 하고 있고 이는 “

A vehicle component unit under South Korea’s LG Electronics has established its new base in the United Kingdom to expand its automotive business with car manufacturers in the fast growing European market.The tech giant has opened a research and development center at the University of Warwick Science Park in the city of Coventry, and is registered as a tenant in the academia-industrial cluster, based on information provided by market insiders exclusively to The Korea Herald. The center marks LG’s

Samsung Electronics is set to announce next week a three-year plan to buy back shares, which is anticipated to be the largest backed by the tech giant’s thriving chip business.The tech giant will also announce its third-quarter profit and plans for cash dividends for 2018-2020. (Photo by Park Hyun-koo/The Korea Herald)Last year, the company said it would spend 50 percent of its net profits to increase its share value and return the benefits to its investors. Of the 22.4 trillion won of net profi

A plan by SsangYong Motor to build its first overseas plant in China could go back to square one due to growing anti-Korean sentiment in China over the Korean government’s decision to deploy an anti-missile system here, the company’s chief executive said Friday.At a meeting with Korean reporters, SsangYong President and CEO Choi Johng-sik said the plan that involves Shaanxi Automobile Group as a joint venture partner has been making slow progress since a diplomatic dispute between Seoul and Beij

GS Group Chairman Huh Chang-soo urged CEOs and executives of the group’s affiliates to create an organization that responds flexibly to fast market changes at a quarterly meeting in Seoul, officials said Thursday.Huh referred to Thomas Friedman’s 2016 book “Thank You for Being Late” to explain that the group is facing challenges arising from market uncertainties in “the age of accelerations,” which is the reason why it needs to secure “strategic flexibility” to efficiently allocate assets and ma

A Seoul court on Thursday rejected a request by Ilsung Pharmaceuticals to nullify a merger between two Samsung affiliates in 2015, ruling that the merger was “valid.” The Seoul Central District Court was dismissing a case filed by the local drugmaker, which held a 2.11 percent stake in Samsung C&T before the merger. Ilsung claimed that Cheil Industries’ takeover of the former Samsung C&T was “unfair” for shareholders.But the court said no illegality was found during the merger process, despite i

Posco Chairman Kwon Oh-joon was appointed the vice chairman of the World Steel Association, which represents the interests of 160 steelmakers around the world, at the organization’s annual board meeting held in Brussels, officials in Seoul said Wednesday.Kwon is the fourth Posco chairman named to serve the post. According to the organization’s protocol, Kwon will become the chairman next year and spend another year as the vice chairman in his third year. Posco Chairman Kwon Oh-joon (left) and Ni

The United Kingdom has been enjoying rapid market growth and demand on British cars in recent years. But at the same time, the rise of future technology, particularly on green cars, has been a big concern. Based on its long history and heritage, the UK has been a major producer of internal combustion engines, making 2.5 million engines a year, which is higher than the 2 million vehicles that the country manufactures annually.But in fear of losing that proportion of petrol engines to electric bat

A group of customers who bought Audi and Volkswagen vehicles involved in a diesel emissions scandal has filed a complaint against South Korea’s Environment Ministry over its approval of the German carmakers’ recall plan.In August, the ministry approved the plan to carry out a software update on a total of 82,291 units of Volkswagen and Audi models equipped with the emissions-cheating 2.0-liter EA189 diesel engine. However, the planned software update is insufficient to curb emissions and is not

A joint venture between SK Innovation and Sinopec of China has decided to invest 740 billion won ($653.8 million) to expand its production capacity by some 36 percent, officials in Seoul said Tuesday.The Sinopec-SK Wuhan Petrochemical joint venture was established in 2013 with the two companies investing 3.3 trillion won. SK Global Chemical, a subsidiary of SK Innovation, holds a 35 percent stake in the venture. (Yonhap)The plant under the joint venture has an annual production capacity of 2.2 m

With the resignation of Samsung Electronics’ practical commander in chief Kwon Oh-hyun on Friday signaling a large-scale personnel reshuffle, eyes are zeroing in on the group’s jailed heir Lee Jae-yong and how possible it would be for him to strategize, control and direct future steps from his cell.According to experts who have studied Samsung and South Korean chaebol closely for years, there were cases of so-called “in-prison management” in the recent past, and it is highly likely for the 49-ye

Daesung Group Chairman Younghoon David Kim is hosting an executive assembly of the World Energy Council, a group of energy leaders around the world, in Lisbon, officials said Monday.As the chairman of WEC, Kim will preside over summits and conferences scheduled to be held for the four-day gathering. The assembly runs through Thursday, they added. Daesung Group Chairman Younghoon David Kim (World Energy Council)Kim will also deliver an opening speech to stress the role of the energy sector in tra

Kumho Tire, the nation‘s second-largest tiremaker, has released new tires designed for safer driving in the winter, the company said Sunday.The Wintercraft WP72 and WS71 are the sequels to Kumho’s signature winter tire products Wintercraft KW27 and I’Zen RV KC15, with the tiremaker having strengthened design elements and improved functionality. Kumho Tire's new Wintercraft WP72 and WS71 are presented. (Kumho Tire)Wintercraft WP 72 is a premium winter tire set for sedans that makes less noise, bu

A surprise farewell announcement by a Samsung Electronics chief executive officer on the day the tech giant paraded another record-quarterly profit last week signals a generational shift within the tech giant leadership and also a change into a technology-focused, business-to-business company from a copycat appliance maker, experts in Seoul said Sunday.Kwon Oh-hyun, who led Samsung Electronics’ thriving chip business and has recently emerged as the public face of the tech giant, said Friday that

GM Korea is set to celebrate its 15th anniversary of operations in South Korea on Monday. 　However, instead of being a festive occasion to mark the milestone, the US carmaker is laying low, as it is burdened by low sales and a growing deficit on the back of the slowing domestic market.　Coincidentally, its anniversary overlaps with the expiration of the South Korean government’s right to veto GM’s decision to leave the country, further fanning speculations on what the company’s next strategic mov

An affiliate of SK Innovation has signed a deal to purchase a chemical unit under Dow Chemical to expand its packaging product businesses, the company said Wednesday.The deal is the second transaction between SK Global Chemical and the US chemical company. The SK affiliate bought Dow Chemical’s ethylene acrylic acid business for $370 million earlier this year. (Yonhap)The sale price of Dow’s polyvinylidene chloride (PVDC) business is not revealed as the company has no obligation to make a public

SKC, a chemical arm of SK Group, said Tuesday that it is in talks with German chemical firm Evonik for a strategic partnership.Evonik, a licensor of hydrogen peroxide to propylene oxide (HPPO) technology, is the inventor of the HPPO technology, which employs hydrogen peroxide as an oxidizing agent to oxidize propylene, which produces only water as a byproduct, the company said.The South Korean firm, for its part, is seeking a partnership to introduce the HPPO technology and enter the operation a

South Korean cosmetics giant Amorepacific has appointed Ahn Sae-hong, vice president of its sub brand Innisfree, as its new CEO, the company said Tuesday.The company named the new CEO and other executives as part of its efforts to tackle growing business uncertainty and adapt itself to a fast-changing market environment. Innisfree VP Ahn Sae-hong (Amorepacific)Ahn joined Amore Group, a predecessor of Amorepacific, in 1986. He has served as vice president of Innisfree since early 2014.The company