South Korea’s Fair Trade Commission is probing Kakao Group founder Kim Beom-su for alleged misreporting of the company’s de facto holding company in violation of the country’s fair trade act. According to industry insiders on Monday, the antitrust watchdog recently conducted site investigations at Kakao Corp. and K Cube Holdings, after finding that the group has left out necessary information or falsely reported about K Cube Holdings, an investment firm fully owned by Kim, o

The ways to buy a car are expanding into the non-face-to-face realms of home shopping TV networks and dedicated websites, taking the hassle out of having to visit a dealership for a new set of wheels. Renault Samsung Motors said Sunday it is launching the Master van on GS Retail’s home shopping channel GS My Shop after it saw successful sales of its electric vehicle Zoe in July. The automaker said they decided to expand the sales route to home shopping programs for the 15-person van am

“A shrimp trying to swallow a whale.” Critics invoked that old Korean saying when Edison Motors jumped in the race to acquire the cash-strapped SsangYong Motor. But Kang Young-kwon, the local electric bus manufacturer’s founder and CEO, is confident that his company’s expertise in electric vehicle production is enough to infuse life into SsangYong. “The days of internal combustion engine vehicles are numbered. I believe it is crucial that an electric vehicle c

SEOGWIPO, Jeju Island -- Urban air mobility is the ultimate solution to the side effects of hyperurbanization, and businesses and governments alike should work together to open up the skyway, a Hyundai Motor executive in charge of the UAM business said Wednesday. “Urbanization is rapidly progressing around the world, and the serious traffic congestions around the world is becoming real problems of economic and human losses,” Shin Jai-won, chief of the automaker’s Urban Air M

SEOGWIPO, Jeju Island -- Amid accelerating global efforts to go carbon-neutral, global automakers are pushing pure electric vehicles into the mainstream, to fundamentally change the face of mobility. The 8th International Electric Vehicle Expo, which kicked off on Tuesday on the southern island of Jeju, seeks to expand the scope of e-mobility, shedding light on other means of transportation, including ships and urban air mobility. “The goal of a carbon-free island cannot be done

BMW sells used BMW cars. Tesla is set to offer secondhand Tesla cars directly to local consumers soon. But Hyundai and Kia, the two local brands that together carry out nearly 80 percent of new car sales here, aren’t in the used car industry yet. Legally, nothing stops them from selling used cars. In 2019 the country lifted a 2013 ban intended to protect microenterprises. But due to the continued protests of small used car players, the discussion has not made any progress. Late la

The value of corporate mergers and acquisitions executed in South Korea rose 48.7 percent in the first half of this year, with conglomerates leading deal activity in a bid to identify new growth opportunities. According to data released Sunday by the Korea Fair Trade Commission, a total of 489 deals have cleared the FTC’s review process in the first half of this year, with their total value amounting to 221 trillion won ($191.2 billion). That is a 15.3 percent increase from a year earl

It is not the fanciest car, but Volkswagen’s Tiguan shows that being faithful to the basics can be a charm. Around the globe, the sport utility vehicle has sold over 6 million units, earning a reputation as a steady seller. For Volkswagen Korea, it is the most important model, since it accounted for over 10,000 of the 17,615 units the company sold last year. With a clear and differentiated strategy to position itself as the best value for money among all imported car brands, Volkswage

SPC Group will open its 18th Shake Shack store in the bustling Hongdae district in Seoul in September, the company said Friday. While the store is currently under renovation, Shake Shack has decorated the fence around the store with a colorful mural by media artist Vakki depicting burgers and milkshakes in an “urban playground,” SPC said. Shake Shack has featured similar art on the fence of every one of its stores across the country. To celebrate the opening of the Hongdae bran

Genesis, the luxury auto brand of Hyundai Motor Group, will completely phase out internal combustion cars by 2025, it said Thursday, becoming the first Hyundai-owned car brand to announce a full transition to electric vehicles. Hyundai Motor Group Chairman Chung Euisun presented the EV-only vision for Genesis, appearing in a livestream video on its official YouTube channel. He said the brand will achieve carbon neutrality by 2035. “Genesis has been on an intensive, bold and successful

Economics textbooks used in South Korean high schools lack practical knowledge about real-life issues, such as personal finance, and are biased against corporations, a study released by a big business lobby claimed Wednesday. In its report, the Federation of Korean Industries claimed that young adults in Korea were falling behind in terms of economic knowledge compared to older generations, due to a lack of proper education. FKI commissioned Yang Joon-mo, an economics professor at Yonsei Univ

The resurgence of the coronavirus virus, increases in raw material prices and interest rates were the biggest concerns of companies here, a survey showed Monday. The Korea Chamber of Commerce and Industry conducted a survey on 310 companies -- 104 conglomerates and 206 small- and midsize firms -- and found that those three factors were the major burdens affecting them and the economy. In the survey, 81.6 percent of the companies chose the rise in raw material prices as a major concern, and

Hyundai Oil Bank has rolled out an IPA beer in collaboration with CU, a leading convenience store franchise here, to offer an exciting experience to the MZ generation, the Korean oil company said Monday. The beer, named “Premium IPA,” hit the shelves last month, Hyundai Oil Bank said. It took inspiration from Kazen, Hyundai Oil Bank’s premium gasoline brand that had undergone an overhaul last year, the oil refinery said. Kazen, a portmanteau of the words “Kaizer&rdquo

Kia has rolled out its first all-electric vehicle, the EV6, racking up over 30,000 preorders. From the appearance alone, the compact sport utility vehicle’s exuberant presence could be felt from its sleek and aggressive exterior design with the “Digital Tiger Face” front. On the road, the vehicle showed off a performance that goes well beyond the favorable first impression, reminiscent of a sports car. The Korea Herald had the opportunity to get behind the wheel of the Kia

Posco is partnering with Hyundai Mipo Dockyard to develop liquefied carbon dioxide carrier to gain an upper hand in the carbon capture, utilization and storage market, the steelmaker said Friday. Posco, the country’s leading steelmaker, said it has agreed to build the liquefied CO2 carrier, as the demand for such ships is expected to grow amid the global movement for carbon neutrality and the transition to hydrogen energy. Korea Shipbuilding & Offshore Engineering, Lloyd’s Re

SK Group Chairman Chey Tae-won encouraged company workers to share opinions regularly and pursue changes, at an in-house forum, SK said Friday. “This year’s Icheon Forum has provided as a place to explore practical ways to understand the changes in the world and to pursue deep change,” Chey said during the closing ceremony of the Icheon Forum Thursday. “Let’s hold discussions on a regular basis and pursue changes for SK.” SK Group held the annual in-hou

South Korea’s Fair Trade Commission will commission a research project to determine the major problems that consumers face when they use e-commerce platforms, in an effort to seek a better understanding of the booming e-commerce sector. According to government sources Thursday, the antitrust watchdog posted a notice on the state-run Korea ON-Line E-Procurement System on Monday, seeking bidders to carry out the project. The FTC saw the need for systemized research on the issue as e-comme

Ikea Korea will not raise product prices in the next 12 months, sticking to its policy of offering quality products at low prices, the Swedish furniture giant’s Korean unit said Thursday. Holding an online press conference, the firm also revealed that in the fiscal year ending this month, it has seen a 23 percent jump in consumer visits to both online and offline stores but sales growth stood at a disappointing 3.4 percent. In the previous fiscal year, the company had reported about 30 p

Hyundai Motor Chung Mong-koo Foundation has revamped its scholarship program to foster 1,100 talents in the next five years, the foundation said Wednesday. Renamed Hyundai Motor Chung Mong-koo Scholarship, the scholarships will support talented people in five different categories: global, future industry, international cooperation, social innovation, and art and culture. The foundation seeks to provide the recipients not only with financial support, but with education opportunities to groom t

HanmiGlobal, a South Korean construction project management service provider, has been named one of the world’s top 10 players in the field in a global survey, the company said Tuesday. It ranked 10th in the top 20 non-US firms in total global CM/PM fees in the 2021 ENR Top International Survey, released by Engineering News Record. CM refers to construction management and PM, project management. It climbed up a notch in the ranking from the previous year, as it achieved a combined $24