South Korean e-commerce company Coupang said Friday that it has tapped a former vice president at Walmart as its new chief compliance officer and general counsel. Based on his legal expertise, Jay Jorgensen had served as Walmart’s vice president and CCO for seven years since 2012. His effort to organize and implement the ethics program among employees has been awarded as the best governance, risk and compliance program by New York Stock Exchange Governance Services in 2016. Coupang’s new CCO Jay

South Korea’s government said Friday that all Boeing 737 Max 8 aircrafts will be banned from passing the country’s airspace for safety issues until June 15, in the wake of a recent plane crash in Ethiopia which killed all passengers on board.The Ministry of Land, Infrastructure and Transport released a Notice to Airmen (NOTAM) to alert pilots and air carriers on its decision to forbid B737 planes from flying in and out the country for the next three months. (Yonhap)The measure came a day after t

South Korea’s full-service flagship carrier Korean Air and budget airline T’way joined a growing list of airlines Wednesday in grounding Boeing 737 Max 8 planes after an Ethiopian Airlines plane crashed and killed 157 people Sunday.The fatal crash came just five months after another plane crash involving the same model took place in Indonesia. Lion Air’s 737 Max plunged into the ocean under similar circumstances, killing 189 people. Boeing 737 Max 8 (Yonhap)On Thursday, Korean Air announced it w

Local proxy advisor Korea Corporate Governance Service on Wednesday recommended shareholders to vote for Hyundai Motor’s plan to appoint nonexecutive directors, backing the auto giant’s governance overhaul plan that will be put to vote next Friday.The KCGS, which advises National Pension Service and other institutional investors, favored Hyundai’s pick for independent board nominees, dismissing US activist fund Elliott Management’s proposal. The three nominees picked by Hyundai include Yoon Chi-

Despite its hefty investments in China over the years, Lotte Group appears to be seeking a complete departure from the market that was once highly lucrative, after failing to recover from a boycott campaign which was instigated by diplomatic bickering between Seoul and Beijing. The retail conglomerate was the main target of the diplomatic feud between China and South Korea over the deployment of an anti-missile Terminal High Altitude Area Defense system in 2017 on its golf course at the Lotte Sk

The 2017 model of Nissan’s luxury crossover Infiniti QX50 drew frequent comparisons to its rivals, Mercedes-Benz’s GLC and BMW’s X3. Mercedes-Benz sold 5,717 GLC vehicles in South Korea in 2018 and BMW sold 2,304 X3s -- far outpacing Nissan, which sold only 27 QX50s so soon after its launch.But it is too early to say that the Infiniti QX50 is lagging behind, because after a one-year hiatus the all-new QX50 is here, having undergone an impressive transformation. The new QX50 differs significantly

US proxy adviser Glass Lewis has stepped up its support for Hyundai Motor Group in its battle against Elliott over the issue of dividend payouts, officials said Sunday.While urging shareholders to vote against Elliott’s dividend proposal, the adviser also favored the three nonexecutive director nominees selected by the carmaker and opposed those picked by Elliott. (Yonhap)“We are reluctant to recommend shareholder support for such a large one-time dividend payout,” Glass Lewis said in a report,

Hyundai Motor Group is expected to construct its new headquarters in southern Seoul, dubbed the Global Business Center, in partnership with external investors, a deviation from the original plan of completing it on its own. According to industry officials, Hyundai Motor Group has been contacting domestic and overseas investors to seek joint development of GBC, amid its move to save construction amount worth 3.7 trillion won and invest more on its future business growth. Last month, the automotiv

The global trend of drinking less but better has led to a boom of single malt whiskey in Asian markets, including South Korea, according to a global brand ambassador of Glenfiddich. “The world is seeing a drink-less-but-better trend now, and it is exciting for us in the single malt world,” said Struan Grant Ralph in an interview with The Korea Herald during his trip to Seoul last week.  Struan Grant Ralph, a global brand ambassador of Glenfiddich (Glenfiddich)“Korea is an exciting (market) for u

Niro, Kia Motors’ environment-friendly sports utility vehicle launched in 2016, made a comeback Thursday, featuring a new driving assistance system and upgraded design with bold, futuristic feels.The New Niro’s new safety features include Kia’s driving assistance program brand Drive Wise. It was developed by the automaker to offer options including stop-and-go capability for the adaptive cruise control and lane-keeping assist functions.Kia said the lane following assist function will work on all

Hyundai Motor unveiled the eighth-generation new Sonata on Wednesday with drastic design changes and a “smart” engine.The Korean automaker said the new Sonata’s design, dubbed Sensuous Sportiness, was inspired by last year’s Le Fil Rouge concept that was first unveiled during the Geneva Motor Show. The new Sonata (Hyundai Motor)The new Sonata’s change can be recognized from its exterior design, the carmaker said, which has adopted a coupe-like frame, sloping roofline and low deck lid to make the

With prolonged nationwide warnings on high fine dust levels, household and health care products to combat it saw a steep rise in sales, industry data showed Wednesday. The South Korean authorities on Tuesday enforced emergency measures for the sixth consecutive day in Seoul, Incheon and Gyeonggi and the North and South Chungcheong provinces.According to eBay, its domestic e-commerce websites G-Market, Auction and G9 saw up to sevenfold jump in sales of products designed to filter fine dust from

South Korea’s Transport Ministry announced Tuesday that it has designated Fly Gangwon, Aero-K and Air Premia as new low-cost carrier operators after more than three years of hiatus due to overcrowding of the local LCC market.The ministry said Fly Gangwon, Aero-K and Air Premia have passed the reinforced criteria for LCCs. Under the revision, companies planning to carry out flight operations are required to have at least 30 billion won ($26 million) in capital and five airplanes before they can b

Volvo Korea launched its new crossover V60 in Korea on Tuesday as its first market in Asia, with the aim of continuing its popularity along with its best-selling XC60.Amid increasing demand for SUVs, Volvo Korea said its new V60 Cross Country -- which combines the comfort of driving a sedan and the driving performance of an SUV -- was built based on the module platform called Scalable Product Architecture.  The V6 Cross Country (Volvo Korea)The second-generation Cross Country V60 is now 74 milli

South Korean automaker Hyundai Motor and its sibling company Kia Motors said they decided to recall around 534,000 vehicles in the US after discovering a risk of engine fires.The company said it was recalling 378,000 Kia Soul vehicles produced from 2012 to 2016, as high exhaust gas temperatures may damage the catalytic converter, which could then cause abnormal combustion that could damage the piston and connecting rod and eventually lead to oil leaks. Some 155,000 2011-2013 Tucson vehicles and

Shinsegae Property Consortium has been picked as a preferred bidder to operate a theme park complex on 3.15 square kilometers of land in Hwaseong, Gyeonggi Province, the company said Thursday.The construction for Hwaseong International Theme Park has been stalled twice since 2007. In 2016, the landowner K-Water failed to sign a contract with a consortium to build a Korean version of Universal Studios due to lack of funds.  Planned construction of Hwaseong International Theme Park (K-Water)Previo

South Korean flagship carrier Korean Air said it aims to strengthen its business growth this year by securing market competitiveness and improving customer service. The year 2019 marks the company’s 50th anniversary. This year is also significant for the air carrier as it will host the International Air Transport Association’s 75th Annual Grand Meeting in Seoul in June. Some 1,000 representatives from 290 airlines of 120 countries will fly in to participate in the three-day meeting, to discuss a

In September, when Hyundai Motor heir apparent Chung Euisun was promoted from vice chairman to executive vice chairman, the group was still cautious about acknowledging him as the official new leader of the auto giant, which has been run by his father Chung Mong-koo for over the past two decades. But from next month, he is expected to take on more responsibility at the sprawling group of 56 companies, as a co-CEO of the group along with his 82-year-old father, who has not appeared in public

 (Yonhap)SsangYong Motor President Choi Johng-sik (second from left) poses at an unveiling ceremony for the new Korando in Incheon, Tuesday. The new Korando comes four years after the company injected 350 billion won ($313 million) to roll out new model after the previous Korando C model, which was launched eight years ago. Choi said during a press conference that the company aims to bring Korando as one of company’s popular SUVs along with its Tivoli and Rexton.By Kim Da-sol (ddd@heraldcorp.com

For Amorepacific, the last year has been painful in terms of both sales and brand development.The South Korean cosmetics giant saw its operating profit halve to 549 billion won ($491 million) in 2018, just two years after it joined the “1 trillion-won sales club” in 2016 for the first time as a cosmetics maker. With its glory falling to the past, Amorepacific has been outpaced by rival LG Household & Healthcare. LG Group’s cosmetics arm became the newest member of the 1 trillion-won sales club l