South Korean companies are closely monitoring the situation as Western sanctions on Russia over the Russia-Ukraine geopolitical crisis may threaten the supply chains of the country’s key exports such as semiconductors, batteries and automotives.  According to industry sources Wednesday, the prices of aluminum and nickel -- key minerals for EV batteries -- hit all-time highs in 14 years and 11 years, respectively, as the United States prepares sanctions against Russia for invading Ukr

Bereaved families of six victims discovered dead at HDC Hyundai Development Co.’s construction site in Gwangju last month said they had reached an agreement with the firm Tuesday. Although the families did not disclose the exact amount of the compensation, they said they had to “give in a lot” in terms of the amount.  The agreement comes two weeks after the last victim was discovered at the construction site, almost a month after the facade and concrete floors of the 39-

For automakers in Korea, there is no sign the prolonged automotive semiconductor shortage will abate this year. Those who have purchased a new Genesis, for instance, have been notified that the car will take six to 12 months to be delivered –- if they are lucky. GM Korea’s second Buypeong plant in Incheon cut production volume by half earlier this month. And according to the market, this delay in car production due to the chip shortage may continue in the next year or even the year

Authorities are widening investigations into a series of severe workplace accidents under a new industrial safety law, with businesses on high alert for its impact across industries. According to the Labor Ministry Sunday, authorities have launched probes into a total of six cases, involving 11 deaths, since the law took effect on Jan. 27. Many of the accidents occurred at construction sites. Three died in a landslide accident at Sampyo Industry’s quarry in Yangju, Gyeonggi Province on

Under the South Korean government’s plan to commercialize flying cars, or Urban Air Mobility, in central cities by 2025, the Transport Ministry on Thursday kicked off the K-UAM Grand Challenge program to coordinate all of South Korea’s UAM-related activities as part of its focus to enable emerging aviation markets. This Ministry-led program will bring together industry players including aircraft developers, airspace designers, and air traffic management operators with the goal of d

Posco Group’s business principle “Corporate Citizenship” has been introduced as a case study example for a course in Stanford University’s MBA program, according to the Korean steelmaker on Wednesday.  Four years ago, Posco Group declared its management philosophy “Corporate Citizenship: Building a Better Future Together” as a guiding business principle, vowing to strengthen its commitments to environment, social, and governance issues. Such a concept,

Hanwha Systems, a global defense electronics and smart ICT solutions provider, said Tuesday it has joined hands with Israel Aerospace Industries to globally promote combat solutions and technology for naval platforms.  Under an agreement for mutual marketing, the two firms will collaborate on expanding their presence in Asia where Hanwha Systems has built its sales network for years. IAI, with more than 50 years of experience cooperating with the world’s navies, is a customer-tailo

Volvo Truck Korea is looking beyond numbers as it plans to deliver Korea’s first large-size electric truck.  Park Gang-serk, Managing Director of the Swedish commercial vehicle brand's Korean office, said the company wants to add diversity to the commercial vehicle industry by having more women drivers and mechanics. “The existing cargo, logistics industry has been considered the world of men. Volvo Truck Korea will change such perceptions and invite more women professio

Renault Samsung Motors said Friday that Renault Group has named Stephane Deblaise, the former vehicle program director at the French headquarters, as a new chief to lead the Korean business.  The 49-year-old who served Renault’s advanced project and cross-car line program director until recently will assume the new role from March 1.  Deblaise is joining the Korean unit as the first CEO with an engineering background. He also served as Renault’s chief engineer to oversee

Hyundai Motor Group said Friday Kia Motors has topped JD Power’s reliability study for the first time, outpacing all rivals in the mass-market and premium segments.  Kia ranked first in JD Power’s 2022 US Vehicle Dependability Study, while its bigger sister Hyundai Motor came third. Genesis, which has become an independent luxury brand, ranked fourth overall, topping the premium segment.  The second place was taken by GM’s Buick brand.  This year’s JD P

Semiconductor-to-telecom conglomerate SK Group has stepped up as the country’s second-largest business group in terms of assets, market data showed Wednesday. SK Group, which has the largest number of affiliates in the country, 176, has been the country’s third-largest since 2006.  According to market tracker CEO Score data on conglomerates’ assets as of third quarter last year, SK Group’s assets came at 270.7 trillion won ($226 billion) as of Q3 last year, which

Korean Air customers flying on domestic routes can now pass through the boarding gate empty handed -- as the airline has adopted palm vein scanning to verify passengers’ identities.  According to the air carrier on Tuesday, those aged above 7 with Korean nationality can register their biometric information at Korean Air kiosks in Gimpo International Airport’s departure area. Passengers who do so can simply scan their palms at the boarding gate without having to show their board

Flying cars have clearly been the main focus of automakers seeking to expand their mobility technology into the air. But Korean telecommunication companies, despite their lack of manufacturing experience, are also jumping into the air mobility business as they have critical jobs to do.  SK Telecom said Monday it has signed a strategic collaboration agreement with a US company Joby Aviation to materialize their cooperation in the urban air mobility business from building airframes to servic

For major South Korean companies like Samsung and Hyundai, the Olympics have been, for many years, a golden opportunity to raise brand awareness and promote products. But in the 2022 Beijing Olympics that officially kicked off on Friday, they don’t seem to be taking the sports event as a major arena for their marketing blitzes any more. For this Winter Games, Samsung Electronics has not published any press releases promoting their sponsorships, a marked departure from when it launched pr

Following a deadly landslide accident on Saturday, the industry is keenly focused on whether Sampyo Industry will become the first company to get punished under the new industry safety law that came into effect last week.  The accident occurred at Sampyo’s quarry in Yangju, Gyeonggi Province, on the first day of the Lunar New Year holiday. All three missing workers who were making holes for demolition work were discovered dead this week.  Sampyo is the local manufacturer of con

With the nation’s new industrial safety law taking effect Thursday, companies across industries are bolstering their safety management systems to avoid being the first punished under the enhanced rules.  Under the Serious Accident Punishment Act, business owners or executives at companies with more than 50 employees could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion won ($835,000) for fatal industrial accidents under circumstances where safet

South Korean companies are fretting over a new industrial safety law that goes into effect Thursday, voicing concerns over the law’s lack of clarity and “excessive penalties” to hold CEOs accountable for fatal industrial accidents.  According to the Serious Accident Punishment Act, which targets companies with more than 50 employees, business owners or management held responsible could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion

Pernod Ricard’s Royal Salute 21 Year Old is British to the core. Created to mark the coronation of Queen Elizabeth II, Royal Salute’s every detail from its tasting note to the bottle design is dedicated to being British.  In that context, Royal Salute’s latest collaboration with London-based fashion designer Richard Quinn is more than just a collaboration between the two British icons.  Quinn captivated the British fashion scene after becoming the first recipient

Mercedes-Benz Korea will focus on launching electric models to complete its EV-lineup in all segments this year, as well as bolstering the supply chain via its online shop, the company said Tuesday. After launching the full-change C-class model in the first quarter, the new EQB will be launched in the second quarter. It is the second compact SUV model following the new EQA. By year-end, the new EQE will be launched, the second model to be based on the modular architecture for premium EV after t

South Korea’s manufacturing industry saw a huge drop in the number of employed in recent years mainly due to the companies’ contracted local investment and restructuring among shipbuilding and auto making companies, data showed Monday.  According to the Federation of Korean Industries, the number of employed in the manufacturing industry dropped by 180,000 in 2019 from the corresponding figure in 2015. Such figures are tantamount to the combined number of employees at Samsung