With the recent launch of its all-new X1, German luxury carmaker BMW is targeting those in Korea who are looking for affordable, upscale, sport-utility vehicles. The X1 is the carmaker’s best-selling compact SUV. Industry watchers said the arrival of the second generation of X1, which has an upgraded design and specifications, will heat up competition among German luxury carmakers in the compact SUV segment.  The driving shot of the all-new BMW X1 (BMW Korea)The all-new BMW X1 is vastly differen

SK Group chairman Chey Tae-won faces a bumpy road for his return to the boardroom of the holding company SK Holdings, with some shareholders and civic groups strongly opposing the move.According to local news reports, the fund management division of the National Pension Service, the nation’s largest investor, will convene an investment committee meeting Wednesday to discuss a voting decision on the SK chief’s return to the board of directors. The public pension fund is the second biggest shareho

DEBUT OF EQ900 LIMOUSINE -- Hyundai Motor unveiled the limousine version of the EQ900 on March 9 in Seoul. Its body is 290 millimeters longer than the flagship sedan of the Genesis. EQ900. The price tag of the EQ900 limousine, which boasts more premium features, starts from 150 million won ($125,000). (Hyundai Motor)(EQ900)

Ssangyong Motor models pose with models at a launch event for the Tivoli Air, the long-body version of the firm’s compact Tivoli SUV, in Seoul on Tuesday. (Yonhap)Ssangyong Motor, the Korean unit of India’s Mahindra & Mahindra, launched the diesel-fueled long-body version of its best-selling compact Tivoli crossover Tuesday, targeting the growing compact SUV market. “The Tivoli Air, which evolved from the luxurious and stylish brand of the original crossover, boasts more enhanced utility feature

Shareholders of Hyundai Motor approved the third term of the automaker’s vice chairman Chung Eui-sun’s board membership at its annual general meeting Friday. As a registered board director of Hyundai Motor responsible for management issues, the heir apparent of the group is expected to spur the global launch of G90 (EQ900 in Korea), the first model of Genesis, its independent premium brand.  Chung Eui-sunIndustry watchers said he will also focus on capitalizing on the carmaker’s green car projec

Hyundai Motor Group said Thursday it has extended its initiative to grow together with its vendors for another year.In an agreement with the Fair Trade Commission, officials from the automotive group pledged to build a cooperative ecosystem for the group and its small vendors.The nation’s anti-trust body has made such fair trade agreements with major conglomerates since 2007. Hyundai Motor Group joined the FTC’s “economic democratization” initiative in 2008, pledging to encourage its affiliates

Board membership of South Korean business tycoons is emerging as a main interest for investors ahead of annual shareholders meetings in March, as responsible leadership is required amid worsening business conditions. Entry to the board of directors involves becoming a registered board member with the obligation to be responsible for management decisions. Some of top management at Korea’s family-controlled conglomerates, dubbed chaebol, however, continue to exercise power over management issues f

 The only son of China’s richest man appears to be helping K-pop bands increase their presence in China. 　“Wang Sicong, the founder of Banana Project, has been in discussion for investments since he signed a contact with two girl groups T-ara and EXID last year,’’ a music industry insider, who wished to be identified only by his last name Cho, told The Korea Herald. Wang Sicong attends the charity event at a branch of his family’s cinema chain. China Daily　Banana Project, a new Chinese show busi

The head of the Korea Chamber of Commerce and Industry called on the National Assembly to act on a set of economic bills before the closure of the parliamentary extraordinary session this week.“It is regrettable that the debate on pending economic bills in the Assembly has stopped,” KCCI chairman Park Yong-maan said in a meeting with a group of reporters on Monday. KCCI chief Park Yong-maan meets the press in Seoul on Monday.　Among more than 10 pending bills aimed at economic revitalization and

Hyundai Motor Group denied a local new report on Monday that Kia Motors -- one of its two auto units alongside Hyundai Motor -- is mulling a plan to build a plant with an annual production capacity of 300,000 units in India. The reports also mentioned Tada in the state of Andhra Pradesh as the strongest candidate for the site location.“India is one of countries Kia inspected for an overseas plant, following its investment in Mexico, but nothing has been decided yet for the Indian project,’’ an o

COMPLETION OF WORLD’S FIRST FLOATING FACILITY — Daewoo Shipbuilding and Marine Engineering hold a naming ceremony last week after completing the building of the world’s first floating LNG facility at its Okpo shipyard, South Gyeongsang Province. The shipbuilder will deliver the offshore LNG plant “PFLNG SATU” to Petronas, Malaysia’s state-run petroleum company, next month. DSME　　

A South Korean consortium clinched a $9.6 million urban development deal in Bolivia, the country’s Land Ministry said Tuesday, paving the way for the export of city planning services in the Latin American market.Under the deal, the consortium of Sunjin Engineering & Architecture and Pyunghwa Engineering Consultants will join the project to build a new city in Bolivia covering 58 square kilometers near Santa Cruz, which is known as the economic capital of Bolivia.Korea’s Ministry of Land, Infrast

The wage gap between small and medium enterprises and conglomerates in Korea expanded on-year in 2015, data showed Tuesday, reflecting the growing imbalance in compensation among salaried workers.According to the data compiled by the Ministry of Employment and Labor and Statistics Korea, employees at smaller companies only made 62 percent of the wages of their counterparts at big business groups, marking the lowest level since the data was first compiled in 2008.Workers at companies with more th

The Fair Trade Commission, the nation’s fair trade watchdog, is reviewing a recent stock deal made between Hyundai Motor Group and NH Investment and Securities to see if there was any irregularity involved in transferring the automakers’ stock ownership in Hyundai Steel, local news reports said. Forced by the revised Korean fair trade act to ban a Korean big business group from creating a new cross-shareholding structure among its affiliates, the two automakers -- Hyundai and Kia -- sold their s

GM Korea said Thursday it has signed an agreement with six organizations of Incheon City, including the city government and the Incheon Chamber of Commerce and Industry, to jointly promote the economic growth of the nation’s third largest city. The Korean unit of the U.S. automaker that runs a production line in Incheon is one of the major businesses contributing to the local economy. The key role of GM Korea in the partnership is to strengthen its support of the city’s automotive industry by in

Hankook Tire, the nation’s largest tire-maker, said Tuesday the company has started supplying ultrahigh-performance tires to the new Audi A4, A4 Avant and Audi S4 sport sedans. The Ventus S1 evo2, Hankook Tire’s flagship ultrahigh-performance tire, is being fitted on Audi’s best-selling small car family models, the company added in a press release.  The all-new A4, fitted with Ventus S1 evo2 premium tires (Hankook Tire)The Korean tire-maker has worked with Audi to supply its top product for the

GM Korea is gearing up to launch new Chevrolet and Cadillac models in South Korea this year as it seeks to carve out a bigger slice of the local passenger vehicle market, industry sources said Friday.The plan is in line with the company’s ramped-up efforts to target the domestic market with more new models following a relatively successful year in 2015.“The most important objective for us is to grow in the domestic market first,” James Kim, the president of GM Korea, said in his New Year greetin

The won-dollar exchange rate has shown sharp fluctuations in recent months, raising concerns over the possible negative impact of such volatility on the country’s economy, which is struggling with deteriorating conditions both at home and abroad.Last week saw it rise by 18.8 won in the first three trading days to reach 1,219.3 won per dollar -- the highest level in five years and eight months -- before falling by 21.9 won over the following two days to close at 1,197.4 won on Friday. The foreign

JUMPING INTO RACE FOR LUXURY SEDANS -- Ssangyong Motor joined the competition in the luxury sedan market by launching its upgraded flagship Chairman sedan with the new name of Chairman W “Kaiser” on Tuesday. The price tag of Ssangyong’s facelifted chauffeur-driven luxury sedan with four trims ranges from 56 million won ($46,550) to 112 million won. (Ssangyong Motor)

  POSCO is in talks with Iranian steelmaker PKP to export its FINEX technology, a next-generation and eco-friendly steelmaking technology, according to a government source. “POSCO is one of the Korean firms, which are poised to sign an agreement with their Iranian counterparts for a business deal, during the upcoming minister-level Korea-Iran Business Committee meeting next month,” said a high-level official from the Ministry of Trade, Industry and Energy on Tuesday.A Korean business delegation