HMM said Monday it has secured stable business for Spain’s container terminal Total Terminal International Algeciras through strategic partnership with French shipping company CMA CGM. The South Korean shipping firm said it has signed a contract to sell a 50 percent stake in Algeciras container terminal to CMA CGM. HMM still maintains its status as the largest shareholder by holding 25 million plus one shares through a special purpose company. Through the contract, HMM can secure pr

Asiana Airlines posted an operating profit over 100 billion won ($84 million) in the second quarter, for the first time in six quarters, according to the firm’s regulatory filings Friday.  The nation’s flag carrier said its operating profit was tentatively estimated at 115.1 billion won in the April-June period. Quarterly sales fell 44.7 percent to 818.6 billion won year-on-year. Net profit turned to a surplus of 116.2 billion won. Similar to Korean Air, the cargo sector led

Share prices of LG Chem, Korea’s leading battery maker, jumped nearly 10 percent on Friday on expectations of rising demand for electric vehicles, ranking third in market capitalization in the nation’s securities market.  　 LG Chem shares rose 9.71 percent from the previous trading day to close at 746,000 won ($629). 　 At one point during the day, the price rose 11.47 percent to 758,000 won from a day earlier, hitting another record high. LG Chem’s market value has su

Hyundai Motor will join hands with British mobility company to speed up the development of infrastructure related to urban air mobility, the automaker confirmed Thursday. Hyundai Air Mobility, a unit of Hyundai Motor Group, and UK-based Urban-Air Port agreed to partner to jointly develop infrastructure for urban air mobility, which is urban transportation systems to move people and cargo by air, according to Hyundai Motor. Under the partnership, Hyundai Air Mobility and Urban-Air Port plan

Mercedes-Benz Korea said Wednesday it appointed Kim Jee-seop, vice president of customer services department, as interim president and CEO. Bjorn Hauber, president of Mercedes-Benz Sweden and Denmark, was originally appointed as the president and CEO of Mercedes-Benz Korea as of August 1, but could not take the position due to personal reasons, the automaker said. Kim joined Mercedes-Benz Korea in 2002 through the Mercedes-Benz Global Asia Management Associate Program. He worked at the Da

Posco International and the Rural Development Administration will jointly support farmers in Myanmar and strengthen the value chain of food projects through public-private cooperation, the company said Wednesday. The nation’s largest trading company said it has signed a memorandum of understanding with the RDA to improve the value chain of Myanmar’s rice business, ranging from variety, cultivation, processing and distribution. The ceremony, held in Posco International’s Se

Seven Korean companies, including Coupang and LG Chem, have narrowed their revenue gap with global No. 1 companies over the past five years, data showed Wednesday. Local corporate tracker CEOScore surveyed revenues of the world’s No. 1 companies and No. 1 firms in Korea in their respective fields from 2014 to 2019. The results showed that Korean companies narrowed the sales gap with the global No. 1 companies compared to five years ago in seven industries: including chemicals, pharmace

The new chief of the European Chamber of Commerce in South Korea believes there are many opportunities for Korean and European companies to cooperate in sustainability areas in the future. “In Europe, sustainability, particularly environment, has been a strong focus for many years and there are many technologies developed related to clean energy. I can see many opportunities for cooperation between European and Korean companies in the areas,” said Dirk Lukat, a new chairperson of

Hyundai Motor’s sales in the US market rose slightly over a period of five months, after struggling from the pandemic. Hyundai Motor America said Tuesday it reported total sales of 57,677 units last month in the region, a 1 percent increase from a year ago. Sales grew 4 percent, marking the third consecutive month of increase. Sport utility vehicles pulled up the performance, representing 67 percent of the total retail mix and growing by 16 percent on-year. Flagship SUV Palisade sales

South Korean shipbuilders have won orders one after another in recent months after suffering from a dismal performance in the first half of this year. Expectations are growing that they will continue to win more liquefied natural gas carrier orders in the latter half despite the pandemic. Korea Shipbuilding & Offshore Engineering, the shipbuilding holding unit of Hyundai Heavy Industries Group, said Tuesday it had won orders worth more than 1 trillion won ($837 million) in a week. KSOE

When the chief of Korea’s largest tiremaker sold all his stock in the company to his second son on June 30, the succession appeared to have proceeded smoothly. But it had not. The simmering family dispute has come to light because the chairman’s daughter took issue with the handover. On Thursday, Cho Hee-kyung, the eldest daughter of group Chairman Cho Yang-rai, applied to be her father’s guardian -- requesting the legal authority to care for the personal and property interes

Hanmi Pharmaceutical’s founder and chairman, Lim Sung-ki, died of a chronic disease Sunday at dawn after devoting his life to the South Korean bio industry. He was 80. Lim was the owner of Hanmi Pharmaceutical Group and the largest shareholder of Hanmi Science, the group’s holding company. Born in 1940 in Gimpo, Gyeonggi Province, Lim graduated from Chung-ang University’s college of pharmacy. He opened the Lim Sung-ki Pharmacy in Dongdaemun, Seoul, in 1967 and went on to

South Korea will allow holding companies of conglomerates to run corporate venture capital units in order to boost investment in startups and invigorate the economy, officials said Thursday. The government said it will also prepare tools to quell concerns of side effects, such as the excessive influence of conglomerates in the financial sector. “We will allow general holding companies to own affiliates for corporate VCs,” Deputy Prime Minister and Finance Minister Hong Nam-ki said

Korea’s antitrust watchdog has decided to impose a fine of 64.7 billion won ($54.1 million) on food giant SPC for violation of antitrust laws, officials said Wednesday. The Fair Trade Commission is also set to report Chairman Hur Young-in, former group CEO Cho Sang-ho and former Paris Croissant CEO Hwang Jae-bok to prosecutors. “The investigation found that the chief was involved in supporting Samlip in diverse ways on the group level,” an FTC official said. Samlip is the

YONGIN, Gyeonggi Province -- “The ultimate sports car, spearheading AMG family. I love to call it our street legal racing machine.” Mark Raine, vice president of product & marketing at Mercedes-Benz Korea, proudly presented a face-lifted model of the AMG GT 2-Door Coupe to press at the AMG Speedway, its racetrack located in Yongin, Gyeonggi Province, on a sunny Friday in July. Five years have passed since Mercedes-Benz Korea introduced the classic AMG GT 2-Door Coupe sports car

South Korea’s top 500 companies by assets have cut more than 11,000 jobs as the new coronavirus has continued to spread, data showed Wednesday. Local corporate tracker CEOScore surveyed the number of national pension fund subscriptions among the nation’s 500 largest companies between February and June. The pension fund subscription -- which is mandatory for regular workers -- is often used as a barometer for employment trends here. The survey showed that the 500 firms’ sub

SK Group has solidified its market valuation -- just behind No. 1 South Korean conglomerate Samsung Group -- due to the initial public offering of its bio units, according market tracker FnGuide on Tuesday. As of Friday, its listed affiliates had a combined market cap of 120 trillion won ($100 billion), while Samsung Group had 480 trillion won. SK Biopharmaceuticals, which was listed on July 2, recorded 15 trillion won in market cap. Accordingly, SK Corp., which owns 75 percent of SK Biopha

Hyundai Motor confirmed Tuesday it is seeking to acquire General Motors’ production facility in St. Petersburg, Russia. “We are discussing acquisition of the plant with GM,” a Hyundai official said. The South Korean carmaker has sought approval from the antitrust agency in Russia, an essential measure to take over the factory. The agency will decide on granting permission if it does not violate the law. The St. Petersburg plant opened in 2008 with an investment of about $30

Fiat Chrysler Korea confirmed Monday that President Pablo Rosso has been suspended following allegations of sexual harassment, verbal abuse and assault.  To ensure the integrity of the investigation is upheld, Pablo Rosso has been temporarily suspended from his duties as managing director of FCA Korea, the automaker said. "FCA does not tolerate any form of harassment, abuse or discrimination of our employees or business partners. It is the company’s policy to both immediately

The International Vaccine Institute, a Seoul-based independent nonprofit agency, said Monday that LG Group Chairman Koo Kwang-mo has personally donated 1 billion won ($836,120) to develop therapies for the new coronavirus. Koo hopes his donation would help speed up the development of vaccines to tackle the unprecedented pandemic, the organization said. The donation will be used to study methods to prevent infections, improving the human immune response to COVID-19 vaccines and for strengthen