Are company directors responsible to shareholders?

Debate over a bill expanding the responsibilities a company director not only to the interest of the firm but also to the interest of the shareholders has been rekindled, with business groups showing strong resistance, arguing it could invite damage claims from individual shareholders. Rep. Jeong Jun-ho of the main opposition Democratic Party of Korea proposed on June 5 an amendment to an article of the Commercial Act tied to the "Duty of Loyalty by Directors," after a similar bill was

EconomyJune 12, 2024

SK, China's Geely partner on EV innovation

SK Inc., the investment arm of South Korea's SK Group, has announced a partnership with China's Zhejiang Geely Holding Group to advance green mobility initiatives, focusing on electric vehicle batteries and automotive electronics. This collaboration aims to integrate SK's business development capabilities with Geely's expertise in mobility technology. The partnership was formalized with the signing of a framework agreement Wednesday. The global networking efforts of Chey Jae-

MobilityJune 12, 2024

Hyundai hydrogen trucks hit 10m km of emission-free rides in Switzerland

Hyundai Motor Company’s hydrogen-powered truck Xcient Fuel Cell has surpassed 10 million kilometers in accumulated mileage in Switzerland, the South Korean automaker announced Wednesday. The milestone came three years and eight months after the world’s first mass-produced hydrogen-electric truck began to hit the roads in Switzerland in Oct. 2020. Currently, there are 48 Xcient Fuel Cells in operation in the central European country. The truck, which is equipped with a 180-kilowatt hy

MobilityJune 12, 2024

SK CEOs to hold strategy meeting at end of June

SK Group, the country’s second-largest conglomerate in terms of assets, will hold its biannual business management strategy meeting June 28-29 to comprehensively review the group’s plans and renew commitment to "go back to basics," according to industry sources Wednesday. SK Group Chairman Chey Tae-won and other members of the founding family, including SK Innovation Vice Chairman Chey Jae-won and SK Supex Council Chairman Chey Chang-won are expected to join the meeting, al

IndustryJune 12, 2024

Hyosung Heavy to ramp up output of power transfomers in Korea, US

Hyosung Heavy Industries announced Wednesday its plans to expand its ultra-high voltage transformer factories in the US and Korea to meet increasing global demand for electricity infrastructure. The company will add a test line and expand the existing testing and production facilities at its ultra-high voltage transformer plant in Memphis, Tennessee. This expansion is expected to double the production capacity of the plant. Simultaneously, the Changwon plant in South Gyeongsang Province, which i

CompaniesJune 12, 2024

GS Ventures hosts tech day for battery startups

GS Group’s corporate venture capital arm, GS Ventures, said Tuesday that it has successfully hosted Monday's GSV Tech Day at GS Tower, the conglomerate’s headquarters in southern Seoul. Initiated last September, GSV Tech Day provides a platform for startups within the venture capital unit's investment portfolio to exchange technology and cooperate. This year's event was themed on the future of batteries, featuring eight startups specializing in battery-related technolo

IndustryJune 12, 2024

Han Sung Motor launches industry-first 3-day trial of used cars

Han Sung Motor, the official Mercedes-Benz car dealer in Korea, on Wednesday launched a three-day trial service of its certified used cars, in an industry first. Customers who purchase a certified preowned Mercedes-Benz from Han Sung Motor can test drive the vehicle for three days and get a full refund with no penalties if dissatisfied. Vehicles eligible for the service are selected monthly, mainly among popular models. Customers can apply for the service through the inquiry channel of Han Sung

MobilityJune 12, 2024

Shinhan Card partners with Canada's Alberta to boost tourism

South Korean card issuer Shinhan Card is collaborating with regional Canadian governments and state-run tourism promotion agencies for local tourist marketing, starting with Alberta. Shinhan Card, the card arm of Korean finance giant Shinhan Financial Group, announced on Tuesday that it has signed a strategic partnership agreement with the Government of Alberta, Canada, to jointly develop services and launch marketing initiatives targeting tourists visiting Alberta. The signing ceremony took pla

IndustryJune 12, 2024

[From the Scene] Kakao unveils first data center

Korean IT giant Kakao, having suffered from its worst-ever server shutdown in October 2022, unveiled its first in-house data center in Ansan, Gyeonggi Province, to local media Tuesday. As part of Kakao's efforts to keep users' daily lives safe, this data center is the first one of its kind to maximize stability. Located on a 47,378-square-meter site, about 2.6 times the size of a soccer field, Kakao Data Center Ansan is situated in Hanyang University’s ERICA campus in the industr

TechnologyJune 12, 2024

Seoul shares open higher on US tech gains

South Korean stocks opened higher Wednesday, tracking overnight gains by US big tech shares. The benchmark Korea Composite Stock Price Index added 9.05 points, or 0.33 percent, to 2,714.37 in the first 15 minutes of trading. The US stock market closed mixed overnight as investors remained cautious about the conclusion of the Federal Open Market Committee meeting, set to end Wednesday. The Dow Jones Industrial Average retreated 0.31 percent to close at 38,747.42, but the tech-heavy Nasdaq advance

MarketJune 12, 2024

KDB chief pledges W100tr high-tech fund, sticks to Busan relocation

The chief of the state-run Korea Development Bank on Tuesday unveiled plans to provide 100 trillion won ($72.5 billion) in policy funds for the development of high-tech industries while continuing efforts to push for the relocation of headquarters to Busan. KDB Chairman Kang Seog-hoon made the announcement during his second-anniversary press conference held at the bank's headquarters in Yeouido, Seoul, and called for swift legal revisions to implement the plans. "We are currently prepa

EconomyJune 11, 2024

S. Korea sees record-high No. of new businesses by senior citizens

The number of enterprises founded by those aged 60 and above marked a record-high number in the first quarter this year, government data showed Tuesday, despite the overall number of new businesses continuing to decline. According to Statistics Korea, a total of 276,000 new companies were founded in the first quarter, excluding those related to real estate. Of those, 38,000 were founded by people aged 60 and older, marking the highest figure ever. It was also the first time ever that new enter

EconomyJune 11, 2024

SK-backed TerraPower breaks ground for next-gen nuclear plant

TerraPower, Bill Gates’s energy company that SK Group invested in, is starting the construction of a next-generation nuclear power plant at its Wyoming site, SK Group said Tuesday. According to SK Group, TerraPower held its groundbreaking ceremony Monday at Kemmerer, Wyoming, with Chairman Bill Gates, TerraPower CEO Chris Levesque, and government representatives participating. SK On Vice Chairman Yoo Jung-joon and SK Inc. Executive Vice President Kim Moo-hwan also joined the event. Kemmere

IndustryJune 11, 2024

Banks to allow staff up to 5 years of child care

More local banks are implementing so-called optional "parental resignation" programs as internal welfare measures, as one attempt to address the nation's notoriously low birth rate problem. According to industry sources, Woori Bank recently received applications for parental resignations with the guarantee of re-employment. A total of 35 employees applied, and they are scheduled to resign at the end of this month to begin a maximum two and a half years of unpaid child care leave.

IndustryJune 11, 2024

Korea, Turkmenistan forge stronger ties on gas fields, smart cities

Business leaders and government officials from South Korea and Turkmenistan pledged to further strengthen cooperation in infrastructure and digital development at a bilateral business forum held Tuesday in Turkmenistan's capital, Ashgabat. The forum, hosted by the Korea Chamber of Commerce and Industry and chaired by SK Group Chairman Chey Tae-won, who doubles as chairman of the KCCI, in collaboration with the Turkmenistan Chamber of Commerce, was attended by more than 250 participants. Wit

IndustryJune 11, 2024

Seoul shares close tad higher ahead of US Fed meeting

South Korean shares closed slightly higher Tuesday ahead of the Federal Reserve's rate-setting meeting this week. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 4.15 points, or 0.15 percent, to close at 2,705.32. Trade volume was moderate at 550 million shares worth 11.6 trillion won ($8.4 billion), with losers outnumbering gainers 510 to 349. The index had opened higher, tracking overnight gains on Wall Street. After choppy tra

MarketJune 11, 2024

Hyundai Motor to premier first original film starring Son Suk-ku, Ioniq 5

Hyundai Motor Company said Tuesday it is releasing its first original film “Night Fishing,” starring actor Son Suk-ku and featuring its top-selling electric vehicle the Ioniq 5, this Friday nationwide. The film, the carmaker’s first foray into cinema, is a humanistic thriller weaving mystery and twists against the backdrop of an EV charging station. Directed by Moon Byoung-gon, the first Korean to win the Short Film Palme d’Or at Cannes in 2013, this project marks his ret

MobilityJune 11, 2024

Does Apple Intelligence have edge over Galaxy AI?

Months after Samsung Electronics launched the world's first artificial intelligence smartphone equipped with its original Galaxy AI, its archrival Apple debuted its own Apple Intelligence, only to show it lacks any kind of overwhelming advantage to differentiate itself. At the Worldwide Developers Conference on Monday, Apple presented Apple Intelligence, its AI system that will be incorporated across products from iPhones to Macbooks. “Our unique approach combines generative AI with a

IndustryJune 11, 2024

S. Korean ChatGPT app users soar 30% in May

The popularity of OpenAI's artificial intelligence chatbot, ChatGPT, has surged in South Korea, with the number of monthly users of its mobile app surpassing 1 million for the first time last month. User numbers rose by 30 percent in May, reaching an estimated 1,273,922, compared to 980,318 in April, according to statistics from the mobile big data company IGAWorks released Tuesday. This follows a steady increase from 697,830 in February to 880,364 in March. "The mobile app version i

TechnologyJune 11, 2024

LG-GM joint venture workers win 30% wage hike

LG Energy Solution and General Motors' joint venture, Ultium Cells, have tentatively agreed to a 30 percent wage increase over the next three years, significantly boosting worker pay amidst concerns about rising production costs. The United Auto Workers announced Monday that their local chapter at the Ultium Cells plant in Warren, Ohio, has reached a preliminary agreement with the company. This tentative deal still requires ratification by union members. UAW President Shawn Fain stated that

MobilityJune 11, 2024