Hyundai Motor hires ex-Porsche engineer to lead high-performance push

Hyundai Motor Group has recruited Manfred Harrer, former lead developer of Porsche’s first all-electric vehicle Taycan, to take the helm of developing products for the Korean carmaker’s luxury brand Genesis and Hyundai Motor’s high-performance N series, the company said Tuesday. According to the auto conglomerate, Harrer has been appointed as the head of Genesis & Performance Development Tech Unit, which operates under the Research & Development Division of Hyundai Moto

MobilityMay 28, 2024

Hanwha to showcase defense prowess at Canada trade show

Hanwha Group's two defense units -- Hanwha Ocean and Hanwha Aerospace -- said Tuesday that they would be showcasing their latest marine and ground weapon systems at this week's CANSEC, Canada's largest defense and security trade show. Held annually in Ottawa, CANSEC features over 280 companies and representatives from 50 countries. This year's event runs from Wednesday to Thursday, and will be the first in which Hanwha Group has taken part. Hanwha Ocean will present the KSS-I

IndustryMay 28, 2024

Korea's privacy watchdog denies Tesla Autopilot probe

South Korea's privacy watchdog has denied claims from a news report suggesting the agency is specifically investigating Tesla for potential privacy violations related to the carmaker's Autopilot system. The Personal Information Protection Commission clarified that its current efforts are part of a broader privacy policy initiative that involves all smart cars and self-driving mobility systems, not just Tesla’s Autopilot. On Tuesday, a local daily reported that the Personal Information Prot

MobilityMay 28, 2024

SK C&C, Hana team up to develop smart battery plant machines

SK Inc. C&C, an IT solutions unit of SK Group, said Tuesday that it inked a memorandum of understanding to jointly develop plant machines tailored for secondary battery manufacturing with Hana Technology, a local equipment maker, eyeing exports to North America and Europe. Hana’s key equipment will be supplied to be transformed by using SK’s digital factory operation know-how and other advanced technologies like artificial intelligence and big data. The machines will be capable o

TechnologyMay 28, 2024

[Photo News] Power of optimism

LG Electronics’ new “Optimism your feed” campaign video is played on a signage screen at Times Square in New York. The tech giant said Tuesday it has teamed up with online influencers to spread the power of optimism among young social network service users. The campaign is part of LG’s new brand identity “Life’s Good.” (LG Electronics)

IndustryMay 28, 2024

[Photo News] Knit for kids

Asiana Airlines crew members pose for a photo with knitted accessories that will be sent to children in developing countries on Tuesday. After years of pandemic disruptions, the nation's second-largest air carrier has recently resumed its inflight knitting campaign, in which passengers can make knitted mufflers and hats to be donated to children in need. (Asiana Airlines)

IndustryMay 28, 2024

S. Korean conglomerates double executives specialized in AI within a year: data

Korea’s top 30 conglomerates have doubled the number of artificial intelligence specialists in executive management and board of director positions in the space of a year, shows data released Tuesday. According to Leaders Index, a local business analysis and research center, which reviewed first-quarter regulatory filings submitted by 295 companies from the 30 business groups, there are now 187 executive-level managers specializing in AI. This figure marks a significant increase from the f

CompaniesMay 28, 2024

Biz leaders of S. Korea, UAE discuss enhancing bilateral economic, biz partnership

Business leaders of South Korea and the United Arab Emirates on Tuesday discussed ways to enhance economic cooperation and develop business partnerships in new industries, such as clean energy and ICT, a major business lobby here said. The Korea-UAE Business Investment Forum, held in Seoul during the state visit of UAE President Mohamed bin Zayed Al Nahyan, brought together around 200 government officials and business leaders, including South Korean Trade Minister Cheong In-kyo and UAE Minister

EconomyMay 28, 2024

Seoul shares open lower on tech slump

South Korean stocks opened lower Tuesday due to losses in tech shares, with investors also waiting for more hints on the future course of US key rates. The benchmark Korea Composite Stock Price Index fell 4.82 points, or 0.18 percent, to 2,718.17 in the first 15 minutes of trading. Top tech giant Samsung Electronics lost 0.26 percent, while No. 2 chipmaker SK hynix gained 0.99 percent. Leading battery maker LG Energy Solution dropped 0.96 percent, and Samsung SDI fell 1.57 percent. Naver, which

MarketMay 28, 2024

S. Korean biz leaders to meet with UAE president

South Korean business leaders, including Samsung Electronics Co. Chairman Lee Jae-yong, will meet with the President of the United Arab Emirates in Seoul to explore cooperation in various economic and technological sectors, industry sources said Monday. According to the sources, Lee, along with Euisun Chung of Hyundai Motor Group and Chey Tae-won of SK Group, will have tea with UAE President Mohammed bin Zayed Al Nahyan somewhere in Seoul on Tuesday. Other business leaders, including Hanwha Grou

IndustryMay 27, 2024

S. Korea’s finance chief in talks for China visit

South Korean Finance Minister and Deputy Prime Minister Choi Sang-mok said Monday that he is in talks for bilateral meetings with his Japanese and Chinese counterparts following this week’s trilateral summit of the three countries in Seoul. “Upon the invitation from the Chinese government, we are discussing detailed schedules for a possible visit to China. I expect to discuss diverse issues, including supply chains,” the nation’s top policymaker said at a press conference

EconomyMay 27, 2024

Doosan Enerbility shares jump on W2tr NuScale deal

Korean nuclear power plant builder Doosan Enerbility saw its shares soar more than 16 percent Monday following a news report that it is likely to secure over 2 trillion won ($1.46 billion) worth of orders for NuScale Power’s 50 trillion won small modular reactor project in the US. Its stock surged by 16.65 percent, closing at 21,300 won and reaching a 52-week high of 21,750 won during trading hours. Doosan Group’s stock also peaked at 218,500 won. The report suggests that NuScale Pow

IndustryMay 27, 2024

Business leaders eye trilateral consultative body to boost trade

Business leaders from Korea, Japan and China have announced plans to form a three-way economic consultative body among private sectors to effectively address pressing economic concerns and foster future cooperation among the three countries. Over 280 business leaders from the three countries attended the business summit Monday, shortly after the trilateral summit, including SK Group Chairman Chey Tae-won, also serving as KCCI chairman, Tokura Masakazu, chairman of the Japan Business Federation a

IndustryMay 27, 2024

LG debuts tumbler washer at Starbucks

LG Electronics said Monday it has launched its new “myCup” tumbler washer, with the first batches being installed at Starbucks stores here. In partnership with the Ministry of Environment and Starbucks Korea, LG developed the device to increase the use of reusable cups at the nation’s most popular specialty coffee chain. The “myCup” tumbler washer is based on LG’s Dios dishwasher technology. Customers are required to place their tumbler upside down in the wash

IndustryMay 27, 2024

Samsung Biologics to attend 2024 BIO International Convention next week

Samsung Biologics, one of the world’s largest contract and manufacturing organizations, said Monday that it will be participating in the upcoming 2024 BIO International Convention, the biopharmaceutical industry’s largest gathering of the year that kicks off in San Diego next week. This year, the event titled “Time for Science to Shine,” will be held on June 3-6 in the US, with some 1,500 companies joining from around the world. Taking part in the event for the 12th conse

IndustryMay 27, 2024

Korea’s EV investment in Georgia prompts more flights to Atlanta

South Korean companies’ growing investment in Georgia has led to increases in the number of flights and passengers traveling to Atlanta, the capital and most populous city in the state, according to industry sources Monday. “Delta Air Lines saw a significant increase in the number of business trips from Incheon to Atlanta and decided to deploy extra flights between the two cities,” said an official from Delta Air Lines' Korean office. Starting May 7, Delta Air Lines expand

IndustryMay 27, 2024

Seoul shares snap 4-day losing streak on bargain hunting

South Korean stocks jumped over 1 percent Monday to snap their four-day losing streak on bargain hunting amid dashed hopes for an early rate cut by the Federal Reserve. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index moved up 35.59 points, or 1.32 percent, to close at 2,722.99. Trade volume was moderate at 546 million shares worth 15.6 trillion won ($11.4 billion), with losers slightly outpacing gainers 442 to 422. Foreigners sold a net 140 billion

MarketMay 27, 2024

[Photo News] Tumbler washer at Starbucks

LG Electronics said Monday that its “myCup” tumbler washers have been installed at all Starbucks outlets nationwide as part of a partnership with the Ministry of Environment and Starbucks Korea. Based on LG’s Dios dishwasher technology, the tumbler washer offers two modes: a quick 30-second wash and a thorough wash course -- both using 65-degrees-Celsius hot water. (LG Electronics)

IndustryMay 27, 2024

Korea ushers in new space era with KASA launch

South Korea officially opened its first independent space-dedicated body, the Korea AeroSpace Administration, on Monday. “The role of KASA can be divided into four main sectors: establishing national aerospace policies, fostering talents while conducting R&D, promoting industry and international cooperation,” said Yoon Young-bin, chief of KASA and former aerospace engineering professor at Seoul National University, as he addressed his fellow officials in Sacheon, South Gyeongsang

IndustryMay 27, 2024

Coupang ups investment to spur Taiwanese growth

South Korean e-commerce giant Coupang has set up its first overseas distribution unit in Taiwan in an apparent move to boost its presence in the burgeoning retail market there, according to industry sources Monday. The new subsidiary, named Haitong Shangmao, specializes in distributing locally produced daily necessities from Coupang’s fulfillment centers to customers. A Coupang official also confirmed the establishment, which he said is part of the company’s expansion plans for its s

CompaniesMay 27, 2024