Kia reaches tentative agreement with union

Hyundai Motor Group said Wednesday that its affiliate Kia has reached a tentative agreement with its labor union, continuing wage talks without a strike for a third consecutive year. The management and labor union members sat down for the 16th round of negotiations at Kia Autoland in Gwangmyeong, Gyeonggi Province, Tuesday. The most pressing item on the agenda was whether Kia would remove a clause in the collective agreement that allows for the hiring of children of workers with more than 25 yea

MobilityOct. 18, 2023

[Photo News] BMW XM unveiled

BMW’s XM Label Red, a limited edition sport activity vehicle under the M performance brand, is displayed Wednesday ahead of the BMW Ladies Championship that kicks off Thursday in Paju, Gyeonggi Province. The German carmaker plans to unveil two M cars – the XM Label Red and the i7 M70 xDrive, the first battery-powered 7 Series model --during the four-day event. BMW has showcased its latest models during the nation’s only LPGA tour every year since 2019. (BMW Korea)

MobilityOct. 18, 2023

VW’s ID.4 EV gains foothold with competitive pricing

Volkswagen’s pure electric sport utility vehicle ID.4 has been gaining traction in Korea, especially among drivers in their 30s and 40s, as one of the most reasonably priced premium EVs. According to Volkswagen Korea, its competitive pricing sets the car apart from other EV rivals. The 2023 all-electric ID.4 is priced in the range of 50 million won ($37,000), but with a government subsidy of up to 5.8 million won, the price can be further lowered to the upper 40 million won range. In Aug

MobilityOct. 18, 2023

[Photo News] Green Education

GREEN+Kids, Mercedes-Benz Korea's environmental education program for children here, has been recognized as an outstanding environmental education program by the Ministry of Environment, the automaker's corporate social responsibility committee said Wednesday. The GREEN+Kids program, which is aimed at guiding children toward a carbon neutral lifestyle and teach everyday practices to reduce their carbon footprint, has reached 427 social welfare institutions and elementary schools nation

MobilityOct. 18, 2023

S. Korea, Latin America to discuss ways to boost trade, ICT cooperation

Some 200 corporate and government officials from South Korea and Latin American countries will gather in Mexico this week to discuss ways to enhance bilateral trade and cooperation on advanced technology sectors and explore new business chances, Seoul's finance ministry said Wednesday. The inaugural Korea-Latin America and the Caribbean Innovation and Trade Forum will take place in Mexico City on Wednesday for a two-day run, which will be hosted by the Ministry of Economy and Finance and th

EconomyOct. 18, 2023

S. Korean industries to see modest recovery in 2024: think tank

Most South Korean industries are likely to see a modest recovery next year, with rechargeable batteries, automobile and shipbuilding sectors expected to show robust growth, according to a think tank Wednesday. The Hana Institute of Finance stressed the need to prepare for China's slowing growth, strengthening of global environmental regulations and new technological advances that it said will have mid- and long-term effects on local industries. "Local industries are generally expected

EconomyOct. 18, 2023

US toughens rules on exports of advanced computing chips to China

The US Department of Commerce announced a set of rules Tuesday to update and strengthen its restrictions on the export of advanced computing semiconductors to China in an apparent move to further curb China's technological advancement. The department's Bureau of Industry and Security released the rules to reinforce the export controls, which were published about a year ago to restrict China's ability to purchase and manufacture certain high-end chips critical for military advantag

EconomyOct. 18, 2023

Industry minister asks refiners to use fair pricing policy amid Israel-Hamas war

South Korea's industry minister on Wednesday requested local oil refiners use a fair and transparent pricing policy amid the growing volatility of crude prices as the Israel-Hamas war intensifies. "We ask (local oil refiners) to use a transparent and fair oil pricing policy so that the recent rise in oil prices does not unilaterally burden the people," Industry Minister Bang Moon-kyu said during a meeting with business officials. Bang emphasized that stabilizing oil prices is th

IndustryOct. 18, 2023

Seoul shares open lower on tech, battery slump

South Korean stocks started a tad lower amid Washington's updated exports control on chip exports to China. The benchmark Korea Composite Stock Price Index dropped 6.74 points, or 0.27 percent, to 2,453.43 in the first 15 minutes of trading. On Wall Street, US stocks finished mixed on better-than-expected retail sales data and the US government's latest rules to increase its restrictions on the sale of semiconductors from American companies to China. The Dow Jones Industrial Average ro

MarketOct. 18, 2023

SK Chemicals partners with Estee Lauder for eco-friendly cosmetics containers

SK Chemicals said Tuesday it has partnered with global cosmetics giant The Estee Lauder Companies, in a bid to provide eco-friendly plastic solutions and accelerate its efforts to popularize cosmetics containers that incorporate recycled materials. SK Chemicals said it signed a letter of intent with Estee Lauder to provide Ecotria CR and Skypet CR to the cosmetics firm. Both materials feature advanced recycling technology that allows the chemical decomposition of plastic into monomers. SK Chemic

IndustryOct. 17, 2023

Kia management, union reach tentative wage deal to avoid strike

The management and labor union of Kia Corp., South Korea's second-largest automaker, have reached a tentative wage deal to avoid a partial strike, according to the company Tuesday. The agreement was reached after unionized workers of Hyundai Motor Co. voted last month to accept this year's wage deal, averting a strike for the fifth consecutive year. Unionized workers of Kia had planned to go on a partial strike from this week unless it reached a wage deal. The union plans to vote wheth

CompaniesOct. 17, 2023

Fitch keeps S. Korea's credit rating at 'AA-,' outlook stable

Global credit appraiser Fitch Ratings has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook, the finance ministry said Tuesday. It is the fourth-highest level on the agency's table, and Fitch has maintained the rating of AA- since September 2012.

EconomyOct. 17, 2023

Import prices rise for 3rd month on higher oil costs

Volatility in oil prices, currency add pressure on Korean economy South Korea's import prices climbed for a third consecutive month, increasing inflationary pressure on the economy, central bank data showed Wednesday. Export prices rose as well, but at a slower pace. The import price index for September stood at 139.67, up 2.9 percent from a month before. The figure has been on the rise for three straight months, following 4.2 percent and 0.2 percent increases in August and July, respective

EconomyOct. 17, 2023

Seoul shares up nearly 1 pct on eased concerns over Middle East conflict

South Korean stocks jumped nearly 1 percent Tuesday as concerns over the Israel-Hamas conflict eased. The local currency slightly gained ground against the US dollar. The benchmark Korea Composite Stock Price Index added 23.93 points, or 0.98 percent, to close at 2,460.17, ending a two-session losing streak. Trading volume was moderate at 500.5 million shares worth 7.6 trillion won ($5.6 billion), with winners beating losers 582 to 281. Foreign purchases led the rally, as offshore investors scoo

MarketOct. 17, 2023

[KH Explains] Shipbuilders scramble to secure labor force amid booming industry

South Korea’s leading shipbuilders have been scoring massive order after order all this year, welcoming the revival of the shipbuilding industry. Despite the upbeat numbers on paper, they are facing the daunting task of securing a skilled workforce capable of carrying out difficult tasks in the long term. Clarksons Research, a global shipping and shipbuilding analysis firm based in the United Kingdom, measured the Newbuilding Price Index (NPI) at 173 points as of August. The NPI indicates

IndustryOct. 17, 2023

Uncertainties alleviated for Samsung, SK chip plants in China: trade chief

South Korea’s Trade Minister Ahn Duk-geun said Tuesday that the US government’s recent decision to allow exports of its chip equipment to Samsung Electronics and SK hynix plants in China has greatly relieved uncertainties surrounding the top memory chip makers’ operation and investment there. “The latest achievement came after mobilizing all consultation channels centering on the presidential office and the Ministry of Trade, Industry and Energy, while closely communicati

TechnologyOct. 17, 2023

Hyundai Motor shows off air mobility, drone tech at Seoul defense fair

Hyundai Motor Group said Tuesday that its urban air mobility arm Supernal, along with its sister firm Kia, are showcasing their latest UAM vision and drone technology at this week's Seoul ADEX 2023, Korea’s largest aerospace and defense trade show. This is the first time for the US-based Supernal to set up an exhibition booth at the biennial event since its launch in 2020. During the event, it aims to raise its brand awareness and seek new business opportunities. At this year’s

MobilityOct. 17, 2023

One Store attracts W20b from Krafton

South Korea’s mobile app store operator One Store said Tuesday that it has secured an investment worth 20 billion won ($14.7 million) from Krafton, one of the country’s major game developers. Krafton said it made the investment decision to broaden its understanding of the global game market through One Store's overseas expansion. They did not disclose the size of the stake that Krafton had taken. One Store was jointly developed by Korean telecommunication giants SK Telecom a

IndustryOct. 17, 2023

MBK chairman makes donation to promote Korean art at New York's Met

Seoul-based private equity firm MBK Partners Founder and Chairman Michael Byung-ju Kim has offered a donation to the Metropolitan Museum of Art in New York to promote Korean art in the museum, the firm said Tuesday. The donation is part of the Korean Art Initiatives project, which was devised to honor the 25th anniversary of the Arts of Korea gallery at the museum, along with the Korea Foundation and the Samsung Foundation of Culture. Scholarships and educational programs will help to bolster th

IndustryOct. 17, 2023

Hyundai Rotem to showcase new ground weapons systems at Seoul expo

Hyundai Rotem, a defense solutions and railway vehicles maker affiliated with Hyundai Motor Group, said Tuesday it is showcasing its next-generation defense technologies during the Seoul International Aerospace & Defense Exhibition 2023, which is taking place at Seoul Airport in Seongnam this week. The biennial event is the defense industry's biggest gathering in Korea. This year, a record 550 exhibitors from 35 nations are joining the event. Under the theme of “Shielding Peace wi

IndustryOct. 17, 2023