SK Group set for major revamp for management efficiency

SK Group, the country's second-largest conglomerate by asset, is speeding up efforts to carry out a comprehensive overhaul of some 200 affiliates and business portfolios, starting with selling its affiliates and pushing for mergers. SK Networks announced Thursday that it is selling 100 percent of its share of SK Rent-a-Car, its rental car service, to Affinity Equity Partners, a Hong Kong-based private equity fund, for 820 billion won ($600 million). The move comes as the company intends to

IndustryJune 20, 2024

Korean Air boosts flights to China, Japan

South Korean national flag carrier Korean Air will reopen some routes to China that had been suspended since the COVID-19 pandemic, in response to a recent rise in travel demand between the two countries. Starting in July, Korean Air will resume flights between Busan and Shanghai, as well as between Jeju Island and Beijing, with each route operating seven times a week, according to the air carrier on Thursday. Later this year, flights will also resume between Incheon and Hefei, Busan and Beijing

CompaniesJune 20, 2024

NongHyup Bank, Bankcow partner up on tokenized securities

NongHyup Bank has teamed up with local livestock fractional investment platform Bankcow to expand their business enabling customers to pool their funds to invest in livestock raised on Korean farms. The bank announced on Thursday that it has entered a strategic business agreement with Stockeeper, the operator of Bankcow, to collaborate on securities token offerings (STOs). "Through this business agreement, our goal is to enhance convenience and security for investors using our fractional in

IndustryJune 20, 2024

Korean equipment makers target booming infrastructure markets

South Korea’s construction equipment trio -- HD Hyundai Construction Equipment, HD Hyundai Infracore and Doosan Bobcat -- are ramping up their efforts to penetrate emerging markets. While North America and Europe continue to be major revenue sources, they are investing more in local production and distribution networks of high-growth countries such as India, Brazil and Mexico, where infrastructure development is booming and demand for relatively larger construction machinery is surging.

IndustryJune 20, 2024

Hyundai to start Georgia EV plant, unlocking IRA benefits

Hyundai Motor Group Metaplant America, Hyundai Motor Group’s new electric vehicle plant in Georgia, will begin production later this year, allowing the automaker to leverage the Inflation Reduction Act benefits to better compete in the US EV market. Hyundai announced Wednesday that the inaugural model to be produced at the Georgia plant will be the 2025 Ioniq 5. This launch, set for the fourth quarter, marks Hyundai’s first official statement on the operational timeline and specifi

MobilityJune 20, 2024

Samsung Tizen OS integrates AI features for expanded connectivity

Samsung Electronics has been enhancing the reach of its proprietary Tizen operating system by incorporating artificial intelligence capabilities. According to Samsung Newsroom on Thursday, Tizen has been deployed in approximately 270 million units of Samsung smart TVs released as of the end of last year. Considering that it was installed in about 50 million units in 2015, it recorded a growth rate of about 440 percent. “Samsung Tizen is preparing for another leap forward by evolving into

TechnologyJune 20, 2024

[Photo News] Robotic butler for smart building

Hyundai Motor Group said Thursday that it has dispatched robotic services to the Factorial Seongsu office building in eastern Seoul. The DAL-e Delivery robot by Hyundai Motor and Kia and the parking robot by Hyundai Wia will automate services ranging from parking vehicles up to 2.2 tons to delivering items within the building weighing up to 10 kilograms. The parking robot will also synchronize with Hyundai-Kia’s automatic charging robot, set to arrive in the third quarter at the same build

TechnologyJune 20, 2024

Financial firms to provide W5tr in loans for real estate projects

Five banks and five insurance firms in South Korea agreed Thursday to provide up to 5 trillion won ($3.6 billion) in additional funding for real estate development projects. The move comes amid government-led efforts to normalize real estate project financing ㅣloans as prices continue to rise, which include the liquidation of failing projects. Under a memorandum of understanding signed Thursday, the five banks and five insurance firms will first create a 1 trillion-won syndicated loan and gradua

EconomyJune 20, 2024

S. Korea's auto exports hit record high in May

South Korea's car exports rose 4.8 percent on-year last month to reach a record high for any May, driven by solid demand for eco-friendly vehicles, data showed Thursday. The combined value of car shipments came to $6.5 billion in May, beating the previous record for any May set in 2023, when the value stood at $6.23 billion, according to the Ministry of Trade, Industry and Energy. In terms of volume, car exports advanced 2.9 percent on-year to come to 254,496 units last month. The increase

MarketJune 20, 2024

EU 'ready to react appropriately' against possible safety issues involving T'way's European routes: EASA

The European Union's aviation safety authority will be "ready to react appropriately" against possible flight maintenance issues of the European operation of South Korean low-cost carrier T'way Air, which has recently been plagued by frequent delays due to aircraft maintenance issues, an agency spokesperson said Thursday. T'way Air experienced four flight delay incidents last week alone, affecting hundreds of international passengers connecting South Korea with overseas

MobilityJune 20, 2024

S. Korea conducts probe into imported Toyota, Yamaha models over fraudulent Japanese testing

The South Korean government said Thursday it has carried out a probe into some imported vehicles made by Japanese automakers Toyota Motor Corp. and Yamaha Motor Co. in connection with their improper certification tests in their home country. Seoul's Ministry of Land, Infrastructure and Transport said it has looked into whether 38 models from Japanese automakers currently under investigation for fraudulent certification tests in Tokyo were being sold in South Korea. The ministry said none of

MobilityJune 20, 2024

Seoul shares open higher on tech gains

Seoul shares opened higher Thursday, after a holiday in the US, helped by tech gains amid concerns over the possible delay of a long-awaited interest rate cut by the US Federal Reserve. The benchmark Korea Composite Stock Price Index rose 7.46 points, or 0.27 percent, to 2,804.79 in the first 15 minutes of trading. US stock markets were closed on Juneteenth on Wednesday to commemorate the end of slavery in the US The Fed recently pared back projections for rate cuts this year. In Seoul, tech sto

MarketJune 20, 2024

Ex-Alibaba Korea chief tapped as CEO of Shinsegae’s Gmarket

Chung Hyung-kwon, former head of Alibaba Korea, has been named the CEO of Gmarket, the troubled e-commerce unit owned by Shinsegae Group. The new appointment is part of a series of executive reshuffles at the Korean retail giant whose key affiliates are running out of cash amid operational losses. Before joining Alibaba Group, Chung, a financial specialist, worked at multiple investment banks, such as Goldman Sachs and Credit Suisse, and served as an executive at Coupang, Shinsegae's e-comm

IndustryJune 19, 2024

[Photo News] K-food made in Georgia

Georgia Gov. Brian Kemp (left) and first lady Marty Kemp (on the governor's left) visit CJ Foodville's Tous les Jours bakery store in central Seoul on Tuesday. Earlier in the day, the governor met with CJ Foodville CEO Kim Chan-ho to discuss business cooperation regarding the company's $54 million bakery and food processing plant that is under construction in Gainesville, Georgia, set for completion by the end of 2025. (CJ Foodville)

IndustryJune 19, 2024

Kakao Bank kick-starts overseas expansion with Superbank launch

Kakao Bank has yielded the result of its first overseas investment, as Indonesian digital bank Superbank officially launched Wednesday. With the launch, Superbank becomes the first bank concentrating on digital financial services in Indonesia, supported by major shareholders that include Korean internet-only lender Kakao Bank, Southeast Asia's biggest mobility application Grab, Indonesian media conglomerate EMTEK Group and Singaporean telecommunications giant Singtel. In September last year

IndustryJune 19, 2024

Posco chief reaffirms commitment to EV transition

Posco Group Chairman Chang In-hwa stressed that the group will continue to focus on investing in its secondary battery materials business and expand the application of eco-friendly steel-making methods at a forum organized by World Steel Dynamics in New York, US, Posco Holdings said Wednesday. “The global auto industry will completely shift to electric vehicles in the end despite a recent slowdown. (Posco Group) sees the chasm as an opportunity to strengthen its business and to make new in

IndustryJune 19, 2024

Daewoong's botulinum toxin Nuceiva hits Spanish market

Daewoong Pharmaceutical, South Korea’s leading drug company, said Wednesday its botulinum toxin product Nabota has been launched in Spain, one of Europe's largest aesthetic toxin injectable markets. According to Daewoong Pharmaceutical, its US partner Evolus, which has the exclusive right to import and sell Daewoong's botulinum toxin Nabota in the US, Europe and Canada, started to sell the botulinum toxin product under the brand name of Nuceiva, starting last week. “Evolus

IndustryJune 19, 2024

Korea declares full-fledged war to combat low birth rate

President Yoon Suk Yeol declared a "national emergency on population" Wednesday, rolling out measures to expand cash support for newborn babies and reverse the declining birth rate trend. "The population crisis caused by extremely low birth rates is the foremost and critical issue for South Korea," Yoon said, adding that the rapid population decline has now become a matter "prompting concerns about the very survival of South Korea." Yoon made the announcement during

EconomyJune 19, 2024

Seoul shares up for 2nd day on tech stocks

Seoul shares advanced by more than 1 percent Wednesday as investors scooped up tech stocks following a rally on Wall Street. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 33.41 points, or 1.21 percent, to close at 2,797.33. The closing index marks the highest since Jan. 21, 2022, when the comparable reading was 2,834.29. Trade volume was heavy at 635.72 million shares worth 13.86 trillion won ($10.03 billion), with losers outnumbering winners 53

MarketJune 19, 2024

Calculation error opens path for SK chief's team to challenge ruling

SK Group Chairman Chey Tae-won’s high-profile divorce from his estranged wife Roh Soh-young took an unexpected twist after the Seoul high court made a rare rectification of a mistake in its ruling that ordered the chaebol chief to pay $1 billion in property division to the wife. On Monday, the appellate court corrected numerical errors in its written judgment for the divorce settlement of Chey and Roh, but upheld its overall ruling involving the record-high divorce settlement. Earlier in t

IndustryJune 19, 2024