Auto exports to Algeria surge

South Korea’s auto exports to Algeria soared in October as Hyundai Motor assembly plants have begun operations there, a trade agency said Wednesday. Exports of passenger cars to the North African country jumped 51.5 percent in the first 10 months of this year to $92.56 million due to high growth in October, according to the Korea Trade-Investment Promotion Agency. Shipments of commercial vehicles also rose 11.1 percent to $5.75 million during the same period.  The increase came

Dec. 14, 2016

[From the Scene] BYD benefits from China’s EV push

The Korea Herald is publishing a series of articles on moves made by the companies and governments of South Korea, China and Japan in entering the new Industry 4.0 era. This is the third installment. -- Ed. Shenzhen, CHINA -- Displayed in front of the main building of the BYD Auto headquarters in Shenzhen, China, are the company’s signature lineups: the Tang SUV, Qin compact sedan, compact crossover E6, pure electric busses K8 and K9, as well as its latest brainchild, the Skyrail monorail

Dec. 13, 2016

Hanwha hosts offshore wind power conference

Hanwha Engineering & Construction Corp. held the 2016 Offshore Wind Conference in Seoul on Wednesday in a bid to boost cooperation for the Sinan power plant project. During the conference, 150 experts from domestic and foreign companies, including Doosan Heavy Industries and Construction and FUGRO, gathered to discuss business and technological issues concerning offshore wind power. “The interest for offshore wind power has increased amid global efforts to cut greenhouse gas emission and new ene

Dec. 8, 2016

Mercedes-Benz becomes first foreign brand to sell over 50,000

Premium carmaker Mercedes-Benz became the first foreign carmaker to sell more than 50,000 cars within a year in South Korea, industry data showed on Wednesday. The Korean unit of German carmaker Mercedes-Benz sold 50,718 cars in the first 11 months this year, increasing more than 20 percent from a year ago, according to data from Korea Automobile Importers and Distribution Association.  Boosted by sales of three new E-Class sedans and sport utility vehicle models, it is set to become

Dec. 7, 2016

[FROM THE SCENE] DJI eyes rapid growth with drones, robots

The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the second installment. -- Ed. Shenzhen, CHINA -- “This is the future of our company and something China will be really proud of,” Wang Fan, communications director at the world’s biggest drone maker, Dajiang Innovation Technology Co., said in front of a displayed product. And it wasn&rsquo

Dec. 6, 2016

Lotte targeted by China’s probe: reports

A large-scale investigation against Lotte Group’s businesses in China is increasingly seen here as a retaliation against the company’s decision to provide its golf club as a site to deploy the controversial US advanced missile defense system. Local media reported on Monday that Lotte appeared to be the sole foreign company under investigation in China, citing an anonymous industry source. “There are some companies which received a fire inspection or tax investigation but no co

Dec. 5, 2016

Hyundai Heavy near deal with Iran for 10 ships: media

Hyundai Heavy Industries Co., a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, a news report said Saturday.Under the expected contract, valued at US$650 million, with the Islamic Republic of Iran Shipping Lines (IRISL), Hyundai will build four 14,400 TEU container ships and six 50,000 DWT product tankers, according to TradeWins, a global shipping news service. This undated file photo, provided by Hyundai Heavy Industries Co., shows a container ship. (Yonh

Dec. 3, 2016

Lotte China probe fans THAAD retaliation fears

The tax investigation and safety inspection facing Lotte Group in China this week has sparked concerns Friday that the neighboring country is pressuring Korean companies in retaliation over South Korea‘s decision to deploy a US advanced missile defense system here. The Chinese government has not revealed the reason behind the large-scale inspection, but analysts believe it is linked to the decision by Lotte Group to host the Terminal High Altitude Area Defense system on a Lotte-owned golf

Dec. 2, 2016

All-new 2017 Lincoln Continental launched in Korea

Ford’s luxury car division Lincoln Motor launched the all-new 2017 Lincoln Continental in Korea on Wednesday. The premium sedan is the 10th generation of the Lincoln Continental, reintroduced at a motor show in 2015 after a 13-year hiatus. The first generation was made as a holiday car for then-Ford president Edsel Ford in 1939. “Ford grew more than 150 percent in the five years in Korea. With the launch of the Lincoln Continental, we plan to accelerate the growth,” Kumar Galhotra, president of

Nov. 30, 2016

Prosecutors seek 20-year prison term for former Oxy CEO

South Korean prosecutors on Tuesday sought heavy prison terms for those responsible for toxic humidifier sterilizer products that claimed many lives in the country.In the final hearing at the Seoul Central District Court, prosecutors have asked the court for a 20-year prison term for Shin Hyun-woo, a former CEO of Oxy Reckitt Benckiser, the Korean unit of a British household goods maker."The accused is the root cause of the massive tragedy," the prosecutors said. "We have no choice but to punish

Nov. 29, 2016

Posco holds 2016 Partners’ Day to mark shared growth

Posco on Tuesday hosted its 2016 Partners Day to laud the efforts of shared growth and reward excelling companies.Posco Chairman Kwon Oh-joon delivers a speech at the company’s 2016 Partners Day event in Seoul, Tuesday. (Posco)The eighth annual event held at Posco Center was attended by Posco Chairman Kwon Oh-joon, outside figures such as Korea Commission for Corporate Partnership Chairman Ahn Choong-young and some 120 company officials and representatives of suppliers, client companies and part

Nov. 29, 2016

HDC Shilla Duty Free eyes young, independent travelers

HDC Shilla Duty Free, currently preparing a bid for a new duty-free license in Seoul next month, said it plans to build a “millennial duty-free shop” aimed at young travelers coming independently by introducing high-tech services. Millennials refer to those born from the 1980s to early 2000s.This age group is considered to be independent with high consuming power, opting to travel alone rather than through tour agencies’ group itineraries. They are considered to be friendly towards South Korea’s

Nov. 25, 2016

Hyundai aims to sell 100,000 units of new Grandeur

South Korea’s largest carmaker Hyundai Motor aims to sell 100,000 units of its new Grandeur, a company executive said at the official launch event Tuesday. “Before we began receiving preorders three weeks ago, I was worried because of the prolonged economic recession and end of benefits for the individual consumption tax and competition,” Lee Kwang-guk, an executive vice president of Hyundai Motor, told the media. ”But the record-breaking preorders have made me confiden

Nov. 22, 2016

5 LG units get top mark in carbon sharing index

Five affiliates of LG Group have received the highest mark in measuring and sharing global information on climate and water resource change, the company said Monday.The list of LG units include LG Electronics, LG Display, LG Innotek, LG Chem and LG Uplus.They were named “Leadership A” companies by a London-based Carbon Disclosure Project, for facilitating the use of renewable energy and sharing information on how much greenhouse gas they emitted during their operations.CDP is an independent and

Oct. 31, 2016

[ADVERTORIAL] KDB spreads hope to communities

Grey walls at a small neighborhood in Yeongdeungpo, western Seoul, were reborn with a combination of bright colors, by a group of Korea Development Bank employees, on Oct. 22, as part of a corporate social responsibility program by the state-run bank. The wall painting project initiated by the members of the KDB arts club, is one of the state-run financier‘s many CSR programs, aimed at spreading warmth to parts of the society through sharing.Members of the KDB arts club paint a concrete wall in

Oct. 30, 2016

SKT, Hana launch joint venture Finnq

SK Telecom and Hana Financial Group launched a joint venture focusing on mobile financial services, the companies said in a press release Sunday. The joint venture, Finnq, was established with a starting capital of 50 billion won ($43 million) with SK Telecom holding a 49 percent stake while Hana owns the remaining 51 percent.  The new venture will be backed by SK Telecom’s advance mobile platform technology and big data analysis capability, as well as Hana’s vario

Oct. 30, 2016

3rd generation making their moves

South Korea’s leading companies such as Samsung and Hyundai have more than 60 years of history under their belt and these family-run enterprises now face leadership transitions as the third generation begins to take over. These conglomerates face the daunting task of balancing their multinational status with family control over management that now spans multiple generations. Their challenges are further complicated by the slowing economy, low growth and spreading protectionism in major

Oct. 25, 2016

Hankook Tire unveils high-tech R&D center

DAEJEON -- Hankook Tire on Tuesday unveiled its new research and development facility in Daejoen, signaling the launch of the company’s drive to boost technological leadership in the industry. “Hankook Tire plans to focus on securing original technology, delivering products optimized for various consumers’ needs in this rapidly-changing business environment,” Suh Seung-hwa, vice chairman and CEO of Hankook Tire said during the opening ceremony of its new R&D center, Hankook Technodome.At Technod

Oct. 18, 2016