Kim Kyung-wook, former vice land minister, has been nominated as president and CEO of the state-run Incheon International Airport Corp. to fill in the vacuum caused by the predecessor’s dismissal. The airport operator held a shareholders‘ meeting virtually on Thursday and agreed to nominate Kim as the sole candidate for the ninth president and CEO post, officials said Friday. The top post has remained vacant since Koo Bon-hwan was dismissed in September for neglecting his supervis

Industry Jan. 8, 2021

SK Group Chairman Chey Tae-won is set to be named as the next chief of the Korea Chamber of Commerce and Industry, succeeding incumbent Chairman Park Yong-maan, industry officials said Thursday. The KCCI has so far never been led by a figure at the helm of one of the so-called Big Four chaebol -- Samsung, Hyundai Motor, SK or LG. Chey’s selection is seen as a signal that the KCCI is seeking to enhance its role and stature amid the post-coronavirus market turbulence. The KCCI will conve

Industry Jan. 7, 2021

Rival political parties on Tuesday reached an agreement to put the bill on industrial accident to a full parliamentary vote this week, seeking to approve the enhanced regulations for employers as early as within the week. With the apparently accelerated legislative timeline, business groups -- especially those speaking for large-size employers -- reiterated their concerns that the bill is set to exert excessive pressure on business operators. Reps. Kim Tae-nyeon and Joo Ho-young, the respecti

Industry Jan. 5, 2021

Despite the extensive fallout of the COVID-19 pandemic, South Korea’s shipbuilding industry maintained its top spot in the world in order volume last year, outrunning China with a last-minute clinching, data showed Tuesday. According to UK-based global shipping information provider Clarksons Research, the total amount for shipbuilding contracts across the world came to 17.92 million compensated gross tonnage as of Dec. 28. Of the sum, China and South Korea respectively accounted for 7.9

Industry Jan. 5, 2021

After a year of unprecedented crisis brought on by the pandemic, South Korean businesspeople were realigning themselves for the new year, tense over continuing market disturbances. In their respective New Year’s addresses, conglomerate chiefs all predicted that the market will face an accelerated transformation this year in response to post-coronavirus new norms. The most hopeful was the electronics industry, including the country’s No. 1 tech giant, Samsung Electronics, which has

Industry Jan. 4, 2021

For South Korea’s electric vehicle business, 2020 apparently served as a turning point with global players such as Tesla on the up and up and the ongoing COVID-19 pandemic raising the alarm about environmental pollution by internal combustion engines. In the new year, this growing market is anticipated to take long strides on the back of prolonged government subsidies and carmakers’ paradigm shift towards ecofriendly vehicles. The number of newly registered passenger EVs here came

Industry Jan. 3, 2021

Amid the worldwide crisis known as COVID-19, South Korea’s industries have faced mixed fates this year, with some riding on the effects of the pandemic, strict social distancing rules and accompanying market turbulence and others succumbing. On momentum from the contactless consumer trend, the information technology sector has thrived, apparently ending years of sluggish semiconductor sales. The biotechnology industry has basked in the spotlight as companies raced to develop diagnostic

Industry Dec. 30, 2020

Hyundai Motor Group said Wednesday that nine products from its three auto brands have won prizes for transportation design at the 2020 Good Design Awards. The All-New Avante (launched in the US under the name Elantra), Concept Car 45, Prophecy, Hi-Charger, K5, Sorento, G80, GV80, Genesis Copper Design Theme were all selected, South Korea’s second-largest conglomerate said in a release. The three car models by Hyundai Motor -- All-New Avante, Concept Car 45, and Prophecy -- were all mark

Industry Dec. 30, 2020

Overwhelmed by the unprecedented COVID-19 pandemic this year, South Korea’s conglomerates have gone all-out to overhaul their business structures in light of the crisis. Additionally, key groups embraced leadership changes, with third or fourth-generation scions officially taking the front line, and appointed young talents to strategic posts -- signaling a new generation cycle in the business realm. Stepping into the spotlight was Lee Jae-yong, chief of the No. 1 conglomerate Samsung Gr

Industry Dec. 29, 2020

Germany-based Delivery Hero will concede its food delivery services Yogiyo as a cost of acquiring Woowa Brothers, the operator of market champion app Baemin, officials said Monday. The apparently reluctant decision came after South Korea’s antitrust watchdog disapproved the monopolistic merger of the top two apps in the fast-growing food delivery market. “We request that the Fair Trade Commission send the final notice in the first quarter next year,” the company posted on

Industry Dec. 28, 2020

The head of South Korea’s leading business lobby group called for additional legislative measures to minimize the side effects of the so-called fair economy laws, which have caused concern among business operators here. He added that Asia’s fourth-largest economy should refrain from relying too much on a fast-paced recovery, as the effects of the pandemic are likely to be enduring, and extraordinary measures entail fiscal repercussions later on. “Thanks to the health authorit

Industry Dec. 27, 2020

SsangYong Motor, which recently filed for court receivership due to a liquidity crunch, said Thursday that its parts delivery deadlock is showing signs of alleviating as one of the key partners resumed supply. “Hyundai Mobis has announced that it will start supplying head lamps again, starting Dec. 29,” said an official of the company. The cash-strapped automaker had announced Wednesday that it will suspend the operation of its Pyeongtaek factory on Dec. 24 and 28 after its suppli

Industry Dec. 24, 2020

South Korea’s major e-commerce platform operator Coupang said Thursday that it has launched Coupang Play, an over-the-top service that provides unlimited streaming to premium membership holders. Vying with global players such as Netflix and incoming Disney Plus, as well as a number of domestic rivals, Coupang Play will tap the video content market by bundling it with their Rocket Wow Club service at the existing price of 2,900 won ($2.63) per month. The application for Android mobile ph

Industry Dec. 24, 2020

Kim Young-hoon, chairman of South Korean energy conglomerate Daesung Group, has received top-grade recognition for his contribution to the country’s energy efficiency, the company said Tuesday in a release. The businessman was awarded the Distinguished Silver Tower Order of Industrial Service at the 2020 Korea Energy Awards, held at the Grand InterContinental Seoul Parnas Hotel. The newly added Silver Tower is the highest acclaim for the Korean energy sector, outrunning the Bronze Tower,

Industry Dec. 22, 2020

South Korea’s business circles protested Tuesday against the ongoing legislative move to enhance their safety management responsibilities and to hand down sanctions, including the possible imprisonment of a top official. “We fully agree to the legislative intent to better protect workers’ safety and to prevent industrial accidents,” said the country’s key business groups in a joint rally held at the Korea Federation of SMEs headquarters in Yeouido, western Seoul.

Industry Dec. 22, 2020