Due to the repeated resurgence of COVID-19 and the prolonged market fallout, the contactless business trend has become an inevitable reality even for hardcore manufacturing sectors such as automobiles. While major carmakers sought to expand online promotion channels for their newly launched vehicles, tire companies focused on providing non-face-to-face callouts for repairs and replacement. Genesis, the luxury automobile brand from South Korea’s second-largest conglomerate, Hyundai Motor

Industry Dec. 20, 2020

The state-run Korea Trade-Investment Promotion Agency is holding a “hybrid” exhibition in Vietnam’s Ho Chi Minh City in an effort to help small- and mid-sized Korean firms, the agency said Friday. KOTRA opened a Korean booth at the Saigon Exhibition and Convention Center, as part of the three-day specialized exhibition that runs from Thursday to Saturday. The event was organized by the city’s Department of Industry and Trade to help businesses boost production, develop

Industry Dec. 18, 2020

Mercedes-Benz Korea is sponsoring the year-end League of Legends event, in an extended move to promote the prestige automobile brand to the young generation, the company said Friday in a release. The 2020 League of Legends All-Star Event kicked off Friday to run until Sunday, in which the German automaker is to take part as the sole official partner. In September this year, Mercedes-Benz Korea became the first luxury car brand to be named the official partner of LOL publisher Riot Games and s

Industry Dec. 18, 2020

While South Korea reels under the third wave of COVID-19 infections and its consequences, leading conglomerates here are making gestures to alleviate the top priority dilemma for health authorities -- the shortage of sickbeds and medical facilities. SK Group, the country’s third-largest conglomerate in assets, said Thursday that its decision-making body SUPEX Council has donated 12 billion won ($11 million) to the Community Chest of Korea. The latest contribution not only came as part w

Industry Dec. 17, 2020

LS Cable & System, the world’s third-largest wire and cable maker by sales, said Thursday that it has won a submarine cable supply deal worth around 200 billion won ($183 million), marking the largest deal of the kind in more than 10 years. Slated to be completed by end-2023, the given project aims at connecting South Jeolla Province’s Wando to Jeju Island by installing some 90 kilometers of high voltage, direct current -- or HVDC -- submarine cable. LS C&S will be undert

Industry Dec. 17, 2020

Hanwha Corp. and Hanwha Defense, the two defense affiliates of Hanwha Group, have signed an agreement on collaborative research and development of key defense items and technologies, officials said Wednesday in a release. The Cooperative Research and Development Agreement -- CRADA -- was signed Dec. 10 by the US Army Combat Capabilities Development Command Armaments Center -- DEVCOM AC -- and the two Hanwha affiliates. CRADA refers to a cooperative mechanism that enables the US government

Industry Dec. 16, 2020

South Korea’s eighth-largest conglomerate GS Group has donated 4 billion won ($3.67 million) to the Community Chest of Korea, in a gesture to help the socially vulnerable, the group said Wednesday. The business group has been making year-end donations to the charity organization since 2005 and the latest contribution has brought the accumulated total amount to 60 billion won. “We hope to offer help and comfort to those who are going through difficult times due to the COVID-19 cris

Industry Dec. 16, 2020

South Korea’s conglomerate owner families are increasingly turning away from the political world and seeking matrimonial ties with peer chaebol families, corporate tracker data showed Wednesday. Of the incumbent conglomerate owners’ offspring, the majority have married other “chaebol kids,” reflecting the growing preference within business circles for inherited wealth. According to data compiled and released by CEO Score, 153 out of 317 chaebol owner family members,

Industry Dec. 16, 2020

South Korea’s second-largest conglomerate Hyundai Motor Group on Tuesday named the new chief for its flagship automaker unit, while promoting key leaders in future mobility sectors to affiliates’ top posts. The latest personnel reshuffle, marking the first of the kind since Chung Euisun was promoted to the group chairman position, was seen as the Korean auto group’s augmented signal to trail its blaze in future growth domains amid prolonged economic challenges and accelerati

Industry Dec. 15, 2020

South Korea’s listed companies are under growing pressure to overhaul their audit systems in time for their regular shareholders meetings, slated for February and March next year, due to a new set of corporate regulations set to take effect soon. As the new rules restrict the voting power of owner families in the appointment of auditors, conglomerates will focus on defending their managerial authority from external influence while smaller businesses are likely to struggle to attract qual

Industry Dec. 14, 2020

Shinhan Financial Group has won the top grade recognition in climate change leadership from Carbon Disclosure Project, becoming the first South Korean financial institute to maintain the honor for seven years straight. The Korean banking group has received Leadership A, the top notch prize in the CDP Climate Change criteria this year, marking the seventh consecutive year of such achievement, officials said in a release Thursday. Also, based on the CDP report issued in April, the CDP’s

Market Dec. 10, 2020

South Korea’s Ministry of Economy and Finance, in partnership with the World Bank Group, launched a two-day innovation forum to contemplate a road map for sustainable growth in the post-coronavirus era, officials said Wednesday. Global Innovative Growth Forum 2020, the second forum in an annual series launched as a collaboration platform for the promotion of sustainable growth, kicked off Wednesday under the slogan “Innovative and Sustainable Growth in the Post-COVID-19 Era,”

Economy Dec. 9, 2020

South Korea’s Finance Vice Minister Kim Yong-beom warned Tuesday that the ample liquidity level that arose during the COVID-19 crisis management procedure may trigger an overheating phenomenon in the assets market. He especially urged real estate market participants not to get carried away by the current uptrend, pointing out that the country will phase out the current expansionary economic policies once the ongoing epidemic crisis dies down. “Lately, leading economies have see

Economy Dec. 8, 2020

South Korea’s government vowed Monday to achieve carbon neutrality by 2050 by realigning the carbon emission tax cheme and nurturing ecofriendly automobile industries. When it comes to the introduction of new carbon tax rules here, however, immediate action would still be premature, officials said. “As can be seen in US President-elect Joe Biden’s vow for carbon neutrality, the paradigm shift into a sustainable economy is an unavoidable global trend,” Deputy Prime M

Economy Dec. 7, 2020

The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. In the face of the unprecedented pandemic crisis, improved gender equality is no long

Economy Dec. 6, 2020