Appraisals for ESG -- the management trend that focuses on environmental, social and governance factors -- tend to lack consistency as different rating agencies apply different standards, a major business representation here said Monday. According to a report by the Federation of Korean Industries, about 40 percent of businesses witnessed a conspicuous variation in the ESG ratings they have received from key evaluation agencies. The given study included 55 companies among the nation&rsquo

Industry April 26, 2021

The education business is often equated with “teaching” -- that is, delivering facts and figures to students to advance their academic output. But according to the founder of an education-based business here, the concept should be understood in a more comprehensive way to encompass “coaching” -- addressing the detailed needs and emotions of students and trainees. “One of the key goals of my business is to convey to young people and our employees that education

Industry April 26, 2021

Hyundai Motor and Kia Corp. saw triple-digit gains in their first quarter net profit year-on-year, as key economies headed for recovery and global demands for high value-added models kept up. The two key affiliates of South Korea’s second-largest conglomerate Hyundai Motor Group held their respective earnings announcement Thursday, revealing the final business figures for the January-March period this year. The group’s flagship unit and the nation’s top automaker Hyundai M

Industry April 22, 2021

South Korea’s antitrust watchdog set out to investigate US-based tech giant Google on its enforcement of the disputed “in-app billing” system, responding to market backlash that the given payment system is an abuse of power by a market monopolizer. The Fair Trade Commission has recently placed a research and service order to figure out ways to restore fair competion in the mobile app market, officials said Wednesday. The research will involve interviews with app developers on

Industry April 21, 2021

South Korea’s top fiscal policymaker and conglomerate leaders meet Friday to promote public-private cooperation amid the post-coronavirus economy and pending market challenges including the semiconductor supply shortage. “We are now facing a watershed moment in which the industrial circles and the government have to join forces in order to overcome incumbent challenges,” said Deputy Prime Minister and Finance Minister Hong Nam-ki. During his meeting with the chiefs of domesti

Industry April 16, 2021

SsangYong Motor, the cash-strapped South Korean affiliate of Indian carmaker Mahindra & Mahindra, was put under court receivership Thursday, marking the second such case in 12 years. The Seoul Bankruptcy Court approved the corporate rehabilitation procedure as US-based vehicle importer HAAH Automotive Holdings backed down on its letter of intent to acquire the ailing automaker. The US investor, which previously held talks to acquire a majority stake, was due to submit its official lett

Industry April 15, 2021

The Federation of Korean Industries, one of the leading business representations here, said Wednesday that it has launched an organization solely dedicated to dealing with environmental, social, and governance issues. The role of the new organization, named “K-ESG Alliance,” will be to share ESG-related information with member companies and hold ESG conferences for global investors, officials said. The alliance will be led by Kim Yoon, chairman of Samyang Holdings, the holding unit

Industry April 14, 2021

Hyundai Engineering Co., the plant engineering affiliate of South Korea’s second-largest conglomerate in market capitalization, Hyundai Motor Group, is set for its market debut, industry officials said Wednesday. The IPO comes in line with the auto group’s continued efforts to reform its corporate structure and to realign affiliates under Chairman Chung Euisun, after officially assuming the top post in October last year. Last Friday, the company sent requests for proposals to

Industry April 14, 2021

In South Korea’s premium luxury sedan market, there is one landmark model that for years has maintained an unrivaled lead -- Hyundai Motor’s Grandeur, which saw 145,000 units sold last year. In a move to grow out of the rivalry frame with the all-time bestseller, Hyundai Motor’s sister brand Kia Corp. has adopted a new strategy, which is to discontinue its semi-large sedan K7 and introduce the K8 as a new, upgraded version to fill in the tier. The all-new K8 also marks the

Industry April 13, 2021

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their responses to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed.  For Hyundai Motor Group, South Korea’s second-largest conglomerate by assets and its top automaker, the increasingly popular concept of ESG -- an emphasis on envir

Industry April 11, 2021

Weighed down by a prolonged global semiconductor shortage, South Korea’s leading carmaker Hyundai Motor is temporarily halting some of its key production lines this month. The suspension raised the alarm not only for the auto company but also for its subcontractors and local staffers.　 Hyundai Motor said Wednesday that it has suspended its No. 1 plant in Ulsan for a week until April 14, due to the lack of electric control units. The corresponding plant is where the automaker manufacture

Industry April 7, 2021

Market anticipations faded out on SsangYong Motor’s business restoration as its sole likely investor remained indecisive over acquiring the stake in the cash-strapped carmaker. While the carmaker struggles to stay afloat and financial authorities tilted toward allowing more time, eyes have turned to main creditor Korea Development Bank, which is likely to be the linchpin in the volatile scenario. State-run lender KDB is set to send its written statement to the Seoul Bankruptcy Court

Industry April 6, 2021

In order to help out small and medium-sized exporters in the global market, the Korea International Trade Association and its business consultants have met to share successful case studies on the trade front, officials said Monday. “Since the COVID-19 pandemic, the global economy has faced a shift into a digital era and a new value chain,” said KITA Chairman Koo Ja-yeol during a meeting with KITA’s export consultants. “For (Korean) companies to gain momentum in the

Industry April 5, 2021

South Korea’s shipbuilding industry is looking ahead to a prosperous year on the back of a global shipping volume recovery and heightened demands for eco-friendly vessels, industry data showed Monday. Of the 10.25 million compensated gross tonnage in global shipping order quantity from January to March this year, South Korean shipbuilders accounted for 5.32 million or 52 percent of the global volume, the Ministry of Trade, Industry and Energy said Monday, citing data from global shipping

Industry April 5, 2021

South Korea’s top automaker Hyundai Motor on Friday denied a rumor that it is about to establish a joint venture with US tech giant Google to develop a self-driving service. “The corresponding (rumor) is unfounded,” said an official of the company, denying the reports by a local news outlet. “Hyundai Motor will initially spin off one of its departments, in which Google will invest to establish a joint venture,” the report claimed, adding that the new organization

Industry April 2, 2021