A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with shares of companies even remotely related to the politician collapsing rapidly on Tuesday.Share price of BG

Industry March 6, 2018

GM Korea suffered a record operating loss of 800 billion won ($736 million) last year, further aggravating its high number of debts largely due to a strategy shift by its head office, according to provisional data submitted by the carmaker.The local unit of the US carmaker suggested the estimated figures to the government while asking for cash last month. Data showed that the company posted annual losses for four straight years. In 2014, GM Korea saw 148.6 billion won in operating loss, followed

Mobility March 1, 2018

Resumed wage talks between union representatives and management of GM Korea ended without progress on Wednesday, while unionized workers held a sit-in protest in the heart of Seoul, demanding the carmaker withdraw its decision to shutdown a plant in Gunsan.Both parties were resuming the talks for the first time since GM‘s surprise announcement to close one of its three plants last month. The management reportedly came with an intensive restructuring plan to freeze all wages and skip bonuses, as

Mobility Feb. 28, 2018

Mahindra & Mahindra, an Indian conglomerate and the owner of South Korean carmaker SsangYong Motor, will jointly develop rechargeable batteries to accelerate its electric vehicle business, the company said Monday evening.“LG Chem will develop a unique cell exclusively for India application and also supply lithium-ion based on nickel-manganese-cobalt chemistry with high energy density,” Mahindra said in a statement.The battery cells will be deployed in electric vehicles to be manufactured by Mahi

Mobility Feb. 28, 2018

GUNSAN, North Jeolla Province -- As controversy persists over the decision by General Motors to pull out of Gunsan, a lawmaker representing Gunsan said that the US carmaker could ditch more factories in Korea to press the government.“After all, the company is pressurizing the government … If the answers are not enough to satisfy them, the next step could be made,” said Rep. Kim Kwan-young of the Bareun Future Party in an interview with The Korea Herald on Wednesday, a day after he met Barry Engl

Mobility Feb. 22, 2018

GUNSAN, North Jeolla Province -- Jeon Byung-sun, 53, recalls six years ago when GM’s Gunsan factory was running 24 hours a day.“The factory boomed 5-6 years ago when we produced 1,200 units of Lacetti and Rezzo combined. The factory ran 24 hours. Back then Gunsan was a cash cow for GM,” said Jeon, a worker at GM’s Gunsan plant. Despite the proud memories he has, Jeon couldn’t believe it when he first heard from his colleagues last week that the US carmaker will shut down the plant, saying that t

Mobility Feb. 22, 2018

한국GM에 생산한 반조립제품이 원가 수준의 싼 가격으로 팔려 왔다는 의혹이 일고 있는 가운데, 한국을 방문 중인 배리 엥글 GM 총괄 부사장이 “오히려 비싸게 팔리고 있다” 며 이를 부인한 것으로 알려졌다.바른미래당 김관영의원은 21일 코리아헤럴드와의 인터뷰에서 “앵글 부사장이 한국GM에 부품을 고가에 공급하고 반제품(Complete Knock Down, CKD)은 싼값에 수출했다는 의문에 대해 ‘해외에 판매되는 가격도 결코 싼 게 아니라’고 했다”며, 의혹을 정면 반박했다고 전했다.전북 군산 지역의원인 김의원은 전날 더불어민주당 원내대표 회의실에서 우원식 민주당 원내대표, 김성태 자유한국당 원내대표, 노회찬 정의당 원내대표 등과 엥글 부사장을 만나 비공식 면담을 진행한 바 있다. 배리 엥글 GM 총괄 부사장 (오른쪽 두번째)  (사진=연합)엥글은 또, “(차를) 구입하고 안 하고는 계열사들의 판단”이라며 “유럽 오펠의 경우도 비싸서 한국GM으로부터 구입하지 않겠다고 얘기했다”고 말

한국어판 Feb. 21, 2018

A day after a surprise visit to the parliament, General Motors moved fast to find a compromise with the Seoul government in the form of a trillion-won support plan.The company suggested a meeting with the trade minister this week, amid growing speculation over the US carmaker’s plans.The Ministry of Trade, Industry and Energy confirmed Wednesday morning that Barry Engle, president of GM International, has requested a meeting with Minister Baek Ung-kyu before returning to the US on Thursday. But

Mobility Feb. 21, 2018

When thinking of a steel mill the typical image that comes to mind is molten metal pouring out from a blast furnace and workers sweating while maneuvering a large-scale operation inside a factory.Taking steps beyond the conventional industry, South Korean steel giant Posco is seeking a transformation itself by integrating information and communication technology, artificial intelligence and big data to its manufacturing sites. A worker stands next to a blast furnace releasing molten iron at Posc

Industry Feb. 20, 2018

Joe Erlinger (center, in hanbok), president of McDonald’s High Growth Markets Segment, has breakfast with local staff in Sokcho, Gangwon Province, Tuesday. The former head of McDonald‘s Korea is visiting the country to celebrate the company’s 30th anniversary here and the PyeongChang Winter Olympics, the company said. (McDonald’s)

People Feb. 19, 2018

Lunar New Year, or Seollal, like Christmas season in the West, is supposed to be a fun and relaxing family time. But for some -- especially married women in Korea -- the holiday is more regarded as a time of endurance with long hours of domestic labor. Stemming from the Confucian tradition in which making the home is the sole “virtue” of wives, visiting the home of the husband’s parents is prioritized during the holidays. While at their in-laws, it is mostly the women’s’ responsibility to cook t

Industry Feb. 14, 2018

Kia Motors, the sister company of Hyundai Motor, released its fully changed sedan K3 on Tuesday, highlighting its increased fuel efficiency.The first fully change model in six years has a 1.6-liter gasoline engine and a fuel economy of 15.2 kilometers per liter, a 10 percent increase from its previous model. Kia Motors’ Pierre Leclercq, head of Styling, gives a presentation on the All New K3 at Walkerhill Hotel in Gwangjin-gu, Seoul, Tuesday. The K3, the first full-change model in six years, com

Mobility Feb. 13, 2018

General Motors’ made a widely anticipated decision to permanently close its plant in Korea’s southwest on Tuesday, prompting the Seoul government to express regret and up the pressure on it to normalize its business here. The move is the first concrete action that points to GM’s speculated upon withdrawal from the country.Calling it the “first step for necessary restructuring,” GM Korea said it would stop production and close its plant in Gunsan, North Jeolla Province, by the end of May. GM’s Gu

Mobility Feb. 13, 2018

SsangYong Motor has signed a product license deal with parent company Mahindra and Mahindra to start production of the G4 Rexton, a large premium sport utility vehicle, in India, the company said Monday.The assembly of the South Korean carmaker’s latest SUV will start within the second half of the year at Mahindra and Mahindra’s Chakan plant in Maharashtra, western India. Under the deal that expires on Dec. 31, 2023, SsangYong Motor will exports parts for the G4 Rexton in kits for them to be ass

Mobility Feb. 12, 2018