Calling Vietnam a strategic base for its global expansion, South Korean textile giant Hyosung said Sunday it will invest up to $6 billion in the Southeast Asian country.Since 2007, the company has invested $1.5 billion to operate manufacturing units of spandex and tire codes in Dongnai, an industrial city near Ho Chi Minh. With the new investment plan, Hyosung plans to start a chemical and heavy industry business in the country in addition to its textile business in the country, the company’s Vi

Industry Feb. 11, 2018

SK Group is set to establish a nonprofit foundation in March to research ways of solving social programs by nurturing social enterprises, according to industry sources Thursday.The South Korean conglomerate said it has been planning the research unit to look into specific ideas for social enterprises not only to produce profits but also to bring changes to communities -- a corporate vision driven by its chief’s command.Chairman Chey Tae-won has been supporting social enterprises for years by run

Industry Feb. 8, 2018

(Samsung BioLogics)Swiss President Alain Berset (center) is briefed by Samsung BioLogics President Kim Tae-han on the company’s business portfolio and production facilities in Songdo on Thursday. The Swiss leader was accompanied by Linus Von Castelmur, the European country’s ambassador to Korea, as well as representatives of Roche Korea, a local branch of the Swiss drugmaker.

Industry Feb. 8, 2018

(SK Group)SK Group Chairman Chey Tae-won shows off a backpack by Morethan, an upscaling company that making bags by reclaiming material from seat belts and leather from old cars, during his presentation on the businesses’ role for sustainable development at the Global Engagement and Empowerment Forum on Sustainable Development held at Yonsei University in Seoul, Thursday. The group’s energy arm SK Innovation has been supporting Morethan through an incentive program that measures the social value

Industry Feb. 8, 2018

Samsung’s de facto chief appears to be taking efforts to say out of the public eye, rather than resuming his official duties, amid stronger-than-expected backlash over the court’s decision that released him earlier this week, as well as a police probe into his father’s secret funds. Samsung Electronics Vice Chairman Lee Jae-yong reportedly expressed his intention to return to work as soon as possible while he was in custody. However, it seems to be difficult for him to return anytime soon, a Sam

Industry Feb. 8, 2018

Moving forward from a tumultuous year, South Korean auto giant Hyundai is gearing up efforts to seek a turnaround and open a new era of future mobility this year with technology-packed green vehicles.For the first time in nearly two decades, Hyundai faced an unprecedented crisis last year, with its global sales declining largely due to poor performance in China. In the face of a diplomatic row between South Korea and China over Seoul’s decision to deploy the US’ Terminal High Altitude Area Defen

Mobility Feb. 8, 2018

The verdict by an appeals court in Seoul freed the heir apparent to South Korean tech giant Samsung on Monday, but it has also placed the nation’s top market regulator in a bit of a bind in moving along its chaebol reform drive.Led by Kim Sang-jo, a former shareholders’ rights advocate, the Fair Trade Commission has been pressing South Korean chaebol to voluntarily bring changes to their backdoor partnerships with politics and opaque governance structures, as well as to ban inter-affiliate tradi

Industry Feb. 6, 2018

Ending nearly a year in jail, Samsung Electronics Vice Chairman Lee Jae-yong was released Monday, after the appeals court in Seoul ruled a suspended sentence, acknowledging his charges of bribery but rejecting a special counsel’s accusation that it was linked to his succession.With a subtle smile on his face, the heir apparent of the nation’s largest conglomerate apologized for causing the public concern while leaving the Seoul Correction Center.Lee also told reporters that he had spent “preciou

Business Feb. 5, 2018

An artificial intelligence-powered voice recognition service developed by South Korean mobile messaging giant Kakao will be available on Hyundai and Kia vehicles, the companies said Thursday.Kakao’s voice assistant service can be downloaded at Hyundai and Kia’s membership websites, called Blue Members and Red Members.  Artificial intelligence-powered voice recognition navigation service (Hyundai Motor)Vehicles available for the Kakao service include the i30, Avante, Sonata New Rise, i40, Grandeu

Mobility Feb. 1, 2018

On the same day of announcing a record operating profit of 53 trillion won ($49.6 billion) for last year, South Korean tech giant Samsung Electronics surprised the market on Wednesday by unveiling the first-ever share split plan aimed at “enhancing shareholder value.”The landmark decision by the company’s board was widely welcomed by the market, causing the share price to surge as high as 8 percent in the morning.The plan will make Samsung Electronics “more accessible” for investors and provide

Industry Jan. 31, 2018

Posco Daewoo, the trading arm of South Korean steel giant Posco, is seeking to expand its energy business, in particular in the natural gas sector, by joining the league of energy giants across the world. (Yonhap)Its CEO Kim Young-sang attended an annual meeting hosted by General Electric-controlled Baker Hughes, the world’s largest oil field service company, as a panelist to discuss global energy trends, the company said. As the only Korean panelist, Kim spoke about successful business models t

Mobility Jan. 30, 2018

Best for community rides, urban compact electric vehicles are creating a niche market in the fast-growing green car segment, satisfying the need for more personalized, mobile and cost-effective products.The Twizy, imported and distributed by Renault Samsung, opened the market for micro electric vehicles last year. A total of 691 units were sold in the first year, with more than 1,000 requests for government subsidies for the French two-seater electric vehicle. Renault’s Twizy (Renault Samsung)Th

Mobility Jan. 30, 2018

Volkswagen Korea, the local importer and distributor of the German carmaker, resumes sales of its vehicles here next month, beginning with the new Passat GT that will open for preorders Thursday. Since its debut in 1973, Volkswagen has sold around 22 million units of the Passat. The new Passat GT is the eighth generation of the brand. “The latest model is expected to become a leader in the mid-size sedan segment here, as it is upgraded with completely new premium options and safety features,” th

Mobility Jan. 29, 2018

The Genesis G70, a sports sedan by Hyundai Motor, was named the car of the year by an association of South Korean reporters covering the auto industry Monday. The Korea Automobile Journalist Association tested 55 models that sold more than 300 units here in South Korea last year, conducting test drive sessions at a driving circuit to evaluate the overall performance of cars. Evaluation categories included maintenance, design, product quality, function and cost effectiveness, it said.  Genesis G7

Mobility Jan. 29, 2018

From left: Australian Open Tournament Director Craig Tiley, Kia Motors Executive Vice President Park Byung-yun, former Australian tennis player Rod Laver and Tennis Australia President Jayne Hrdlicka pose for a photo after signing a five-year partnership extension between the South Korean carmaker and the Australian Open, in Melbourne on Saturday. Kia Motors　

Industry Jan. 28, 2018