Hanwha Group Chairman Kim Seung-youn and former Heritage Foundation chief Edwin J. Feulner Jr. met to discuss changes in Korea-US relations, marking one year into Donald Trump’s presidency, the group said Saturday. 　Kim told Feulner that South Koreans have high hopes for the Winter Olympics in PyeongChang and its expected role in creating a platform for reconciliation between South and North Korea. 　Hanwha Group has also been active in supporting the sporting event, he added.　Feulner agreed wit

Industry Jan. 28, 2018

Hyundai Motor, the nation’s largest carmaker, saw its net profit last year hit the lowest mark in seven years, due to the strong Korean currency and sluggish sales in China.In a regulatory filing released Thursday, the carmaker posted 4.57 trillion won ($4.31 billion) for its 2017 operating profit, an 11.9 percent decrease from the previous year. It is the lowest figure since the company adopted International Financial Reporting Standards in 2010. (Yonhap)Its revenue last year rose 2.9 percent t

Mobility Jan. 25, 2018

Hyundai Motor has turned an old college building into a center for multicultural families in the Vietnamese city of Can Tho, to bridge the cultural gap and provide Korean language services, the company said Thursday.The center is a part of a 1 billion won ($943,000) project by the carmaker to help Vietnamese women who are married to, or plan to get married to, Korean men while they are in Vietnam and Korea, and also to support their economic independence later on.  Hyundai Motor officials, commu

Mobility Jan. 25, 2018

SK Group Chairman Chey Tae-won is meeting with business leaders and government representatives around the world at the annual economic forum in Davos, Switzerland, the group said Wednesday.The chairman is set for a series of meetings with government officials from China, Vietnam and Saudi Arabia to strengthen cooperation over the group’s petrochemical business and business leaders in the energy, chemicals and information and communications technology sectors.On the first day of the forum that ki

Industry Jan. 24, 2018

(From left) Hyundai Motor President Chung Jin-haeng, SMEs and Startups Minister Hong Jong-haak and Korea Foundation for Cooperation of Large and Small Businesses, Rural Affairs Secretary-General Kim Hyung-ho shake hands after signing a tripartite agreement to financially support the carmaker’s subcontractors following the government‘s plan to increase the minimum wage, in Seoul, Wednesday.Hyundai Motor

Mobility Jan. 24, 2018

Riding on the popularity of the sport utility vehicle market, Jaguar Land Rover Korea plans to increase its presence in the local market by launching new SUV lineups this year.Since launching the midsized luxury SUV F-Pace in 2016, Jaguar has proved its market potential here. This year seems to be another milestone for the British brand, as it plans to unveil two new SUVs, one each in the first and the second half, completing Jaguar’s Pace lineup. E-Pace, a compact performance vehicle, is a foll

Mobility Jan. 24, 2018

Annual sales by South Korean steel giant Posco have hit the 60 trillion won ($56.4 billion) mark for the first time in three years, with 4.62 trillion won in operating profit, the biggest gain in the last six years, the company said Wednesday.With numbers improving in both the steel and nonsteel sectors, the company saw the biggest operating profit since 2011, the company said. Increased sales of premium steel products as well as improved profits from the steelmaker’s overseas unit contributed t

Industry Jan. 24, 2018

Chief executive officers of major businesses under LG Group, the nation’s fourth-largest conglomerate by assets, will gather for a two-day meeting Wednesday to discuss business strategies this year and produce synergy between affiliates.The meeting will be led by Koo Bon-joon, vice chairman of the group’s holding company LG Corp., with CEOs from the conglomerate’s major businesses spanning electronics to cosmetics attending, industry officials said Tuesday.  LG headquarter in Seoul (The Korea He

Industry Jan. 23, 2018

LAS VEGAS -- Consumers have witnessed massive changes in the tech industry in the last decade, with innovative concepts and technologies that, for instance, have combined a camera, the internet and phone into a single palm-sized device. Similar yet more transformative change is likely to begin, with self-driving vehicles in such forms as robo taxis that will hit the road in the next decade, according to a US developer of operating systems for autonomous cars.Robo taxis, or robo cabs, refer to se

Mobility Jan. 23, 2018

LAS VEGAS -- Waiting in line for a vacant parking space in shopping malls and offices may no longer be necessary starting later this year. In an announcement made at the Consumer Electronics Show in Las Vegas on Wednesday, Hyundai Mobis, a car parts maker under South Korean auto giant Hyundai Motor, said it will unveil an automatic valet parking system by the end of this year. The system would enable a vehicle to park itself in a remote space after a driver gets off at his or her destination. Th

Mobility Jan. 11, 2018

LAS VEGAS -- For Hyundai Motor Group, 2017 was a nightmare. The South Korean carmaker’s sales in China, the automaker’s biggest market, plummeted more than 50 percent due to a near-boycott movement among local customers amid a diplomatic row over Seoul’s decision to deploy the US’ Terminal High Altitude Area Defense anti-missile system. Many described the situation as an unprecedented crisis for Hyundai, which has been on a rollercoaster ride since the early 2000s. Chung Eui-sun, heir to the wor

Mobility Jan. 10, 2018

LAS VEGAS -- South Korean auto giant Hyundai Motor will produce a hardware platform to operate a gigabit network for its premium cars hitting the market next year, the companies said Tuesday.The new in-vehicle network enables high-speed transfer of data and offers integrated, multilayered security, as well as full end-to-end networking, Hyundai said in an announcement with Cisco at the Consumer Electronics Show in Las Vegas.The development of first-generation solutions to enable 1 gigabit-per-se

Mobility Jan. 10, 2018

LAS VEGAS --Addressed as “E. S. Chung,” for the finale of Hyundai Motor’s press conference at the Consumer Electronics Conference held on Monday, Vice Chairman Chung Eui-sun, heir to South Korea’s biggest carmaker faced a barrage of questions from reporters covering the event. The 46-year-old who spent many years as the heir to the auto giant said, in fluent English, that the carmaker is competing with major carmakers for future vehicle technology, but is also collaborating with them for market

Mobility Jan. 9, 2018

LAS VEGAS -- With major carmakers facing challenges in making vehicles both environmentally friendly and autonomous, South Korean auto giant Hyundai unveiled a next-generation hydrogen-powered sport utility vehicle Monday, touting the vehicle as the most reliable self-driving platform.Nexo is the successor of the Tucson FCEV, the carmaker’s first fuel cell SUV launched in 2013. The latest model can drive nearly 600 kilometers per charge, a 40 percent increase from its predecessor, therefore maki

Mobility Jan. 9, 2018

LAS VEGAS -- International motor shows have long been a gateway for many carmakers like Hyundai Motor Group to win global recognition. However, the South Korean auto giant is increasingly paying attention to tech shows including the Consumer Electronics Show, rather than the Detroit Motor Show, an event scheduled for the end of this month. Defining itself as a latecomer in autonomous technology and connected mobility, Hyundai Motor’s top tech officer said Monday that the company is eager to form

Mobility Jan. 9, 2018