A group of customers who bought Audi and Volkswagen vehicles involved in a diesel emissions scandal has filed a complaint against South Korea’s Environment Ministry over its approval of the German carmakers’ recall plan.In August, the ministry approved the plan to carry out a software update on a total of 82,291 units of Volkswagen and Audi models equipped with the emissions-cheating 2.0-liter EA189 diesel engine. However, the planned software update is insufficient to curb emissions and is not

Mobility Oct. 17, 2017

A joint venture between SK Innovation and Sinopec of China has decided to invest 740 billion won ($653.8 million) to expand its production capacity by some 36 percent, officials in Seoul said Tuesday.The Sinopec-SK Wuhan Petrochemical joint venture was established in 2013 with the two companies investing 3.3 trillion won. SK Global Chemical, a subsidiary of SK Innovation, holds a 35 percent stake in the venture. (Yonhap)The plant under the joint venture has an annual production capacity of 2.2 m

Industry Oct. 17, 2017

With the resignation of Samsung Electronics’ practical commander in chief Kwon Oh-hyun on Friday signaling a large-scale personnel reshuffle, eyes are zeroing in on the group’s jailed heir Lee Jae-yong and how possible it would be for him to strategize, control and direct future steps from his cell.According to experts who have studied Samsung and South Korean chaebol closely for years, there were cases of so-called “in-prison management” in the recent past, and it is highly likely for the 49-ye

Industry Oct. 16, 2017

Daesung Group Chairman Younghoon David Kim is hosting an executive assembly of the World Energy Council, a group of energy leaders around the world, in Lisbon, officials said Monday.As the chairman of WEC, Kim will preside over summits and conferences scheduled to be held for the four-day gathering. The assembly runs through Thursday, they added. Daesung Group Chairman Younghoon David Kim (World Energy Council)Kim will also deliver an opening speech to stress the role of the energy sector in tra

Industry Oct. 16, 2017

Kumho Tire, the nation‘s second-largest tiremaker, has released new tires designed for safer driving in the winter, the company said Sunday.The Wintercraft WP72 and WS71 are the sequels to Kumho’s signature winter tire products Wintercraft KW27 and I’Zen RV KC15, with the tiremaker having strengthened design elements and improved functionality. Kumho Tire's new Wintercraft WP72 and WS71 are presented. (Kumho Tire)Wintercraft WP 72 is a premium winter tire set for sedans that makes less noise, bu

Industry Oct. 15, 2017

A surprise farewell announcement by a Samsung Electronics chief executive officer on the day the tech giant paraded another record-quarterly profit last week signals a generational shift within the tech giant leadership and also a change into a technology-focused, business-to-business company from a copycat appliance maker, experts in Seoul said Sunday.Kwon Oh-hyun, who led Samsung Electronics’ thriving chip business and has recently emerged as the public face of the tech giant, said Friday that

Industry Oct. 15, 2017

GM Korea is set to celebrate its 15th anniversary of operations in South Korea on Monday. 　However, instead of being a festive occasion to mark the milestone, the US carmaker is laying low, as it is burdened by low sales and a growing deficit on the back of the slowing domestic market.　Coincidentally, its anniversary overlaps with the expiration of the South Korean government’s right to veto GM’s decision to leave the country, further fanning speculations on what the company’s next strategic mov

Mobility Oct. 12, 2017

An affiliate of SK Innovation has signed a deal to purchase a chemical unit under Dow Chemical to expand its packaging product businesses, the company said Wednesday.The deal is the second transaction between SK Global Chemical and the US chemical company. The SK affiliate bought Dow Chemical’s ethylene acrylic acid business for $370 million earlier this year. (Yonhap)The sale price of Dow’s polyvinylidene chloride (PVDC) business is not revealed as the company has no obligation to make a public

Industry Oct. 11, 2017

SKC, a chemical arm of SK Group, said Tuesday that it is in talks with German chemical firm Evonik for a strategic partnership.Evonik, a licensor of hydrogen peroxide to propylene oxide (HPPO) technology, is the inventor of the HPPO technology, which employs hydrogen peroxide as an oxidizing agent to oxidize propylene, which produces only water as a byproduct, the company said.The South Korean firm, for its part, is seeking a partnership to introduce the HPPO technology and enter the operation a

Industry Oct. 10, 2017

South Korean cosmetics giant Amorepacific has appointed Ahn Sae-hong, vice president of its sub brand Innisfree, as its new CEO, the company said Tuesday.The company named the new CEO and other executives as part of its efforts to tackle growing business uncertainty and adapt itself to a fast-changing market environment. Innisfree VP Ahn Sae-hong (Amorepacific)Ahn joined Amore Group, a predecessor of Amorepacific, in 1986. He has served as vice president of Innisfree since early 2014.The company

Industry Oct. 10, 2017

Innocean Worldwide, the in-house advertising agency for Hyundai Motor Group, won six awards at the 2017 Spikes Asia Festival of Creativity, a prestigious awards event for creative communications in the region, with its global campaign commissioned by the carmaker, the company said Monday. (Innocean Worldwide)In April, the ad company released “Shackleton’s Return,” which was inspired by the Antarctic explorer Sir Ernest Shackleton who saved the crew of the Endurance during his failed South Pole e

Industry Oct. 9, 2017

The 2017 Next Content Fair will kick off at Bexco in Busan on Friday to offer a marketplace for fast-developing visual content ranging from online games to virtual reality programs. The event jointly organized by Korea Creative Content Agency and Bexco, is the first marketplace event to be held in the southern port city, gathering around 150 content creators and buyers from 16 countries. The fair will run through Sunday.Under the slogan “Find Your Future Job in NEXT CONTENT FAIR,” the exhibition

Industry Oct. 9, 2017

Korean men who own houses are 7.2 times more likely to get married than those who do not, a report showed Sunday.According to a joint study by Joo Hwi-jeong, a researcher at Korea Research Institute for Vocational Education and Training, and Kim Min-seok, a Ph.D. student at Chungbuk National University, men and women with regular jobs have 4.6 times and 4.9 times higher chances of tying the knot respectively than those with irregular jobs. The report tracked 1,642 single men and women aged betwe

Industry Oct. 8, 2017

In contrast to the city skyline that lights up the heart of Seoul, the beauty of Joseon-era architecture is revealed at royal palaces, offering magical night views of the centuries-old landscape. And Pansori, traditional Korean music, flows through the crisp autumn night, the best season to enjoy the picturesque royal palaces of the Joseon dynasty. Four royal palaces in Seoul, from Gyeongbokgung to Changgyeonggung, are open to the public also at night from 7 p.m. to 10 p.m., with various cultura

Travel Sept. 29, 2017

Tension mounted at production plants at South Korea’s two major automakers ahead of the weeklong Chuseok holiday, with unionized workers pledging to increase pressure on management over stalled wage negotiations.Unionized workers at Hyundai Motor, the nation’s largest carmaker, are set to hold a vote to form a new executive body, with two final candidates, both known as hard-liners, running in the election on Friday. Both candidates have remained adamant, vowing that they won’t compromise with t

Mobility Sept. 28, 2017