South Korean textile giant Hyosung is participating in a textile exhibition being held in Ho Chi Minh City to seek new business opportunities in the emerging market, the company said Wednesday.Vietnam Saigon Textile & Garment Industry Expo 2018 is the largest textile exhibition in Vietnam. Hyosung is presenting its spandex brand Creora, which is highly resistant to chlorine -- a chemical used to keep swimming pools free of bacteria -- and has deodorizing effects that could be helpful in Vietnam’

Industry April 11, 2018

Kim Dong-won, an executive at Hanwha Group’s financial arm, attended a roundtable session of global business leaders hosted by Chinese President Xi Jinping at the Boao Forum on Wednesday. Kim, 33, was one of 50 business leaders invited to the meeting with the Chinese president. The list of attendees included Derong Chen, president of China Baowu Steel Group, Minsheng Yang, executive chairman at China Life Insurance Company, and Takeshi Uchiyamada, chairman of the board of directors at Toyota Mot

Industry April 11, 2018

Posco Steel Village in Vietnam (Posco)The United Nations has recognized a corporate social responsibility project by South Korean steel giant Posco as a case leading its sustainable development goals aimed at transforming the world by 2030.Posco has been building steel-framed residences in poor neighborhoods in cities where the company operates. The project titled Posco Steel Village is aimed at providing sustainable living spaces for them by using the company’s steel products and architectural

Industry April 11, 2018

At first sight, Mercedes-Benz’s new S560 seems to be too big and too old-fashioned. The long-bodied sedan requires drivers to pay careful attention when navigating the narrow streets and maze-like parking lots of Seoul. But don’t be disturbed. Once you get your hands on the mahogany wood grip of the steering wheel, this ponderous vehicle feels as light as a feather.The new S560 offers extraordinarily soft movement, but the engine still has power. The 469-horsepower vehicle boasts a 0-100 kilomet

Mobility April 9, 2018

A regional unit of South Korean cable maker LS Cable and System has invested about 10 billion won ($9.5 million) in its subsidiary in Vietnam to expand copper rod production, the company said Thursday. The investment by LS C&S Asia will expand the production capacity of its copper rod plant in Vietnam to 100,000 tons a year. LS VINA, a local production unit in the Southeast Asian country, currently manufactures 27,000 tons of copper rod a year. Copper rods are used for electrical or electronic-r

Mobility April 5, 2018

A face-lifted Range Rover series was released in South Korea on Thursday, in a bid to keep the popularity of the British luxury SUV afloat. The new Range Rover Sport is the latest in the line in five years, equipped with all-round light-emitting diode headlights, a V6 supercharger engine and stone massage functions for both front and back seats. Kim Jung-yong, product manager at Jaguar Land Rover Korea, said the local importer and distributor of the British carmaker aims to sell 1,800 vehicles a

Mobility April 5, 2018

Amid growing speculation on US activist hedge fund Elliott Management’s move towards Hyundai Motor Group, the chief of the nation’s top financial regulator on Thursday urged stakeholders not to react “sensitively,” stressing this time seems different from the group’s previous battles with Samsung.“There’s no need to sensitively respond to Elliott’s move this time,” said Choi Jong-ku, chairman of the Financial Services Commission, at a conference in Seoul.Referring to a series of legal battles in

Mobility April 5, 2018

A local unit of a US fast food chain McDonald’s donated 300 million won to build a temporary residence for families with children in hospital in the nation’s southeastern region.The donation was delivered as part of events to celebrate its 30th anniversary here. Out of profits made from selling Big Mac and Happy Meal sets, Joh Ju-yeon, managing director of McDonald’s Korea delivered the check to Jeffrey Jones, chairman of Ronald McDonald House Charities Korea, a non-profit organization aimed at

Industry April 3, 2018

Steel slabs (Posco)POHANG, North Gyeongsang Province -- A red-hot steel slab weighing around 25-30 tons passes between giant rollers at Posco’s steel mill in the nation’s southeastern city of Pohang, North Gyeongsang Province, producing not just sizzling heat and ear-piecing machine sounds, but also a grand sight. “Every two minutes and 30 seconds, a slab becomes a coil of steel plate with rollers pressing down and water filtering out impurities. In a year, we process 3.5 million tons of steel s

Industry April 1, 2018

To drive another successful 50 years, South Korean steel giant Posco will seek new business opportunities in nonsteel sectors by investing in emerging technologies like lithium and biopharma, its chief said.At a meeting with Korean reporters Saturday on the occasion of the steel giant’s 50th anniversary, Posco Chairman Kwon Oh-joon said the company has recently “set a direction to commercialize biopharmaceutical studies.” The new undertaking will be based on researches carried out at Postech, a

Industry April 1, 2018

The market on Thursday reacted quickly to Hyundai Motor Group’s governance reform scheme announced Wednesday, with the share prices of its affiliates subject to spinoffs and mergers going in opposite directions.Investors pulled more than 2 trillion won ($1.88 billion) off the market value of Hyundai Mobis on Thursday morning trade, less than a day after the group released a structural overhaul plan to spin off the parts maker’s more lucrative businesses and merge them with Hyundai Glovis. The sh

Industry March 29, 2018

For Park Ji-young, a 45-year-old businesswoman in Seoul, watching the ongoing dispute over GM Korea’s restructuring scheme and the speculation of the carmaker’s complete departure from the country feels like a deja vu. “Similar cases jolted the country years ago with newspapers, politicians and the labor unions claiming the outflow of national wealth,” she said, referring to Lone Star, a Texas-based private equity fund, and its nine-year stint in Korea that entailed a plethora of legal issues an

Industry March 27, 2018

The Seoul government’s midterm briefing on its renegotiation of a free trade deal Monday was met with mixed reactions here, with steelmakers heaving a sigh of relief while carmakers expressing concerns of losing its presence further to imported cars from US.The Trade Ministry said that South Korea agreed to open its auto market to the US in return for exempting the country from the US’ steel tariffs. Though excluded from the list of countries to be faced with the tariffs, South Korean steelmaker

Mobility March 26, 2018

The state-run Korea Development Bank chief Lee Dong-gull upped the pressure against resistant labor union in an emergency press conference on Monday, stating that the labor union has made a verbal agreement to the sale of the ailing tiremaker to China’s Doublestar last Friday. Accusing the labor union of failing to take follow-up measures, Lee said that the company would be forced into a workout unless a formal consensus is reached by the deadline of this Friday set by its creditors.Lee said tha

Industry March 26, 2018

South Korean energy giant SK Innovation has signed an agreement to acquire a US oil and gas explorer to expand its overseas business, the company said Wednesday.The contract to acquire a 100 percent stake in Longfellow Nemaha will be delivered by its US subsidiary, SK E&P America, in the second quarter.Longfellow is a private oil and gas exploration and production company with assets located in Oklahoma, the company said in a statement. SK Innovation’s shale site in Oklahoma (SK Innovation)The a

Industry March 25, 2018