Hyundai Motor Vice Chairman Chung Eui-sun looks at an art installment displayed at Hyundai Motor Studio in Beijing, Wednesday. (Hyundai Motor)After suffering major losses from a Seoul-Beijing diplomatic spat, Hyundai Motor Group Vice Chairman Chung Eui-sun while visiting Beijing said he expects improved ties between the two countries would bring a positive impact to the carmaker’s operation there, officials said Wednesday.“I expect to see a positive impact (from the improved ties). Taking this o

Mobility Nov. 1, 2017

Park Yong-maan, chairman of the Korea Chamber of Industry and Commerce urged businesses on Wednesday to seek growth strategies for the future first, rather than raising voices against the government to lift regulatory hurdles. KCCI Chairman Park Yong-maan speaks at a conference in Seoul on Wednesday. (Yonhap)At a meeting with heads of KCCI’s regional branches in Daejeon, Park also stressed that they should embrace the recent change in the job market driven by the Moon Jae-in government, calling

Industry Nov. 1, 2017

Samsung Chairman Lee Kun-hee’s assets could be subject to taxes if irregularities are found since he was investigated in 2008 for illegalities, the chief of the nation’s financial regulator said Monday.At a parliamentary audit session Choi Jong-ku, chairman of the Financial Services Commission, told lawmakers that the regulator will review traces of 4.4 trillion won ($3.9 billion) in assets that had been kept under accounts registered with borrowed names. The authorities, in cooperation with the

Industry Oct. 30, 2017

A picture of President Moon Jae-in kneeling to pay his respect to the dead during the May 18 Gwangju Democratization Movement ceremony went viral online this year. It became a talked about issue not just because the ceremony was held a week after the presidential election, but because of a pair of the president’s old shoes that were exposed to cameras. The shoes that Moon has worn since 2012 were made by a small social enterprise set up by the blind and the hearing-impaired. But even with Cheong

Industry Oct. 29, 2017

For Chey Tae-won, chairman of SK Group, it all started with one question. For years, the second-generation chaebol scion was seeking a way to inherit his father’s legacy of nurturing scientists and scholars for the nation’s future. Though SK was making social donations and running corporate responsibility programs under his lead, Chey wasn’t sure whether those outreach efforts -- worth billions of dollars a year -- were making any progress in society, where problems of unemployment and the incom

Industry Oct. 27, 2017

The diplomatic row between South Korea and China over Seoul’s decision to deploy a US anti-missile system has put SsangYong Motor’s much-awaited dream to build a manufacturing base overseas on hold. But China is not the carmaker’s priority and it has more options in terms of overseas expansion, including the United States, by around 2020, said the chief executive officer of Mahindra & Mahindra, an Indian auto giant that owns the Korean SUV maker.“We certainly need to develop two or three good ma

Mobility Oct. 26, 2017

Municipal offices, local businessmen and suppliers to GM Korea are stepping up efforts to help GM Korea, which is struggling with mounting deficits amid rumors of its business withdrawal, officials in the industry said Wednesday.Workers at GM Korea’s Bupyeong plant, a local business group and Chevrolet retailers in the nearby port city Incheon plan to sign an agreement Thursday to boost sales of the US car brands and revitalize the local economy largely connected to the operation of the Korean b

Mobility Oct. 25, 2017

LG전자의 전장사업부가 영국서 R&D 센터를 신설하고 현지 자동차업계와 협업을 모색하는 등 투자에 나섰다. 　코리아헤럴드는 LG가 워릭대 산하 워릭 사이언스파크내에 R&D 센터를 설립하고 운영 중인 것을 관계자 및 자료 조사를 통해 확인했다. 이는 LG가 10여년전 전장사업에 뛰어든 후 첫 해외 R&D투자 사례이다. 　워릭 사이언스파크는 영국 자동차 산업의 중심지인 코벤트리에 위치하고 있으며, 가까이에는 재규어 랜드로버등 다수의 영국 완성차업체들의 생산기지가 있다. 워릭 사이언스파크 홈페이지에 LG전자의 전장사업부를 R&D 입주업체로 명시하고 있다. (Warwick Science Park)워릭 사이언스파크의 홈페이지에는 LG전자의 전장사업부를 입주업체로 소개하고 있으며 다른 참가 업체들로는 독일의 보쉬와 슈나이더 엘렉트릭 등이 있다.　영국 자동차산업의 정통한 한 관계자는 재규어와 협업을 늘리고 있는 한국의 한 “큰 규모의” 회사가 영국의 R&D 센터를 통해 투자를 하고 있고 이는 “

한국어판 Oct. 24, 2017

A vehicle component unit under South Korea’s LG Electronics has established its new base in the United Kingdom to expand its automotive business with car manufacturers in the fast growing European market.The tech giant has opened a research and development center at the University of Warwick Science Park in the city of Coventry, and is registered as a tenant in the academia-industrial cluster, based on information provided by market insiders exclusively to The Korea Herald. The center marks LG’s

Mobility Oct. 24, 2017

Samsung Electronics is set to announce next week a three-year plan to buy back shares, which is anticipated to be the largest backed by the tech giant’s thriving chip business.The tech giant will also announce its third-quarter profit and plans for cash dividends for 2018-2020. (Photo by Park Hyun-koo/The Korea Herald)Last year, the company said it would spend 50 percent of its net profits to increase its share value and return the benefits to its investors. Of the 22.4 trillion won of net profi

Industry Oct. 23, 2017

A plan by SsangYong Motor to build its first overseas plant in China could go back to square one due to growing anti-Korean sentiment in China over the Korean government’s decision to deploy an anti-missile system here, the company’s chief executive said Friday.At a meeting with Korean reporters, SsangYong President and CEO Choi Johng-sik said the plan that involves Shaanxi Automobile Group as a joint venture partner has been making slow progress since a diplomatic dispute between Seoul and Beij

Mobility Oct. 22, 2017

GS Group Chairman Huh Chang-soo urged CEOs and executives of the group’s affiliates to create an organization that responds flexibly to fast market changes at a quarterly meeting in Seoul, officials said Thursday.Huh referred to Thomas Friedman’s 2016 book “Thank You for Being Late” to explain that the group is facing challenges arising from market uncertainties in “the age of accelerations,” which is the reason why it needs to secure “strategic flexibility” to efficiently allocate assets and ma

Industry Oct. 19, 2017

A Seoul court on Thursday rejected a request by Ilsung Pharmaceuticals to nullify a merger between two Samsung affiliates in 2015, ruling that the merger was “valid.” The Seoul Central District Court was dismissing a case filed by the local drugmaker, which held a 2.11 percent stake in Samsung C&T before the merger. Ilsung claimed that Cheil Industries’ takeover of the former Samsung C&T was “unfair” for shareholders.But the court said no illegality was found during the merger process, despite i

Industry Oct. 19, 2017

Posco Chairman Kwon Oh-joon was appointed the vice chairman of the World Steel Association, which represents the interests of 160 steelmakers around the world, at the organization’s annual board meeting held in Brussels, officials in Seoul said Wednesday.Kwon is the fourth Posco chairman named to serve the post. According to the organization’s protocol, Kwon will become the chairman next year and spend another year as the vice chairman in his third year. Posco Chairman Kwon Oh-joon (left) and Ni

Mobility Oct. 18, 2017

The United Kingdom has been enjoying rapid market growth and demand on British cars in recent years. But at the same time, the rise of future technology, particularly on green cars, has been a big concern. Based on its long history and heritage, the UK has been a major producer of internal combustion engines, making 2.5 million engines a year, which is higher than the 2 million vehicles that the country manufactures annually.But in fear of losing that proportion of petrol engines to electric bat

Mobility Oct. 18, 2017