South Korean companies spent 15 percent less on entertainment in the first half of this year compared to the same period last year, a study on the impact of the anti-graft law showed Wednesday.Marking the first year of the “Kim Young-ran law,” which came into effect on Sept. 28 last year, CEOScore, a local corporate tracker, studied 139 companies among the top 500 firms here that filed entertainment expenses in their regulatory filings. The companies spent an average 97 billion won ($85.1 millio

Industry Sept. 27, 2017

Volkswagen Korea has appointed Stefan Krapp, a former marketing expert at its Seoul branch, as its new managing director, effective from Oct. 1, the company said Wednesday. Krapp replaces Thomas Kuehl whose four-year term largely involved dealing with issues related to an emissions scandal.  Stefan Krapp is is named as managing director of Volkswagen Korea. (Volkswagen Korea)“Korea is one of the leading countries in the global automotive industry and (a) strategic market for (the) Volkswagen bra

Mobility Sept. 27, 2017

Hyundai Motor, the nation’s largest carmaker, said Wednesday that it has opened a big data center in Guizhou, China, as part of its efforts to expand its connected car business overseas.The information technology infrastructure in southwestern China was built to expand vehicle data processing for the development of self-driving cars and to improve customer service, it added.“Hyundai Motor‘s know-how in big data analysis coupled with Guizhou Province’s strong push into big data will surely accele

Mobility Sept. 26, 2017

SK Group, the second-largest conglomerate by asset, has relied more on domestic demand through its cash cow units including SK Telecom, the nation’s largest telecom giant, and SK Innovation, a leading energy firm. But in recent years the group has been seeking overseas expansion, acknowledging its limit of being a major player in the domestic market. And for SK, future technologies from cloud computing to electric vehicles are the keys for its growth at home and abroad.The group has been seeking

Technology Sept. 26, 2017

Businesses around the world are facing a paradigm shift in electronics devices and information technology. And Samsung Electronics, whose operating profit is forecast to reach a record 15.5 trillion won ($13.6 billion) in the fourth quarter, has built its strategy around the Internet of Things, artificial intelligence and automotive components, to maintain growth and its leading position in technology. By category, the microchip industry is expected to see growing demand for high-capacity, high-

Technology Sept. 24, 2017

It all started with one question: Is the Genesis G70 comparable to a BMW 3 series or an Audi A4? Will it break the German dominance of the compact luxury sedan segment? Undoubtedly, the Genesis G70 is designed to fit into the arena of luxury sedans and targets the same customer category as those who are considering a Mercedes C Class sedan, rather than a specific age or gender group. But the biggest reason to pick the G70 over its German rivals can be summed up in two words: It’s different.The G

Mobility Sept. 24, 2017

Lotte Group Chairman Shin Dong-bin urged members of Asia Society Korea to contribute to a peaceful and shared future at an event held by the organization to mark its 10th anniversary on Tuesday.“Now is the perfect opportunity to foster educated global conversations around the world. We have built the bridge and we want to motivate people to cross that bridge together,” said Shin, who serves as the chairman of Asia Society Korea. Lotte Group’s leader and Chairman of Asia Society Korea Shin Dong-b

Industry Sept. 20, 2017

Until last year, Korea Aerospace Industries, the nation’s sole aircraft manufacturer, was riding high on the expectation of its increased entries into foreign markets with homegrown choppers and jets. Speaking proudly of KAI’s fast technological advancement, then-CEO Ha Sung-yong told investors on Jan. 28, 2016 that the company aimed to become one of the top 15 aircraft manufacturers in the world by 2020. Its joint venture with US defense giant Lockheed Martin on the US Air Force’s trainer progr

Industry Sept. 19, 2017

Seeking global partnerships to fight climate change, representatives from 17 countries gathered in Seoul on Wednesday to make city lives safe and sustainable by sharing ideas and policies on urban forests.Around 200 scholars, representatives from governments and nongovernmental organizations participated the second Asia-Pacific Urban Forestry Meeting, hosted by Korea’s state-run forest agency, to seek ways to resolve urban pollution by expanding greener spaces in the cities. Under the slogan, “A

Industry Sept. 13, 2017

Hyundai Motor and its sister company Kia Motors said Tuesday that they have decided to suspend the operation of their production facilities in Alabama to prevent possible damages from hurricane Irma.Production will be halted for two days starting Sept. 14, the company said. Global headquarters of Hyundai Motor Co. and Kia Motors Corp. in southern Seoul. (Yonhap)“Suspension of plant operations is a precautionary measure taken to prevent possible damages from a natural disaster,” the company said.

Mobility Sept. 12, 2017

Hankook Tire, the nation’s largest tiremaker, will supply its ultra-high-functioning tire Ventus S1 evo2 for Audi’s new RS5 Coupe model, the company said Thursday. The product will be supplied as original equipment tire to German luxury carmaker, it added.It is the second high-spec Audi model to equip Hankook Tire’s Ventus S1 evo2. Hankook Tire has already been supplying the product for the Audi TT. (Yonhap)Winning recognition from the Deutsche Tourenwagen Meisterschaft, a touring car racing ser

Mobility Sept. 7, 2017

Hyundai Motor has signed a memorandum of understanding with Technion, an Israeli institute of technology, to jointly develop artificial intelligence and technologies for autonomous driving, the company said Thursday.The joint project also includes a plan to support budding enterprises in Israel and use their ideas to devise new market platform aimed at realizing innovative mobility. South Korea’s Korea Advanced Institute of Science and Technology also joins the project, the company said. Officia

Mobility Sept. 6, 2017

(Yonhap)A yearlong negotiation between creditors of Kumho Tire and Qingdao Doublestar hit a major snag on Tuesday, as the former group rejected the Chinese company’s demand of cutting down its bid price for a controlling stake in the South Korean tiremaker.If the Chinese firm refuses to renegotiate, the deal is terminated automatically.“We were not able to accept, because Doublestar made an excessive demand,” said an official representing one of the creditors, including the state-run Korea Devel

Industry Sept. 5, 2017

With North Korea’s latest nuclear test accelerating geopolitical tension, foreign companies operating here on Monday expressed concerns over Pyongyang’s continued threat, but were seen to remain calm.Many foreign companies here are “familiar with constant noise from the North” and also such rhetoric “does not create any significant issues or concerns,” according to a group of US companies here. (123RF)“There is no significant threat to day-to-day business for our member companies nor do we antic

Industry Sept. 4, 2017

Chey Yun-jeongSK Group chairman’s daughter will tie the knot with an official of an IT venture firm on Oct. 21, the group said Monday.Chey Yun-jeong, 28, is Chairman Chey Tae-won’s eldest child from his marriage with Roh So-young, the daughter of former President Roh Tae-woo. The younger Chey joined SK’s pharmaceutical arm in June. She had begun her career at Bain and Company, a global consulting firm. Chey met her fiance, surnamed Yoon, while working at Bain, the company said, without revealing

Industry Sept. 4, 2017