Porsche Korea CEO Holger Gerrmann was elected as the ninth German chairperson at the 41st Korean-German Chamber of Commerce and Industry Annual General Meeting on Thursday. Run by a co-chairing system, KGCCI will now be led by Gerrmann and Korean Chairperson Park Hyun-nam, who is also the Deutsche Bank CEO. “We will continue to create the foundation for Korean and German companies to grow together, honoring the long-standing successful business relationships of our two countries and emp

Mobility June 24, 2022

South Korean steelmaker Posco apologized Thursday for a recent case of sexual violence that occurred within the workplace. “We sincerely apologize to the victim and her family for the recent unsavory sexual violations in the company, and the company feels deeply responsible,” Posco Vice Chairman Kim Hak-dong said in a written statement. According to police in Pohang, North Gyeongsang Province, a woman in her 20s working at the steelmaker’s plant in the industrial city filed e

Industry June 24, 2022

JEJU CITY -- The new and partially electrified SUV lineup Lexus NX could be an alternative for big car-loving Korean customers looking for a fuel-efficient vehicle that does not compromise on luxury. NX 450h+, the first plug-in hybrid vehicle from the luxury auto brand, can drive up to an average of 23.8 kilometers on a liter of gas. Its fuel efficiency is close to that of the all-new Kia Niro, also a hybrid sport utility vehicle that can drive up to an average of 23.7 kilometers on a liter of

Mobility June 23, 2022

South Korean builder Daewoo E&C is gearing up for further expansion in Vietnam with a comprehensive plan to invest in infrastructure building, logistics and energy. To support the builder’s Vietnam project, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, on Wednesday met with Deputy Prime Minister Pham Binh Minh to discuss the progress of its Starlake City project in Hanoi and other investments, according to Daewoo officials. “We are planning to in

Industry June 23, 2022

GM Korea launched its premium SUV and pickup truck brand GMC in South Korea on Wednesday, renewing its marketing strategy to target diversified customer demands. Calling it a multi-brand strategy, the new plan is about having many of its global brands, including Chevrolet, Cadillac, and GMC, provide a wide range of choices for domestic customers who enjoy diverse lifestyles. The company, which has undergone a massive restructuring process since 2018, also hopes to reach a break-even point this

Mobility June 22, 2022

The South Korean government on Sunday decided to further extend tax cuts on fuel consumption as part of efforts to ease inflationary pressure from surging energy costs. Starting next month, the legal cap of fuel tax cuts will be increased to 37 percent from the current 30 percent. The tentative measure will be effective until the end of this year. "The government will immediately implement measures to ease the burden from high oil prices,” Finance Minister Choo Kyung-ho told repor

Mobility June 19, 2022

South Korean automotive duo Hyundai Motor and Kia have hit a 3 million milestone in sales of eco-friendly cars, 14 years since their first hybrid models debuted back in 2009. Eco-friendly cars include hybrid electric, full-electric and fuel-cell electric vehicles. According to Hyundai Motor Group on Sunday, its two brands sold a total of 3,006,414 units of eco-friendly cars over the past 14 years. The figure makes up 3.2 percent of their total car sales during the same period. Their green

Mobility June 19, 2022

Early this month, an electric vehicle caught fire in Busan, sparking safety concerns among drivers of battery-powered cars. It was an Ioniq 5, Hyundai Motor’s all-electric model, that went up in flames just three seconds after crashing into a highway toll gate. The driver and one passenger in the car died in the accident, but investigations are ongoing to figure out whether they died from the crash or whether they were not able to escape from the fire that broke out so quickly. While th

Mobility June 16, 2022

Large-sized aircraft that can fit around 400 passengers are set to return soon, as airliners are facing rapid growth in overseas travel demand. The country’s largest air carrier Korean Air will bring jumbo jets – the B747-8i and A380-800 -- back for routes connecting Incheon to Los Angeles and New York starting from July, according to Korean Air. The decision to resume flights of large-sized aircraft comes as Korean Air tries to meet the growing demand for international travel. Th

Mobility June 14, 2022

With big is beautiful still the mantra for many Korean drivers, small-car specialist Renault Korea Motors faces a challenge in the local market. So as the carmaker commits to the Korean market, new CEO Stephane Deblaise’s priority is designing a new car that suits Korean tastes and taking it to foreign markets with similar preferences. “Korean customers prefer big cars over small cars, and there are no such cars in our lineup. So we are thinking about making a big car here in Kore

Mobility June 12, 2022

Business leaders and experts from South Korea and the US discussed solutions to tackle sustainability risks facing businesses during a seminar hosted by the American Chamber of Commerce (AmCham) in Korea on Thursday in Seoul. AmCham Korea Chairman and CEO James Kim stressed that doing business in responsible and socially conscious ways is more critical than ever, as both nations have renewed their commitment to creating sustainable global supply chains and addressing climate change issues. &l

Industry June 9, 2022

Daewoo Shipbuilding & Marine Engineering has obtained a 1.07 trillion won ($850 million) order to build four LNG carriers for a Qatari state oil firm, it said in a regulatory filing Tuesday. The order is the first batch of a $20 billion deal that three South Korean shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries -- had signed with Qatar in 2020. DSME said Tuesday that it will build the LNG carriers in the Okpo shipyard,

Industry June 8, 2022

South Korea stepped closer to establishing an industrial ecology for hydrogen, as revisions to a regulation defining how companies should use hydrogen and what types of government support they would be given for exploring the latest technology will be promulgated as early as this week. The revised hydrogen law involves certifying and defining clean hydrogen, selling and usage requirements of clean hydrogen, and regulatory support for the purchase and supply of hydrogen power. According to the

Industry June 8, 2022

Jeju Air, South Korea's biggest budget carrier, will provide cheap tickets, modernize aircraft and expand its business spectrum to secure its future growth in the post-pandemic era, its chief executive said Tuesday. As both domestic and international travel demands are slowly picking up, Jeju Air CEO Kim E-bae said the company has come to a point where it should make a decision on how to maintain its leading role in the low-cost carrier market. "As an LCC, our key competitiveness lies in

Mobility June 7, 2022

GM Korea’s new chief executive Roberto Rempel has made his first on-site inspection to the carmaker‘s No. 1 Bupyeong plant early this month, officials said Monday, making a leadership change official within the US company’s operation in South Korea. The new CEO, however, faces a series of challenges ahead. The carmaker has been making a last-ditch effort to restore its market share amid rumors circulating that it is already in the process of leaving the country. The urgent tas

Mobility June 6, 2022