As the era of coronavirus pandemic stretches on further, shopping at a touch of the fingertips from home has certainly become the new norm. Yet in bid to compete in a retail industry that is losing all boundaries, Hyundai Department Store is offering a whole new look of what the megasized retail outlet of the future should be, opening a new department store in the office district of Yeouido in Seoul on Friday. The Hyundai Seoul kicks off as the biggest department store in Seoul, with 89,100

Consumer Feb. 26, 2021

Hyundai Motor will replace the battery systems in about 82,000 electric vehicles sold here and abroad due to fire risks, the company announced Wednesday. The voluntary recall, which affects three electric vehicle models -- Kona, Ioniq and Elec City -- comes after South Korea’s Transport Ministry said a series of fires involving Kona vehicles had most likely been caused by short circuits in defective high-voltage battery cells. The automaker will be recalling a total of 81,701 units of

Mobility Feb. 24, 2021

Ssangyong Cement, a South Korean cement producer, will change its company name to SsangYong C&E, the company said Wednesday. The new name, in which SsangYong C&E takes the first letters of cement and environment, reflects the company’s desire to promote environment friendly values, the company said. The change will be finalized at a regular shareholders meeting slated for March 25. “For the past 60 years, we have led Korea’s cement industry and contributed to coun

Industry Feb. 24, 2021

Hyundai Motor unveiled the all-electric midsized sport utility vehicle Ioniq 5 on Tuesday. It is the first model to use the automaker’s own electric vehicle platform, the Electric-Global Modular Platform or E-GMP. In an online press conference, Hyundai Motor President Chang Jae-hoon and executives presented the Ioniq 5, highlighting how the new car would set the standard for an electric mobility lifestyle with sustainable and innovative features. “Electrification is the major foc

Mobility Feb. 23, 2021

How did McDonald’s and Starbucks expand their businesses into global franchise giants? For Lim Jae-won, the answer was clear: giving customers what they want at a consistent quality wherever they are. So Lim started single-serving pizza parlor Gopizza in 2016 to offer quick, tasty and affordable pizza served for one, using tech to help ensure stores offer a consistent product. And the approach has proven effective. With his “smart” kitchen that can bake six single-serve pi

Industry Feb. 23, 2021

Posco Chairman Choi Jung-woo apologized for not being able to put a stop to accidents at the company’s steel mills and reiterated his vow of making them “zero hazard” plants during a parliamentary committee hearing on Monday. “I am deeply sorry for having caused worries to people and the bereaved families. We have put safety as the utmost priority and made various efforts under such context but fell under expectations,” Choi said during the hearing. The parliamen

Industry Feb. 22, 2021

Posco has succeeded in developing core materials used in desulfurization facilities at industrial plants, the country’s largest steelmaker said Sunday. The company said it has developed three types of high-alloy stainless steel that can be used to make absorbers, gas-gas heaters and zero liquid discharge equipment, all of which can help cut sulfur oxide emissions in industrial plants such as steel plants, oil refineries and thermoelectric power plants. The new types of steel are speci

Industry Feb. 21, 2021

Coway achieved its highest annual sales of 3.2 trillion won in 2020, largely backed by the growth in overseas purchases, the Korean home appliances rental company said Thursday. Last year, Coway said its annual sales increased by 7.2 percent, when compared to the year earlier, thanks to its thriving overseas business. The operating profit and net profit stood at 606.4 billion won and 404.7 billion won, jumping 32.3 percent and 21.8 percent on-year, respectively. “Amidst internal and e

Consumer Feb. 18, 2021

Cadillac of GM Korea is launching its first entry-level sports utility vehicle XT4 in Korea to target younger drivers, the company said Thursday. The automaker said the XT4 model here will be come in the sport trim with all functional options -- including massage seats in the driver and the passenger seats in the front, and a panoramic sunroof. With a price tag of 55.3 million won ($50,000), the new model seeks to gain an upper hand in the compact SUV segment, against its potential rivals M

Mobility Feb. 18, 2021

The more environmentally-friendly version of Honda’s flagship sports utility vehicle CR-V has been launched in Korea, boasting an ample interior space, and with distinguishable driving modes that offer a little more fun to driving. The Japanese automaker has kicked off the new year by presenting the new CR-V Hybrid, a hybrid electric vehicle model of the CR-V, and aims to get back on its feet in the Korean market, where it has been suffering from a nationwide boycott against Japanese goo

Mobility Feb. 16, 2021

CJ CheilJedang is picking up speed with its white biotechnology business, having won a global certification for its biodegradable plastic, the company said Tuesday. CJ‘s polyhydroxyalkanoate, which is touted as a green replacement for petroleum-based plastics, has been certified as biodegradable by TUV Austria, a globally renowned institution for biodegradability testing and certification, in four areas -- industry, household, soil and marine. It is the first time a South Korean company

Industry Feb. 16, 2021

LS Group Chairman Koo Ja-yeol has emerged as the most prominent candidate to become the next chairman of the Korea International Trade Association, according to industry sources on Tuesday. As the next vice president, Hyundai Research Institute President and CEO Lee Dong-geun has been mentioned as a top contender. Incumbent KITA chairman Kim Young-joo and full-time vice chairman Han Jin-hyun held a meeting with representatives of member companies on Tuesday to discuss potential candidates f

Industry Feb. 16, 2021

Tesla’s Model Y has officially launched in South Korea, with prices starting from 59.9 million won for the lowest trim and is eligible for government subsidy. The automaker started sales of its latest pure electric vehicle crossover here on Friday, presenting three trims -- the standard range, long range, and performance models. The Model Y’s standard range model offers up to 340 kilometers of range on a single charge, while the long range model can go up to 511 kilometers. The

Mobility Feb. 14, 2021

Four vehicles of South Korea’s leading automaker Hyundai Motor Group have been included in a ranking of 12 best new cars of 2021, compiled by a US automotive third-party car listings brand Autotrader. The four are Hyundai Motor’s Santa Fe, Genesis GV80, Kia’s Sorento and K5. Hyundai Motor, Genesis and Kia are all automotive brands owned by Hyundai Motor Group. The 12 vehicles have been selected by a team of experts, who collectively tested and scored new models using a ran

Mobility Feb. 14, 2021

Tangy, salty, sweet and spicy -- Korean food is all of that. Often using fermented condiments like the traditional “jang” and a diversity of spices, such as garlic, onion and pepper, Korean cuisine is notable for creating a harmony of flavors. Despite the rich and diverse tastes that come from the mastery of balancing these strong spices, Korean food long had a relatively short list of globally promoted dishes, especially compared to neighboring China and Japan. The list include

Industry Feb. 12, 2021