SEOSAN, South Chungcheong Province -- Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, unveiled this week its test bed for autonomous vehicles and auto parts in Seosan, South Chungcheong Province, with a mission to develop self-driving car sensors by 2020. Its long-term goal is to lead the future mobility market, and raise some 11 trillion won ($10 billion) in earnings through automated driving technology by 2025, according to the firm.The unveiling came amid growing attention o

Mobility May 17, 2018

GM Korea will give away 100 units of the Chevrolet Spark compact car to 100 winners of a promotional event until August in efforts to put the company back on track, the company said Tuesday.　The first winner of the “Chevy’s new start, with customers” event was Park Jae-seok, 31, who had been considering to purchase Spark for his wife on safety and design.GM Executive Vice President Barry Engle, GM Korea CEO Kaher Kazem, GM Korea Vice President Dale Sullivan, and chief of GM Korea’s union Lim Han

Mobility May 15, 2018

BUPYEONG, Incheon -- GM Korea was forced to cancel a press conference on Monday after a group of 12 non-regular workers unexpectedly forced themselves into the conference room through the back door demanding a change in their status to regular workers.“On the day GM shut down the Gunsan plant, the Incheon District Court made a ruling (in the first trial) recognizing non-regular workers‘ status as regular workers. However we were excluded from negotiations (with the company),” Hwang Ho-in, head o

Mobility May 14, 2018

SINGAPORE -- Many people may not know that South Korea’s red ginseng entered the Southeast Asian market in the 1930s.Now amid growing awareness of healthful products and a rise in modern illnesses, Cheong Kwan Jang, the top-selling red ginseng brand by Korea Ginseng Corp., has been quietly making waves in other Asian markets. Its expanding presence, however, comes after years of efforts, according to the company, as it faced long-standing cultural perception surrounding red ginseng.“Definitely w

Industry May 13, 2018

SINGAPORE -- While ginseng products have long been consumed by all age groups in South Korea, the spreading of information on their convenience and benefits has relied mostly on word of mouth.With a gradual rise in the popularity of ginseng products overseas, Korea’s largest ginseng manufacturer has set out to market its products full-fledged, most recently by attending the region’s biggest duty-free and travel retail show.Korea Ginseng Corp. showcased its red ginseng-based products at the 2018

Industry May 10, 2018

SINGAPORE -- While ginseng products have long been consumed by all age groups in South Korea, the spreading of information on their convenience and benefits has relied mostly on word of mouth.With a gradual rise in the popularity of ginseng products overseas, Korea’s largest ginseng manufacturer has set out to market its products full-fledged, most recently by attending the region’s biggest duty-free and travel retail show.Korea Ginseng Corp. showcased its red ginseng-based products at the 2018

Industry May 10, 2018

Korea Ginseng Corp. will participate in this year’s TFWA World Exhibition & Conference in Singapore for the second year in a row with aims to promote its ginseng-based health care products in the global market, the company said Tuesday. A Cheong Kwan Jang booth set up by Korea Ginseng Corp. (Korea Ginseng Corporation)The Tax Free World Association, or TFWA, is the largest association in international duty free and travel retail. It hosts the global conference twice a year, once in Singapore and

Industry May 8, 2018

While German carmakers are facing investigation overseas over cheat devices, foreign carmakers operating in South Korea have been charged with different issues here: submitting falsified emissions test documents and selling vehicles without authorization.The first round of government hearings in Korea on BMW Korea and Porsche Korea’s emissions results took place last week.In an investigation by the Ministry of Environment and Korea Customs Service, BMW Korea was found to have falsified emissions

Mobility May 4, 2018

Hyundai Motor and Kia Motors, the country’s top two auto makers, flagged a combined 631,225 units in global sales last month, up 10.4 percent on–year, the company said Thursday. This marks the first two digit growth rate since December 2014, boosted by recovery in external factors including improved diplomatic relations between Seoul and Beijing, coupled with all-out marketing efforts of the automaker‘s top brass led by Vice Chairman Chung Eui-sun. Sales recovery was evident in China, where Hyun

Mobility May 3, 2018

Samsung BioLogics on Wednesday went full force to rebut the Financial Supervisory Service’s tentative decision that the biologics drugmaker had engaged in accounting fraud, which immediately led to a plunge in the firm’s stock price throughout the day. In an emergency press conference in Seoul in the afternoon, Samsung BioLogics contended that it had received approval from the FSS along with three major accounting firms on changing its accounting method to International Financial Reporting Stand

Industry May 2, 2018

CJ Group Vice Chairwoman Lee Mie-kyung has been selected as one of the 16 leaders of the Women Entrepreneurs Finance Initiative housed at the World Bank, the company said Tuesday.The Women Entrepreneurs Finance Initiative, better known as We-Fi, helps empower female entrepreneurs in developing countries by providing various support programs.  CJ Group Vice Chairwoman Lee Mie-kyung (CJ Group)The international fund participated by 14 countries worldwide, including Korea, the US, and China was laun

Industry May 2, 2018

Asiana Airlines, the country’s second-largest air carrier, has launched a direct air route to Italy’s Venice that operates three times a week, marking the first case among East Asian airlines, according to company officials.A launch ceremony took place Tuesday at the presence of Asiana Airlines CEO Kim Soo-cheon and other officials at Incheon International Airport Terminal 1, the company said.Venice is the local carrier’s sixth direct European destination following Frankfurt, London, Paris, Ista

Mobility May 1, 2018

Yangpyeong rest area on the outskirts of Seoul bustles with middle-aged male and female bikers amicably conversing with each other as they prepare for the next leg of the ride. It is a scene quite new for South Korea where perceptions toward bikers had been foreign, if not only associated with the young and the restless.Motorcycles, commonly thought of as a means of transportation for deliverymen in Korea, have mostly been considered a mere nuisance in heavy traffic with their zigzagging maneuve

Mobility April 29, 2018

Hyundai Motor, South Korea’s No. 1 automotive company, shared plans to cancel 8.65 million shares of its stock, which equates to 960 billion won ($892.8 million), in a bid to restore shareholder value, the company said Friday. This is the first time in 14 years that Hyundai has cancelled shares. In 2004 it cancelled 1.2 million shares. (Yonhap)Hyundai disclosed through DART that it would cancel 4.41 million common stock and 1.28 million preferred stock it currently owns on July 27, and retire 2.

Mobility April 27, 2018

US auto giant General Motors and the Seoul government agreed to inject a combined $7.1 billion to save the ailing local unit, the company said Thursday.GM has also agreed to sustain operations here for over 10 years, and grant the state-run Korea Development Bank veto rights.GM will conduct a $2.7 billion debt-equity swap on GM Korea on top of $4.4 billion investments here, while KDB will take part by investing 800 billion won, according to the share ratio.GM President Dan Ammann (left) speaks d

Mobility April 26, 2018