State-run Korea Land and Geospatial Informatix Corporation will seek to bolster mutual development with small and midsize firms and expand support for promising individuals by forming a 20 billion won ($18.3 million) fund within three years, the company said Wednesday.“Public institutions are responsible for creating an economy in which all members are well off,” said Park Myoung-sik, CEO of LX Corp.“LX will continually make efforts to put together more opportunities to support SMEs, entrepreneu

Industry Dec. 20, 2017

In an effort to tackle global warming, the South Korean government has decided to allocate 538.4 million tons of greenhouse gas emissions rights to 591 companies across 26 industries in 2018, the Ministry of Strategy and Finance said Tuesday. The government will also announce an emissions allocation for 2018 - 2020 in the first half of next year, which is a year behind the initially scheduled deadline of this June.Relevant authorities have not yet reached a consensus for the later time frame due

Industry Dec. 19, 2017

In a bid to reclaim the No. 3 spot in the local auto market, Audi Volkswagen Korea, importer and distributor of the German vehicles, has signaled a comeback after a more than yearlong sales suspension resulting from the diesel gate emissions scandal.Last month, Audi Korea launched the R8 V10, a flagship high performance sports car, its first release in one year and three months since the S8 Plus sedan was rolled out in June last year. Models widely expected to be launched in early 2018 are Volks

Mobility Dec. 19, 2017

Volvo Car Korea, the local importer and distributor for the Swedish automaker, on Friday said it plans to sell 8,000 units here next year riding on the popularity of XC60 midsize SUV, XC90 large SUV and soon-to-be-launched XC40 compact SUV. “To invest in dealer networks, we need to sell about 10,000 units annually,” said Lee Yoon-mo, Volvo Car Korea CEO, during a lunch meeting with the media. “Our target sales for next year is 8,000 units. We view it as a moderate goal considering recent growth.

Mobility Dec. 15, 2017

Cloud-piercing skyscrapers filling the skylines are often held up as a symbol of a country’s economic power and technological development.Korea’s first high-rise 63 Building located in Yeouido, western Seoul, opened doors to the public in July 1985 during the country’s rapid economic growth.The 274 meter high, 63-floor building is no longer the tallest building here. But it stands as a landmark and a symbol of the so-called Miracle on the Han River. After the 1997 Asian financial crisis the Kore

Industry Dec. 15, 2017

Hyundai Mobis, the auto parts unit of Hyundai Motor, will hold a technical contest for local startups in search of original technology to invest in or startups to collaborate with, the company said Thursday. Those preparing to open a startup can also register for the event named 2017 M, M standing for Mobis and mobility. Relevant sectors will include automobile, artificial intelligence, future mobility, smart city, robots and energy.“Hyundai Mobis will expand its future technologies together wit

Mobility Dec. 14, 2017

Korea‘s Transport Ministry crowned the BMW 520d, Mercedes-Benz E220d and Kia Motors Stinger sedans the safest cars of the year.In this year‘s vehicle safety test conducted by the government, BMW’s top-selling 520d sedan proved to be the safest, with 99.1 points out of 100.That marked the highest point total ever since the ministry started its annual testing in 2013. BMW 520d (BMW Korea)The Benz E220d received 97.4 points, followed by Kia’s performance sedan Stinger at 92.6 points, the ministry s

Mobility Dec. 13, 2017

The government has imposed a 170 billion won ($156 million) tariff on Posco, South Korea’s leading steelmaker, for underreporting the price of liquefied natural gas imported from Indonesia to evade tax, Korea Customs Service said Tuesday.KCS‘ latest decision was based on grounds that the price of LNG imported by Posco between 2012 and 2016 was about half the figure reported by state-run Korea Gas Corporation. The government argues Posco has evaded tax worth some 100 billion won by underreporting

Mobility Dec. 12, 2017

South Korea’s Hyundai Motor signed a business deal to set up a commercial vehicle joint venture with Indonesia’s Artha Graha Group to tackle the Southeast Asia market, the company said Tuesday.The joint venture marks the first outcome in the private business sector of President Moon Jae-in‘s New South Policy introduced during the Asia-Pacific Economic Cooperation summit last month. The initiative aims to expand economic cooperation and personnel exchanges between South Korea and Southeast Asian

Mobility Dec. 12, 2017

Hyundai Motor’s unionized workers will stage three or four strikes over five consecutive days starting Monday, as it failed to meet halfway with management over raises and job security.Starting with a three-hour partial walkout, workers at car manufacturing plants and auto parts factories are scheduled to stage four-hour partial strikes on Tuesday and Wednesday, respectively, the union said. The entire labor union will continue four-hour partial strikes Thursday and Friday. Hyundai Motor's union

Mobility Dec. 11, 2017

A crew of Hyundai Motor employees dressed in Santa Claus outfits launched a monthlong mission to deliver presents to underprivileged households, the company said Monday. The company hosted the 11th annual Christmas event jointly with ChildFund Korea at its domestic sales division headquarters in central Seoul. During the event, Hyundai delivered 100 million won ($92,000) in donations to ChildFund Korea, the company said.“The popular Kona SUV will act as Rudolphs for this year’s Christmas event.

Mobility Dec. 11, 2017

Amid a tighter global market and steeper competition between South Korean and Japanese automakers, Japan’s quantitative easing as part of Japanese Prime Minister Shinzo Abe‘s “Abenomics,” will be key to Korean players’ competitiveness next year, industry experts have said.“Korean carmakers compete with Japanese companies, which means the exchange rate will continue to play an important factor in price competitiveness,” Lee Bo-sung, director of Hyundai’s Global Business Intelligence Center said d

Mobility Dec. 10, 2017

Hyundai Motor and Kia Motors separately held biannual meetings on Friday with some 50 overseas representatives, where they discussed ways to recover this year’s lackluster performance with overseas sales boost next year by focusing on regional management.The discussions took place at the company’s headquarters in southern Seoul.Hyundai Motor Vice Chairman Chung Eui-sun led the meeting for Hyundai for the second time, followed by the one in July this year. Lee Hyoung-keun, vice chairman of Kia Mo

Mobility Dec. 8, 2017

Kumho Tire officials visited a social welfare center in western Seoul to share the holiday spirit with minority groups, the company said Friday.As part of its Christmas campaign managed with Childfund Korea, the company delivered gifts including unicycles and family trips to Jeju to 12 children from underprivileged households. Kumho Tire employees deliver Christmas presents to children at the Salvation Army Seoul Broadview Children‘s Home in western Seoul on Friday. (Kumho Tire)“The event was pr

Mobility Dec. 8, 2017