The country’s national flag carrier Korean Air said Thursday it will update its audio-video on demand inventory to meet the growing preference of passengers for Korean Wave contents. The airliner said Thursday it will add a new batch of K-dramas and entertainment contents to its library in response to the global Hallyu fever. The number of miniseries contents -- currently about 80 -- will be expanded to around 260. The AVOD update will commence in September and be completed by the en

Industry Feb. 13, 2020

Hyundai Motor’s premium brand Genesis ranked No. 1 in overall vehicle dependability among all brands in the US, industry data showed Thursday. According to the “Vehicle Dependability Study” announced by annual ranking researcher J.D. Power, Genesis ranked the highest with the score of 89 problems per 100 vehicles in its first year of eligibility. The study measured the number of problems per 100 vehicles (PP100) experienced during the past 12 months by original owners of

Mobility Feb. 13, 2020

South Korean chocolate manufacturers are holding their breath as the world’s top two cocoa producers have decided to charge a fixed premium on their produce. Last July, the West African nations of Cote d’Ivoire and Ghana -- which command more than 60 percent of global cocoa production -- announced a $400 premium over the futures price of every metric ton of cocoa from October 2020. Though the “living income differential,” or LID, premium aims to provide higher and st

Industry Feb. 12, 2020

LG CNS, the information and communication technology solutions affiliate of LG Group, has adopted artificial intelligence-based facial recognition technology to boost its security. The company said Tuesday that it has rolled out facial recognition devices on its 26 points of entry at its headquarters within LG Science Park in Magok, Seoul. LC CNS collaborated with AI startup SenseTime to develop the biometric entry service. The service can verify captured faces with images in its databas

Industry Feb. 11, 2020

The global economy is facing its first major test this year as the on-going outbreak of the novel coronavirus (2019n-CoV) is taking a devastating toll on China, the world’s second-largest economy. With the death toll from the outbreak soaring to more than 800 in China as of Sunday and still rising, the global economy is suffering collateral damage as the country accounts for 16.3 percent of global GDP. “Due to the spread of the novel virus, the global economy is likely to shrink

Industry Feb. 10, 2020

South Korea’s major electric vehicle battery makers strengthened their market control in 2019 by supplying products to foreign automakers, industry data showed Monday. Three domestic electric vehicle battery giants -- LG Chem, Samsung SDI and SK Innovation -- increased their combined market share to 15.8 percent from 11.8 percent a year earlier, according to data from market tracker SNE Research. LG Chem moved up to third place with market share of 10.5 percent, knocking down Chinese

Industry Feb. 10, 2020

LG Electronics has decided to sell off its twin towers in Beijing to secure liquidity amid global uncertainties and to invest in future growth engines, the company said Friday. The company’s board of directors has agreed to sell its entire 49 percent stake in LG Holdings Hong Kong, which wholly owns LG Beijing Twin Towers, to RECO Changan Private, owned by Singaporean fund GIC. The price for the 49 percent stake is 668.8 billion won ($561.7 million), the company said. LG plans to s

Industry Feb. 7, 2020

SsangYong Motors’ balance sheet went from bad to worse in 2019, due to a sharp fall in exports. The automaker said Friday its operating losses skyrocketed to 281.9 billion won ($237.4 million), a whopping 339.3 percent increase from 64.2 billion won a year earlier, and taking its run of losses to 12 consecutive quarters. The figure is the worst since 2009, when the company saw a loss of 295 billion won in the aftermath of global financial crisis. Despite a minor 2.2 percent dip in r

Mobility Feb. 7, 2020

Hyundai Motor Group Chairman Chung Mong-koo will be the first Korean to be inducted into the Automotive Hall of Fame, the automaker said Thursday. The 2020 induction ceremony will be held in Detroit at the MGM Grand Ballroom on July 23. Established in 1939, the organization has honored some 800 business leaders around the world who have created, shaped and changed the mobility market. Past inductees include Ford founder Henry Ford, inventor Thomas Edison, founder of Mercedes-Benz Karl Be

Mobility Feb. 7, 2020

  Japanese car imports to South Korea halved in the fourth quarter last year as the boycott of Japanese products in the country continued, latest data showed Thursday. The value of imported Japanese cars in South Korea amounted to $203 million in the period, a 51.9 percent drop from $422 million a year earlier, according to data from the Korea Customs Service. The market share of Japanese cars -- which commanded 15.2 percent of total imported cars -- plummeted to 6.2 percent in the same

Mobility Feb. 6, 2020

LIG Nex1 said it is participating in DefExpo India 2020, a biennial defense and aerospace exhibition being held from Wednesday to Sunday in Lucknow, India, the world’s second-biggest arms importer that ranks fourth in military spending. The Korean defense company will showcase weapons including its land-based short-range surface-to-air missile Chiron that is mounted on the Hybrid Biho, a 30 mm complex gun and air defense system designed to target low-flying aircrafts and helicopters. T

Industry Feb. 6, 2020

Samsung Electronics set a record in 2019 by commanding 20.5 percent of the home appliances market in the United States, whose $25.8 billion electronics market is the world’s biggest, according to data from Reed Electronics. The Korean tech giant has maintained the top spot for four consecutive years, said US market researcher TraQline. Next on the list were Whirlpool and LG Electronics. Samsung recorded its highest quarterly market share figure ever, 21.6 percent, in the fourth quarter

Industry Feb. 5, 2020

Renault Samsung Motors is bolstering its customer service capabilities to up its game in the Korean auto market despite aggravated market conditions. The carmaker said Wednesday it has become the first among domestic brands to have recently introduced the “RSM Service Menu,” a customer service program where customers can learn about a total expense prior to service. Based on that information, customers can decide which service to receive without having to worry about bills later.

Mobility Feb. 5, 2020

SK Innovation, an energy solution affiliate of SK Group, said Tuesday it has joined the Responsible Minerals Initiative to facilitate ethical sourcing of minerals for its battery production. RMI is a global association established in 2008 that monitors the ethical sourcing of minerals mined in conflict regions including cobalt, a key ingredient for lithium-ion batteries, which are parts for mobile devices and electric vehicles. Other members include Samsung Electronics, Apple and Tesla. T

Industry Feb. 4, 2020

South Korea’s largest automaker Hyundai Motor announced Monday it has won an order to supply 1,000 Sonata airport taxis in Saudi Arabia, strengthening its foothold in the Middle East. The country accounts for an estimated 40 percent of all vehicles sold in the Mideast, according to the Korea Trade-Investment Promotion Agency. The company has signed a contract with the Saudi transportation company Al-Safwa to supply 1,000 new Sonata DN8 sedans. The automaker delivered 100 vehicles to K

Business Feb. 3, 2020