Following the change in its name last month to Hankook Tire & Technology, the firm said Sunday it plans to lead the global original equipment tire market by beefing up its research and development on innovative technology. In May, the company was renamed from Hankook Tire as part of its holding company Hankook Technology Group’s rebranding to redefine its focus. The group said it included the word “technology” to reflect its long-term mission to achieve innovation

Mobility June 16, 2019

Hyundai Motor and its sister company Kia Motors said Thursday that they are investing in US self-driving technology company Aurora Innovation to develop and further enhance the autonomous vehicle platform. The investment is part of the automakers’ plan to become a game changer in the global autonomous driving ecosystem and to launch an autonomous vehicle at an early stage, Hyundai Motor Group said, without disclosing the size of the investment. The two companies will strengthen c

Mobility June 13, 2019

The Korea Corporate Governance Improvement Fund, the second-largest stakeholder in the country’s flagship carrier, Korean Air, has publicly denounced the return of the late Chairman Cho Yang-ho’s younger daughter to a management role in light of the damage she has inflicted on the corporate image and the value of the company’s shares.The KCGI, which holds a nearly 16 percent stake in the air carrier, released a statement Wednesday saying Hanjin Group’s decision to reinsta

Mobility June 12, 2019

Renault Samsung’s QM6 GDe has hit record-high sales in the country’s midsized gasoline sport utility vehicle category, retaining its top position since its launch in 2017, data showed Wednesday. According to the Korea Automobile Manufacturers Association, the carmaker sold a total of 41,191 units of QM6 GDe from September 2017 to April, which accounts for 61.2 percent of the total sales of midsized gasoline SUVs sold here in three years. The automaker said as another 2,050 units

Mobility June 12, 2019

The surprise return of an heiress to Hanjin Group appears to signal that the family members of the group’s late chairman are close to settling succession plans of the transport empire, with each taking core businesses, according to industry sources and reports on Tuesday.On Monday, Hanjin Group said in a statement that Cho Hyun-min, the youngest daughter of the late Hanjin Group Chairman Cho Yang-ho, has been reinstated as a senior vice president at Hanjin KAL, the holding company of Hanji

Industry June 11, 2019

Ediya Coffee, which focuses mainly on small shops offering low-cost coffee, has been boosting its investment in research and development and coffee roasting technology in an effort to increase its competitiveness, the company said Monday. Amid the expanding Korean coffee market -- the world’s third-largest following US and China as of last year -- Ediya Coffee said it has increased R&D spending for its coffee and bakery products by 20 percent each year. As part of its efforts

Industry June 10, 2019

CJ Olive Networks’ health and beauty store Olive Young launched its first global online mall Monday, as part of its efforts to strengthen its global business and promote K-beauty products, the company said. According to Olive Young, the opening of its online mall targeting foreign shoppers in some 150 countries follows rapidly growing overseas demand for K-beauty products. The service, which can be found at global.oliveyoung.com, is the first e-commerce platform for overseas

Industry June 10, 2019

Faced with an expanding market and growing consumer demand for cheaper options, South Korea’s bottled-water market leader Samdasoo has a stake below 40 percent in the country’s drinking water market for the first time, industry data showed Friday.Samdasoo, a drinking water brand manufactured by the Jeju Special Self-Governing Province Development Corporation, has topped the market since its launch in 1998, having secured a 45.7 percent stake in the 740 billion won ($626 million) bott

Industry June 7, 2019

Around 82 percent of the Korean automobile parts makers in North Jeolla Province said they were seeking to switch to making electronic vehicle parts, a survey showed Friday. According to the survey conducted by Korea SMEs and Startups Agency on 403 auto components companies and subcontractors for General Motors Korea in North Jeolla Province, 82.6 percent said they were seeking to transfer their business to EV-parts production, amid dwindling plant operations in their region. Last year, GM

Mobility June 7, 2019

Listed companies in South Korea managed to record an higher operating profit overall, but in fact, 60 percent of them saw a decline or even marked losses, data showed Thursday.An analysis by market researcher Korea CXO Institute showed that the combined operating profit of 1,000 listed firms came in at 111.5 trillion won ($94.4 billion won) last year. The figure was up 4.2 percent from 2017 and 53.1 percent from 2016.Of them, however, 597 companies recorded a lower operating profit or loss, mean

Industry June 6, 2019

A South Korean think tank’s recommendation to switch liquor taxes from price-based to volume-based system beginning with beer and makgeolli -- off-white rice wine -- has got a mixed market response.According to the Korea Institute of Public Finance, the first liquor tax change in 50 years would involve three possible scenarios: apply the new volume-based tax on beer first; on both beer and makgeolli; or all liquor products -- but give a grace period for other alcoholic beverages except bee

Industry June 4, 2019

The succession of South Korea’s largest air carrier is still under discussion, said Cho Won-tae, the new chairman of Hanjin Group and CEO of Korean Air, on Monday, in an indication of ongoing family differences after his father’s sudden death in April.During a press conference on the sidelines of the annual general meeting of the International Air Transport Association, Cho said his late father had often emphasized the “harmony of the family” and that he was still in disc

Industry June 3, 2019

An annual meeting of the world’s largest organization for air carriers kicked off Sunday for the first time in Seoul, bringing some 1,000 market leaders from 290 air carriers together to discuss the future of air transport under the theme “The Vision for the Future.”Dubbed the aviation industry equivalent of a United Nations gathering, the two-day event surrounding the International Air Transport Association’s 75th annual general meeting will cover topics ranging from the

Industry June 2, 2019

BUSAN -- Busan Metropolitan City and Singapore’s Changi Airport Group on Friday signed a memorandum of understanding to increase the air transport volume between Busan and Singapore and strategically support trade, business and tourism. The partnership between Busan and Changi Airport comes as South Korea’s low-cost carriers Eastar Jet, Jeju Air and Singpore’s SilkAir were licensed in February with traffic rights for the Singapore-Busan route, officials said. SilkAir

Industry May 31, 2019

Although the South Korean aviation market has strength as a transport hub, contributing $47.6 billion to the country’s GDP with 838,000 people working in the industry, the director general and CEO of the global airlines association noted there is still scope for growth if regulations are brought in line with global standards.Alexandre de Juniac, director general and CEO of the International Air Transport Association, is in Seoul for IATA’s 75th annual general meeting and the World Ai

Industry May 30, 2019