The funeral for Hanjin Group and Korean Air Chairman Cho Yang-ho began Friday. Cho’s body was transported to a funeral hall at Yonsei Severance Hospital in Seoul after arriving at Incheon Airport from the US at around 5 a.m. Friday. Korean Air CEO Cho Won-tae enters a funeral hall at Yonsei Severance Hospital in Seoul on Friday. (Yonhap)Cho’s first son, Korean Air CEO Cho Won-tae, and second daughter, former Korean Air Executive Director Cho Hyun-min, were seen leaving the airport on Friday morn

Industry April 12, 2019

With ongoing market speculation on Hanjin Group’s ownership following its chairman’s death on Monday, head of the country’s Fair Trade Commission said Friday it might delay the designation of the owner of the group. During a radio interview, FTC chief Kim Sang-jo said that considering the current situation, schedule of the designation may be delayed by two weeks to May 15.On May 1 each year, the Fair Trade Commission designates an individual or a legal entity as the business group’s de-facto chi

Industry April 12, 2019

The funeral for Hanjin Group and Korean Air’s late Chairman Cho Yang-ho will begin from Friday and extend until Tuesday at Yonsei Severance Hospital in Sinchon, Seoul, the company said Thursday. They will be flying in the body on Friday from Los Angeles, it added.Cho passed away at a hospital in Los Angeles on Monday, where he had been receiving medical treatment for pulmonary fibrosis since December.The company said Cho’s funeral will be led by Hanjin KAL CEO Suk Tae-soo. Cho will be interred a

Industry April 11, 2019

BMW has unveiled the seventh generation of its best-selling 3 Series sports sedan, the automaker said Thursday.The premium sports sedan series has been the most popular since it was launched in 1975. In the past four decades, at least 15 million units have been sold globally. “The new 3 Series applied BMW’s unique design langauge based on the key concept of ‘precision and poetry.’ We tried to emphasize modern and concise design based on the exterior’s character line,” said a BMW designer Kim Nur

Mobility April 11, 2019

From Land Rover’s Range Rover to Hyundai Motor’s Palisade, sport utility vehicles dominate the streets of Seoul, like many other metropolitan cities nowadays.Rugged off-roaders are no longer limited to muddy tracks, steep hills or deep rivers. In fact, this all-terrain ability of SUVs has attracted drivers who prefer a comfortable and satisfying driving experience. The wide range of models -- from large vehicles and pickup trucks to compact crossovers -- gives customers a variety of choices in s

Mobility April 9, 2019

Cho Yang-ho, Hanjin Group and Korean Air chairman, has died from a lung disease in the US, Korean Air said Monday. The 70-year-old business tycoon died at a hospital in Los Angeles, where he had been receiving medical treatment for pulmonary fibrosis since December, the company said. His condition had dramatically worsened recently after he had been stressed about losing a board seat at his group’s core unit, Korean Air, a company official said.  Hanjin Group Chairman Cho Yang-ho (Korean Air)All

Industry April 8, 2019

Hyundai Motor and its sister company Kia Motors saw record-high first-quarter SUV sales in the US, where sport utility vehicles and pickup trucks are dominant, industry data showed Sunday. From January to March, Hyundai and Kia sold a total of 155,082 units of SUVs in the US, accounting for 8 percent of their total sales and marking the highest figure since 2011, when the combined figure for both companies was 10 percent.  Kia Motors’ Telluride (Kia Motors)SUVs also made up 53.8 percent of total

Mobility April 7, 2019

LG Chem, the petrochemicals and battery-making unit of LG Group, has taken over American chemical company DuPont’s technical assets for soluble organic light-emitting diodes to develop its next-generation displays, the company said Tuesday.LG Chem said the acquisition will include DuPont’s approximately 540 patented assets related to soluble OLED materials, key technologies and tangible assets including production facilities. LG Chem Vice Chairman Shin Hak-cheol (right) shakes hand with DuPont V

Industry April 2, 2019

BMW Group Korea, the local unit of the German luxury carmaker, has appointed President Han Sang-yun as the new CEO, the company said Monday.Current CEO and Chairman Kim Hyo-joon will continue to maintain his chairman status. He has led the company for the past 19 years as CEO.  BMW Group Korea CEO Han Sang-yun (BMW Korea)Han is an automobile veteran with 25 years of sales and marketing experience. He headed BMW Malaysia in 2016 and has served president since last year. “Based on Chairman Kim’s e

Mobility April 1, 2019

Shareholders of Hanjin KAL, the holding company of Korean Air, agreed Friday to keep CEO Suk Tae-soo on the board of directors, with a majority of them voting in favor of the move during a regular meeting Friday. Suk is a close ally of Hanjin Group and Korean Air Chairman Cho Yang-ho, who was voted out as chairman of the board Wednesday. Hanjin KAL CEO Suk Tae-soo (Yonhap)With Suk retaining his board seat, Cho now has time to reorganize control over the group, say market insiders. Since joining

Industry March 29, 2019

Starbucks Korea, a 50-50 joint venture between Starbucks Coffee and South Korean retail conglomerate Shinsegae Group, said Friday that it has appointed David Song as its new CEO. Song’s appointment was confirmed at the group’s shareholders meeting. Song has worked at Starbucks Korea since October 2018 as the head of strategic operations. New Starbucks Korea CEO David Song (Starbucks Korea)His experience of working at diverse global companies for the past 20 years will support innovation, the com

Industry March 29, 2019

Hyundai Motor’s eighth-generation all-new Sonata -- the vehicle’s first new version in five years -- has changed seemingly everything about the car except the name. It has undergone some drastic design changes, featuring hidden lighting and a coupe-like frame for the first time. It has adopted a sloping roofline and low deck lid to make the body look longer. The company said the new Sonata’s design, dubbed “Sensuous Sportiness,” was inspired by last year’s Le Fil Rouge concept that was f

Mobility March 27, 2019

Kumho Tire’s premium tire the Majesty 9 continues to turn in a strong sales performance, reflecting the market’s positive response to its high quality and upgraded features, the company said Monday. The tire maker said sales of the Majesty 9 SOLUS TA91 had increased 30 percent last year compared with the previous model in the same period in 2017.The Majesty 9 employs technology that helps reduce noise on the road, for a much quieter and significantly upgraded riding experience. The secret is a c

Industry March 18, 2019

South Korean e-commerce company Coupang said Friday that it has tapped a former vice president at Walmart as its new chief compliance officer and general counsel. Based on his legal expertise, Jay Jorgensen had served as Walmart’s vice president and CCO for seven years since 2012. His effort to organize and implement the ethics program among employees has been awarded as the best governance, risk and compliance program by New York Stock Exchange Governance Services in 2016. Coupang’s new CCO Jay

Industry March 15, 2019

South Korea’s government said Friday that all Boeing 737 Max 8 aircrafts will be banned from passing the country’s airspace for safety issues until June 15, in the wake of a recent plane crash in Ethiopia which killed all passengers on board.The Ministry of Land, Infrastructure and Transport released a Notice to Airmen (NOTAM) to alert pilots and air carriers on its decision to forbid B737 planes from flying in and out the country for the next three months. (Yonhap)The measure came a day after t

Industry March 15, 2019