Pernod Ricard Korea’s new “Time Well Spent” campaign will solidify its position as a market leader in the local whiskey market, which is constantly expanding, the liquor firm said Wednesday.  According to Pernod Ricard Korea’s marketing director Kim Kyung-yeon, the domestic imported whiskey market made 58 percent growth compared to 2019. “With increased public interest in whiskey, high-end whiskey categories and the malt whiskey saw significant growth -&ndash

Industry Jan. 12, 2022

Daewoo Engineering & Construction on Wednesday named Baek Jung-wan, the current head of the constructor’s housing division, as its new CEO whose appointment will be finalized in an upcoming board meeting once the planned acquisition by the Jungheung Group completes next month.  Baek, 59, a career insider, joined Daewoo E&C in 1985. He has worked as an onsite leader for Daewoo’s major apartment constructions before becoming an executive director at the company’s ho

Industry Jan. 12, 2022

South Korean electric carmaker Edison Motors stepped closer to acquiring major stakes in debt-laden SsangYong Motor on Monday, after the two firms clinched a deal following the court’s approval on the same day.  What remains for Edison is the agreement from the two-thirds of SsangYong’s creditors on the financially troubled SUV maker’s rehabilitation plan, undergoing the same process as a decade earlier.  The carmaker has been under court receivership for the secon

Industry Jan. 10, 2022

South Korea’s largest automaker Hyundai Motor, like other major carmakers around the world, suffered big from global semiconductor shortages last year, despite wide growing demand for new vehicles.  Deliveries of preordered vehicles have been delayed for months, not because of Korea‘s notorious labor strikes or price hikes in materials, but because of the tiny missing auto chips, which are essential for their digitized auto control system. Not just sharing common roots as Kor

Industry Jan. 7, 2022

Descendants of South Korea's chaebol founders have recently sold their stakes in spin-offs in an apparent move to avoid the antitrust watchdog’s tougher intra-group trade scrutiny based on the revised fair trade act.  The Korea Fair Trade Committee’s revised fair trade act came into effect on Dec. 30, expanding the list of target companies in order to prevent chaebol family owners from fattening their wealth through affiliates in family business. Previously, the regulation ta

Industry Jan. 7, 2022

SK ecoplant, a construction unit of SK Group, unveiled a blueprint of what they call Zet Zero City, a circular economy system in line with the company’s focus on eco-friendly energy solutions, at the 2022 Consumer Electronics Show on Wednesday. Debuting at CES, SK ecoplant said the purpose of Net Zero City is to solve environmental and energy problems by turning waste and air pollutant into resources and energy through high-technology. SK ecoplant, which has been transforming itself fr

Business Jan. 7, 2022

SPC Group said Friday that it has acquired the operation rights of US burger chain Shake Shack in Malaysia and will open the first store there in 2023. The Korean confectionery conglomerate owns the operating right of Shake Shack in Korea and Singapore. It has opened 20 stores in Korea and eight in Singapore since 2016 and 2019, respectively.  Michael Kark, chief global licensing officer of Shake Shack, said that the US burger chain and SPC will have more than 45 Shake Shacks across Korea

Industry Jan. 7, 2022

Coway introduced its latest home appliances at the Consumer Electronics Show 2022 in Las Vegas on Wednesday, highlighting its smart solution-embedded products such as mattresses, water purifiers, air purifiers and bidets. Under theme of “We innovate for your better life,” Coway showcased the adjustable Smart Care Air Mattress which has been applied with its patented technology.  According to the company, its mattress can detect the user’s body pressure and sleeping posit

Industry Jan. 6, 2022

Hyundai Heavy Industries Group, which has topped the global shipbuilding industry for the past 50 years, will embark a new mission to become a “future builder,” the company’s CEO said at the Consumer Electronics Show 2022 on Wednesday. “Starting from the sea, HHI Group’s technological innovation will change the lives of people in the future,” said Hyundai Heavy Industries Holdings CEO Chung Ki-sun during the group’s debut press conference at CES. Speci

Industry Jan. 6, 2022

Hyundai Heavy Industries and US company Palantir Technologies will work on building a new big data platform, the companies said Wednesday.  The two firms clinched a partnership in Las Vegas a day before the official kickoff of the CES 2022. The deal is reportedly valued at above $25 million, according to the industry. Their multiyear deal will improve the way Hyundai Heavy’s affiliates operate their businesses in shipbuilding, offshore engineering and energy and industrial machiner

Industry Jan. 5, 2022

South Korean tire manufacturer Hankook Tire unveiled an airless tire i-Flex at CES 2022, which has been used for Hyundai Motor Group’s latest robotics module Plug & Drive. According to the company, a 10-inch tire is applied with biomimetic design and requires no air inside unlike a traditional tire.  Inspired by a cell structure of living body, the tire maker said i-Flex adopted multi-layer interlocking spoke design to bolster the load bearing structure and shock absorption.&nbs

Industry Jan. 5, 2022

Jung Ji-won, a graphic designer at a fashion company, always thought it was a waste to discard countless pieces of leftover fabric every day.  Inspired by the piles of discarded cloth samples and fabric pieces, Jung came up with an idea to create a brand that makes hats from recycled fabric, such as Mipan regen that is made from reclaimed waste. “I believe that the MZ generation spend money based on their values. That’s why I thought the brand I created, Crayon Studio, could a

Industry Jan. 5, 2022

Posco Group said Tuesday that it has opened a new research and development center, called Posco N.EX.T Hub, to work on AI, secondary battery materials and hydrogen and low-carbon energy.  The establishment of the R&D center will become a platform for the group to secure the related technology and nurture the next-generation talent in line with the steelmaker‘s focus on low-carbon and eco-friendly business, the group said.  Posco N.EX.T Hub, located in Samseong-dong, will ov

Industry Jan. 4, 2022

Hyundai Motor Group chief said Monday that the automaker will materialize its vision of becoming a smart mobility provider in autonomous driving and urban air mobility this year, attempting a shift in its focus from manufacturing to auto software. In his New Year‘s address, Hyundai Motor Chairman Chung Euisun said the company will make no delay to its plan to mass produce the Ioniq 5 loaded with Level 4 technology by 2023. He said the Ioniq 5’s Level 4 autonomous driving will test o

Industry Jan. 3, 2022

Global sales of the eco-friendly hydrogen fuel cell electric vehicles almost doubled compared to last year, while more than half of them came from Hyundai Motor’s sole fuel cell EV model, Nexo, market data showed Thursday. From January to November, a total of 16,200 fuel cell EVs have been registered, about a 95.1 percent increase compared to a year ago, according to SNE Research data. The firm expected the figure to surpass 18,000 for this year.  Hyundai Motor has topped the list

Industry Dec. 30, 2021