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

South Korea’s oldest furnace in Pohang, the home city for steelmaker Posco, has shut down operations on Wednesday, signaling an end to a decadeslong chapter of the nation’s manufacturing-driven industrial growth. The company’s first blast furnace that had run since 1973 was renovated twice as the average lifespan of furnaces lasts around 15 years. “Behind the country stepping up as the world’s top 10 economic power, there was Pohang No. 1 furnace and employees&rsq

Industry Dec. 29, 2021

An increasing number of South Korean companies are moving their 2022 kickoff meetings online or replacing them by releasing the CEO‘s message virtually, adapting to the continued coronavirus pandemic.  Before the pandemic, local conglomerates typically held year-end or kickoff meetings by gathering executive members at a large auditorium, with the CEO addressing the company’s new vision for the next year.  But with strengthened social distancing rules as well as transfor

Industry Dec. 28, 2021

Yongsan Park, now a vacant area set to become a public park by 2027 will be expanded to hold a total of 3 million square meters of land by absorbing nearby sites that have been used by the military. According to the revised plan for establishment of Yongsan Park released by the Land Ministry on Monday, the site for Yongsan Park has expanded by 570,000 square meters, or 23.5 percent, compared to the 2014 plan. The plan to turn the USFK’s Yongsan Garrison into a national park was first

Industry Dec. 27, 2021

The head of a local carmakers’ association said Thursday that the country’s finished carmakers would enter the certified used car market here starting next month, despite resistance from small businesses. Jung Man-ki, chairman of the Korea Automobile Manufacturers Association, said that local carmakers will no longer wait and will prepare to register for business licenses and establish physical spaces to launch their B2C secondhand car businesses.  “Although there is no

Industry Dec. 23, 2021

Hyundai Motor Group will present what robotics technology will bring to human life in the future at the upcoming Consumer Electronics Show 2022, in line with its vision of pushing mobility beyond the limits of physical movement, time and space, the automaker said Thursday. Transforming itself from a transportation maker to a smart mobility service provider, Hyundai Motor said the key message of its presentation will include the company’s purpose and direction of expanding robotics techno

Industry Dec. 23, 2021

Hyundai Motor Group has secured recognition at six of 10 major car of the year awards this year, stepping up its brand value and reputation on the global stage, along with securing fourth place in terms of global sales this year.  According to the Korean automaker, Hyundai Motor vehicles including an electric model, luxury car and a combustion engine vehicle have received awards. Hyundai’s Elantra sedan has been awarded as the North American Car of the Year. The company’s luxu

Industry Dec. 15, 2021