LX Holdings, a holding company which was established in May by taking four non-electronics affiliates from LG group, said Tuesday that its Chairman Koo Bon-joon has sold his stake in LG Group to complete the spinoff procedure. The company said Koo Bon-joon’s stake in LG Group has reduced to 2.04 percent from 7.72 percent. Together with his family’s stake, Koo’s total stake is now at 2.96 percent, meeting the prerequisite of the chief and relatives owning no more than 3 percen

Industry Dec. 14, 2021

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Monday that it will hold an exhibition to celebrate the 10th anniversary of its art scholarship program Dream Gream.  Titled “A dream of 10 years,” the exhibition looks into Han Sung Motor’s operation of the scholarship program over the past decade, showcasing artworks by current artists as well as mentors and mentees of the Dream Gream program.  Since 2012, Han Sung Motor has offered support to select

Industry Dec. 13, 2021

Hyundai Mobis, an auto parts making unit of Hyundai Motor Group, said it would power all its worksites with renewable energy by 2040 and cut 30 percent of energy use by 2030 in its green campaign announced Monday.  Under a vision of “Green Transformation to 2045 Net-Zero,” the company said it would produce environment friendly products and technology to establish an ecosystem for carbon neutrality and for the future generation.  According to Hyundai Mobis’ 2045 car

Industry Dec. 13, 2021

Carmakers in South Korea -- Hyundai Motor and GM Korea -- appear to be concerned as hardline union leader came back to negotiation tables, amid prevailing uncertainties at manufacturing facilities hit by the pandemic and supply crunch woes.  According to Hyundai Motor branch of Korean Metal Workers’ Union, Ahn Hyun-ho has received 53.3 percent of approval from some 48,000 member union to reign over the country’s one of the most powerful unions from next year for two years. In 1

Industry Dec. 10, 2021

Five of Hyundai Motor Group’s affiliates have been listed on the Dow Jones Sustainability Index, three of which were added for the first time.  Hyundai Engineering & Construction and Hyundai Steel have been recognized on the world’s first sustainability index for 12 and four consecutive years, respectively.  Hyundai Motor, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis were newly added this year. DJSI picks the top 2,544 listed companies based on

Industry Dec. 10, 2021

South Korean steelmaker Posco Group’s plan to set up a holding company, Posco Holdings, was approved by the board Friday, buoying expectations that the steelmaker will extend its business areas to hydrogen fuel cells, advanced materials and renewable energy.  Under the plan, the group’s steelmaking arm will be physically split off and will be placed under the planned holding company. The envisioned holding company is expected to hold a 100 percent stake in the steelmaking

Industry Dec. 10, 2021

Construction conglomerate Jungheung Group’s acquisition of much-larger rival Daewoo Engineering & Construction on Thursday is set to make Jungheung the third-largest builder by asset in South Korea, following Samsung E&C and Hyundai E&C.  While the two firms will run management individually under terms, Jungheung Group said it will retain Daewoo E&C staff and executives and guarantee the builder‘s independence in management. The two builders’ flagship apa

Industry Dec. 9, 2021

Hyundai Motor Group is likely to post a better-than-expected fourth quarter result as well as a record-high operating profit of 7 trillion won ($5.9 billion) this year, despite the ongoing chip shortage, market experts said Wednesday.  Market analysts viewed that the Korean automaker’s focus on expanding sales of its ecofriendly models and broadening its product mix to enhance its brand value has helped the company to anticipate a turnaround this year.  Nine local securities f

Industry Dec. 8, 2021

Some 2.63 million jobs have disappeared in the last year, while only 710,000 new jobs have been added, government data showed Tuesday. According to Statistics Korea, over 2 million jobs have been destroyed due to companies downsizing their workforce or shutting down businesses due to the pandemic.  In the same period, some 710,000 jobs were created. More than half, or 53.5 percent, of them were for people aged 60 or above, followed by those in their 50s and 40s with 3.2 percent and 1.6

Industry Dec. 7, 2021

Almost one in two corporate executives of South Korea’s top conglomerates and listed companies were under 51, either Generation X or Millennials, industry data showed Monday. Of 7,438 executives in South Korea’s top 30 conglomerates and 197 listed companies, 46.8 percent, or 3,484 of them, were Gen Xers -- those born between 1969 the early 1980s -- or Millennials also referred as Generation Y -- those born after 1981, as of the third quarter of this year, according to corporat

Industry Dec. 6, 2021

A rapidly spreading fear over the omicron variant of the coronavirus has forced big corporations in South Korea to adopt stricter in-office quarantine guidelines again and restrict overseas business trips, casting a shadow over their business plans for next year.  An increase in confirmed omicron variant infections has pushed the South Korean government to tighten its eased quarantine rules under their ‘living with COVID-19’ scheme, which kicked off Nov. 1. Starting Monday, the

Industry Dec. 5, 2021

After COVID-19 forced many aspects of our lives to become more isolated, the world is making a gradual move to return to how we used to be. Commuting to work has resumed and team lunches have been revived, although people still wear their masks and transparent acrylic panels have been erected between people at the tables.  Although South Korea kicked off its “living with COVID-19” scheme with eased social distancing rules on Nov. 1, still today many are suffering from soc

Industry Dec. 2, 2021

  South Korean steelmaker Posco Group is pushing to establish a holding company to make a breakthrough in business expansion and eventually to boost its market valuation, industry sources said Wednesday. Posco, the country’s sixth-largest conglomerate in terms of assets, has been drawing a downward graph in stocks despite its record-high business result this year due to the booming steel industry during pandemic.  According to sources, Posco Group will table the issue of an es

Industry Dec. 1, 2021

South Korea’s Fair Trade Commission said Wednesday that its secretary general Shin Bong-sam has been elected as a bureau member of the OECD’s Competition Committee. According to OECD, major objective of OECD Competition Committee is to inform and encourage senior regulators and antitrust enforcers to act consistently on enforcement of competition laws.  The committee is comprised of representatives from 16 member countries which lead the enforcement of competition laws. A tot

Industry Dec. 1, 2021

Renault Samsung’s Renault 5 EV concept car has received this year’s Future Mobility of the Year award, the automaker said Tuesday.  The third annual award was set up by KAIST’s Cho Chun Shik Graduate School of Green Transportation and evaluated by global automotive journalists. Of 46 new concept cars unveiled from 2020 through the first quarter of 2021, Renault’s concept car has been picked based on the mobility tech and innovative service that can be useful for fu

Industry Nov. 30, 2021