Saudi Aramco-invested S-Oil, the nation’s third-largest oil refiner, has sought sustainable growth by running a variety of corporate social responsibility programs on a long-term basis. The firm company has run its “sharing” programs with three targets for protection -- environment, heroes and local community -- for the past decade.  S-OIL CEO Nasser al-Mahasher awards the 2015 hero firefighters at the auditorium of Yongsan Fire Station in Seoul in December 2015. (S-Oil)The oil refiner said its

Industry April 27, 2016

In contrast with Hyundai Motor, its sister automaker Kia Motors saw its operating profit jump 23.8 percent to 633.6 billion won ($554 million) in the first quarter from the same period last year, boosted by sales in its sport utility vehicle lineup, according to the company Wednesday. Hyundai Motor’s operating profit fell 15.5 percent to 1.34 trillion won on-year in the first quarter, hit by sales drop in China. Kia’s net profit also increased 4.6 percent to 944.6 billion won during the January-

Mobility April 27, 2016

For Hyundai Motor Group, the month of April has been memorable and pride-filled, with the world’s fifth-largest automaker reaching a milestone in car sales. The combined cumulative sales of the group’s two auto units -- Hyundai Motor and its smaller affiliate Kia Motors -- reached over 100 million units on April 16. It took 54 years for the group to mark the achievement since it began producing cars in 1962. “Hyundai Motor Group is not the first to reach the milestone in the auto industry, but i

Mobility April 26, 2016

Hyundai Motor, the nation’s top automaker, said Tuesday that its first-quarter net profit dropped 10.8 percent from a year earlier, affected by weak demand from emerging markets. In a regulatory filing, the automaker reported a net profit of 1.77 trillion won ($1.54 billion) for the January-March period, down from a profit of 1.98 trillion won tallied a year earlier. Hyundai Motor Group headquarters in Seoul (Yonhap)Operating profit also plunged 15.5 percent on-year to 1.34 trillion won over the

Mobility April 26, 2016

A number of options are being considered for restructuring the Korean shipbuilding industry, which suffers from overcapacity, with the government stepping up its active intervention. The latest option being discussed is the consolidation of military ship makers, a local business daily said Monday, quoting a high-ranking government official close to the matter.South Korean defense contractor Daewoo Shipbuilding and Marine Engineering unveils the first out of three submarines for the Indonesian De

Industry April 25, 2016

Despite the absence in the exhibition hall, the 2016 Busan International Motor Show continues to contact Tesla, the U.S.-based luxury electric vehicle-maker, with intentions of inviting a high-profile official from the automaker in the global spotlight with the recent launch of Model 3, its first mass-market EV model. “Tesla is one of three global automakers that we are striving to invite a speaker for a gala dinner to be held on June 1, one day before the opening,” said Yoo Dong-hyun from BEXCO

Mobility April 21, 2016

GS Group chairman Huh Chang-soo called on CEOs and executives of affiliates to streamline their business projects, stressing the importance of timely implementation when uncertainties continue to loom large. “A key role of business leaders is to have other team members on the same page for business objectives and push ahead with projects, regardless of any challenges and business conditions,’’ the chief of the industrial giant said in the second-quarter meeting with about 150 CEOs and executives

April 20, 2016

The Ministry of Land, Infrastructure and Transport announced the details of eased rules on car tune-ups, aimed at promoting the vehicle-tuning business as a growth engine, Sunday. 　The revised rulings, for instance, will remove the year limit on transforming an internal combustion engine-based car into an electrified vehicle. Under the current regulations, only cars with less than five years of history were subject to such tune-up by the law.An official from the Ministry of Land, Infrastructure

Industry April 17, 2016

Speculation grows over a possible merger between the country’s two major shipbuilders -- Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering -- as the government is pushing for restructuring of the faltering shipbuilding industry, amid concerns over falling shipbuilding orders.The sense of crisis over idling shipyards is on the rise this year as the number of shipbuilding orders won by the top three shipbuilders in the first three months of this year hit a record low of nine

Industry April 17, 2016

The nation’s major business associations called on the new National Assembly to make cooperative efforts to restore economic vitality beyond conflicts in ideology and distrust.“The business community hopes most that the newly elected lawmakers will make collective efforts to stabilize the livelihoods of ordinary citizens and restore the economy mired in a slump as the election result implies,” the Federation of Korean Industries, a business association of conglomerates, said in a statement Thurs

Industry April 14, 2016

Sales of three luxury German carmakers -- Mercedes-Benz, BMW and Audi --set a record high of 8.8 trillion won ($7.6 billion) in sales last year, exceeding the combined figures of three smaller Korean automakers, excluding Hyundai and Kia, company data showed Thursday. Among foreign car brands here, sales of Mercedes-Benz were tops last year, soaring up to a record high of 3.1 trillion won in 2015, a 42.5 percent increase from a year ago.BMW and Audi followed with a 2.88 trillion won and 2.8 tril

Mobility April 14, 2016

Doosan Heavy Industries & Construction, the biggest affiliate of industrial giant Doosan Group, said Thursday it has signed a memorandum of understanding with state-run China Nuclear Industry Maintenance Company in its efforts to enter China’s operations and maintenance market.The Chinese partner is the biggest O&M service provider for nuclear power plants in China. It offers its O&M services to 30 nuclear plants nationwide in China, Doosan added. Doosan has sharpened its global competitiveness

Industry April 14, 2016

April will be a landmark month for the global success of Hyundai Motor Group as its cumulative global sales is poised to surpass 100 million units. The Korean automotive giant said Monday that the combined global sales of its two automakers -- Hyundai Motor and Kia Motors -- reached 99.7 million units in March, and is expected to cross the 100-million mark this month. “Few automakers in the world have achieved such a sales record in the global market,’’ said Kim Pil-soo, an automotive engineerin

Mobility April 11, 2016