Although long anticipated throughout his years spent in hospital, the passing of Samsung Group Chairman Lee Kun-hee shook the nation Sunday morning. With Samsung Group formally confirming the late Lee’s passing, reporters flocked to the funeral hall of Samsung Medical Center in Ilwon-dong, Seoul, despite the conglomerate’s message that they would “courteously refuse any visits or presents of condolence.” Samsung said that the wake will be held for four days, and displa

Industry Oct. 25, 2020

Samsung Group Chairman Lee Kun-hee, 78, had turned Samsung into a global technology powerhouse and laid the foundation for the rapid growth of the South Korean economy. He died Sunday. 　 With his death, Samsung formally enters a new era under the leadership of his son, Lee Jae-yong, who has come to the fore to succeed him at the helm of the conglomerate since 2013. Lee Kun-hee had been bed-ridden since a heart attack in May 2014, with his son acting as the de facto chief of the tech titan. Th

Industry Oct. 25, 2020

Posco International said Thursday it imported 68,000 metric tons of feed wheat from Ukraine, for the first time in South Korea, a move to secure a stable grain supply system for the nation. Of the total, 41,000 tons were imported through the Ukrainian grain terminal invested in by the trading company. The imports were made in partnership with Nonghyup Feed, the largest feed grain importer in Korea. Posco International said this shipment was the first import of feed grain from a overseas grai

Industry Oct. 22, 2020

Shin Yu-yeol, the only son of Lotte Group Chairman Shin Dong-bin, joined Lotte Japan earlier this year, the group confirmed on Wednesday. His educational and career path resembles his father’s corporate journey. Shin went to Keio University, got a management degree from Columbia University and previously worked at Nomura Singapore. His father also began his career at Nomura London when he was 25 and moved to Lotte International in Japan when he was 32. He graduated from Aoyama Gakuin

Industry Oct. 21, 2020

GM introduced Wednesday the brand‘s first super truck, Hummer EV, developed to forge new paths with zero emissions. It will be the first fully electric addition to GMC’s lineup, GM said, adding that it would be driven by next-generation propulsion technology that enables advanced off-road capability, on-road performance and an immersive driving experience. GMC is a division of GM that primarily focuses on trucks and utility vehicles. “This innovative truck comes to the mar

Mobility Oct. 21, 2020

Posco International said Wednesday it would partner with Seoul Techno Holdings to foster startups with global potential. The trading firm signed a business agreement with the tech firm of Seoul National University in Seoul to help local startups advance into the global market. The event was attended by Posco International CEO Joo Si-bo and Seoul Techno Holdings President Mok Seung-hwan. With this agreement, the two will build a win-win model to promote overseas expansion of startups with ex

Industry Oct. 21, 2020

The Korea International Trade Association’s open innovation venue Startup Branch is becoming a mecca for innovative growth among local and global firms. According to KITA, it has been 500 days since the venue opened. Startup Branch was set up at Coex in Samseong-dong, southern Seoul, in June last year to create a domestic startup ecosystem and encourage global scale-ups. Since that time, leading local and foreign companies and startups have visited the venue and held about 400 large-sca

Industry Oct. 20, 2020

Pickup trucks, which often top the list of bestselling cars in the US, were not always so popular in the South Korean market. However, with the recent increase in the number of people enjoying outdoor activities such as camping, fishing and surfing, pickup trucks are being reevaluated by adventure seekers. The local pickup truck market, which used to be dominated by local brand SsangYong Motor, is now expanding with the entry of imported brands such as the Chevrolet Colorado and the Jeep Gl

Mobility Oct. 15, 2020

Chung Euisun became the official chairman of Hyundai Motor Group on Wednesday, seizing full control at a critical juncture when the manufacturing mammoth is positioning itself as a mobility solutions leader. The group said Hyundai Motor, Kia Motors and Hyundai Mobis had held an extraordinary board meeting in the morning and unanimously approved Chung’s appointment as chairman. His father -- outgoing Chairman Chung Mong-koo, under whose leadership Hyundai Motor Group has grown into the w

Mobility Oct. 14, 2020

Hyundai Motor Group Executive Vice Chairman Chung Euisun is set to take the helm of the nation’s largest automaker through the group’s emergency board meeting on Wednesday morning, according to industry sources on Tuesday. This promotion is interpreted as reflecting growing concerns that a chairman should lead the group and has responsible management as the automobile industry has been suffering from the recent coronavirus. His father Chung Mong-koo, 82, who was hospitalized in J

Mobility Oct. 13, 2020

Hyundai Motor Group said Tuesday it had begun the construction of its open mobility innovation center in Singapore. The automaker held an online groundbreaking ceremony for its new global lab called Hyundai Motor Group Innovation Center in Singapore, or HMGICS, at Hyundai-Kia Motors Namyang R&D Center and Jurong Town Hall in Jurong, in western Singapore. The ceremony was held online by connecting the venues in the two countries by video link in consideration of the COVID-19 situation. Th

Mobility Oct. 13, 2020

Posco International said Tuesday that it has won an order for electric vehicle parts from Vietnam’s automotive manufacturer VinFast in partnership with Korean parts firm Erae AMS. It is the first time for the trading company to supply auto parts to VinFast. Vinfast is Vietnam’s first automaker, with investment from Vietnamese conglomerate Vingroup. The halfshaft supplied to VinFast is a component that acts as a drive shaft in an electric vehicle. The product is to be supplied from

Industry Oct. 13, 2020

The Federation of Korean Industries said Monday it submitted to the government its opposition to the introduction of punitive damages compensation and class action lawsuit systems. The opposition came as the government had announced an amendment to the Commercial Law last month to more precisely monitor conglomerates in the form of allowing class action suits, something that had not been legally allowed in the country before. The FKI estimated that if the government’s legislative notice

Industry Oct. 12, 2020

On recent orders from Greek shipping companies, South Korea’s shipbuilding industry regained the No. 1 spot from China in the third quarter of this year, data showed Sunday. According to UK-based market research firm Clarksons Research, Greece placed orders for 18 ships worth 589,421 compensated gross tonnage from Korean shipbuilders this year, accounting for 20.7 percent of Korea’s total orders this year and making Greece the No. 1 source of its orders. During the same period,

Mobility Oct. 11, 2020

With the launch of the facelifted luxury sedan S90 in Korea, Swedish automaker Volvo has thrown down the gauntlet to the German automotive brands that dominate the nation’s executive car market. In the executive car market, or E-segment, Koreans are avid buyers of German brands, such as the Mercedes-Benz E-Class, BMW 5-Series and Audi A6. The three models have a combined 77 percent share in the nation’s luxury E-segment market. Volvo, which boasts strong sales in sport utility

Mobility Oct. 11, 2020