Hyundai Motor said Thursday that it has reached an agreement with LG Energy Solutions on their respective cost burden for replacing the problematic LG-manufactured car batteries used in three of Hyundai’s electric-powered vehicles. The LG battery maker is to assume 70 percent of the total costs, while the carmaker will shoulder the remaining 30 percent, according to officials. The two companies did not specify the detailed amount, but respective amounts have been reflected in the t

Industry March 5, 2021

A new interagency task force on Thursday launched a high-profile investigation looking into allegations that employees of the state-run Land & Housing Corp. used confidential information to make speculative land purchases in residential development zones. The Moon Jae-in administration’s stern response was seen as a move to minimize the negative impact on its real estate policies and also an attempt to dial down escalating political debates that have dragged in incumbent Land Ministe

Industry March 4, 2021

Hankook & Company -- the holding group of the world’s seventh-largest car tire maker, formerly named Hankook Technology Group -- is entangled in an escalating sibling feud ahead of its annual shareholders meeting slated for March 30. What had started off as a conflict between Chairman Cho Yang-rai’s two sons has now flared into an extensive proxy war over management control. Assuming the defense is Cho Hyun-bum, the youngest of senior Cho’s four offspring and CEO of the

Industry March 3, 2021

Hyundai Motor Group Chairman Chung Euisun and SK Group Chairman Chey Tae-won met Tuesday in a top-level talk, giving shape to the “hydrogen alliance” between South Korea’s No. 2 and No. 3 conglomerates. Their encounter came prior to and in line with the third meeting of the Hydrogen Economy Committee, a state policy panel affiliated with the Prime Minister’s Office that is devoted to adding momentum to the new energy paradigm. Also catching attention was the venue th

Industry March 2, 2021

This year’s March proxy season is to herald unprecedented scenes, including virtual meetings, e-voting systems and the rising presence of environmentally friendly corporate policy frames -- reflecting the COVID-19 pandemic situation. While top-tier conglomerates swiftly moved to adjust the date and format of their upcoming shareholders meetings, smaller businesses were observed struggling with epidemic-caused new market norms. Of the 2,350 listed companies on South Korea’s bench

Industry March 1, 2021

Mercedes-Benz Korea, Hyundai Motor, Kia, Honda Korea, Ford Sales and Service Korea, Audi Volkswagen Korea, Nissan Korea, Volvo Cars Korea, and BMW Korea will recall 478,371 vehicles after faulty components have been found, South Korea’s Ministry of Land, Infrastructure and Transport said Thursday. The latest action came a day after the ministry announced a mass recall for 26,699 units of Hyundai Motor’s electric vehicle models over faulty batteries. Of the total cases, 29,769 units

Industry Feb. 25, 2021

As the ESG business management trend continues to gain traction in South Korea, environmental factors have outweighed social and governance values in importance, the Federation of Korean Industries said on Thursday. The major business advocacy group also added that SK Group, among business entities across the nation, has received the top recognition in the market as a pioneer of the ESG business culture. In the federation’s survey polling research chiefs of major brokerages here, 60 pe

Industry Feb. 25, 2021

The Korea International Trade Association on Wednesday confirmed LS Group Chairman Koo Ja-yeol, 68, as chairman, welcoming the first chief in 15 years who is not a former high-profile government official. Also, with Koo’s rise to the post, South Korea’s top five business advocacy groups are now all represented by incumbent corporate leaders The trade organization held its general meeting at the Trade Tower in Seoul’s eastern Samseong-dong on Wednesday morning and officially

Industry Feb. 24, 2021

Hyundai Motor Group said Wednesday that it has hired a high-profile aerospace professional from the United States in line with its continued effort to promote urban air mobility, or UAM, as a future growth engine. The South Korean auto group has appointed Ben Diachun, former CEO of the California-based aerospace startup Opener, as the chief technology officer for the UAM division. “His years of experience in developing innovative aerospace vehicles will greatly contribute to our business

Industry Feb. 24, 2021

SK Group Chairman Chey Tae-won, 60, is set to be officially sworn in as the new chief of the Korea Chamber of Commerce and Industry, after being named on Tuesday as the first among the nation’s “Big Four” conglomerate chiefs to head the Seoul branch of the business chamber. His rise to the role came while SK Group is facing a number of challenges in the arena, including its battery and energy affiliate SK Innovation’s recent defeat in the yearslong legal battle against

Industry Feb. 23, 2021

P&G Korea, the local subsidiary of Procter & Gamble, has reaffirmed its commitment to gender equality, in line with its global headquarters’ continued move to propel the gender initiative, officials said. P&G last week held its third annual #WeSeeEqual summit for the Asia Pacific, the Middle East, and African regions, jointly with UN Women. This year’s event, held under the slogan “#Unsaid and #Undone,” especially sought to address women’s equality w

Industry Feb. 22, 2021

South Korea’s top-tier cosmetic manufacturer AmorePacific is making efforts to reduce excessive plastic consumption, addressing the impact that the beauty industry has on the natural environment, officials said Monday. The company’s eco-friendly initiative is built on the “4R strategy” -- recycle packaging material, reduce petroleum-based plastic, reuse plastic containers, and reserve empty containers. Such moves also come in line with the Korea Cosmetics Association

Industry Feb. 22, 2021

The Korea International Trade Association on Friday nominated LS Group Chairman Koo Ja-yeol, 68, as its 31st chairman. The leadership board of the trade organization, which represents over 70,000 member companies, met at the Trade Tower in Seoul’s eastern Samseong-dong and unanimously named Koo as the sole candidate for the post, officials said in a statement. Koo is slated to take office for a three-year term once his nomination is approved at KITA’s general meeting next Wednesday

Industry Feb. 19, 2021

SsangYong Motor, the cash-strapped Korean affiliate of Indian carmaker Mahindra & Mahindra, is pinning hopes on the government’s apparent reluctance to let it go bankrupt, company officials said Thursday. Holding the key to the carmaker’s crisis is its largest creditor, Korea Development Bank which, despite its earlier refusal for additional loans, is under pressure to keep the carmaker afloat. “The management is undergoing talks with potential investors, slated to w

Industry Feb. 18, 2021

Bearing the brunt of a prolonged COVID-19 fallout, South Korea saw the employment gap widen between top-tier businesses and smaller ones last year, data showed Tuesday. The number of employed people here stood at 25.81 million in January, down 982,000 from a year earlier, according to data compiled by Statistics Korea and Korea Small Business Institute. The steepest dip was observed in small and medium-sized businesses with less than 300 employees, where the employed population contracted by

Industry Feb. 16, 2021