Indian carmaker Mahindra & Mahindra Ltd. is considering a capital injection of 500 billion won ($430 million) for its South Korean unit, SsangYong Motor Co., by 2022 to secure its turnaround, industry sources said Tuesday.In a meeting with SsangYong Motor employees on Thursday, Mahindra & Mahindra Managing Director Pawan Goenka said 500 billion won is needed to turn SsangYong Motor around in the next three years, a person familiar with the matter told Yonhap News Agency.Goenka flew into

Renault Samsung Motors Corp.'s union on Tuesday suspended partial strikes to resume negotiations with the company over wages for the year of 2019. Renault Samsung workers have staged partial strikes at its sole plant in Busan, 453 kilometers south of Seoul, for higher wages in the past 19 days. It caused production losses of about 10,400 vehicles worth about 200 billion won ($173 million), according to the automaker. To avoid further losses resulting from walkouts, the company has partially shut

Samsung Electronics Co. on Tuesday announced the promotion of executives in a follow-up to the recent reshuffle of its major business heads. Samsung said 162 executives earned promotions in the annual reshuffle, with 14 moving up to executive vice president positions.Twenty four executives got early promotions in the reshuffle, six more than in the 2018 reshuffle. The group usually announces personnel reshuffles in December, but the appointments were delayed as trials involving Samsung heir Lee

　Samsung Electronics ranked third in global wireless headset shipments last year, industry data showed, though it trailed far behind its rival Apple. 　Samsung shipped 7.4 million totally wireless headsets for a 6.9 percent market share in 2019, according to data from market tracker Strategy Analytics. 　Apple was the dominant force in the TWS market with a 54.4 percent market share after shipping 58.7 million AirPods, its signature TWS headset product, in 2019. (Yonhap)

KT Corp., South Korea's major telecommunications firm, said Monday it has developed a 5G-powered medical service with a Seoul hospital to provide better patient care. KT said it built a 5G network at the Samsung Medical Center and successfully applied its 5G technology to medical practices last week.KT and the SMC have been working together since September 2019 after signing a partnership to develop 5G-powered medical services. Through its 5G network, KT said medical staff at the SMC can now hav

The Korea Communications Commission on Monday conditionally approved a merger between SK Telecom’s pay TV unit, SK Broadband, and T-broad, the country’s No. 2 cable TV operator. After its meeting on Monday, the KCC announced that it had approved the merger under 14 conditions and three suggestions, which will require the company to protect users’ rights and serve the public interest. The KCC will deliver the results of its review to the ICT Ministry, which is expected to issue

Red ginseng health supplement brand CheongKwanJang of Korea Ginseng Corp. said Monday it has collaborated with Spain’s renowned chocolate and nougat brand Vicens.The products, released last month, are the result of a partnership between the 120-year-old South Korean firm and Vicens -- with 250 years of tradition -- to introduce six different chocolate types featuring red ginseng. Vicens has been making chocolates and turrons (nougats) since its establishment in 1775. The latest collaborati

Semiconductors, usually South Korea’s main export item, accounted for less than 20 percent of all exports in 2019, data compiled by the Korea International Trade Association, the Trade Ministry and the Korea Customs Service showed.On the other hand, automobiles, on the back of buoyed sales of sport utility vehicles and eco-friendly cars, were the country’s No. 2 export item. While the actual number of cars delivered overseas dropped by 1.9 percent from 2018, their export value increa

Hanwha Techwin, a security solution subsidiary of Hanwha Aerospace, said Monday the company unveiled a new artificial intelligence-based security solution package at a tradeshow in Dubai with the goal of further expanding into the Middle East. The Hanwha unit took part in Intersec 2020, the largest security-related technology expo in Middle East, to introduce its Wisenet AI solution package consisting of AI-equipped closed circuit TV camera and network video recorder, which enables detections of

Online “dark nudge” services -- free trial subscriptions -- are rattling South Koreans who end up paying fees they do not anticipate, according to the consumer agency Monday.A number of online services, such as music and media streaming sites lure consumers by offering trial subscription and automatically charge the users for the service after the period is over. This small “nudge” of free trial periods are used by businesses targeting consumers who are not very careful a

Feuding brothers of Lotte family meet again for first time in over a year

S-Oil CEO Hussain A. Al-Qahtani (second from left) hands out meals to the homeless on Monday, as part of the company’s annual Lunar New Year’s volunteer activity. The company said some 100 employees have participated to offer meals and food products to the homeless and some 500 households, including senior citizens and the disabled. S-Oil has been conducting Lunar New Year’s volunteer activity for 14 consecutive years, dating to 2007.

Cadillac said Monday that it planned to launch four new models and one face-lifted model in Korea this year -- mostly sports utility vehicles -- to position itself as a young, dynamic brand for young generation.The American automotive brand owned by General Motors said in a press release that it would introduce three new models and one face-lifted model in the first half of this year, including a large-size sports utility vehicle XT6 and its bestselling SUV model XT5’s facelift version. Th

SK Telecom Co., South Korea's top mobile carrier, said Monday it plans to launch a 5G stand-alone service in the first half of the year after a test on its commercial 5G network was successful. Its stand-alone 5G data call using the company's multi-vendor commercial 5G network in Busan last week ended successfully, according to SKT. The result means the company can provide a 5G standalone service through a software upgrade without replacing its base stations.For its standalone 5G network, SKT sa

The demise of Lotte Group founder and Honorary Chairman Shin Kyuk-ho on Sunday has put the spotlight on the distribution of his assets amongst his kin, reportedly worth over 1 trillion won ($864 million).However, market watchers are of the opinion that it will not affect the current leadership structure of Lotte Group, led by his second son and Chairman Shin Dong-bin. The inheritance is expected to be finalized through family counseling under the guidance of a legal representative. The late Shin