The heads of South Korea’s two major conglomerates, Posco and SK Group, attended a rare joint event Tuesday to promote corporate social responsibility, indicating a possible partnership to generate social value for sustainable growth.The purpose of the event, held at Posco’s head office in Seoul, was to share the steelmaker’s vision of becoming a responsible business entity and to present the CSR projects carried out by affiliates over the past 1 1/2 years. Posco Chairman Choi

LG plans global marketing scheme to tout superiority of OLED over QLED

Foreign investors' love for Kakao Corp. seems to be showing no signs of a letup, even during their weekslong sell-off spree of local stocks, on expectations that the operator of the country's most popular messenger KakaoTalk may get a further boost from its lucrative platform, content and fintech-related businesses, main bourse data showed Tuesday.From July 1 to Dec. 2, foreigners net purchased Kakao stocks worth 747 billion won ($629 million), second most behind Samsung Electro-Mechanics Co.'s

Daimler Mobility -- a subsidiary of Daimler Group, which owns Mercedes-Benz -- officially kicked off operations in South Korea on Tuesday, offering a long-term car rental program. Mercedes-Benz Mobility Korea is the first of its kind globally and the fourth entity of the Daimler Group to launch operations in Korea. The company said it will offer a tailor-made mobility product under its concept of “mobility at your fingertips.”“We will offer one- to five-year long-term

Sephora said Tuesday it has opened a second shop in South Korea in a popular retail area of central Seoul to attract fashion-savvy locals and foreign travelers.Sephora's second shop landed in Myeongdong, known as a cosmetics mecca, following its first shop that debuted in the posh district of Gangnam in October.   Sephora said it will target foreign travelers, especially Chinese, in partnership with Lotte Department Store by featuring hundreds of cosmetics, skincare, body and fragrance

Israeli company Alma Lasers, a leading player in China’s skin rejuvenation market, is undertaking an aggressive expansion into South Korea, viewing the country as a strategic market for its brand image. “Korea is a very important market. Being here is not only for revenue -- this is a market that we believe is a bridge to other markets in Asia,” said Lior Dayan, CEO of Sisram Medical, Alma’s parent company, in a conference call interview with The Korea Herald. “When

Three South Korean financial institutions -- DB Insurance, Korean Teachers’ Credit Union and Public Officials Benefit Association -- said Tuesday they had decided to stop coal project financing in order to support the global efforts to tackle climate change. The move by the financial institutions, who have a combined $73 billion of assets under management, comes after two local public pension funds -- Korea’s Teachers’ Pension and Government Employees Pension Service, with $22

Purchases made using the Internet and mobile devices in South Korea continued to show solid growth in October, government data showed Tuesday, demonstrating the popularity of smartphones, fast delivery and convenient payment options with local shoppers.The total value of transactions made with computers, smartphones and tablets reached 11.8 trillion won ($9.9 billion) in October, up 17.3 percent from a year earlier, according to the data from Statistics Korea. The sharp rise was attributed to in

South Korea's transport ministry said Tuesday that six recent cases of fires in BMW vehicles were not caused by problems in exhaust gas recirculation coolers and pipes.The Transportation Safety Authority is looking into what caused fires in six BMW models -- 328i, 5GT, 640d, 525d, 320d and X6 -- from October to November.  "The government will make a thorough investigation into the cases to find out what exactly caused fires in the six models," the Ministry of Land, Infrastructure

JTI Korea said Monday that it has signed an agreement with the labor union to resolve disputes that have been festering for over three years. The tobacco maker said the negotiations were conducted in a “sincere” manner. Its new General Manager Jose Luis Amador took an active role in listening to employees’ concerns over job security and the working conditions of the sales team. The key agreements include increasing wages by 2021 and funding the education of the employ

Samsung on track to expand Galaxy Fold sales to 60 countries, while LG is rumored to launch its first foldable phone

The number of visitors to Jeju Island, South Korea's southern holiday destination, is expected to top 15 million again this year, officials said Monday.According to the Jeju Tourism Association, a total of 13,985,000 tourists arrived in Jeju in the first 11 months of this year, marking an increase of 5.7 percent over 13,228,000 recorded for the same period of last year.An average of 1.27 million people visited per month this year, it said, noting the daily average rose to about 40,000. If the to

Renault Samsung, a South Korean subsidiary of the French carmaker, sold 5,648 units of its sport utility vehicle QM6 in November, up 50 percent from the same month last year, the company said Monday.It was the first time since 2016 that sales of the QM6 surpassed the 5,000 mark. It ranked second in the mid-sized SUV segment, after Hyundai Motor’s Santa Fe, added the company. Driven by growing interest in vehicles powered by liquefied petroleum gas, 3,626 units of the QM6 LPe were sold

Seven distributors of foreign car brands in South Korea are voluntarily recalling more than 12,000 vehicles over faulty parts, the Ministry of Transport said Monday.Audi Volkswagen Korea, FCA Korea, Porsche Korea, Scania Korea, Bike Korea, Moto Rossa and Hanbul Motor -- which imports Peugeot and Citroen vehicles -- will recall 12,053 units of 16 models.VW’s Tiguan was found to have a faulty air bag while Peugeot 5008 1.5 BlueHDi SUV reported problems with the spare tire holder. Defects in

Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, has been promoted as the vice president of Hanwha Q Cells and Advanced Materials, the conglomerate’s solar panel maker.The 36-year-old chaebol scion has been serving as the chief commercial officer and a senior executive of Hanwha Q Cells for four years. Officials said he was promoted in recognition of his contributions in raising the company’s profile as the world’s leading photovoltaic panel manufacture. H