Hyundai Oilbank has developed and patented an original manufacturing process for its Very Low Sulfur Fuel Oil, the company said Tuesday.Sales of Hyundai Oilbank’s new fuel will begin in November as a preemptive solution to the imminent application of IMO 2020. IMO 2020 is the new guideline from the International Maritime Organization that caps the sulfur level in marine fuel oil at 0.5 percent starting Jan. 1, 2020. It calls for over 80 percent reduction of sulfur emissions from the marine

The eighth-generation Audi A6 sedan that was launched recently is expected to boost the German carmaker’s market share and augment its premium brand image here, according to a top Audi Korea executive Tuesday. The new Audi A6 45TFSI Qauttro and its premium version model which were launched on Oct. 23 saw their first upgrade in eight years.  “The midsized premium sedan segment sees the fiercest competition in South Korea among imported vehicles. We expect to deliver Audi’s

Kazakhstan’s competition authority has recently notified its approval of the merger between the world’s two largest shipbuilders, said Hyundai Heavy Industries on Tuesday. According to HHI, the Kazakhstan government approved the tie-up with Daewoo Shipbuilding & Marine Engineering after comprehensively reviewing the definition of related markets and evaluating competition limitations.This is the first approval for the tie-up as the plan is currently undergoing a review in five ot

Samsung SDI Co., a major battery maker in South Korea, said Tuesday its third-quarter net profit increased slightly due to gains from equity ties with its affiliates. Net profit for the July-September period stood at 217.3 billion won ($186 million), compared with 214 billion won from a year earlier, the company said in a regulatory filing. Sales rose 1.8 percent on-year to 2.56 trillion won in the third quarter, but operating profit plunged 31 percent on-year to 165 billion won in the cite

South Korean prosecutors Monday indicted the heads of Tada, a ride-hailing service, declaring the app-based business illegal. Lee Jae-woong, chief executive of car-sharing app operator SoCar, and Park Jae-uk, chief executive of its rental car hailing service unit, Value Creators & Company, will face a trial without physical detention on charges of running a transportation business without a license, the Seoul Central District Prosecutors' Office said. VCNC operates Tada service.An associatio

South Korea’s major duty-free store operators including Shilla, Shinsegae and Lotte Duty Free decided to halt sales of liquid e-cigarettes Tuesday, following the government’s earlier warning against the use of the vaping devices over health concerns.Duty-free store operators said they are suspending sales of four types of flavored liquid e-cigs made by US tobacco startup Juul Labs, Siid Tundra made by a local tobacco maker KT&G and seven other kinds from Phix and Viento. The move

Prosecutors on Monday demanded jail terms of up to four years for Samsung Electronics and Samsung BioLogics executives on suspicion of destroying evidence in relation to allegations of accounting fraud at the country's biggest conglomerate."It is the biggest crime of evidence destruction in the history of South Korea given the number of people, the duration (of the crime) and the number of destroyed documents," prosecutors said in a hearing held at the Seoul Central District Court in s

Putting aside competition over mobile apps and smart speakers, two companies aim for future cooperation in content and e-commerce

Mirae Asset Daewoo received an award at the 2019 DJSI International Conference last week for appearing on the Dow Jones Sustainability World Index for an eighth consecutive year, the company said Monday.The Dow Jones Sustainability Indices, created in 1999 jointly by S&P Dow Jones and Robeco SAM, acknowledge the most sustainable companies across 61 industries in consideration of economic, environmental and social criteria. The DJSI serve as best-in-class benchmarks for investors, providing i

South Korean food manufacturer CJ CheilJedang said Monday it is betting on dried seaweed as the next megahit food item for exports, following the popularity of its Bibigo dumplings.The company plans to double its dried seaweed sales by 2023, amid the expanding global market for the product. In recent years, crispy and flavorful seaweed has gained popularity overseas as a healthy snack, full of vitamins and minerals.CJ CheilJedang, which began marketing dried seaweed in 2006 and started exporting

South Korean brands are increasingly suffering from trademark infringement overseas, especially in Southeast Asia, according to the Korean Intellectual Property Office on Monday.As of July this year, 279 trademarks of Korean firms were acquired by a foreign party, KIPO said, citing data from the Global Brand Database of the World Intellectual Property Organization. The total number of suspected cases came to 1,140 in 62 countries worldwide.Of the total, 594 cases, or 52.1 percent, was in the Sou

S. Korea tech firm announces ambitious AI technology development plan to compete against tech giants in US, China

Eight conglomerates’ investments account for 60% of total

Fenbendazole’s alleged cancer-curing claims quashed

The Seoul branch of Greenpeace has slammed South Korean carmaker Hyundai Motor, claiming that its green car strategy falls short of global movements on climate change.In a statement published on Friday, the nongovernment organization argued that Hyundai’s plans to raise both production and sales capacity of electric vehicles to 850,000 a year by 2025 accounts for only 10.3 percent of its 2018 sales. Despite the global efforts to curb carbon emissions, the carmaker is still producing diesel