Vietnam will impose anti-dumping duties on pre-coated metal products from South Korea, industry sources said Friday. According to the source, Vietnam's trade ministry will temporarily levy stiff import duties on the products from three South Korean companies starting Tuesday.Posco, South Korea's top steelmaker, will be subject to 19.25 percent anti-dumping duties, while Dongkuk Steel Mill Co. and Dongbu Steel Co. will face 18.08 percent and 4.46 percent tariffs, respectively.  Such tariff r

Kia Motors entered the Indian market on Thursday with the unveiling of its compact sport utility vehicle Seltos. “Seltos is Kia Motors’ new global model, and we are very delighted to introduce Seltos for the first time here in India, a rising market for the automotive industry,” said Kia Motors President Park Han-woo during a ceremony at Gurgaon’s A Dot Convention Center in India on Thursday.  According to the automaker, Seltos stands out with its full light-emi

Forecasts for the global memory chip market are growing more pessimistic, as a rebound in prices is not likely to happen until next year amid tension between the United States and China’s Huawei Technologies, according to financial reports and industry insiders on Thursday. The negative outlook is dampening expectations about South Korean chipmakers’ performance for the next six months. Global financial institutions, including UBS Securities, Goldman Sachs and Morgan Stanley, recentl

Hyundai Glovis, a supply chain management and logistics arm of Hyundai Motor Group, said Thursday it has established a subsidiary company for cargo transportation business in the United States.The company, Global Expedited Transportation, has been set up as a subsidiary of Hyundai Glovis America. It will directly operate cargo transportation between the West Coast and East Coast. The operations were managed on a consignment basis until now.  Hyundai Glovis said GET will find new partners an

South Korean energy conglomerate Daesung Group hosted its third annual forum on microbes Thursday in Seoul, with the theme “Lab to Industry for Bioeconomy.” Attended by around 150 participants, the 2019 Daesung Haegang Microbes Forum offered a venue for academia and the private sector to discuss the latest trends in clean energy and environment technologies using microorganisms, as well as to seek ways to bring them into the market. The highlight of the forum was the utilization and

South Korean consumer preference for imported beer is changing, with Chinese beer gaining popularity, industry data showed Thursday.An analysis of sales of imported beer in Korea over five years, by CU, South Korea’s largest convenience store chain under BGF Retail, indicated a shift in consumer preference for beer from different nations.Data showed that sales of Chinese beer have increased twofold since 2014, taking up 10.2 percent of total sales of imported beer and ranking third in term

Hyosung Group Chairman Cho Hyun-joon met with Vietnam’s Deputy Prime Minister Vuong Dinh Hue on Wednesday during the latter’s visit to Seoul to discuss collaborative growth measures, Hyosung said Thursday.According to Hyosung, the chairman had asked for the Vietnamese government’s support for Hyosung’s polypropylene plant in the southeast region of Ba Ria Vung Tau and the tire cord plant in Quang Nam province in central Vietnam, which are currently under construction.&nbs

Kumho Tire has introduced its premium brand Majesty9 in Nanjing, China, for local dealers, the company said Thursday. With the launch of the latest premium products, the company said it anticipates to improve sales performance in mainland China and be profitable in the second quarter. Kumho Tire’s Chinese unit had recorded an operating profit on its own accord for the first time in 30 months in May, its fifth consecutive month of being in the black.  The tire company said that if this

Convenience store chain 7-Eleven said Thursday it has has signed a memorandum of understanding with Korea Electric Vehicle Charging Service. Under the MOU, 7-Eleven will collaborate in installing EV charging stations at its stores. The company plans to build four charging stations in the capital region and two in provincial cities by September. Jung Seung-in, CEO of Korea Seven, the local operator of 7-Eleven chain, explained that the MOU was triggered by the change in consumers’ choice of

From roads to harbor, Germany’s 2nd-largest city tests future mobility, faces challenge for quality of life

　South Korea’s biggest mobile carrier SK Telecom launched Wednesday a smartphone application aimed at helping address the chronic problem of parking space shortage.　The company said it has released the Tmap Parking app to help users locate parking lots. Based on its navigation app Tmap, the service notifies drivers about available parking spaces nationwide in real time.  　Users can also purchase parking tickets via SKT’s parking app before parking at designated spaces. The servi

Korea aims to secure 20 percent 5G network equipment market by 2026

State-run Korea Electric Power Corp. said Wednesday it has been selected as a preferred bidder for a Guam power plant by the Guam Power Authority. If the deal is sealed, Kepco will build and operate a 200-megawatt Guam power plant in Dededo, northern Guam. Hyundai Engineering will also join the project to build the power plant. The project will be carried out in the form of build-operate-transfer project financing. Kepco will be able to sell power produced in the region over the next 25 yea

Riot Games Korea and the Overseas Korean Cultural Heritage Foundation unveiled 19th century royal relics retrieved from overseas Wednesday at the National Palace Museum of Korea.The treasures returned to Korea this time are a square-shaped 19th century white porcelain jar with the inscription of the palace Idonggung and a stamp with an auspicious beast for a handle to represent the palace Junghwagung. The National Palace Museum of Korea will look after and study the artifacts. The OKCHF sai

Consumers open their wallets despite unverified product quality, less transparent sales channel and even false advertisements