SK Group Chairman Chey Tae-won stressed the role of businesses in creating a sustainable economy in a discussion session on the sidelines of the World Economic Forum in Davos, Switzerland, the company said Friday.At a session jointly hosted by Boston Consulting Group, the head of South Korea’s second-largest conglomerate shared his experience of pursuing ways to promote the sharing economy nationwide by facilitating tangible and intangible assets held by his companies.Taking an example of SK Inn

The Korean-German Chamber of Commerce and Industry hosted a forum Thursday to discuss the prospects for the nation’s economic growth.The speakers at the forum shared the view that the economic partnership between the two nations should move forward to adopt the “fourth industrial revolution.” During the forum, Stephan Auer, German Ambassador to Korea, said, “The most important growth engine in our bilateral business cooperation could soon become the fourth industrial revolution with its various

French carmaker Renault said Thursday that it has named Thierry Bollore as its new chief executive and Jean-Dominique Senard as board chairman, replacing former boss Carlos Ghosn following his arrest in Japan for alleged financial misconduct.Jean-Dominique Senard, newly-appointed Chairman of Renault, and Thierry Bollore, newly-appointed Chief Executive Officer of Renault, talk to journalists after French carmaker Renault`s board of directors meeting in Boulogne-Billancourt, near Paris, France, T

Despite falling birthrate, premium markets for babies, toddlers boom in South Korea

Hyundai Motor Executive Vice Chairman Chung Eui-sun has been named co-chair of the Hydrogen Council, a global alliance of hydrogen technologies launched to promote the energy transition from fossil fuels, the organization said Thursday.Chung replaces Yang Woong-chul, a former vice chairman of Hyundai Motor who left the carmaker late last year, and joins incumbent Co-chair Benoit Potier, chairman and CEO of Air Liquide, to lead the council for the next two years. (Yonhap)The Hydrogen Council said

Hyundai Motor has signed a memorandum of understanding with Vietnam’s Thanh Cong Group to set up a joint sales venture as part of efforts to expand its presence in the Southeast Asian country, the company said Thursday.Under the agreement, the companies will work together to expand sales and after-service networks to cater to growing demand in the country’s auto market. Vietnam’s auto market grew 27 percent last year. (Hyundai Motor)Established in 1999, Thanh Cong Group is a Vietnamese conglomer

Online streaming giant cautious about regulation attempt

Educational toys enjoy consistent popularity, firms now adding technological touches

A debate is brewing in South Korea over the idea of introducing a dual-class stock structure, with proponents supporting it for the sake of startups and innovative businesses, while critics worry that such a system would invite abuse by conglomerates.In a dual-class stock structure, a single company can issue different classes of shares -- for instance, class A shares could be reserved for founders and executives and carry more voting power while class B shareholders could have limited voting ri

Korean Ginseng Corporation, known for producing Korean red ginseng under the brand CheongKwanJang, has opened cooking classes for foreigners as a way of promoting Korean red ginseng.The classes comprise of well-known Korean cuisine specialists teaching how to make authentic Korean dishes such as samgyetang or tteok galbi. To match the theme of the class, all the dishes add red ginseng as a twist.Participants in CheongKwanJang cooking classes learn how to make dishes with red ginseng. (KGC)The cl

Chipmaker achieves all-time high net income of W15.5tr in 2018, but Q4 figures bode ill for this year

South Korean discount chain operator Homeplus has joined Europe’s largest retail alliance, the firm said Thursday, in a first for an Asian retailer. As a member of the European Marketing Distribution, Homeplus aims to deliver goods imported from the EU to Korean consumers at affordable prices while aiding Korean manufacturers in entering the European market, the company said in a statement.  Homeplus CEO Im Il-soon (left) and European Marketing Distribution Managing Director Philippe Gruyters (r

Leaders from Korea’s major business associations and the Presidential Committee on New Southern Policy gathered Thursday to form an alliance to help Korean entrepreneurs seek better opportunities in the emerging ASEAN market. The business alliance for ASEAN comprises 21 key business associations, including the Korea International Trade Association, the Korea Chamber of Commerce and Industry, the Korea Trade-Investment Promotion Agency, the Korea Federation of Banks and the International Contract

The South Korean government on Thursday kicked off Drone Show Korea 2019 in the southern port city of Busan, with some 100 firms showcasing their latest drones and related technologies.The Ministry of Trade, Industry and Energy said the annual event, which marks the fourth of its kind, is the largest drone-related convention in Asia. It will run for three days through Saturday. (Yonhap)South Korea's top mobile carrier SK Telecom Co. took part in the event, unveiling a new communication service t

SK hynix Inc. said Thursday its fourth-quarter net rose 6 percent from a year earlier, which fell below the market expectation in the wake of slowing demand for memory chips and falling global sales prices. The net profit for the world's No. 2 memory chip producer came to 3.4 trillion won ($3 billion) in the October-December period, compared with 3.2 trillion won posted a year, the company said in a regulatory filing. (SK hynix)Its sales gained 10 percent on-year to 9.9 trillion won, while opera