Hyundai Glovis has sold a record-breaking 1 million second-hand vehicles via auctions as of the end of November, according to the company on Tuesday.The logistics unit of Hyundai Motor Group has auctioned 1,000,382 used cars since it first started its automobile auction service in 2001. Members participate in an auction where the 1 millionth used car was put up for sale at Hyundai Glovis’ Sihwa auction house on Nov. 30 (Hyundai Glovis)In the past six years, the company has seen an average 4.8 pe

Korean Air said Tuesday that it will strengthen penalties for ticket cancellations from Jan. 1, following a recent incident involving a group of K-pop fans canceling their flight tickets right before takeoff, which caused a costly delay. According to Korean Air, passengers who cancel their tickets after passing through the departure gate will receive an additional 200,000 won ($176) of penalties. The current penalty amount is 120,000 won for long-distance routes, such as those to the United Stat

South Korea will provide financial assistance for cash-strapped auto parts makers to help them tide over the liquidity squeeze amid auto industry slump, the government said Tuesday.The Ministry of Trade, Industry and Energy announced plans to provide 3.5 trillion ($3.1 billion) worth of funding and loan guarantee for local auto parts makers, which have been grappling with shrinking sales at home and abroad. (Yonhap)South Korea's auto industry is going through a hard time after GM Korea shut down

South Korea's gaming industry is the world's fourth largest in sales, but none of the local companies rank among the top producers, a report said Tuesday.According to the Korea Creative Content Agency, the industry's sales in October came to $5.76 billion. The number ranked fourth behind $34.4 billion for China, $31.53 billion for the United States and $17.71 billion for Japan. (Yonhap)South Korea ranks even higher if internet connections are counted in.  For example, the internet-linked populat

Samsung Electronics Co. took up nearly 10 percent of the world's market for premium gaming monitors in the third quarter to become the No. 4 player in the sector, data showed Tuesday.According to the data compiled by industry tracker IDC, Samsung Electronics accounted for 9.7 percent of the world's market for gaming monitors in the July-September period that come with refresh rates of 100Hz and higher. Shown in this file photo provided by Samsung Electronics Co. on Aug. 21, 2018 is the company`s

Hyundai Motor Group, the world’s fifth-largest automotive group, is slated to begin construction of its new headquarters, dubbed the Global Business Center, in southern Seoul in the first half of next year, with the government moving to clear regulatory hurdles for the project that had hit a snag for years.The development comes as part of government plans shared at the economy-related ministers’ meeting, led by President Moon Jae-in on Monday, on fostering economic growth in 2019 by encouraging

Yak-kong Soymilk, which uses a small black bean base grown in Pyeongchang, Gangwon Province, is garnering attention as a healthy, low-calorie drink. Yak-kong Soymilk (Agency for Functional-Medicinal Soymilk)According to the company, all of its products are manufactured with 100 percent pure ingredients without any food additives or sugar. Most of the products are around 70 calories and are popular among dieters and those who want to stay fit, the company said. Yak-kong Soymilk’s manufacturer, Ag

It’s practically a taboo for a car company, particularly South Korean carmaker Hyundai Motor, to hire a celebrity as the face of a new vehicle. It’s supposed to be all about the car, not the star. Breaking this unspoken rule, Hyundai Motor brought a global sensation -- Korean boy band BTS -- into its all-out efforts to promote the large SUV it launched last month, seeking a rebound for its global sales. But the Palisade is a car with a target market that goes beyond BTS’ young fan base, extendin

The expansion of Chinese telecom equipment giant Huawei into South Korea’s financial sector is drawing mixed views, industry sources said Monday. KT, the No. 2 player in the telecom industry, has selected Huawei’s equipment, including its multiservice switching platform, for upgrades of landline network connections for financial institutions. Major clients include Koscom and Nonghyup. Koscom is an IT solution provider owned by the Korea Exchange, which serves public financial institutions and bu

South Korean biopharmaceutical company Celltrion is on track for a major business expansion in the US, as it now has three biosimilars to compete against blockbuster original drugs in the US market.The US Food and Drug Administration on Friday approved Celltrion’s Herzuma, a biosimilar referencing blockbuster breast cancer drug Herceptin. The news came a month after the US regulator’s approval of Truxima, a Celltrion-developed biosimilar referencing Rituxan used for the treatment of non-Hodgkin’

The financial watchdog said Monday it has signed a deal with SK Telecom Co., the nation's biggest wireless operator, to jointly develop an artificial intelligence platform to combat telephone scams. Under the deal, the Financial Supervisory Service will provide voices of phone scammers to SK Telecom, which develops algorithms that automatically analyze possible phone scams.  (Yonhap)SK Telecom is expected to announce details of the platform in the first half of next year, the FSS said. The FSS l

Organic light-emitting diode panels accounted for more than 60 percent of the world's market for smartphone displays in the third quarter of 2018, data showed Monday.According to the data compiled by industry tracker IHS Markit, the global market for smartphone displays came to US$10.7 billion in the July-September period, with OLED panels taking up 61.1 percent, or $6.6 billion. (Yonhap)The proportion of OLED panels rose sharply from the 35 percent posted in the first quarter of 2017, the data

Two nuclear reactors under construction in the United Arab Emirates were found to have voids in their concrete walls and have been undergoing repairs, the Emirates Nuclear Energy Corporation has said. The Korea Electric Power Corporation, which is in charge of the construction of four reactors at the Barakah nuclear power plant, verified the presence of voids in Units 2 and 3 that were then confirmed by the plant operator, the ENEC said on its website on Dec. 5.  (Yonhap)The state-run nuclear op

The government is considering having social overhead capital and public energy firms conduct safety checks on all facilities under their oversight as part of efforts to pre-empt accidents, officials said Sunday.The move comes after a series of recent incidents, such as the derailment of a KTX bullet train operated by the Korea Railroad Corp. and the bursting of old heating pipes operated by the Korea District Heating Corp.   (Yonhap)"We're considering asking SOC and energy-related public firms t

Hyundai Motor’s market share in the US sport utility vehicle segment rose to a record high of 3.7 percent as of November, industry sources said Sunday. That marks the South Korean auto giant’s strongest showing since it entered the market in 2000. Hyundai sold 271,377 SUVs between January and November, a 14.1 percent increase from the same period last year.The company’s SUV market share had headed downward in recent years after peaking at 3.6 percent in 2009. The figure hit bottom in 2015 with 2