Business leaders joined relatives to mourn the death of Cho Suck-rai, the honorary chairman of Hyosung Group, a textile giant, on Sunday. Cho died of a chronic illness Friday at the age of 89. Cho led the textile giant from 1982 until 2017, when he stepped down from the top management position due to health issues. His eldest son, Cho Hyun-joon took the baton to lead the conglomerate. On Saturday, Samsung Electronics Chairman Lee Jae-yong and his mother Hong Ra-hee paid respect for Cho at the fu

The management conflict within the founding family of Hanmi Pharmaceutical Group ended, as the sons of founder Lim Sung-ki -- Lim Jong-yoon and Lim Jong-hoon -- secured a majority within Hanmi Science’s board at the general meeting of shareholders last week. However, there are still multiple hurdles for the Lim brothers to get the country’s leading pharmaceuticals company back on track. According to industry sources Sunday, the Lim brothers are likely to attempt to repair the relatio

Mirae Asset Financial Group founder and Chairman Park Hyeon-joo is donating 1.6 billion won ($1.2 million) he earned from dividends last year, marking the 14th straight year of his philanthropic tradition. On Sunday, the company disclosed that Park will endow his entire dividend income from Mirae Asset Global Investments. Continuing the practice since 2010, Park's cumulative donations now reach 31.5 billion won. The group traces Park's charitable journey back to 2008 when he penned a l

INJE, Gangwon Province -- “(Other carmakers) are worried when (they) see snow and rain, but we love it, and I think we’re going to have a great day,” said Robin Colgan, managing director of Jaguar Land Rover Korea, as he greeted reporters taking part in the automaker’s test drive for the 2024 all-new Defender in Inje, Gangwon Province, on Tuesday. As the 48-kilometer test drive for the JLR’s flagship sports utility vehicle included on- and off-road routes that had m

South Korean retail giant Hyundai Department Store announced Sunday the debut of The Hyundai Global, a pioneering platform designed to establish the nation’s homegrown fashion and entertainment brands in prominent international retail spaces. The new platform will offer a strategic pathway for small to medium-sized Korean brands to enter global markets without the usual financial strains associated with international expansion. By substantially reducing costs related to space leasing, inte

Hyundai Motor Group on Saturday posted a video of an autonomous robotaxi model of the Ioniq 5, the Korean automaker's all-electric compact sports utility vehicle, passing the driver's license test, on its global YouTube channel. The four-minute video shows how the self-driving vehicle gets through the road test without a driver but with a certified DMV examiner overseeing the process from the passenger seat, in the state of Nevada. (Hyundai Motor Group)

The global rise in popularity of K-beauty brands has brought attention to Kolmar Korea, a leading cosmetics original design manufacturer that has secured a whopping 70 percent market share in the sun care sector alone here. According to the company Sunday, its “Fitting SPF Boosting” technology has been integrated into multiple sun care items sold at home and abroad. More recently, the products are selling hot in the US through major distribution channels, including Amazon. The Fittin

Hyundai Motor Group, having climbed to the rank of the second-largest electric vehicle seller in the United States last year just behind the trailblazer Tesla, recently took reporters behind the scenes to reveal the backbone of their success: a commitment to safety amid the industry's sprint toward longer battery ranges and fast charging. On Wednesday, the press was invited to the automaker's Namyang Technology Research Center in Hwaseong, Gyeonggi Province, to witness firsthand the safety testi

The government is considering further cutting electric vehicle subsidies next year to instead use the funds to supplement insufficient charging infrastructure, according to sources Sunday. According to the sources, government ministries overseeing EV subsidy policy, including the finance and environment ministries, are discussing ways to reduce EV subsidies for next year based on state budget guidelines for 2025. During the discussions, the finance ministry has stressed the need to strengthen th

Google has decided to suspend all politics-related advertisements on its services in South Korea ahead of the upcoming general election next month, according to industry sources Sunday. According to the sources, Google recently posted a notice saying that it will not support political ads during South Korea's election period. The decision will apply uniformly across Google services, including YouTube, Google search and the Google Play Store. The decision appears to have been made to prevent

Hyosung Group Honorary Chair Cho Suck-rai, the father of incumbent Chair Cho Hyun-joon, died of a chronic disease at the age of 89, according to industry sources Friday. It has been seven years since he stepped down from his top management post in 2017 due to his advanced age and health. Born as the eldest son of Hyosung founder Cho Hong-jai in 1935, Cho Suck-rai pursued his academic interests in chemistry at Japan's Waseda University and earned a master's degree in chemical engineerin

Private equity company Hahn & Co has taken over the boardroom of Namyang Dairy Products to put an end to 60-year family ownership of the dairy firm. During the regular shareholders meeting held at Namyang’s headquarters in southern Seoul on Friday, officials from Hahn & Co were appointed as inside directors, while Lee Myung-Chul, chair of Institut Pasteur Korea, was appointed as an outside director. Previous directors, including Hong Won-sik, chair of Namyang Dairy Products, steppe

Lee Seo-hyun, the second daughter of late Samsung Group Chairman Lee Kun-hee and the younger sister of Samsung Electronics Chairman Lee Jae-yong, is returning to the management as she takes the post of president at Samsung C&T. Samsung C&T, the construction and energy arm of Samsung Group that acts as a holding company for major affiliates of the group, said Friday that it named Lee as the president, who is in charge of the company’s strategy planning. “She is expected to con

More South Korean consumers expressed dissatisfaction with their experiences shopping directly via online platform services based overseas last year, partly attributed to Chinese e-commerce platform AliExpress tapping deeper into the Korean market as well as greater demand for overseas travel among Koreans using online travel agency services based in Singapore, according to the Korea Consumer Agency. According to the KCA on Friday, the total number of requests for advice and reports of disputes

Korea's top lenders have all decided to accept the compensation guidelines suggested by the country's financial watchdog, agreeing to make up for the losses from the misselling of equity-linked securities tied to a Hong Kong index, with KB Kookmin Bank and Shinhan Bank joining the list Friday. Following company board meetings held earlier in the day, KB Kookmin Bank and Shinhan Bank announced they would carry out the compensation procedure, accepting the voluntary-basis plan suggested