News has emerged that famous franchise CEOs in the food service industry were severely criticized during an inspection conducted by the National Assembly. Abuse of power and unfair contracts in the franchise sector have been continuously pointed out as chronic issues. At this juncture, a better understanding on franchises and the Fair Trade Commission is needed. We will examine the related issue with Jeong Yeon-jae, attorney at law. Q. How did franchises become a widely used business model? En

South Korea's Hyundai Motor Group stands as the second-largest player in the U.S. market for electric vehicles (EVs) despite concerns surrounding Washington's protectionism policy, data showed Sunday. Hyundai Motor Co. took up 4.8 percent of the U.S. EV market in the January-September period, with its smaller sister Kia Corp. accounting for 2.7 percent, according to U.S. magazine Automotive News. Their combined market share came to 7.5 percent, or 64,000 units, taking up the second-l

South Korea's top five commercial banks will provide the first tranche of a syndicated loan worth 3.5 trillion won ($2.65 billion) to the Polish government to finance a follow-up weapons purchase deal with Korean arms companies, industry sources said Friday. This decision came after South Korea's Defense Ministry asked the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to provide the lending during a meeting held on Nov. 6, as state-run banks hit their lo

OLED panels for iPads almost three times more expensive than those of iPhones

INCHEON -- At CJ Logistics' Global Distribution Center, a total of 140 red, box-shaped robots with four wheels zoom across rows of stacked-up bins. The robot then drops down wires and hoists up a bin filled with goods. Carrying the bin, the robot scurries along the metal railings, transporting the bin to the packaging station, where an employee selects a set number of items from the bin to pack into a box for delivery. The robot then bustles back again and heads for another bin, repeating t

South Korean retail giant Hyungji Group Chairman Choi Byung-oh has won the Gold Tower Order of Industrial Service Merit, the highest honor in the trade sector awarded by the government, for his outstanding contributions to the nation’s textiles industry. The Ministry of Industry, Trade and Energy and the Korea Federation of Textile Industries on Friday recognized 47 business leaders in commemoration of the 37th Textile Day. Choi, in particular, was recognized for boosting the competitivene

KG Mobility’s new electric SUV boasts affordable price, large luggage room for camping

Third-generation scion plays key role in big growth push

South Korea’s leading beverage maker Dong-A Otsuka said Friday that it delivered scholarship funds worth 5 million won ($3,800) to Shin Su-min, a teenage modern pentathlete, at the 17th Youth Hero Prize ceremony hosted by the Korea Scout Association. The award, launched in 2007 by the KSA, aims to nurture future talents by recognizing prospective youths in a total of five categories including physical sports, academics, culture & art, community service, and scouting. Among those five

Sales of diesel automobiles built by local manufacturers fell more than 20 percent on-year through the third quarter of 2023, data showed Sunday, amid the rising preference for electric vehicles in the market. South Korea's five carmakers sold 76,367 units of diesel passenger cars over the January-September period, down from 97,235 tallied a year earlier, according to the data compiled by the Korea Automobile Manufacturers Association. By model, sales of diesel models of Hyundai Motor Co.&#

LG Energy Solution, South Korea's top battery maker, said Saturday its plan to build a battery plant in Turkey with Ford Motor has been scrapped as a Turkish partner revoked its participation in the project. In February, LG Energy Solution signed a non-binding agreement with Ford and Turkey's Koc Holding A.S. to push for a joint venture to build an EV battery in Baskent, a city near the Turkish capital of Ankara. But Koc decided to revoke its participation, citing its consideration of

Celltrion Healthcare, Korean biosimilar giant Celltrion’s sales unit, announced that the company has won the Brazilian Federal Government’s bid to supply biosimilar infliximab Remsima for the third consecutive year. Under its contract with the Brazilian government, Celltrion Healthcare will ship out all 360,000 vials of Remsima during the first half of 2024, the company said. Celltrion Healthcare is currently the sole infliximab provider for the Brazilian government, whose supply of

Korea's National Assembly on Friday took a significant step in addressing the evolving landscape of liquor sales with its inaugural "National Assembly Discussion Forum on Invigorating e-Commerce for Liquor." Hosted by Rep. Choi Seung-Jae of the People Power Party and organized by the Asia Pacific International Spirits and Wines Alliance, the event marked the first-ever discussion in the National Assembly on the topic of online liquor sales, attracting attention from both domestic

South Korean shipbuilding and energy conglomerate HD Hyundai promoted Chung Ki-sun, the president and CEO of HD Hyundai, to vice chairman on Friday, as part of a leadership reshuffle that also included promotions for several other executives. Chung Ki-sun's tenure as president was marked by his role in steering the company through economic downturns over the last two years, especially in the shipbuilding sector. He was pivotal in developing ship sales and research initiatives, laying the gr

Posco has avoided the first-ever strike in its 55-year history as its management and union reached an agreement following six months of wage talks. The wage negotiation was concluded as the union voted to accept a tentative agreement made by the two sides on Thursday night. Of 11,245 union members, 10,856 joined the vote, according to Posco. The number of union members who voted in favor of the agreement reached 5,527, accounting for 50.91 percent, while the number of union members who were agai