SK Group Chairman Chey Tae-won on Monday renewed his will to support the nation’s young talent, urging them to make Korea a “leading country.” “You should not remain satisfied with South Korea being among the Organization for Economic Cooperation and Development member countries,” he said during a scholarship awarding event in Seoul on Monday. “The responsibility of making it a country that leads the world rests on your shoulders.” Chey, who doubles as t

Some 200 experts from the biofuel, petroleum refinery and automaking industries gathered to attend the 2023 International Green Fuels Symposium on Tuesday to evaluate sustainable fuel market trends and examine related policies in the country. Under the theme “The Role of Green Fuels in Realizing 2050 Carbon Neutrality," the event was hosted by the Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council. Lawmakers, government officials and ac

Seven Korean lenders have decided to provide over 6 trillion won ($4.64 billion) in financial assistance to the country's primary mutual financial institution that has been hit by liquidity shortage concerns, according to industry sources on Tuesday. Five major Korean commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- as well as the Industrial Bank of Korea and the Korea Development Bank, have signed repurchase agreement contracts with the Korean Federation of Community

Chipmaker secures edge in burgeoning market for virtual reality headsets

Hyundai Motor Group’s sister firm Kia said Tuesday it has tapped Pierre-Martin Bos, a commercial vehicle specialist, as the European chief of its burgeoning purpose-built vehicle, or PBV, business. PBVs refer to battery-powered cars designed to meet specific customer needs such as delivery, ride-hailing and business-to-business transactions. With 25 years of experience, Bos previously worked for Fiat and Stellantis, where he was tasked with handling sales and marketing of commercial vehicl

Hanwha Systems Co. said Tuesday it has obtained a government license to operate as a satellite internet service provider, as it ramps up to advance into the space internet sector with an eye on military demand. The authorization by the Ministry of Science and ICT allows Hanwha Systems, the defense and ICT unit under Hanwha Group, to provide high-speed internet service using low-Earth orbit telecommunication satellites for businesses and government organizations, the Seoul-based company said. Han

Samsung Biologics said Monday the company has signed a 511 billion won ($390.9 million) deal with Novartis to manufacture products for the Switzerland-based pharmaceutical firm. The latest deal follows a letter of intent that Samsung Biologics and Novartis signed in June last year. The two companies had originally agreed on a deal worth 100 billion won, but decided to amp up the investment, Samsung Biologics said. Other details, including what kinds of products Samsung Biologics will produce at

89 Korean representatives make up president’s business delegation

South Korea's price growth rate for bottled water recorded its highest level in 11 years following a series of price hikes in the industry, according to data Monday. According to Statistics Korea, the consumer price index of bottled water stood at 112.09, a 10.8 percent on-month increase. The nation's growth in the CPI of bottled water recorded its highest rate since June 2012, when it rose by 11.6 percent. The price rise comes as the nation's biggest bottled water manufacturers h

South Korean cable maker LS Cable & System said Monday that it has released an ultra-slim 10 gigabytes per second local area network cable. Also known as Cat6a LAN cable, the external diameter of this latest cable stands at 6 mm, making it the thinnest LAN cable in the world. It is approximately 20 percent thinner than other widely used LAN cables with an average diameter of 7.2 mm. The latest development comes amid intensifying competition among the industry's leading companies to redu

South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai on Monday said that a total of five teams have been selected to commercialize their business ideas under its in-house venture accelerator program, Dream Cube. Dream Cube aims to support bold-spirited senior-level employees or teams of up to four members for their creative business ideas over the course of one year. Since March, a total of 239 business ideas have been submitted for assessment from all HD Hyundai affilia

Hyundai Motor Group became the second-largest car brand in terms of sales in the US electric vehicles market in the first quarter of this year, data showed Monday. Following Tesla’s 336,892 units, Hyundai and its smaller affiliate, Kia, sold 38,457 units in the first half of this year, up by 11 percent compared to 2022, according to auto market tracker Motor Intelligence, cited by CNBC. Hyundai-Kia outpaced General Motors, which was second in EV sales during the January - June period last

Korean auto giant rethinks EV charger strategy, with more rivals joining Tesla’s Supercharger network

Hyundai Elevator has set the goal of reaching net-zero emissions by 2050, according to its latest 2022-2023 environmental, social and governance report released Monday. The report mainly discusses the company’s ESG vision and strategy to achieve net-zero emissions by 2050 based on the Science Based Target Initiative, which sets carbon reduction targets for companies to meet standards set by the Paris Agreement. The company said it plans to reduce its carbon emissions by 42 percent by 2030

Hyundai Department Store Co. said Monday it will open the first official Disney store in South Korea near Seoul this week. The 264-square-meter Disney store in Pangyo, just south of Seoul, is set to open Tuesday, offering around 300 types of official Disney products that have never been introduced here, including those related to Mickey Mouse, Disney princesses and characters from the popular animation series "Toy Story." "Starting with the Disney store, Hyundai Department Store p