Kia’s first all-electric vehicle drives like very quiet sports car

Disappointment over new game turns into doubts over firm’s overall competitiveness

South Korean steelmaker Posco has forged a five-way partnership encompassing shipbuilders and ship registries to develop a liquid carbon dioxide carrier tanker, as part of its bid to gain an upper hand in the global transition to a net-zero economy, the firm said Sunday. Its four partners are Hyundai Mipo Dockyard, Korea Shipbuilding & Offshore Engineering, Lloyd’s Register Asia and Liberian International Ship & Corporate Registry.  According to the agreement, signed Frida

The government is set to bring back its cashback scheme for food delivery services next month to soften the blow from the fourth wave of COVID-19. Consumers will receive 10,000 won ($8.60) back for every four orders made on delivery apps worth 20,000 won each, according to the Ministry of Economy and Finance on Sunday. The scheme is expected to take effect sometime before the Chuseok holiday next month to help boost spending in the hospitality industry. With some 20 billion won set aside for

Cash-strapped automaker‘s search for new owner casts question mark over business plan

Amid the prolonged COVID-19 pandemic, consumers’ interest in what makes their home a more pleasant place to be has grown. This has certainly affected the home appliance market. Before, devices like electric dehumidifiers were not something people sought aesthetic satisfaction in. Yet, in this era, they need to change. Coway’s recently launched Noble Dehumidifier AD-1221E is a new addition to the ranks of premium appliances, with design elements more commonly found in luxury furnit

Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong. Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motor

Unionized workers at Kia, South Korea's second-biggest carmaker, voted Friday to accept the company's wage proposals without a strike for the first time in a decade. Kia said 68 percent of 26,945 workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in monthly basic pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won. More than 1,600 out of the 28,604-member union abstained. But Kia rejected the union's demand to extend the

South Korea’s antitrust watchdog will embark on a process of punitive action against SK Group and its chairman Chey Tae-won over an accusation that he plundered corporate profits during the group’s 2017 buyout of silicon wafer manufacturing firm LG Siltron, now SK Siltron. According to industry sources on Friday, the Fair Trade Commission here is expected to inform SK Group of findings on its investigation into the SK Group’s possible irregularities during the purchase of th

Posco is partnering with Hyundai Mipo Dockyard to develop liquefied carbon dioxide carrier to gain an upper hand in the carbon capture, utilization and storage market, the steelmaker said Friday. Posco, the country’s leading steelmaker, said it has agreed to build the liquefied CO2 carrier, as the demand for such ships is expected to grow amid the global movement for carbon neutrality and the transition to hydrogen energy. Korea Shipbuilding & Offshore Engineering, Lloyd’s Re

SK Group Chairman Chey Tae-won encouraged company workers to share opinions regularly and pursue changes, at an in-house forum, SK said Friday. “This year’s Icheon Forum has provided as a place to explore practical ways to understand the changes in the world and to pursue deep change,” Chey said during the closing ceremony of the Icheon Forum Thursday. “Let’s hold discussions on a regular basis and pursue changes for SK.” SK Group held the annual in-hou

Kolon Glotech, the car seat fabric maker under Kolon Group, plans to enter the aerospace business by forging strategic partnerships with local startups. The company said Thursday it has invested 6 billion won ($5.1 million) in Innospace, a South Korean aerospace manufacturing tech startup, to develop light-weight composite materials used in the launch vehicles of small satellites. Some products from Kolon Dacc Composite, a subsidiary of Kolon Glotech, are already used in products under deve

GM Korea Co. and its labor union have signed a wage agreement for the year amid the extended COVID-19 pandemic and sluggish sales, the company said Friday. In their second vote held early this week, some 65 percent of GM Korea's unionized workers agreed to accept the company's revised proposals that newly include 300,000 won ($260) worth of repair coupons for Chevrolet brand vehicles and 200,000 won worth of gift certificates GM Korea, the South Korean unit of General Motors Co., and its union

Daewoong Pharmaceutical is under a prosecutors’ investigation, with industry sources suggesting Friday that the subject of the probe is trade secret misappropriation. The Seoul Central District Prosecutor’s Office said it conducted a search and seizure operation at Daewoong’s headquarters in Samsung-dong, Gangnam-gu, Seoul, Thursday. Officials from the prosecutor’s office did not disclose charges against the South Korean pharmaceutical firm. Some industry sources ra