Hyundai Motor Group said Monday its honorary chairman will step down from all management positions at affiliates next month after 20 years of efforts to improve the carmaker's brand awareness and product quality. Hyundai Motor Group Honorary Chairman Chung Mong-koo will step down from his executive director position on the board of Hyundai Mobis Co., the group's auto parts affiliate, at a shareholders meeting on March 24, a company spokesman said. The honorary chairman's director term was orig

LG Electronics Inc. on Monday launched new office-use laser projectors as the South Korean home appliance maker eyes to expand its presence in the business projector market. Two new models of LG ProBeam laser projectors -- BUPST and BF60PST -- are available in South Korea, according to the company. ProBeam is a business projector brand, which LG unveiled last year. For home-use projectors, the company has been using the CineBeam brand. LG said the two new ProBeam projectors boast 6,000 ANSI l

Posco has succeeded in developing core materials used in desulfurization facilities at industrial plants, the country’s largest steelmaker said Sunday. The company said it has developed three types of high-alloy stainless steel that can be used to make absorbers, gas-gas heaters and zero liquid discharge equipment, all of which can help cut sulfur oxide emissions in industrial plants such as steel plants, oil refineries and thermoelectric power plants. The new types of steel are speci

Samsung faces unprecedented power outage at chip production line in Texas, sends engineers to support recovery

LIG Nex1 said Sunday it is participating in the International Defense Exhibition and Conference 2021 to showcase its next-generation defense technologies. According to the South Korean aerospace and defense firm, it will display its medium-range surface-to-air missile M-SAM II, also known as Cheongung II, anti-tank guided missile Raybolt, wearable robot Lexo, unmanned surface vehicle Sea Sword and multipurpose, compact drone systems at the biennial defense expo that kicked off Sunday in Abu

Last week, Nexon apologized for misleading users of the odds of receiving different types of probability-based items inside its fantasy adventure PC game MapleStory, becoming the first company here to admit that those “random” items have a preset draw probability. In an apology posted Friday on MapleStory’s official website, Nexon director Kang Won-ki said a misunderstanding occurred due to different interpretations of the word “random.” The company has used the

Firm puts more focus on ESG for accountable global supply chain

New move comes as prolonged pandemic continues to hurt aviation industry

Lee Jae-yong, the de facto head of Samsung Group, is expected to be dismissed as head of a social welfare foundation established by his late father, as he is imprisoned over a high-profile bribery case, sources said Sunday. Samsung Life Public Welfare Foundation is expected to hold a board meeting next month to decide whether to strip him of the chairmanship of the foundation, according to sources at the Seoul city government and the Yongsan Ward office. Last month, Lee was sentenced to two an

South Korea's app market ONE store has drawn attention as a possible alternative to Google's Play store as local app developers worry about increasing costs over the US tech giant's decision to expand its 30 percent commission fee to all in-app digital goods purchases later this year. ONE store, a subsidiary of top wireless carrier SK Telecom Co., launched the app market in 2016 as a smaller rival to the Play store on Google's Android operating system. The app market has since steadily grown,

South Korean biopharmaceutical company Celltrion will supply its antibody treatment for COVID-19 without a profit margin in South Korea, its chairman has said. Celltrion’s CT-P59 won the South Korean drug safety agency’s conditional approval earlier this month, becoming the first locally made treatment for the virus. The drug began to be supplied to local medical institutions Wednesday. CT-P59 is administered to COVID-19 patients at higher risk, referring to people aged 60 and olde

SK hynix’s operating profit for the first quarter this year is expected to hit 1.36 trillion won ($1.2 billion), up 70.6 percent on-year, Shinhan Investment said Friday. The brokerage also forecast in its report that the company’s revenue during the three month period could go up 14.2 percent on-year to reach 8.2 trillion won. The on-year growth was mostly attributed to the increasing price in dynamic random-access memory products, or DRAM products, and the recent turnaround in ma

Global rating agency Moody's Investors Service on Friday upgraded credit ratings of LG Electronics Inc. for the first time in seven years after the South Korean tech giant reported record earnings last year. Moody's raised the ratings of LG Electronics to Baa2 from Baa3, with its ratings outlook remaining "stable." This is the first time since February 2014 that Moody's has revised up its ratings on the major South Korean tech firm. "The upgrade reflects our expectation that, fo

The Korea International Trade Association on Friday nominated LS Group Chairman Koo Ja-yeol, 68, as its 31st chairman. The leadership board of the trade organization, which represents over 70,000 member companies, met at the Trade Tower in Seoul’s eastern Samseong-dong and unanimously named Koo as the sole candidate for the post, officials said in a statement. Koo is slated to take office for a three-year term once his nomination is approved at KITA’s general meeting next Wednesday

Korea Electric Power Corp. (Kepco) on Friday reported a net income of 2.09 trillion won ($1.9 billion) in 2020, turning from a loss of 2.26 trillion won a year earlier on the back of the low fuel costs. Operating profit for the year was 4.08 trillion won, compared with a loss of 1.27 trillion won from the previous year, the company said in a regulatory filing. Annual sales fell 1 percent to 58.56 trillion won. During the fourth quarter, net profit reached 586 billion won, also shifting to the