Deal slammed by shareholder and private equity fund KCGI, which leads alliance with current chairman’s sister Heather Cho

Hyundai Motor Co. said Sunday it will begin the sale of the GV80 SUV under its independent Genesis brand in the United States within this year to support sales despite the coronavirus outbreak. Hyundai launched the GV80 SUV in South Korea in January and plans to introduce the first SUV model with the Genesis badge in the US as well as other markets such as Australia, Russia and the Middle East in the fourth quarter, a company spokesman said over the phone. The maker of the Sonata sedan and t

Samsung Electronics Co., the world's biggest smartphone maker, saw its domestic market share exceed 70 percent for the first time in the third quarter on new products, a market research firm said Sunday. For the three months that ended in September, Samsung Electronics produced 3.4 million smartphones to account for 72.3 percent of the local smartphone markets, according to data from Strategy Analytics, Inc. New products such as the Galaxy Note 20 smartphone and the Galaxy Z Fold 2 and Galaxy

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Sunday it has hired an ex-Valeo sales expert as it strives to ride out an extended coronavirus pandemic. Hyundai Mobis appointed Axel J. Maschka as executive vice president in charge of the company's global sales division. He will directly report to Chief Executive Officer Park Chung-kook from Monday, the company said in a statement. It is the first time for the company to name a non-Korean executive in the significant sales divi

General Motors Co. said Saturday it has decided to recall electric vehicles equipped with batteries made by South Korean producer LG Chem Ltd. due to safety concerns. The recall covers the Bolt EV produced from 2017 to 2019, installed with LG Chem‘s batteries made from Ochang, 120 kilometers south of Seoul. The measure came amid concerns that the batteries could cause fires when fully charged. The US National Highway Traffic Safety Administration has launched investigations into three f

WASHINGTON -- US tech giant Microsoft has detected cyberattacks from three foreign entities, including two from North Korea, against companies and research institutes working to develop a COVID-19 vaccine, a company official said Friday, urging government action to protect such facilities. “In recent months, we‘ve detected cyberattacks from three nation-state actors targeting seven prominent companies directly involved in researching vaccines and treatments for COVID-19,” Tom

South Korean bio company GL Rapha will produce over 150 million annual doses of Russia's COVID-19 vaccine for global distribution, Russia's sovereign wealth fund said Friday. The Russian Direct Investment Fund (RDIF) said GL Rapha will begin manufacturing Sputnik V in South Korea next month, which it described "the world's first registered vaccine" based on "human adenoviral vector-based platform." "The parties intend to commence production in December 2020 and a roll

Amorepacific is planning to cut its headcount through offering voluntary retirement in the wake of the pandemic. According to news reports on Friday, the cosmetics giant announced through an internal notice that it would accept applicants for voluntary retirement from employees who have worked for the company for more than 15 years. “We posted an announcement this afternoon that the firm would accept applicants for voluntary retirement. We have not decided on the number of people yet,&

Hanjin Kal shareholder KCGI opposes possible merger

Hyundai Motor Group has been ranked first among carmakers operating in China in a corporate social responsibility index reported by the Chinese Academy of Social Sciences, the company announced Friday. The company has topped the list measuring carmakers’ corporate social responsibility activities since 2016, the company added. The South Korean automaker was especially recognized for the efforts it made earlier this year in China to help people fight COVID-19, the company explained. H

A drone show, displaying the symbols of a hopeful Korea, illuminated the autumn night sky at Seoul Olympic Park on Friday from 6:30 p.m., officials said. The Ministry of Land, Infrastructure and Transport said a drone show on the themes of “Korean New Deal” and “Memory and Feeling of Victory” was held to deliver a message of gratitude to Korean citizens who are overcoming the COVID-19 crisis. The ministry said 315 drones brightened up the autumn sky, demonstrating Ko

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. said Friday that it has secured a 72.26 billion won ($64.8 million) order to build six container carriers from a European company. The vessels are slated to be delivered by Jan. 31, 2023, Daewoo Shipbuilding said in a regulatory filing. The order has an option for the European company to cancel an order for a maximum of two carriers, the shipbuilder said. Daewoo Shipbuilding did not reveal the name of the European co

Alibaba’s Singles Day sales over the past 12 years

Pandemic gives opportunity for NCSoft to seek transition to console platform

　Hyundai Motor and its affiliate Kia Motors ranked fourth in global electrified vehicle sales last year, helped by increased exports, industry data showed. 　Hyundai and Kia sold a combined 350,000 electrified models in global markets in 2019, up 25 percent from a year earlier, the Korea Automobile Manufacturers Association said in a statement. 　Toyota, Tesla and Honda claimed the top three places in global electrified car sales rankings, it said. 　Electrified models include hybrid elec