SK Group Chairman Chey Tae-won is in the US to meet with leaders of big tech firms, including OpenAI and Microsoft, and discuss collaboration opportunities in artificial intelligence. Via social media on Thursday, Chey posted photos of himself shaking hands with Sam Altman, the chief executive officer of OpenAI, and Microsoft CEO Satya Nadella, taken in separate meetings in the US. "I am traveling in San Francisco and Seattle and meeting with IT leaders every day. They are so welcoming to d

Hyundai Motor Group announced Thursday that it donated a hydrogen-powered bus to support the recovery of firefighters in Jeju Island. The donation ceremony took place at the CFI Energy Future Center, located within the hydrogen production demonstration complex in eastern Jeju. Among the attendees were Hyundai Motor Group Executive Chair Chung Euisun and officials from relevant ministries. “We have consistently upheld our responsibilities as a mobility company to prioritize firefighter safe

South Korean biotech firm SK Bioscience is to acquire the German CDMO-specializing company IDT Biologika at 339 billion won ($244 million) to further sharpen and diversify its pipeline for global markets. IDT Biologika is among the top 10 global vaccine contract manufacturers, with a corporate value of some 656 billion won, according to SK Bioscience. "We are confident that our comprehensive process development capacity, which we take immense pride in, will have high synergies with IDT's st

BMW Vision Neue Klasse concept offers glimpse of German carmaker's future EVs

BUSAN -- Kia on Thursday outlined its vision for realizing an all-electric vehicle ecosystem with the lineup of various EVs and purpose-built vehicles, or PBVs, at the 2024 Busan International Mobility Show. The second largest automaker by sales under Hyundai Motor Group displayed its EV portfolio spearheaded by the latest subcompact crossover electric sports utility vehicle the EV3 at the biannual auto exhibition that will be open for the public from Friday to July 7 at Bexco in Busan. The auto

Set for global launch next year, new small electric SUV tasked with mission to invigorate EV demand

BUSAN -- Renault Korea premiered the Grand Koleos, the first new car from the French automaker in four years, at the 2024 Busan International Mobility Show on Thursday as the brand vowed to turn around its ailing sales in the local market. “This car perfectly embodies our core values of design: human-centric focus and modernity,” said Renault Korea CEO Stephane Deblaise in a press conference at Bexco. “We are excited to launch the new Grand Koleos as a world premiere, highlight

Medit, a leading provider of dental 3D scanners and digital dentistry solutions owned by private equity fund MBK Partners, said Thursday that it appointed North American business chief Han Ryu as its new CEO. “I am truly honored to lead Medit as CEO. Medit's open innovation model and unwavering passion for care improvement perfectly align with my vision. We will accelerate the digital dental revolution with a customer-centric approach,” Ryu said upon his appointment. Ryu has ove

South Korean tire maker Kumho Tire said Wednesday its electric vehicle tire product, Ecsta HS52, has been recognized for its high-quality technology by the European automotive magazines ADAC and Auto Bild. ADAC and Auto Bild are two of the most influential automotive magazines in Europe and globally, known for their content on cars and related products, as well as their extensive performance testing. Kumho Tire’s Ecsta HS52 received a "good" rating from ADAC in their summer tire

SK Pharmteco, a contract development manufacturing organization affiliated with SK Group, is considering selling its manufacturing plant in Virginia to Danish pharmaceuticals company Novo Nordisk, according to industry sources Wednesday. The Petersburg, Virginia plant is an active pharmaceutical ingredient manufacturing facility that encompasses over 600,000 square meters and has 188 cubic meters of capacity. SK Pharmteco has operated the facility since it acquired it from Ampac Fine Chemicals i

Brand power refers to the influence the name holds over the spending behavior of consumers, which can also be used to predict future spending patterns. Merely offering a good-quality product based on decades of expertise no longer entices the fickle consumers. This, on the other hand, also means there is more opportunity for lesser-known products with innovative marketing strategies to quickly advance into markets once dominated by conventional brands. Since 1994, The Korea Herald has been relea

Korea Ginseng Corporation announced Wednesday that it has signed a contract with US supermarket chain Sprouts Farmers Market to distribute its health supplement products under its red ginseng brand JungKwangJang in the US. Sprouts Farmers Market is a supermarket chain headquartered in Phoenix, Arizona. The company offers a wide selection of natural and organic foods at its 415 offline stores in the US, and its annual sales reach some 9 trillion won ($6.4 billion), according to KGC. “Improv

Launching W18tr financing program for chips, finance minister expresses hopes for 'constructive talks' with lawmakers

Chairman Park Hyeon-joo honored with AIB award for leadership role

SK Square, the investment arm of SK Group, is preparing for a leadership change as part of a drastic operational restructuring across SK companies, according to industry sources on Wednesday. The company plans to hold a board meeting in the coming weeks to appoint a new CEO following its current chief Park Sung-ha’s pending departure. Han Myung-jin, former chief strategy officer of SK Telecom, is cited as one of the CEO candidates, sources said. Park, who took office in March last year, ha