South Korean auto parts maker Mando said Monday that it had signed a strategic partnership deal with German automaker Volkswagen to provide some 50 suspension units. It is the single-largest order that Mando has received for the given product category. Starting June next year until 2033, the Korean company will manufacture and supply the parts directly in Europe, with an anticipated annual production capacity of 6 million units. Connecting a vehicle to its wheels, suspension units -- typica

For South Korea’s top carmaker Hyundai Motor, the game changer for this year’s business is the launch of Ioniq 5, its first all-electric vehicle built on their exclusive EV platform. While vying against global competitors such as Tesla, the new model is expected to serve as a key barometer on whether Hyundai Motor Group manages to accommodate to the post-coronavirus market changes and transform into a sustainable, comprehensive mobility operator. Set to kick off mass production

After years of sluggish market trends, South Korea’s shipbuilding industry is now warming up on the back of increased demand for eco-friendly gas-fueled vessels in the post-coronavirus era, data showed Wednesday. According to Clarksons Research, the leading information provider for global shipping, orders have been made for 254 ships so far this year, of which gas-fueled vessels account for 54 units or 21.3 percent. That figure was 10.1 percent in 2019 and 14.9 percent in 2020. Also,

South Korea’s major public corporations in the energy and transportation sectors are to kick off a large-scale open recruitment process for this year, industry officials said Monday. The move is expected to offer rare employment opportunities in an ever-tightening job market, especially as major business groups in the private sector have turned to demand-based recruiting. But one company that shelved its recruitment plan for an indefinite period was the Land & Housing Corp., which i

Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Monday revealed the design of the EV6, its first all-electric model to use the group’s exclusive electric vehicle platform, ahead of the global unveiling slated for later this month. The EV6 is notable for the electric-global modular platform, or E-GMP, and will also be the first electric vehicle launched since Kia Motors changed its name to Kia Corp. The car’s defining feature, a

After posting better-than-expected business output last year despite the COVID-19 pandemic, Kumho Petrochemical is now bracing for another leap forward, seeking to gain an upper hand in the post-coronavirus industry, officials said Monday. The company’s core direction is to grow beyond the conventional petrochemical sector, to expand high value-added products, and to diversify the market use of newly growing materials. Last year, the company posted 740 billion won ($651.4 million) in o

It sometimes takes an outsider’s perspective to observe the epochal events of a country and a journalist’s spirit to deliver the acquired truth to the world. Such was the case of Albert Taylor, an American journalist who spent tumultuous years on the colonialized Korean Peninsula, and his own residential place Dilkusha, which recently has been brought back to public’s access as a memorial place that carries traces of Korea’s modern history. In the residential alley at

The massive land speculation scandal centering on a state-run corporation took a new turn Friday, when a ranking official took his own life amid alleged involvement in the case and the land minister immediately offered to resign. With the abrupt turn of events, the corruption case has now turned into a political battle between the beleaguered Moon Jae-in administration and the opposition camp, which seeks momentum in the forthcoming elections. A senior official at the state-owned Korea Land &a

Choi Jung-woo, incumbent chairman of Posco Group and CEO of steelmaker Posco, extended his leadership as shareholders approved his reappointment Friday. The steelmaker held its 53rd annual proxy meeting at its headquarters in Seoul’s Gangnam-gu to vote on six major agenda topics, including the reappointment of the current chief. “I will further enhance production efficiency by maximizing the use of artificial intelligence amid challenging management situations,” Choi said

South Korea’s leading content provider Ridi Corp. said Friday that its global webtoon service Manta has achieved 300,000 accumulated downloads on the back of its popular response in the North American market. The online cartoon app, which provides various genres at a set monthly price, kicked off in North America in November last year, and soon rose to become the second most popular cartoon app on the Google app store in the US. The top title was “Under the Oak Tree,” a roman

For Posco Group, South Korea’s sixth-largest conglomerate in assets, the core agenda of its shareholders’ meeting this week is whether incumbent chief Choi Jung-woo will succeed in extending his term in office, in spite of growing political pressure and labor backlash. Signaling the start of the proxy season this month, the group’s flagship steelmaker Posco will hold its 53rd annual shareholders’ meeting at its headquarters in Seoul’s Gangnam-gu at 9 a.m. Friday

While the so-called LH land profiteering scandal has snowballed into an extensive corruption case, there is suspicion that similar confidential information leaks may have occurred among public servants and state-run developer employees in other redevelopment cases. The issue is also seen as a landmark challenge for the Moon Jae-in administration, which has struggled for years to stabilize the real estate market -- to little avail. The city of Gwangmyeong has confirmed that five more of its aff

The Korea Chamber of Commerce and Industry, a leading business representative group here, announced Wednesday that it has sent a congratulatory message to the new CEO of the US Chamber of Commerce Suzanne Clark. Clark, who is to assume her position on Thursday to fill the post of predecessor Thomas Donohue, is the first female figure to lead the USCC throughout its 109-year history. “Korea and the US have been trusted allies and close economic partners for almost 70 years,” wrote

Samsung Heavy Industries said Monday that it will lodge an appeal at a British arbitration court over the recent ruling that it has to refund the money received from a Swedish client for a delayed shipbuilding deal. The London Court of International Arbitration ruled Friday that the South Korean shipbuilder should return the prepaid money and the interest -- worth 463.2 billion won ($408.89 million) to Swedish shipping line company Stena. The court said that Stena’s cancellation of a de

South Korea’s top-tier businesses are making hurried moves to secure female figures for their boards of directors, aiming to finalize the appointments for their forthcoming annual shareholders’ meetings later this month. The key driving factor is the Capital Market and Financial Investment Business Act, which applies enhanced standards for companies’ gender equity and major shareholders’ voting rights. Under the new rules, which are to take effect in August 2022, lis