It all started from one business magnate who crossed the heavily fortified border in Panmunjeom with a herd of 500 cattle two decades ago, spreading the message of peace to people in the North. Hyundai Group, once the largest conglomerate here long before Samsung’s dominance, became the first South Korean business entity to start business operations under Pyongyang’s rare accreditation. Largely hurt by the 1997-98 Asian Financial Crisis and an ugly family feud, however, Hyundai Group lost most o

I remember how much my mother cherished the Tupperware plastic containers she bought from Namdaemun market in late 1980s. Plastic bowls made in US was a revolutionary item for many South Korean housewives and a symbol of modern life. Probably brought by US army personnel and then sold to merchants in markets in Seoul, the Tupperware series always made my mother proud, as they kept food freshly sealed and were safe even if her playful kids threw them around. But not many could afford the American

Amid concerns over the political neutrality of the nation’s largest steelmaker, Posco held a council meeting earlier this week to pick a new CEO, officials said Thursday.The council has identified eight candidates from recommendations of around 30 institutional investors with ownership of more than 0.5 percent of shares and seven recruitment agencies. The list includes one non-Korean candidate. The eight candidates will be screened along with 10 candidates who currently work at Posco. The counci

Surrounded by growing public antagonism and state pressure, Korean Inc. have been speeding up efforts to improve transparency in their corporate governance, long blamed for allowing the owner families to stay in power despite their small shares in companies.Not only Hyundai Motor, top conglomerates like Hanhwa and Hyosung came up with grand plans last week that they believe would improve shareholders’ rights. And believe it or not, they want to complete such complicated and costly restructuring

South Korean textile giant Hyosung officially launched a holding group and four affiliates on Friday to improve transparency in management and corporate governance, officials said Sunday.In the first major change in decades, the textile company will have four operations under a control tower, Hyosung Corp. The CEO post of the holding company will be shared by Hyosung Chairman Cho Hyun-joon and President Kim Kyu-young. President Cho Hyun-sang, the chairman’s younger brother, was named boardroom m

Korea Chamber of Commerce and Industry, the nation’s largest business lobby group, is hosting an annual photo competition from June 1 to Sept. 30, officials said Thursday.Titled “Businessmen’s workplace and life,” the panelists will look for candidates who capture unexpected scenes at workplaces and the people with stories. They also expect to have creative pieces that are also high in photographic quality. The 100 million won ($92,900)-competition is the largest photo competition in Korea. The

LG CNS, an IT service provider under LG Group, has turned a closed golf course in Japan into a major solar energy plant capable of generating 62 gigawatt hours of electricity a year, the company said Thursday. Located near Mine city of Yamaguchi prefecture, the solar power plant was built on a 27-hole golf course that covers 142 square meters of land, equivalent to 200 football grounds.  A solar power station built by LG CNS near Mine city of Yamaguchi Prefecture, Japan (LG CNS)The South Korean

It all started with a command from the chairman who laid out the future of tech giant Samsung, the world’s largest chipmaker. Samsung Biopharma was one of the five new businesses that now-bedridden Chairman Lee Kun-hee came up with in 2010. But it was a mid-level salaryman who engineered the birth of Samsung’s biologics business and watched it grow. Samsung BioLogics CEO Kim Tae-han was one of many executives at Samsung’s now-defunct Corporate Strategy Office -- a control tower that orchestrated

South Korean steelmaker Posco will build a lithium-ion cathode plant in the nation’s southwestern region to meet the growing market demand on rechargeable battery, the company said Tuesday.Posco has bought a 50,000-square-meter construction site from Gwangyang Bay Free Economic Zone Authority, to build the new plant capable of producing 6,000 metric tons of cathode material.The land transaction contract was signed Tuesday after the board approved to increase the capital of its battery component

BMW Korea said Monday it would continue its efforts in sustaining growth and seeking co-prosperity with the community. From social responsibility programs to direct investment, the local branch of the German carmaker will inject 1 trillion won ($927.2 million) and buy 10 trillion won worth of auto parts from local partners. Trainees of Ausbildung, the German educational program nurturing technical professionals, pose in this undated photo. BMW Korea sponsors the vocational training program.(BMW

Hyundai Mobis, an auto parts maker under Hyundai Motor Group, was picked as one of top suppliers to US carmaker GM for the first time since their partnership has begun in 2010, the company said Tuesday. Hyundai Mobis` test driving track in Seosan (Hyundai Mobis)The Korean company has been delivering core auto components including integrated center stacks to GM. The accumulated value of products supplied to the US carmaker has totaled $1.1 billion, it said.Named the supplier of the year by the De

A non-profit foundation run by Samsung has decided not to run scholarship programs designed to support academic works of journalists here, officials said Tuesday.The Samsung Press Foundation will discontinue its four major projects including the Samsung Press Award, training courses overseas and publications by journalists, to “re-establish its role in the changing media environment.“The decision came amid the foundation facing rumors of providing special offers to a limited group of journalists

SEOGWIPO, Jeju -- The New GLC 350 e 4MATIC, the first Mercedes-Benz SUV under the EQ brand, has landed in Korea aiming to get a foothold in the market’s fast-growing green sector. Despite its green ambition, the plug-in hybrid SUV disappoints in regard to its driving range of a maximum of 15 kilometers on pure electric power. However, what the vehicle really wants to prove is its performance, rather than its greenness, through the latest hybrid technology that completes its dynamic yet reliable

For those looking for a sports coupe, there are two major factors to consider before making a decision. Should one consider the vehicle’s unique design or its dynamic performance? Infiniti’s newly launched sports coupe is the answer to both, the luxury carmaker said.“The all-new-400-horsepower coupe not only stimulates drivers’ speeding instinct but also embodies Infiniti’s design philosophy of powerful elegance, making graceful racing possible,” said the company’s importer and distributor in Se