South Korean chip-and-telecom giant SK has become the nation’s second-largest conglomerate, replacing Hyundai Motor for the first time in 12 years, a local antitrust regulator said Wednesday. Having accumulated over 291 trillion won ($230 billion) in total assets, SK took the number two spot, largely due to increased assets and sales in its chipmaking arm SK hynix. The semiconductor unit’s acquisition of Intel NAND memory business along with expanding income boosted SK’s overa

Seoul aims to become a global hub for beauty and cosmetic businesses by providing full support to small- and medium-sized companies eyeing opportunities to enter overseas markets, a business support organization run by the municipal government said. The Seoul Business Agency, run by the Seoul city government, plans to hold a weeklong event this year with a focus on the beauty and cosmetic industries, according to Han Dong-yeol, the organization's chairman of the board. “Especially this

The daily average of air travelers is expected to be around 81,000 in July, which is around 40 percent of air travelers from the same period in 2019, right before the pandemic hit the world, according to the operator of South Korea‘s major air gateway Incheon Airport, on Monday. After November, Incheon International Airport Corp. anticipates a 70 percent recovery of the daily average air travelers and is gearing up for normalization of its operations in phrases, officials said in a regula

South Korea is lagging behind in revising regulations to prepare for the commercialization of autonomous vehicles compared to other major countries such as the US, Germany and Japan, a Seoul-based think tank said Sunday. The market size of autonomous, or self-driving, vehicles is expected to grow from $7.1 billion in 2020 to $1 trillion by 2035, a report by the Korea Economic Research Institute showed. More than half of the newly launched cars to be sold in 2030 are expected to be equipped with

The head of South Korea’s largest air carrier said Thursday that the company‘s acquisition of its domestic rival Asiana Airlines will contribute to enhancing the bilateral economic relationship between South Korea and the United States, expressing hope for Washington’s approval of the merger. “We are committed to increasing our activity in the US given the positive environment and we will continue to be a major contributor to the US-Korea economic relationship,” sa

SK ecoplant said Wednesday that it will begin producing glass fiber reinforced polymer (GFRP) bars as an alternative to steel bars. SK ecoplant will be the first to make GFRP bars made from elements extracted from used plastic bottles, which the company named “KEco-Bar.” Manufacturing GFRP bars does not involve using scrap iron limestone, thus reducing carbon emissions by more than 50 percent compared to manufacturing steel bars. GFRP bars do not get rusty when in contact with wat

Han Sung Motor, Korea‘s official Mercedes-Benz dealer, announced Tuesday that it has signed a brand partnership with CJ Logistics to support the Superrace Championship, which the logistics company hosts this weekend. The CJ Logistics Superrace Championship is the only stock car race in Asia and is the biggest motor sports event in South Korea. The two-day race kicks off this Saturday at the AMG Speedway in Yongin, Gyeonggi Province. The partnership comes in response to consumer’s

A takeover battle for SsangYong Motor, the debt-ridden carmaker owned by India’s Mahindra Group, has kicked off between three rival bidders: two medium-sized enterprises and a private equity firm. KG Group, Ssangbangwool and Pavilion PE each submitted a letter of intent to acquire SsangYong Motor to the lead manager of the deal, EY Hanyoung, industry sources said Tuesday. After South Korean electric carmaker Edison Motors’ deal to purchase SsangYong Motor went up in smoke, Seoul Ba

Hyundai Motor is issuing community-based non-fungible tokens as part of efforts to enhance its brand experience and customer community, becoming the first carmaker to enter the community NFT marketplace, the South Korean auto giant said Monday. Hyundai released a short film introducing the “Metamobility Universe,” the carmaker’s NFT universe concept that was first unveiled at the Consumer Electronics Show in January. The film, featuring Meta Kongz, a popular NFT gorilla cha

Asia’s first Porsche exhibition, “Porsche Ikonen,” drew thousands of visitors in its first week in Seoul, Porsche Korea said Friday. Since the general opening to the public Saturday, the exhibition saw around 6,500 visitors as of Thursday, with an average of 2,000 visitors last weekend, according to the automaker. Tickets for the coming weekend have already sold out. Showcasing 18 units of legendary cars including the hypercar concept “919 Street,” Porsche’

South Korean carmaker Kia and last-mile delivery service firm Coupang announced Friday that they had signed an agreement Wednesday to develop all-electric vehicles for cargo delivery. The two companies plan to launch mid-sized and large electric cargo vans by 2025, with better storage, efficiency and safety than Coupang’s current 1-ton cargo truck. Kia said it would use its experience and technology in the automobile sector to offer diverse solutions and services requested by Coupang to

Hyundai Motor‘s first all-electric car Ioniq 5 was named World Car of the Year by the World Car Awards for solidifying its position as the carmaker’s signature EV in global markets as well as for creating its unique vehicle design, the company said Thursday. On the announcement made on the eve of the New York International Auto Show, its chief Chung Euisun said the carmaker will continue to push for making competitive all-electric vehicles and also speed up the establishment of the

Seoul Administrative Court on Thursday ordered the Seoul city government to halt its plan of an eight-month business suspension on HDC Hyundai Development over its building demolition project that killed nine. The court order is in effect until the end of this month. HDC Hyundai Development filed a lawsuit on March 31 to nullify the Seoul city government’s suspension order issued just a day before. The order was imposed at the request of the Ministry of Land, Infrastructure and Transpor

The United Nations aviation agency supports having direct flights between North and South Korea, on condition of Seoul’s endorsement, but a clear assessment of the safety and security of passengers and flights should be carried out, its chief said Tuesday. 　 “We are interested that these flights are conducted in a safe, secure, efficient manner and we stand ready to support basically if that decision is taken by the government,” said Juan Carlos Salazar, the head of the Intern

Aviation experts from around the world gathered in Seoul on Tuesday to discuss ways to promote the aviation industry’s safe recovery in the post-pandemic era. During the 2022 International Civil Aviation Organization’s Legal Seminar hosted by the Ministry of Land, Infrastructure and Transport, South Korea’s Transport Minister Noh Hyeong-ouk pointed out that governments around the world have sought for diverse ways to support the air industry to recover from plunging travel dem