Korean aircraft manufacturer KAI has lost a multibillion dollar contract to build next-generation training aircraft for the US Air Force, thwarting its plans to expand exports, the company said Friday.With hopes to win the lucrative project, KAI had formed a consortium with the US’ Lockheed Martin to replace 350 units of the aging T-38 jets.The local stock market instantly reacted, with KAI’s shares sliding 28.5 percent to 35,750 won ($32.30) per share compared to the previous day’s close as of

LG Chem, South Korea’s leading chemicals company, held an event to bolster communication and understanding between millennial employees and executives, the company said Friday.The event was led by six new employees under the topic “happy companionship with millennials” during a workshop for some 300 executives, factory managers and chief researchers at its leadership center in Osan City, Gyeonggi Province, earlier this week. The participating newbies talked openly about the millennial generation

Hyundai Motor Group Chief Vice Chairman Chung Eui-sun is expected to return home over the weekend after a weeklong trip to the US to persuade officials to allow exemptions from auto tariffs, industry insiders said Friday.According to Hyundai Motor, Chung flew to the US earlier this week to meet with Commerce Secretary Wilbur Ross and officials to convey the automaker’s concerns and economic contributions, amid US President Donald Trump’s push to slap 25 percent tariffs on imported automobiles.Th

Steel products made by South Korea’s SL Tech has been excluded from the US’ steel tariffs, marking the first case of exemption since the US imposed a quota on Korean steel shipments this May, industry sources said Thursday.The US Commerce Department earlier this week accepted US medical device manufacturer Micro Stamping’s request for a tariff exemption on ultrafine steel tubes imported from Korean steel company SL Tech.Micro Stamping uses ultrafine steel tubes made by SL Tech to produce medical

Hyundai Engineering signed memorandums of understanding with Indonesian officials on the expansion of its industrial facilities and the construction of a hydroelectric power plant there, an effort to increase its presence in the country’s growing market, the company said Wednesday.The industrial facilities specialize in the production of vinyl chloride monomer and polyvinyl chloride. “Based on our experience with the perfectly constructed Asahimas vinyl chloride monomer production plant in Indon

Audi Korea delivered 700 units of the 2018 A3 40 TFSI compact sedan last month through its eight official used car dealerships nationwide, the company said Tuesday.Under a law enacted to improve air quality in capital regions, which was revised in 2013, carmakers that sell over 4,500 units annually are required to make up 9.5 percent of their sales with low-emissions cars such as pure electric vehicles and hybrid vehicles.Audi Korea’s quota for this year is 3,000 units, which it has fulfilled th

Ahead of the Chuseok holiday, Posco Daewoo, the trading unit of Posco, delivered gifts put together by employees to underprivileged children to share the holiday spirit, the company said Tuesday.About 300 executives and staff took part in putting together 360 gift boxes consisting of food and daily supplies, which were delivered to 360 underprivileged households in Incheon. “I believe Posco Daewoo should aim to be a good company where employees feel happy by creating new value and contributing t

Upon reaching a much-awaited consensus to reinstate remaining dismissed workers, SsangYong Motor, the local unit of Indian car maker Mahindra & Mahindra, vowed to make forays into overseas markets with three new models to be released next year, the company said Sunday.The carmaker’s management, labor union and the Korea Metal Workers’ Union agreed last week to reinstate 119 dismissed assembly workers who had been let go in 2009 when then-largest shareholder China’s state-run automaker SAIC Motor

GWANGJU, South Jeolla Province -- Naver, South Korea’s dominant internet portal, has opened its third Naver Partner Square venue for small businesses and creators in Gwangju, South Jeolla Province, with the aim of making it the center of the region’s lifestyle and food businesses, the company said Thursday.Naver Partner Square was first established in southern Seoul in May 2013 as a place for entrepreneurs operating on Naver to receive education on online commerce in such areas as search adverti

Tension at GM Korea has escalated following state-run Korea Development Bank’s announcement that it filed a preliminary injunction last week against the company’s move to split the research and development center from the local unit as a separate corporate body.In response, GM Korea on Wednesday reaffirmed that the separation would boost efficiency and capacity of workers and management in R&D.It also downplayed the labor union’s claim that GM was laying the groundwork to pull out of Korea by es

Posco, South Korea’s No. 1 steelmaker, is widely expected to face changes in its labor environment with workers at its steel mills here preparing to set up a new labor union, related officials said Tuesday.A two-day closed-door meeting for Posco workers who have agreed to join the union is expected to be held this weekend, the union said, without elaborating on the number of members who have signed up so far.A committee working on preparation for Posco’s new labor union is currently accepting ap

SK Innovation, a South Korean refinery and energy company, saw its value rise 4 percent to about 200,000 ($177) won per share on Monday morning compared to Friday’s close on the main bourse, backed by the positive outlook of its battery and chemical businesses.“SK Innovation’s third-quarter operating profit is expected to reach 797 billion won, raising above the 21 percent consensus on heightened performance in the chemical segment due to the increased margin of PX,” said analyst Cho Hyun-ryul o

South Korea’s Trade Ministry announced legislation approving the use of bio-heavy oil made with animal fat to produce electricity here, in a move toward the Moon Jae-in administration’s goal to boost the use of clean energy Monday.According to the ministry’s enforcement of regulations on petroleum and its substitute fuel, power stations here will be allowed to use bio-heavy oil starting as early as January. The government has conducted test runs and research using bio-heavy oil made with animal

Hyundai Motor Vice Chairman Chung Eui-sun vowed on Friday to transform the automotive group in response to changes in the auto industry so that it can take the lead in India’s smart mobility revolution.Speaking in New Delhi at the first Global Mobility Summit, called MOVE and organized by the Indian government, Chung detailed the three-point strategy that Hyundai would pursue in order to reach its goal in the world’s fourth-largest electric vehicle market, where it now ranks No. 2 in sales after

Hyundai Motor and Kia Motors sold a combined 111,406 units in the United States last month, up roughly 3.5 percent on-year on the back of strong sales of sport utility vehicles in the overall US auto market, the company said Wednesday.Of the total, Hyundai’s luxury sedan brand Genesis accounted for 613 units.By carmaker, Hyundai Motor sold 57,542 units last month, up 6 percent, the company said. The Avante compact car was the No. 1 seller with 14,502 units, followed by the midsize SUV Tucson wit