Hyundai Motor Group has decided to select a director representing shareholders out of candidates recommended by shareholders, seeking to boost shareholder’s rights and interest, the group said Thursday. Under the new system, stockholders here and overseas can recommend candidates through a website to the board dedicated to transparent management.Previously, an outside director in the board responsible for transparent management was chosen to represent shareholders, Hyundai Motor said.The nominat

YONGIN, Gyeonggi Province -- Hyundai Motor Vice Chairman Chung Eui-sun on Wednesday met with Finance Minister Kim Dong-yeon, pledging to invest some 23 trillion won ($21.6 billion) and hire 45,000 workers across its five new growth engines in the next five years.The five areas are automated and connected vehicles; smart cars; robot and artificial intelligence; future energy; and startups.“Hyundai Motor will try harder to secure future growth engines and to provide more opportunities for subcontr

GM Korea on Tuesday denied local reports that Barry Engle, president of General Motors International, had proposed an investment scheme to the Seoul government worth some $1 billion in exchange for increasing production at a local plant during his visit last week.“President Barry Engle met related officials to discuss the future of GM Korea. We continue to work with key stakeholders to turn around our financial performance,” said a spokesperson of GM Korea. “However, there were no financial inve

As the only global trade port in Gyeonggi Province and a gateway to South Korea, Pyeongtaek Port has been logging rapid growth particularly in trade with China. And standing in the vanguard for the port’s exemplary buildup is Gyeonggi Pyeongtaek Port Corp.Despite being relatively “young” port, established in 2011, Pyeongtaek Port currently is the top port in export and import volumes of automobiles in the country and is now looking to expand its connections to Southeast Asia.Leading such venture

Posco’s steel mill in Indonesia, Krakatau Posco, posted its first surplus last year, selling an accumulated 10 million metric tons, the company said Monday.　Krakatau Posco opened in 2014 is Southeast Asia’s first-ever integrated steel mill, with production capacity of 3 million tons.Posco and Indonesia’s state-run Krakatau Steel had invested 70 percent and 30 percent, respectively, in the steel mill. Front view of Krakatau Posco (Posco)Posco sold some 1.7 million tons of steel made at Krakatau P

Students participate in the 5th Young Engineer Dream project hosted by the BMW Korea Future Foundation at its driving center on Yeongjongdo in Incheon last week. The three-day program was held to help students explore career paths, while introducing them to the history of BMW and Mini, as well as the carmaker‘s crucial technologies. (BMW Korea)

Volvo Car Korea, the local importer and distributor of the Swedish automaker, sold a record 6,604 units here in 2017, the company said Monday. But the sales growth has brought about a supply shortage, leading to a rise in consumer complaints.Led by the popularity of the XC60 midsize sport utility vehicle, the carmaker’s sales rose 26.9 percent year-on-year to 6,604 units in 2017 from 5,206 units in 2016, the company said. This marks the fourth consecutive year that the carmaker has reaped an ann

In response to growing imported car sales in South Korea, carmakers are striving to bolster brand loyalty by building centers for drivers where they can experience high-performance vehicles.BMW Korea, the local unit of the luxury German carmaker, took the lead by introducing its driving center on Incheon’s Yeongjongdo in 2014 amid skepticism surrounding the new automotive venue.Three years later, it has become one of the most well-known and popular places to visit among Korean drivers and touris

Hyundai Motor, South Korea’s largest automotive company by sales, has invested in the Singapore-based carpooling service Grab to tap into the Southeast Asian mobility market, the company said Thursday.Established in 2012, Grab is also known as the Uber of Southeast Asia, boasting a market share of some 75 percent in the region.It currently operates in eight Southeast Asian countries across 168 cities with 2.3 million users and 3.5 million rides made daily.“The convergence of Grab’s competitivene

Hyundai Motor Co.'s union and management reached a second tentative wage deal, company and union officials said Wednesday, a move that could conclude the long-drawn-out negotiations.   The deal would raise workers' basic monthly wages by 58,000 won ($54) and provide bonuses worth 300 percent of basic pay plus 3.2 million won in extra compensation.   The deal was reached in a meeting at Hyundai's main plant in Ulsan, an industrial city located about 410 kilometers south of Seoul.    Unionized wor

SK Innovation, South Korea’s top refiner, invited 150 university students to be judges in the selection of a public relations agency that will be in charge of the company’s PR campaign for 2018, it said.This is the second year SK Innovation has invited students to be judges to evaluate presentations by PR agencies competing to be chosen.“We believe this unprecedented decision-making process creates social value. Students can get firsthand experience of advertisement production,” SK Innovation sa

S-Oil CEO Othman al-Ghamdi shared the company’s goal for this year to make all out efforts to start operation of complexes under construction in its Onsan factory earlier this week.“Please continue to put in best efforts to successfully complete construction and begin operation of the project in the set timeline and budget,” al-Ghamdi said during the New Year Kickoff Meeting.The oil refiner invested 4.8 trillion won ($4.4 billion) in the mega project to install Residue Upgrading Complex and Olef

Posco, South Korea’s top steelmaker by sales, has been selected as the first company to work with UNESCO to provide an education program for out-of-school children in ASEAN countries, the company said Wednesday.The Posco 1% Sharing Foundation -- to which the firm’s employees donate 1 percent of their wages -- will carry out the project for three years until 2020, starting in Thailand this year.Thailand was picked as the first destination, as it has the highest proportion of children out of schoo

SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra, has released a pickup-sport utility vehicle dubbed Rexton Sports in a move to take over the midsize SUV market, the company said Tuesday.“Rexton Sports is a premium open-style SUV that will refresh the midsize SUV market longing for change,” said SsangYong Motor CEO Choi Jong-sik during a media conference held in eastern Seoul. “It will solidify SsangYong as a traditional SUV powerhouse adding on to achievements reape

Joining the wave of technological innovations sweeping across the traditional manufacturing industry, the chairman of South Korea’s largest steelmaker also departed to join the Consumer Electronics Show in Las Vegas on Monday, the firm has said.“Posco Chairman Kwon Oh-joon, who unveiled the plans last year to incorporate technology across sectors the company manages, will examine the latest technological trends,” the company said.He is also scheduled to meet with companies in the smart industry