Mercedes-Benz Korea CEO Dimitris Psillakis speaks during the opening ceremony of EQ Future pavilion, which the German carmaker’s vision for future mobility, in Gangnam, southern Seoul, on Tuesday. Psillakis said the carmaker aims for sales of plug-in hybrids or all-electric vehicles to make up more than 50 percent share by 2030, starting with electrifying the whole portfolio by 2022.The EQ Future Pavilion, which will be open until mid-January next year, will display various mobility s

Retail-to-flight conglomerate Aekyung Group said Monday that it has joined hands with home-grown equity fund Stonebridge Capital to form a consortium to acquire Asiana Airlines.The two firms participated in the initial bid separately and were shortlisted to buying a controlling 31 percent stake in the country’s second-largest full-service carrier.Aekyung said in a statement that the partnership with Stonebridge Capital is based on its “firm determination” to acquire Asiana, as

BMW Group Korea unveiled Monday its premium compact car brand Mini’s face-lifted third generation New Mini Clubman, maintaining its distinctive style within the compact segment.The four-door compact wagon has gone through detailed changes, such as an expanded front grille and aerodynamically improved side mirror cap, but also keeps the Mini’s design heritage, such as the Union Jack-themed rear design, the automaker explained. For Cooper S and Cooper SD models, adaptive light-emitting

Korean retail conglomerate Shinsegae Group has appointed former Bain & Company consultant Kang Heui-seok as new chief of discount chain E-mart, in an earlier-than-expected company reshuffle.Kang joined Bain & Company in 2005 and was promoted to partner in 2014 to oversee the consumer product and retail projects. Before joining Bain & Company, he worked at the Ministry of Agriculture, Food and Rural Affairs, dealing with agro-economic policy since 1994.  “The latest reshuff

Hyundai Motor Group said Monday that it has developed the world’s first self-driving technology using AI-based machine learning, which detects the driver’s driving pattern and apply it to the smart cruise control system.In recent years, a host of carmakers have added advanced driver assistance systems to their models for safer and more convenient driving. One of the core technologies is adaptive cruise control, a function which makes a car slow down and speed up automatically to

South Korea’s export of eco-friendly cars mainly involving compact sport utility vehicles such as Hyundai Motor’s Kona and Niro have expanded significantly, government data showed Sunday.According to data compiled by the country’s Transport Ministry and Korea Automobile Manufacturers Association, exports of eco-friendly vehicles including electric vehicles and hybrid cars increased 41.8 percent to 189,033 units from January to September, compared to a year ago.  In Septemb

Asiana Airlines, the country’s second-largest full-service carrier in terms of sales, has added Airbus’ A350-900 for service to focus on strengthening long-haul flights, the firm said Thursday. The company said it will introduce up to 30 of the A350s by 2025, to increase its competitiveness in operating diversified, mid- and long-distance flight services. The latest introduction of the new A350-900 is the air carrier’s 10th of its kind.  The air carrier has been recen

South Korean full-service carrier Korean Air said Wednesday that it had partnered with US weapons and military electronics firm Raytheon to cooperate on the Korean military’s Intelligence Surveillance Target Acquisition and Reconnaissance (ISTAR) solution. ISTAR is used for missions such as disaster monitoring, border security and protection against ballistic missiles, as well as to track mobile ground targets. The British Royal Air Force is one of Raytheon’s clients, using it o

Daimler Mobility AG -- a subsidiary of Daimler AG, which owns Mercedes-Benz -- has established Mercedes-Benz Mobility Korea to offer mobility solutions in Korea, the firm said Tuesday.The new entity by the mobility unit of the Daimler AG, which recently changed its name from Daimler Financial Services AG to Daimler Mobility AG, will focus on providing digitalized customer service and premium mobility products, MBMK said. MBMK will kick off in Korea with the launch of a premium long-term car rent

Low-cost carriers are expected to continue to lead the growth of South Korea’s flight industry and to expand the country’s passenger transport capacity and air traffic, an executive from American aircraft manufacturer Boeing said Monday. Randy Tinseth, Boeing’s vice president of commercial marketing, said in a press conference in Seoul that South Korea’s low-cost carriers lead the market in Northeast Asia, accounting for 65 percent of the region’s total capacit

A strong and multilateral trade system supported by international standards can help South Korea to build a conducive business environment, encourage foreign capital and strengthen the competitiveness of Korean industries, according to the chairperson of a European business advocacy organization here. “Aligning domestic regulations with global standards is imperative, as otherwise they will have (a) difficult time adapting to the international standards when the time for export comes,

Starbucks Korea said Thursday that it will strengthen its focus of business operation in Korea by opening more “community stores” that donate a portion of sales to the community via charity programs, working with nonprofit organizations. According to Starbucks Korea CEO David Song, the country’s second community store will open in the first half of 2020. The move comes as part of the franchise’s effort to expand Starbucks’ “humanism-based positive impact&

With the global trade wars intensifying and threatening to undermine economic growth, companies across the world are facing growing challenges. The trade wars have hurt the South Korean economy, denting business sentiments and complicating crisis management.Amid this rapidly changing business environment, The Korea Herald is hosting a forum Friday to discuss the growing corporate risks and possible solutions. The theme of the event is “Korea in crisis: How to survive in an era of trade war

E-commerce company Coupang said Wednesday that it has appointed economist and former Federal Reserve Gov. Kevin Warsh to its board of directors.The former senior US government official currently teaches at the Stanford Graduate School of Business. He is also a Shepard Family Distinguished Visiting Fellow at Stanford’s Hoover Institution. “Coupang is at the frontier of innovation. The company’s growth has been impressive, and its customer experience is unmatched. I am honored to

Stonebridge Capital, one of the four bidders shortlisted to buy a controlling 31 percent stake in the country’s second-largest full-service carrier Asiana Airlines, refuted Wednesday news reports that it is not keen to proceed with the acquisition deal.  A local news outlet reported Wednesday that the South Korean private equity fund did not participate in a bidding presentation meeting with Asiana executives earlier this week, indicating that it may drop out of the race. Stonebr