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Mon, February 26, 2024 | 17:02
EU prolongs review of Korean Air-Asiana merger, requires more concessions
An unprecedented move by the European Union (EU) to conduct a second-stage review of Korean Air's takeover of Asiana Airlines will lead to a further delay in the ongoing process, according to industry officials, Monday. The European Commission said the deal could affect passenger and air cargo transport services between the European Economic Area (EEA) and Korea, because the ...
Busan in tight race with Saudi Arabia to host World Expo 2030
South Korea is making significant progress in the race to host the World Expo 2030 in Busan as it competes against main rival Saudi Arabia, Busan Mayor Park Heong-joon said at a press conference hosted by the Korea Chamber of Commerce and Industry (KCCI). He emphasized that hosting the Expo will generate 61 trillion won ($46.9 billion) in economic effects.
Hyundai Mobis to invest $7.88 billion for future growth by 2025
Hyundai Mobis plans to invest up to 10 trillion won ($7.88 trillion) for future growth by 2025 and enhance shareholder value by buying 150 billion won worth of treasury stocks, according to the company, Tuesday. Hyundai Mobis announced the 2023 Shareholder Value Enhancement Policy, which includes future growth investment plans and shareholder return policies.
Most SM employees unhappy about HYBE's takeover
The majority of SM Entertainment employees oppose HYBE's attempt to acquire a majority stake in the company, according to industry officials, Tuesday. HYBE, the entertainment agency of K-pop group BTS, has purchased a 14.8 percent stake from former SM Entertainment general producer Lee Soo-man for 422.8 billion won ($333.6 million) and initiated the takeover of SM.
Why Lotte's design chief suddenly quit
The abrupt resignation of Lotte Holdings Design Management Center CEO Bae Sang-min, a professor at the Korea Advanced Institute of Science and Technology (KAIST), is drawing attention, according to industry officials, Monday. Bae resigned as head of the Design Management Center at the end of last month, just a little over a year and five months after being recruited by Lotte ...
SK becomes 1st conglomerate with over 200 subsidiaries
SK Group has more than 200 subsidiaries, the largest number among 76 top conglomerates with assets of over 5 trillion won, according to the Fair Trade Commission (FTC) Monday. The number of SK subsidiaries stood at 201 as of Feb. 1, an increase of six from last Nov. 1. This is the first time that the number of subsidiaries of a specific conglomerate has exceeded 200 since the...
SK chief calls for diversity to enhance production efficiency
SK Group Chairman Chey Tae-won called on newly-appointed executives at the conglomerate to diversify their organizational composition to improve production efficiency. “Organizations with diversity have 20 percent to 30 percent higher production efficiency,” Chey said during the “2023 Conversation with New Executives” held at the Grand Walkerhill hotel in Seoul on Feb. 3. "Gl...
Renault Korea's XM3 named hybrid SUV of the year
Renault Korea CEO Stephane Deblaise poses in front of the company's XM3 E-Tech Hybrid at the “Car of the Year“ event held at the Grand Hyatt Hotel in Seoul on Feb. 9. Renault Korea Motors' XM3 E-Tech Hybrid was selected as the Hybrid SUV of the Year by automotive journalists. Courtesy of Renault Korea Motors
Hyundai Motor Group tops JD Power rankings for 2 consecutive years
Hyundai Motor Group (HMG) grabbed the top spot in the U.S.' most prestigious quality survey for two consecutive years, in the latest nod to the quality of the automotive conglomerate's vehicles. Genesis ranked second out of 31 brands, including luxury brands, in the 2023 vehicle dependability survey (VDS) announced by J.D. Power, a U.S. market research firm, the automaker sai...
Hyundai Motor, SK to enter North American hydrogen market
Major domestic companies such as Hyundai Motor and SK E&S took part in the Hydrogen & Fuel Cell Seminar, the largest hydrogen industry event in North America, aiming to better penetrate the U.S. hydrogen market, according to industry officials, Thursday. The Ministry of Trade, Industry and Energy announced it took part in the seminar held in Long Beach, California, from Feb. ...