The Korea Times

LS to log record performance under new chief

By Kim Hyun-binLS is on track to reach a record-high performance under the leadership of LS Group Chairman Koo Ja-eun, who is scheduled to complete his first year in office, according to industry officials, Tuesday.He was appointed as the group chairman in November 2021 and began his term in January this year. Under his leadership, LS Group is expected to record its highest performance ever thanks to the favorable performance of its main businesses and acceleration of new businesses. LS Group Chairman Koo Ja-eunIn his inaugural address at the beginning of the year, Chairman Koo said, "We will maximize business synergies between existing main businesses and future new businesses through ambidextrous management."He presented three key tasks: maximizing business synergy through ambidextrous management, globalization based on data assets and environmental, social and corporate governance (ESG) management.Ambidextrous management holds existing main businesses such as electricity, power and materials on one side and future leading technologies such as artificial intelligence (AI), big data

Dec 27, 2022By Kim Hyun-bin

LS to log record performance under new chief

Companies

Hyundai's EV platform receives highest safety rating

Hyundai Motor Group's E-GMP platform / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group's EV platform, E-GMP, was rated at the highest safety level, receiving the top grades in all major global crash tests, the automaker said, Sunday. According to the Hyundai Motor Group (HMG), the IONIQ 5, Kia EV6 and Genesis GV60 have obtained the highest grade of “Top Safety Pick Plus” (TSP+) in the crash evaluation by the Insurance Institute for Highway Safety (IIHS).IIHS is renowned for conducting some of the world's most demanding crash test evaluations. IIHS announced the results of the crash evaluations of three types of electric cars exclusively for Hyundai Motor Group this year.In the case of the Genesis G80, which received the TSP+ rating, it received the highest level of “good” in the categories of: driver's seat small overlap, passenger seat small overlap, frontal collision, side collision, roof stiffness and head support.In addition, it was rated “advanced” or higher in the front collision avoidance system test, and “acceptable&

Dec 25, 2022By Kim Hyun-bin

Hyundai's EV platform receives highest safety rating

Companies

Companies skip year-end, New Year's ceremonies amid economic downturn

LG Group Chairman Koo Kwang-mo gives a New Year's address and greetings to LG employees via video, Tuesday. Courtesy of LG GroupBy Kim Hyun-binMajor companies such as Samsung, SK, Hyundai Motors and LG will wrap up the end of the year quietly without a separate year-end ceremony, according to industry officials, Sunday. Large offline year-end ceremonies have become a thing of the past as the culture of valuing work-life balance and encouraging employees to use their leftover vacation days is becoming the new normal.Even offline New Year's ceremonies have been replaced or reduced and moved online in the aftermath of the COVID-19 pandemic. Samsung Electronics plans to wrap up this year without a separate closing ceremony. The company went through a large-scale year-end personnel reshuffle, and had other key events such as a global strategy meeting for the device solution (DS) sector on Dec. 2, as well as an opening ceremony for the Vietnam R&D center on Dec. 23, while participating in the upcoming Consumer Electronics Show 2023 (CES 2023), the world's largest home appliance and IT

Dec 24, 2022By Kim Hyun-bin

Companies

2022 top finance and biz news Key rate hikes increase household debt burden

By Yoon Ja-young and Kim Hyun-binThe year 2022 has had its ups and downs. Steeply rising interest rates caused turmoil in the financial markets, while the successful launch of the nation's first domestically developed space rocket boosted hopes that Korea will join the world's space powers in the near future. Here are the top 10 news items in business and finance that made headlines in 2022. Bank of Korea (BOK) Governor Rhee Chang-yong bangs a gavel during this year's final rate-setting meeting at the central bank's headquarters in downtown Seoul, Nov. 24. YonhapKey rate hike increases household debt burden while banks benefitThe Bank of Korea (BOK) raised the key rate to 3.25 percent from 0.5 percent in slightly more than a year. Behind the hike is the global fight against inflation, triggered by stimulus measures to cope with the COVID-19 pandemic as well as energy crisis following the war in Ukraine. The U.S. Consumer Price Index (CPI) rose 9.1 percent from a year ago in June, which was the highest rise since 1981, and Korea also saw the highest level of inflation in more than two

Dec 21, 2022By Kim Hyun-bin

[2022 top finance and biz news] Key rate hikes increase household debt burden

Companies

BMW unveils new 7 Series in Korea

BMW's new 7 series sedan / Courtesy of BMW KoreaBy Kim Hyun-binBMW Korea officially launched its new 7 Series luxury flagship sedan in Korea during a media event held at the Paradise City Hotel on Incheon's Yeongjong Island, Monday. “Since its debut in 1977, BMW's flagship sedan 7 Series has continued to innovate and evolve with each generation, presenting a future direction for the value of true luxury,” a BMW Korea official said. The new 7 Series went through a total changeover, delivering a new level of mobility experience based on a sense of luxury from its exterior and a differentiated digital experience provided by a new entertainment system. BMW's new i7, the first pure electric model of the 7 series, has been added to the lineup. The new i7, which integrates BMW's latest pure electric technology, sets a new standard for luxury pure electric driving by combining the luxurious ride comfort unique to the BMW 7 Series and the quiet driving sensation unique to pure electric models.“The new 7 series is an innovative luxury flagship sedan that provides an overwhel

Dec 19, 2022By Kim Hyun-bin

Companies

Lee Kuk-hwan appointed as Woowa Brothers new CEO

By Kim Hyun-binWoowa Brothers Chief Operating Officer (COO) Lee Kuk-hwan has been appointed as the company's new CEO.Woowa Brothers, which operates Baedal Minjok, announced it has appointed COO Lee as its new CEO. The new CEO will be formally appointed in March next year after a shareholders' meeting and board of directors' resolution.Newly nominated Woowa Brothers CEO Lee Kuk-hwanAfter graduating from Yonsei University and Stanford University with an MBA, he joined Woowa Brothers in 2017 after working for SK Telecom, global consulting firm McKinsey and Fila Korea. Lee then served as head of the Baemin Riders Business, then as the head of the delivery business division and the head of Baemin's business division, playing a key role in helping the food delivery business and quick commerce services such as B Mart and Baemin Store make a soft landing in the market.“The new CEO is an expert with a strong insight in overall business management, including business strategy establishment, operation and risk management,” a Woowa Brothers official said. “As each business Lee

Dec 19, 2022By Kim Hyun-bin

Lee Kuk-hwan appointed as Woowa Brothers new CEO

Companies

We ask for 'chance to compete fairly' in US: Hyundai Motor official

Robert Hood, vice president of government affairs at Hyundai Motor, speaks during an online webinar hosted by the Woodrow Wilson Center, Thursday. Screenshot from YouTubeBy Kim Hyun-binA high-ranking Hyundai Motor official stressed that if the damage suffered by the company increases due to the U.S. Inflation Reduction Act (IRA), which excludes electric vehicles (EV) that undergo final assembly in Korea from a tax credit, the economic feasibility of investing in an EV plant in the state of Georgia may need to be reconsidered.In a webinar hosted by the Woodrow Wilson Center on Thursday (local time), Robert Hood, vice president of government affairs at Hyundai Motor, was asked, “Is there a possibility that Hyundai Motor Company will cancel or reduce its investment in an EV plant in Georgia because of the IRA?” "If sales don't start to increase, we will have no choice but to seriously question whether the plant makes economic sense," Hood said. "Instead of receiving incentives from the state of Georgia, where we host the plant, we will be penalized if we do not meet our empl

Dec 16, 2022By Kim Hyun-bin

We ask for 'chance to compete fairly' in US: Hyundai Motor official

Companies

Volkswagen Jetta targets premium compact sedan market

Volkswagen new Jetta / Courtesy of Volkswagen KoreaBy Kim Hyun-binThe Volkswagen Jetta has returned to the domestic market with a new sophisticated appearance and a high level of marketability. The model was recognized for its marketability after receiving pleasant feedback from all generations, according to the company, Thursday.A key selling point of the new Jetta is its price tag, which is in the 30 million won range, and includes Volkswagen's state-of-the-art driving assistance, safety and convenience specifications as standard.The new Jetta, which started pre-contracting on Oct. 14 and deliveries in November, is proving its popularity by selling 475 vehicles within a month of its launch. The new Jetta is a partially modified model of the 7th generation of the compact, and its marketability has also been significantly strengthened along with stylish exterior design changes. The newly installed 1.5TSI gasoline turbo engine provides higher efficiency and solid driving performance unique to Volkswagen.The new Volkswagen Jetta was developed so that more customers can enjoy the essenc

Dec 16, 2022By Kim Hyun-bin

Volkswagen Jetta targets premium compact sedan market

Companies

Korean steelmakers brace for EU carbon border tax

POSCO's Pohang steel mill / Courtesy of POSCO GroupBy Kim Hyun-binKorean steelmakers and other companies exporting goods to Europe are expected to pay a new carbon border tax in the second half of 2023 as the European Union plans to make it more expensive to export steel, cement, fertilizers, aluminum, electricity and hydrogen to the continent, according to industry officials Thursday.Companies importing those goods into the EU will also be required to buy certificates to cover their CO2 emissions. Mohammed Chahim, European Parliament's lead negotiator on the law, said the border tariff will be crucial to EU efforts to fight climate change.“It is one of the only mechanisms we have to incentivize our trading partners to decarbonize their manufacturing industry,” Chahim said.The move aims to prevent Europe's industries from being undercut by cheaper goods made in countries with weaker environmental regulations.Korean steel companies, which make one of the main export items to the EU, will inevitably be impacted directly.The EU is expected to finalize the specific implementa

Dec 15, 2022By Kim Hyun-bin

Korean steelmakers brace for EU carbon border tax

Companies

Hy 'fresh managers' pose threat to Coupang in delivery market

Hy's “fresh managers” in uniform deliver products to customers in Seoul. Courtesy of hy By Kim Hyun-binHy, formally known as Korea Yakult, is rapidly transforming into a logistics distribution company, evolving as a key competitor to Coupang, the country's largest e-commerce firm specializing in next-day delivery, according to industry officials, Wednesday.The company's “fresh managers” deliver daily goods such as razors, cosmetics, milk kits and coffee beans through electronic carts, and have exceeded sales of 1 million products in 7 months with its next-day delivery services.Hy announced that its cumulative delivery volume reached 1 million as of the end of November. It has been seven months since the delivery business started in May.“The number of products sold has exceeded 1,000. Before, our delivery was centered on fermented milk, but the biggest success factor is expanding to various product categories,” an hy official said. “In addition, we are dealing with f

Dec 15, 2022By Kim Hyun-bin

Kim Hyun-bin

Read more

LS to log record performance under new chief

Hyundai's EV platform receives highest safety rating

Companies skip year-end, New Year's ceremonies amid economic downturn

2022 top finance and biz news Key rate hikes increase household debt burden

BMW unveils new 7 Series in Korea

Lee Kuk-hwan appointed as Woowa Brothers new CEO

We ask for 'chance to compete fairly' in US: Hyundai Motor official

Volkswagen Jetta targets premium compact sedan market

Korean steelmakers brace for EU carbon border tax

Hy 'fresh managers' pose threat to Coupang in delivery market

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