The Korea Times

Genesis launches 2023 G90 sedan

The 2023 Genesis G90 / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor's luxury brand said Friday it began sales of the 2023 Genesis G90 sedan, featuring expanded options including a 3.5-liter V6 twin turbo gasoline engine with added power provided by a 48V electric supercharger (e-S/C) as well as improved safety and convenience specifications.The 3.5-liter turbo gasoline engine with the 48V electric supercharger compresses and resupplies air compressed through the motor in the low engine rpm range, thereby improving acceleration response at low and medium speeds by advancing the timing of maximum torque compared to the 3.5-liter turbo engine."The G90 is a flagship model that integrates Genesis' design philosophy and cutting-edge technology," said a Genesis official.Genesis is equipped with a surround-view monitor, rear side monitor, remote smart parking assistance, parking collision avoidance assistance, augmented reality navigation, and free active seat belts for front seats. The driving assistance package, which consists of safety and convenience specifications, is a s

Mar 24, 2023By Kim Hyun-bin

Companies

POSCO International fosters CCS business as new growth engine

Australian onshore gas field production facility operated by Senex Energy, a subsidiary of POSCO International. Courtesy of POSCO InternationalBy Kim Hyun-binPOSCO International has been speeding up the commercialization of carbon capture and storage (CCS) to be its future growth engine, according to the company, Tuesday. The move comes after carbon neutrality by 2050 was set as a national task and legislation was expanded for carbon dioxide capture, transportation and storage. CCS is a technology that captures and stores carbon dioxide emitted by industry.The captured carbon dioxide must be accompanied by processes such as artificial seismic wave exploration, exploration drilling and carbon dioxide injection to find suitable underground storage.“This process is similar to the reverse direction of resource development, which extracts natural gas from underground,” POSCO International explained.POSCO International has been recognized for its global capabilities in the oil and gas exploration and production (EP) field through its success in gas field exploration in Myanmar

Mar 21, 2023By Kim Hyun-bin

POSCO International fosters CCS business as new growth engine

Companies

Will Samsung Electronics resume large-scale buyouts by acquiring Rainbow Robotics?

Samsung Electronics headquarters in Seoul / Korea Times fileBy Kim Hyun-binSamsung Electronics has been seeking to conduct large-scale buyouts for years and the company's recent purchase of shares in Rainbow Robotics, a robot development company, is drawing attention, according to industry officials, Monday.Samsung Electronics virtually stopped its corporate acquisitions after acquiring Harman, a U.S. automotive electronics maker, in 2017 for 9 trillion won ($6.88 billion).According to the Financial Supervisory Service (FSS), Samsung Electronics purchased 913,936 common shares of Rainbow Robotics over the counter on March 15 at 30,400 won per share. In January this year, the company bought a 10.22 percent stake in Rainbow Robotics for 59 billion won, and more recently it acquired an additional 27.8 billion won to secure a total 14.99 percent stake.Samsung Electronics signed a call option contract with Rainbow Robotics, and all eyes are watching if it will acquire the robotics company in the future. Samsung Electronics can become the largest shareholder of Rainbow Robotics depending o

Mar 20, 2023By Kim Hyun-bin

Will Samsung Electronics resume large-scale buyouts by acquiring Rainbow Robotics?

Companies

Can FKI regain status as leading business lobby?

From left, Lotte Group Chairman Shin Dong-bin, LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, SK Group Chairman Chey Tae-won, and Samsung Electronics Chairman Lee Jae-yong attend a Korea-Japan business round table held at the Keidanren Hall in Tokyo on March 17. YonhapBy Kim Hyun-binThe Federation of Korean Industries (FKI) succeeded in bridging Korea-Japan economic ties by hosting a meeting between major business conglomerates in the two countries last week.The heads of four major Korean conglomerates, including Samsung Electronics Chairman Lee Jae-yong, took part in the FKI event, which signaled a resumption in the role of the business lobby group after it was embroiled in a national corruption scandal seven years ago that put former President Park Geun-hye behind bars, prompting major conglomerates to withdraw their memberships.All eyes are now on whether these companies will rejoin the FKI, which is the main task the organization needs to achieve to become the country's leading business lobby group once again, according to officials, Monday. The

Mar 20, 2023By Kim Hyun-bin

Can FKI regain status as leading business lobby?

Companies

Number of int'l flights recovers to 70% of pre-COVID-19 level

A Korean Air Boeing 787-9 is seen in flight. / Courtesy of Korean AirBy Kim Hyun-binAs the number of international flight passengers is rapidly rising to pre-pandemic levels, domestic airlines are scrambling to expand international routes and add more airplanes to their fleets. According to the Ministry of Land, Infrastructure, and Transport, Sunday, international flights have recovered to close to 70 percent of their pre-COVID numbers. The number of passengers on international flights stood at over 4.5 million in both January and February, continuing its explosive growth since the second half of last year. The number exceeded 1 million for the first time since the outbreak of COVID-19 in June, last year, increasing to 3.08 million in October and then exceeding 4 million in December.The number of international air passengers is expected to continue surging in the future as the recovery of Chinese routes will pull up the figure.The ministry agreed with the Chinese government to expand flights between Korea and China to the pre-COVID level on March 3. As a result, the number of flights

Mar 19, 2023By Kim Hyun-bin

Number of int'l flights recovers to 70% of pre-COVID-19 level

Companies

KCCI builds solution platform 'WAVE' to help solve global challenges at Expo

WAVE Website / Courtesy of KCCIBy Kim Hyun-binThe Korea Chamber of Commerce and Industry (KCCI) established a collective intelligence platform “WAVE” to attempt to solve problems of all mankind such as climate change, environmental degradation, and human rights failings.At “thewave.net,” ideas from people all over the world are gathered to solve various problems facing the globe.While Korea is stepping up its efforts to host World Expo 2030 in the city of Busan, WAVE's purpose is to realize the Expo through a digital platform where all human problems are contemplated and communicated together. “Wave is an attempt to get away from gathering tourists by constructing a nice building like the existing Expos and creating a national pavilion for each country to exhibit for six months,” an official from the KCCI explained.The KCCI earlier had a test operation of WAVE, where discussions sought solutions to around 30 issues such as marine debris and mangrove forest restoration projects. The solutions have been scheduled for implementation. There was a quest

Mar 19, 2023By Kim Hyun-bin

KCCI builds solution platform 'WAVE' to help solve global challenges at Expo

Companies

Korea, Japan to set up 'future partnership funds' to restore ties

By Kim Hyun-binBusiness lobbies of Korea and Japan announced Thursday that they will establish two “future partnership funds,” one in each country, to bolster bilateral cooperation in a wide array of sectors, including joint research on global issues and youth exchange programs. The decision was jointly announced by the Federation of Korean Industries (FKI) and the Japanese Business Federation, or widely known as Keidanren, just hours before President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida held a summit for the first time in 12 years.The two groups said they will start with 200 million yen, with each side contributing 100 million yen ($751,600) and plan to receive donations from member companies."The FKI and Keidanren will start the fund first," Acting FKI Chairman Kim Byong-joon said in a press conference held in Tokyo. "Participation will depend on the individual company's voluntary intention.” K

Mar 16, 2023By Kim Hyun-bin

Korea, Japan to set up 'future partnership funds' to restore ties

Companies

Over 160 companies to participate in Seoul Mobility Show

Vehicles are displayed at the 2021 Seoul Mobility Show held at Kintex in Goyang, Gyeonggi Province, Nov. 25, 2021. Korea Times fileBy Kim Hyun-binThe 2023 Seoul Mobility Show, the largest car exhibition in Korea, will be held at Kintex in Goyang, Gyeonggi Province, for 10 days from March 31, with more than 160 companies taking part. The Seoul Mobility Show Organizing Committee held a press conference at the Automobile Center in Seoul and disclosed the main events for the exhibition, Thursday.“At this Seoul Mobility Show, various products and technologies from the entire industrial ecosystem, such as hardware mobility, software mobility and mobility services, covering land, sea and air, will be exhibited,” Kang Nam-hoon, chairman of the organizing committee, said. “I hope that the Seoul Mobility Show will serve as an opportunity for the development of Korea's mobility industry as well as related industries.”The Seoul Mobility Show, held every two years, is the only international exhibition in Korea accredited by the Organisation Internationale des Constructeurs

Mar 16, 2023By Kim Hyun-bin

Companies

Asiana Airlines appoints first female outside director

By Kim Hyun-binAsiana Airlines has appointed a female outside director for the first time as part of strengthening its environmental, social and corporate governance (ESG) management. The company will hold a regular shareholders' meeting at its headquarters in Seoul on March 31, according to the company, Wednesday.At the shareholders' meeting, Asiana Airlines will appoint Kang Hye-ryun, Ewha Womans University business administration professor emeritus, and Yoon Chang-bun, a Kim & Chang Law Firm adviser, as outside directors, and Jin Gwang-ho, Asiana Airlines safety and security director, as the internal director. The term of office for them will be three years.Kang Hye-ryunProfessor Emeritus Kang has been a professor in the Department of Business Administration for 27 years and is an expert in management and education. Asiana Airlines said Kang will be able to contribute to the company's ESG management initiatives.“The appointment of the first female outside director to strengthen ESG management was made by the Outside Director Candidate Recommendation Committee,” Asi

Mar 16, 2023By Kim Hyun-bin

Asiana Airlines appoints first female outside director

Companies

EV Trend Korea 2023 showcases latest cars, infrastructure

Kia's EV6 GT is showcased at the EV Korea Trend 2023 event in Seoul, Wednesday. Courtesy of Hyundai Motor GroupBy Kim Hyun-binEV Trend Korea 2023, the country's representative eco-friendly vehicle exhibition, kicked off, Wednesday, at COEX in southern Seoul for a three-day run showcasing the latest electric vehicles (EVs) and equipment.The exhibition marks its sixth year hosted by the Ministry of Environment, sponsored by the Seoul Metropolitan Government and co-hosted by COEX and the Korea Battery Industry Association. The opening ceremony started with an award ceremony for the EV Awards 2023, which is the only pure EV prize given in Korea. A total of 95 companies and 441 booths have opened, including Hyundai Motor, Kia, Volvo Truck and SK Signet."As the purchase of eco-friendly cars increases, general consumers' interest is expanding from EVs to EV infrastructure and opportunities for firsthand experiences are growing," an official at the EV Trend Korea Organizing Committee said. “We will continue to do our best to become an exhibition where you can experience eco-friendly EV

Mar 15, 2023By Kim Hyun-bin

Kim Hyun-bin

Read more

Genesis launches 2023 G90 sedan

POSCO International fosters CCS business as new growth engine

Will Samsung Electronics resume large-scale buyouts by acquiring Rainbow Robotics?

Can FKI regain status as leading business lobby?

Number of int'l flights recovers to 70% of pre-COVID-19 level

KCCI builds solution platform 'WAVE' to help solve global challenges at Expo

Korea, Japan to set up 'future partnership funds' to restore ties

Over 160 companies to participate in Seoul Mobility Show

Asiana Airlines appoints first female outside director

EV Trend Korea 2023 showcases latest cars, infrastructure

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