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Business

Thu, June 30, 2022 | 15:37

Wealthy consumers begin shunning luxury goods amid soaring prices

A 34-year-old restaurant owner surnamed Kim has been purchasing a luxury-brand product every month for the past three years thanks to his flourishing business. He didn't pay too much attention to the price tags before, forking over at least 20 million won ($15,444) each month on expensive clothes and other flashy items. But his financial situation began to deteriorate after h...

Kim Jae-heun | 2022-06-19 17:16

Samsung chief stresses importance of technological prowess

Samsung Electronics Vice Chairman Lee Jae-yong underscored the importance of keeping up with cutting-edge technology during a meeting with reporters, Saturday, as reaffirmed by his recent trip to Europe to hold meetings with businesses including ASML, an extreme ultraviolet (EUV) lithography technology developer and equipment manufacturer in the Netherlands. During the 12-day...

Lee Kyung-min | 2022-06-19 17:01

SK chairman urges affiliates to reconstruct management system

SK Group Chairman has urged its group subsidiaries to maximize corporate values by re-constructing the management system and rewriting their “financial stories,” aiming to overhaul and upgrade the group's core value systems. The comment was made during the group's annual strategic meeting held at the end of last week. Speaking at the “2022 Expansion Management Meeting” held a...

Anna J. Park | 2022-06-19 16:48

Hyundai, Kia's total sales of eco-friendly cars top 3 mil.

Hyundai Motor Co. and Kia Corp. saw the total sales of their eco-friendly cars exceed 3 million, industry data showed Sunday, 13 years after they began rolling out hybrid vehicles. South Korea's top automaker and its affiliate sold 393,509 eco-friendly cars, including plug-in hybrid and all-electric vehicles, in the January to May period of this year, raising their accumulati...

2022-06-19 14:43

[INTERVIEW] Korea urged to boost trade with Africa to win support for Busan Expo

Africa has emerged recently as one of the major focuses of the Korean government, since support from countries of the African continent will be essential for Busan to win the race against Saudi Arabia's Riyadh, Italy's Rome and Ukraine's Odesa to be selected as the venue for the 2030 World Expo.

Park Jae-hyuk | 2022-06-19 09:10

Korean Air expands private business jet service

Korean Air is expanding its private jet business, introducing an additional B787-8 Dreamliner. Korean Air introduced the B787-8 (HL8508) business jet on June 10th, increasing the number of private business aircraft to four. The 787-8 is manufactured by Boeing of the United States. Unlike regular airplanes, the Dreamliner is modified for luxury purposes with seating greatly re...

Kim Hyun-bin | 2022-06-18 09:00

Kakao Mobility grapples with staff jitters of potential sell-off

Kakao Mobility CEO Ryu Geung-seon held a meeting Friday with employees who are concerned about the possibility of the company's largest shareholder, Kakao, selling around 40 percent of its 57.5 percent stake in the subsidiary to a private equity firm. Ryu is said to have held the meeting to reassure employees by explaining the company's current situation and its plans. Kakao ...

Park Jae-hyuk | 2022-06-17 18:16

Cooperation for stable supply chain

Korea Mine Rehabilitation and Mineral Resources Corp. (Komir) CEO Hwang Kyu-yearn, second from left, and Saskatchewan Research Council (SRC) CEO Mike Crabtree, shake hands after signing a memorandum of understanding (MOU) in Toronto, Canada, June 15 (local time). The two agreed to bolster joint cooperation in establishing a stable supply chain for core minerals including nick...

Lee Kyung-min | 2022-06-17 16:00

Korea Post union workers' Saturday strike delayed

A plan to launch a nationwide strike Saturday by unionized postal delivery workers under the Korean Confederation of Trade Unions (KCTU) has been delayed, after the management and labor at the Korea Post (KP) reached an agreement, officials said Friday.

Lee Kyung-min | 2022-06-17 15:53

KCCI chief, biz leaders join government campaign to attract World Expo 2030

Korea Chamber of Commerce & Industry (KCCI) Chairman Chey Tae-won, who also serves as the co-chairman of the Bid Committee for World Expo 2030 Busan, will visit Paris, France for four days with the aim of attracting World Expo 2030 to the Korean port city. This trip marks the SK Group Chairman's first official diplomatic effort since he took the position. Chey will take part ...

Kim Hyun-bin | 2022-06-17 15:33

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