Samsung Electronics, which completed its annual executive reshuffle Friday, is expected to hold a global strategy meeting next week with the participation of all executives from the global offices to establish business strategies for next year. Samsung’s global strategy meeting, which is held twice a year in June and December, is a venue where executives at local and global units gather to revie...

One in 4 companies in South Korea has implemented or is planning restructuring measures this year due to financial difficulties stemming from the prolonged COVID-19 pandemic, data showed Thursday. According to a survey of 437 companies carried out by local job search platform Saramin, 27.2 percent of the respondents said they had conducted layoffs or planned to do so. The most common reason giv...

Hyosung is ramping up its investment in spandex in Brazil to capture rising demand for stretchable fiber used for comfortable clothing amid COVID-19 pandemic. Hyosung is the world’s largest spandex manufacturer with its brand Creora, with a 32 percent market share. Hyosung T&C, a fiber production unit of Hyosung Group, said Wednesday it would invest 40 billion won (about $36 million) by Decembe...

Hyundai Motor unveiled on Wednesday its new battery electric vehicle (BEV) dedicated platform, which will serve as the core technology for the automobile group’s next-generation electric vehicles. The automaker said the Electric-Global Modular Platform, or E-GMP, would underpin a range of new vehicles starting 2021, including Hyundai Motor’s Ioniq 5 and Kia Motor’s first electric vehicle to be r...

SK Group is poised to make a big bet on the rising hydrogen market, seeing the fuel as a next-generation eco-friendly energy source. SK Holdings said Tuesday it established a hydrogen business promotion group, an organization dedicated to the hydrogen project, which consists of about 20 experts from related companies such as SK Innovation and SK E&S. The holding firm said it has been reviewing ...

The Korean-German Chamber of Commerce and Industry held its 6th KGCCI Innovation Awards ceremony Friday in Seoul in a toned-down setting to comply with Level 2 social distancing rules and safety measures, the KGCCI said Monday. The KGCCI Innovation Awards were initiated in 2015 with the purpose of showcasing innovative products, technologies and business strategies of Korean and German companies...

Foreign-invested companies rated South Korea’s business environment as excellent overall, but were unsatisfied with the labor environment and the passive attitude of the authorities, survey showed Monday. The Federation of Korean Industries conducted a survey for trade and investment officers as well as foreign economic organizations of the top 50 foreign investment countries in Korea about the ...

The term of FKI Chairman Huh Chang-soo also ends in February next year. However, there has been less talk about who might fill his shoes. Huh is the longest-serving FKI chairman, having remained in the post for nearly a decade, since 2011. Two years ago, he decided to serve another term after struggling to find a successor. By Shin Ji-hye ( shinjh@heraldcorp.com )

Representatives from the Korean and US governments and industries joined to provide their insights on key factors that Korean companies should consider when investing in the US, at the Doing Business in Korea Seminar 2020, its second iteration, held in Seoul on Tuesday. The seminar was jointly hosted by the American Chamber of Commerce in Korea and the Korea International Trade Association. It a...

Posco CEO Choi Jeong-woo announced his intention to serve consecutive terms at a board meeting early this month, the company confirmed on Tuesday. According to Posco, the board of directors resolved to run a “CEO nomination committee” and began reviewing the qualifications for the reappointment of Choi. Under the company’s articles of association, a CEO must disclose his intention to serve anot...

Samsung Heavy Industries has won orders worth $2.5 billion from European shipowners, according to the firm’s regulatory filings Monday. It is the shipbuilder’s largest single order achieved since its establishment in 1974. The shipbuilder said it signed the contract with European shipowners to supply blocks and equipment for ships. The contract period runs until December 2025. The order volume ...

Mercedes-Benz Korea said it is strengthening its digital-based customer experience for preemptive and professional services. The automaker said it is steadily investing in expanding digital-based services that customers can use without having to visit showrooms and service centers in person. One of the digital services is “Sales Touch,” an integrated digital sales platform that carries out all ...

Hyundai Motor and Kia Motors overtook German brand BMW to rank fourth in the global electric vehicle market this year, data showed Monday. Local research company SNE Research said Hyundai and Kia sold a combined 130,000 EVs in the global market between January and September this year. The figure is up 40.7 percent from the same period last year. The strong performance was driven by a surge in s...

South Korea’s largest automaker Hyundai Motor and London-based chemicals company Ineos have partnered to explore new business opportunities in the global hydrogen economy, the automaker said Monday. Earlier on Friday, the two companies signed a memorandum of understanding to jointly investigate opportunities for the production and supply of hydrogen as well as the worldwide deployment of hydroge...

If you want to enjoy winter driving around the coastal areas, Korando R-Plus and Rexton Sports can be a good option, the carmaker said. Korando R-Plus allows a driver to use connected service “Infoconn” through voice recognition mode. It offers the most efficient directions by grasping road conditions, automatically adjusts internal temperature and connects with smartphones to allow drivers to e...