The market was unnerved Thursday with the report by a management consultancy firm that proposed restructuring state-run Korea National Oil Corp.’s money-losing overseas crude oil development business. The report by Deloitte Anjin -- Korean member firm of Deloitte Touche Tohmatsu -- on reforms in the overseas businesses of state-run energy companies was commissioned by the Ministry of Trade, Industry and Energy.The offshore oil drilling facility of Dana Petroleum, the U.K. explorer focusing on th

May 19, 2016

Korea’s financial watchdog said Wednesday it is likely to report steel-making giant Dongbu Group founder and chairman Kim Jun-ki to the prosecution for insider trading charges.“The authorities have been looking into stock trading records of the tycoon to figure out whether he conducted unfair transactions based on insider information about faltering Dongbu Engineering & Construction,’’ an official from Financial Supervisory Service said, adding the case will be referred to the prosecution if the

Industry May 18, 2016

A female model poses inside the 2016 Rolls-Royce Dawn convertible at its launch event at the Banyan Tree Club & Spa Seoul on Wednesday. The British super luxury car maker expects its soft-top convertible to lead sales of its Korean unit this year. The price of the new Dawn starts from 449 million won ($379,704). (Yonhap)

Mobility May 18, 2016

Jejudo Island, the nation’s popular vacation spot, was presented on Tuesday as a strong candidate for the location of the second Four Seasons hotel in Korea to visiting Saudi billionaire Prince Alwaleed bin Talal, the owner of the Toronto-based luxury hotel chain. “In a face-to-face meeting held at Gimpo International Airport, Jeju Province Governor Won Hee-ryong pitched the island’s world-class resort development project targeting Four Seasons and he gained positive feedback from the Arab tycoo

Business May 17, 2016

Hyundai Motor said Monday that it had roped in another former designer from British luxury carmaker Bentley for its new luxury Genesis brand, as part of its drive to move higher up the automotive value chain. “Korean-born and world famous car designer Lee Sang-yup, who headed the exterior design for Bentley, will make a new start at Hyundai’s design center from next month,” a Hyundai Motor Group spokesperson said, adding Lee will play the same role for Genesis cars as a vice president. Lee Sang-

Business May 16, 2016

Korea, which faces a demographic crisis due to dwindling birth rate, will enter into a ‘demographic onus’ era from next year, with the number of people available for economic production activities falling, according to a report by the Korea Chamber of Commerce & Industry on Sunday. The number of people aged between 15 and 64 -- categorized as population available for production activities -- is expected to drop to 37.02 million next year from 37.04 million this year, the nation’s biggest busines

Industry May 15, 2016

The top research and development executives from Hyundai Motor Group and Mercedes-Benz will share their views and insights on future cars, the current hot topic in the global auto industry, at a gala dinner to be held at the BEXCO in Busan on June 1.The presentations will be made a day before the 2016 Busan International Motor show to be held from June 2 to 10. The co-organizers include the Korea Automobile Manufacturers Association, the Korea Automobile Importers and Distributors Association an

Mobility May 15, 2016

Hankook Tire, the country’s largest tire-maker, was recently chosen as a supplier for Model 3, the first mass market brand of U.S. luxury electric vehicle maker Tesla, according to local news reports.The reports said the EV-only tire of Hankook was picked based on the results of a recent performance test conducted by Tesla.  Tesla’s Model 3 EVThe company, however, declined to comment on the deal, mentioning its confidentiality agreement with each client.Despite the company’s response, shares of

Mobility May 12, 2016

Hankook Tire, the country’s largest tire maker, was recently chosen as a supplier for Model 3, the first mass market brand of U.S. luxury electric vehicle maker Tesla, according to local news reports.The news reports said the EV-only tire of Hankook was picked based on the results of a recent performance test conducted by Tesla.  Tesla’s Model 3 EVThe company, however, declined to comment on the deal, mentioning a confidentiality agreement with every client on a contract.Despite the company’s re

Mobility May 12, 2016

Market expectations of Doosan Group‘s profit turnaround are growing, with the completion of the conglomerate’s planned asset sales Tuesday. The Korean power equipment and construction giant successfully sold the heat recovery steam business unit of its construction arm Doosan Engineering & Construction for 300 billion won ($256 million) to General Electric. “This is the final deal that the group has pushed under its self-restructuring plan for the past two years,’’ a company spokesperson said.Fa

May 11, 2016

Hyundai Motor Group chairman Chung Mong-koo held talks with Jiangsu province Gov. Shi Taifeng at the company’s headquarters in southern Seoul for closer business partnership with one of the most popular Chinese destinations for Korean investors, the group said Monday.Chairman Chung and other Hyundai high-level officials, including his son and Hyundai Motor vice chairman Chung Eui-sun, guided the Chinese provincial leader.  Hyundai Motor Group chairman Chung Mong-koo (second from right) looks at

Industry May 9, 2016

With the opening of the 20th National Assembly -- where opposition parties have a majority of 300 seats -- scheduled for May 30, the business community has raised concerns over a corporate tax hike and its impact on the economy. “A recent survey of about 50 Korean economists showed 72 percent of respondents backed the current corporate tax rate,’’ the Korea Chamber of Commerce and Industry said in a press release Monday. Of them, 12 percent called for corporate tax reduction for business vitalit

Industry May 9, 2016

A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction.They landed in Teheran, capital of the oil-rich Middle Eastern country, with the Korean economic delegation composed of representatives from 236 companies and institutions. The delegat

Industry May 2, 2016

Not many people are aware of the progress Hyundai Motor has made in motor sports in recent years. This is part of the reason why the car-loving community here was surprised to hear that a car racing team run by Germany-based Hyundai Motorsport topped the fourth round of the 2016 FIA World Rally Championship in Argentina last month. The WRC, which began in 1973, is a world-famous motor sports series like Formula One. One big difference being that vehicles in the competition are mass-produced cars

Mobility May 1, 2016

This is the second of the two-part stories on what drove Hyundai Motor Group toward its 100-million-unit milestone in cumulative car sales. -- Ed.Hyundai Motor vice chairman Chung Eui-sun, who leads projects for future growth of the carmaker, has the busiest year ever as the automotive industry faces a sea change with digital disruption. A recent report by McKinsey & Company forecast technological advances in areas such as electrification, vehicle connectivity and self-driving cars will change t

Mobility April 28, 2016