Samsung C&T said Monday that it has signed a memorandum of understanding with Switzerland’s Hitachi Energy to strengthen collaboration and explore opportunities in the high-voltage direct current sector. HVDC is a method of converting alternating current generated at a power plant into high-voltage direct current for transmission. It is a key technology for long-distance, large-scale power transmission with low energy loss and high stability. Hitachi Energy -- the market leader in powe

Industry Dec. 9, 2024

Hyundai Motor Group said Sunday that its US sales have reached the highest level in 36 years, with one in four of its cars sold globally being purchased in the all-important market. From January to November, Hyundai Motor and Kia sold a combined 1.55 million vehicles in the US, accounting for 23.3 percent of the group’s 6.65 million units sold worldwide. This marks the first time since 1988 that the US share has exceeded 23 percent. Last year, Hyundai set a record for US sales at 1.65 mill

Mobility Dec. 8, 2024

Directors Company, a South Korean advertising and branding company, announced Thursday that it has finalized the acquisition of Bitnine as part of its efforts to strengthen its generative AI business. The acquisition of the Kosdaq-listed database technology company was completed through a third-party allotment capital increase on Nov. 29, making Directors Company its largest shareholder. Following the deal, Chief Financial Officer of Directors Company Jegal Wan was appointed managing director of

Companies Dec. 5, 2024

The Kia Sorento has become the best-selling car in South Korea this year, marking the first time a recreational vehicle has led domestic car sales. As of November, the Sorento recorded 85,710 units sold, according to data from Korea’s five automakers. Following closely were Kia’s Carnival with 75,513 units and Hyundai’s Santa Fe with 70,912 units, highlighting a significant shift in consumer preferences toward RVs. This marks a milestone for Kia, which has been part of Hyundai

Mobility Dec. 4, 2024

The American Chamber of Commerce in Korea hosted a seminar in Seoul on Tuesday to discuss strategies for creating a patient-centered health care ecosystem and fostering medical innovation between Korea and the US. Now in its 15th year, the annual seminar brought together over 150 participants, including government officials, industry leaders and patient advocacy groups, to discuss building a patient-centered “K-Healthcare” environment through public-private collaboration and Korea-US

Industry Dec. 3, 2024

Renault Korea’s latest hybrid sport utility vehicle, the Grand Koleos, has secured a 30 percent share in the domestic mid-size SUV market in just two months since its rollout. Launched in August, the Grand Koleos E-Tech Hybrid sold 5,296 units in October, boosting Renault Korea’s total hybrid vehicle sales this year to 11,110 units -- a 634 percent jump from the same period last year. Powered by Renault’s E-Tech Hybrid system, the Grand Koleos combines a gasoline engine with d

Mobility Nov. 29, 2024

South Korean design software developer Zyx Technology announced Friday that it had signed a memorandum of understanding with TMA Solutions to strengthen global collaboration and expand into the Vietnamese market. The agreement was finalized during a meeting in Seoul on Tuesday between Zyx Technology co-CEOs, Choi Jong-bok and Eom Shin-jo, and Park Hyo-geun, head of TMA Solutions’ Korea office. Established in 1997, TMA Solutions is a leading software outsourcing provider specializing in art

Technology Nov. 29, 2024

Korean logistics company LX Pantos has signed a memorandum of understanding with Guiyang Logistics, a state-owned enterprise in southwestern China, to strengthen transport networks and enhance logistics services. LX Pantos CEO Lee Yong-ho and Hu Zhongxiong, secretary of the Communist Party of China Guiyang Municipal Committee, finalized the deal following their meeting in Seoul on Thursday. Discussions centered on expanding logistics collaboration between South Korea and China, the company said.

Industry Nov. 29, 2024

The Gyeonggi Content Agency’s Pangyo Gyeonggi Culture Creation Hub has become a key platform for supporting female-led startups in the content and ICT fusion sectors, reflecting a growing influence of women entrepreneurs in reshaping South Korea’s competitive content industry. Since the center's establishment in 2014, K-content and AI-driven platforms have grown in tandem over the past decade, creating synergies with startups and SMEs at the forefront of this evolution. “A

Technology Nov. 29, 2024

Korean food giant CJ CheilJedang has launched its first instant fried rice product in the United States, the company said Thursday, as part of its efforts to meet rising global demand for Korean ready-to-eat meals. The new product, Bibigo Korean BBQ Fried Rice, is the company’s first in the shelf-stable fried rice category in the US, and looks to replicate the popularity of its frozen fried rice line in Korea. The fried rice is seasoned with Korean barbecue sauces and uses brown rice as it

Companies Nov. 28, 2024

Kyobo Life Insurance, one of Korea’s leading life insurers, has launched a new life insurance plan that combines the benefits of whole life insurance with added lifetime protection for cancer and long-term care. The “Kyobo Cancer and Whole Life Care Insurance” provides financial support for policyholders diagnosed with cancer or requiring long-term care. During the premium payment period, the plan guarantees a full refund of premiums paid under the main contract, while waiving

Companies Nov. 27, 2024

Korean steelmaker Hyundai Steel introduced its new mascot Yonggangi on Tuesday. Yonggangi, named after “yonggang,” which means purified molten iron in Korean, symbolizes the value of the steel industry and embodies a dynamic corporate culture, the company said. The mascot is portrayed as a people-loving guardian of the company’s facilities and processes who was born in the steel mill and grows alongside the employees. Known for its friendly personality, the character eagerly pa

Companies Nov. 26, 2024

Mercedes-Benz’s Corporate Social Responsibility Committee said Monday that it has donated 500 million won ($358,000) to establish a specialized child protection center, aimed at protecting abused children and preventing further abuse. The funds, raised through the 11th Mercedes-Benz Give ’n Race charity event, will be fully allocated to the Incheon Child Protection Center to be built in Seo-gu, Incheon. A donation ceremony was held at Incheon Metropolitan City Hall on Monday, attende

Mobility Nov. 25, 2024

Hyundai Capital Services, the financial arm of Hyundai Motor Group, announced Monday the official launch of its Australian subsidiary, Hyundai Finance Australia, marking its 12th overseas expansion in automotive financing. The new entity will provide tailored financial solutions for Hyundai Motor customers in Australia, offering a wide range of products such as installment plans for new and certified pre-owned vehicles. Among its offerings is the flagship Guaranteed Future Value program, which p

Mobility Nov. 25, 2024

Hanjin Logistics Corporation said Friday it has signed a strategic partnership agreement with DHL Supply Chain Korea, to strengthen collaboration in logistics operations and expand its network in South Korea. The agreement will focus on key industries, including pharmaceutical, semiconductor, consumer goods, automotive and eco-friendly logistics, the company said. Through the partnership, the two companies plan to jointly target new customers, improve logistics efficiency for existing clients, a

Industry Nov. 22, 2024