Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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[Weekender] The war of parking
Ever felt a sense of total devastation? How about trying to push a giant SUV forward so that it can make room for your car to drive out of a parking spot in a triple-park situation -- while running late to work.Such a conundrum is routine for many Seoulites who live in a congested city with limited parking spots at their residences. To make things worse, such conflicts often lead to violent confrontations among neighbors. In South Korea, where cars are viewed as a symbol of socioeconomic status,
May 25, 2018
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Infiniti Q60 aims for ‘double whammy’ in design, performance
For those looking for a sports coupe, there are two major factors to consider before making a decision. Should one consider the vehicle’s unique design or its dynamic performance? Infiniti’s newly launched sports coupe is the answer to both, the luxury carmaker said.“The all-new-400-horsepower coupe not only stimulates drivers’ speeding instinct but also embodies Infiniti’s design philosophy of powerful elegance, making graceful racing possible,” said the company’s importer and distributor in Se
May 24, 2018
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GS Chairman urges affiliates to seek new opportunities amid changing geopolitical landscape
Huh Chang-soo, chairman of GS Group, urged GS affiliates to find new business opportunities amid an evolving geopolitical landscape, at an annual forum designed to seek innovation in the retail-to-energy conglomerate, the group said Wednesday. Huh Chang-soo, chairman of GS Group“After an inter-Korean summit, the summit between leaders of North Korea and the United States is on the way, leading a change in the geopolitical landscape over the Korean Peninsula,” he said at the annual Value Creation
May 23, 2018
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‘Chevy’s back’: GM Korea marks fresh start with new Spark
Putting the issues of the past behind, GM Korea said it was opening “a new chapter” by launching a refreshed and also slightly cheaper mini car Spark in Seoul on Wednesday. Kaher Kazem, CEO of GM Korea said that the company will launch 15 new or renovated models in the next five years as part of a comprehensive Chevrolet strategy. Starting with Spark, the company plans to unveil its compact SUV Equinox at the upcoming Busan Motor Show and will bring more models produced overseas to Korea to sati
May 23, 2018
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[Newsmaker] Under pressure, Hyundai Motor heir pulls the plug, pursues plan B
Two months after proposing a grand reform plan on its corporate governance, Hyundai Motor Group, the nation’s second-largest chaebol, came with yet another unexpected choice Monday, ditching the plan it previously hailed as a pathway to modernize the 50-year-old conglomerate.And its crown prince, the chairman’s only son, vowed that he would come back with “an improved” version. What the company need now is “the speedy and drastic reform and change,” the automaker’s Vice Chairman Chung Eui-sun st
May 22, 2018
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Hyundai Motor Group retracts spinoff merger plan
Hyundai Motor Group retracted its spinoff merger plan for Hyundai Mobis and Hyundai Glovis on Monday, citing the views of the market and shareholders that had widely been against the move. Auto parts unit Mobis and logistics arm Glovis’ board of directors each called off the general meeting initially set for May 29, when the group’s reform plan announced in late March was to be put to a vote.Mobis and Glovis instead decided to revise and improve on the measures. “We will humbly review and suffic
May 21, 2018
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(Urgent) Hyundai Mobis cancels next week‘s general meeting
Hyundai Mobis, the auto parts making arm of Hyundai Group at the center of the group’s restructuring plan, has canceled its upcoming general meeting, the company said Monday.Hyundai Mobis’ board of directors called off the meeting initially set for May 29, when the group’s spinoff merger plan would have been put to a vote. Starting with Elliott Management, which has been pressuring Hyundai to take the form of a holding company, there has been opposition from major proxy firms in and out of the c
May 21, 2018
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Renault Clio forays into local compact car market
Renault Samsung Motors, the local unit of French carmaker Renault S.A., has launched the Clio hatchback with an aim to start a new boom in the local compact car market, the company said Sunday.Clio is Renault’s best-selling car with about 14 million units sold worldwide since its release in 1990. Due to a lack of demand for hatchbacks here, where sedans and sport utility vehicles are highly preferred, Clio was introduced to Korean drivers last week. Renault Samsung Motors’ hatchback Clio (Renaul
May 20, 2018
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Hyundai Motor heir in NY in last ditch effort to win votes
The crown prince of Hyundai Motor Group, the nation’s second-largest conglomerate, is in New York in an apparent move to convince foreign shareholders over the group’s corporate governance reform seeking a change of the hostile atmosphere against the plan.Hyundai Motor officials in Seoul confirmed on Friday that Vice Chairman Chung Eui-sun has left for a business trip to US. He was briefed over progresses made at Hyundai Cradle in Silicon Valley, a multinational startup incubator, the company sa
May 18, 2018
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Posco wins two awards at 2018 Global Metals Awards
Posco, South Korea’s No.1 steelmaker, took home two awards at this year’s S&P Global Platts Metals Awards for the first time among local steel companies, the company said Friday. Posco was named the winner in steel industry leadership, and received the grand Metal Company of the Year award at the ceremony held in London, attended by about 250 officials, the company said.S&P Global Platts, energy and commodities information provider, has been hosting the annual awards from 2013, recognizing compa
May 18, 2018
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[Hyundai Reform] Breaking down logic behind Hyundai’s reform plan
What with boisterous opposition from activist hedge fund Elliott, Hyundai Motor Group’s corporate restructuring scheme is dominating the attention of investors and business insiders.The accusation from Elliott and several other critics of Korea’s second-largest conglomerate is that Hyundai has devised a plan solely in the interest of the owner family, while the group argues that it is aimed to elevate the value of the company, and therefore the interests of the shareholders.So far, four proxy ad
May 17, 2018
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Hyundai Mobis eyes self-driving car sensors by 2020
SEOSAN, South Chungcheong Province -- Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, unveiled this week its test bed for autonomous vehicles and auto parts in Seosan, South Chungcheong Province, with a mission to develop self-driving car sensors by 2020. Its long-term goal is to lead the future mobility market, and raise some 11 trillion won ($10 billion) in earnings through automated driving technology by 2025, according to the firm.The unveiling came amid growing attention o
May 17, 2018
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Kumho Tire seeks fresh start with new product
Ending controversies in the course of its acquisition by a Chinese company, South Korean tiremaker Kumho Tire on Wednesday launched a new product for the first time in eight years. The nation’s second-largest tiremaker unveiled a premium comfort tire named the Majesty9 SOLUS TA91 at a launching ceremony attended by more than 350 dealers. Kumho Tire Chairman Kim Jong-ho poses next to Majesty9 SOLUS TA91, a premium tire launched Wednesday in Seoul.(Kumho Tire)The product is the latest in its prem
May 16, 2018
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[Hyundai Reform] Hyundai Motor reform a test for NPS
Amid growing opposition against Hyundai Motor Group’s corporate restructuring plan, the state-run pension operator in South Korea found itself in a difficult position Wednesday, as it appears to have the final say on the fate of the carmaker.The National Pension Service is the second-largest shareholder, with a 9.82 percent stake in Hyundai Mobis, an auto parts maker at the center of the carmaker’s restructuring plan.The upcoming May 29 vote on Hyundai Mobis’ spinoff merger plan is a test for th
May 16, 2018
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GM Korea to give away 100 Chevy Sparks to recover sales
GM Korea will give away 100 units of the Chevrolet Spark compact car to 100 winners of a promotional event until August in efforts to put the company back on track, the company said Tuesday. The first winner of the “Chevy’s new start, with customers” event was Park Jae-seok, 31, who had been considering to purchase Spark for his wife on safety and design.GM Executive Vice President Barry Engle, GM Korea CEO Kaher Kazem, GM Korea Vice President Dale Sullivan, and chief of GM Korea’s union Lim Han
May 15, 2018
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[Monitor] Crucial week ahead for Hyundai
It is a crucial week ahead for Hyundai Motor Group seeking to streamline its complex corporate shareholding structure through a spin-off and merger deal that is subject to a vote at May 29 meeting of shareholders.Proxy advisory firms including Institutional Shareholder Services, Inc. and the Korea Corporate Governance Service are expected to make their recommendations this week, in light of the latest move by hedge fund Elliott Advisors to oppose Hyundai‘s plans. By regulation here, a spin-off a
May 14, 2018
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Police probe whether Autopilot feature was on in Tesla crash
Police are investigating whether a Tesla sedan's semi-autonomous Autopilot feature was engaged when it rear-ended a fire department truck in Utah. The Tesla Model S crashed into the truck at 60 mph (97 kph) apparently without braking before impact, according to police in South Jordan, a suburb of Salt Lake City. The fire department mechanic truck had been stopped at a red light.The crash comes as federal safety agencies investigate the performance of Tesla's semi-autonomous driving system. The T
May 14, 2018
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GM Korea’s news conference canceled by protest from non-regular workers
BUPYEONG, Incheon -- GM Korea was forced to cancel a press conference on Monday after a group of 12 non-regular workers unexpectedly forced themselves into the conference room through the back door demanding a change in their status to regular workers.“On the day GM shut down the Gunsan plant, the Incheon District Court made a ruling (in the first trial) recognizing non-regular workers‘ status as regular workers. However we were excluded from negotiations (with the company),” Hwang Ho-in, head o
May 14, 2018
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Battle begins between Hyundai, Elliott over governance revamp plan
US hedge fund activist Elliott said Friday that it will vote against Hyundai Motor Group‘s corporate governance reform scheme, raising concerns over the fund agitating foreign shareholders who hold nearly half of the shares in the group’s affiliates ahead of a major vote planned later this month.The nation’s second-largest conglomerate plans to simplify its complex ownership structure. In March, the group said it will spin off Hyundai Mobis’ lucrative after-sales and module division and merge th
May 11, 2018
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BMW opens dealer‘s largest cultural complex in Songdo
German carmaker BMW said Thursday that it had opened a large-scale cultural complex on a 13,200-square-meter site in Songdo International City in Incheon, South Korea. The cultural complex was built through a joint investment by BMW and Bavarian Motors, Bavarian Motors, a Korean dealer of BMW and its Mini Brand. The construction project took 1 1/2 years. It is the largest integrated facility opened by a BMW dealer worldwide. From left: Lee In-seok, chief executive officer of Bavarian Motors , Hi
May 10, 2018