Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Exports to US reach all-time high, widen gap with China
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Around 50% of people with disabilities aged 65 or above: report
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E-mart enters soju market
[THE INVESTOR] Discount retailer E-mart is entering the soju market with the acquisition of Jeju Soju, the company said Thursday.The two companies signed a provisional contract, with final terms and conditions to be negotiated before the final agreement.Jeju Soju’s two lines of soju (Jeju Soju website)Reports estimate the deal to be worth around 30 billion won ($26 million), but Shinsegae Group, the parent company of E-mart, said that the deal price could not be confirmed until final negotiation
June 9, 2016
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Kia Motors strikes deal with Mexico on incentives
Kia Motors Corp. said Thursday that it has reached a deal with the northern Mexican state of Nuevo Leon on incentives, giving a boost to South Korea's second-largest carmaker in running its plant in Mexico.The two sides said in a joint statement after a signing ceremony in Nuevo Leon that they found a reasonable middle ground, Kia Motors said.A company official said the deal would cover infrastructure such as roads, railways, electricity and industrial water for the plant, noting no significant
June 9, 2016
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Car exports dip for seventh consecutive month in May
South Korea's automobile exports fell for the seventh straight month in May due to faltering demand from emerging markets, the government said Thursday.Outbound shipments of vehicles came to 218,655 units last month, down 11.6 percent from 247,343 units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The May figure narrowed from a 19.7-percent on-year drop in April, the largest decline since September 2009 when it plunged 22 percent in the aftermath of the global
June 9, 2016
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Hyundai's Porter truck best-selling vehicle in first five months
Hyundai Motor Co.'s Porter truck was the best-selling vehicle in South Korea in the first five months of this year, industry data showed Thursday, in a sign that the relatively cheap commercial model appealed to small self-employed merchants.The country's largest automaker sold a total of 44,696 units of the Porter 1-ton truck during the January-May period, according to the data.If the current sales pace continues, the Porter could become the best-selling vehicle not only in the first half but f
June 9, 2016
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[Graphic News] Imported vehicle sales rebound in May
Registrations for imported vehicles increased in May, according to the Korea Automobile Importers and Distributors Association on Wednesday. May recorded 19,470 new registrations, a 5.9 percent increase from the same month last year, which saw 18,386 registrations. The month’s total number of registrations was also a 9.1 percent increase from the previous month at 17,845 registrations. Despite monthly imported car sales reaching 24,366 vehicles last year in December, car sales have since been st
June 8, 2016
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Continental may participate in bidding for Kumho Tire
German automotive firm Continental AG’s interest in acquiring local tire company Kumho Tire has increased the pressure on Kumho Asiana Group chairman, as he has to solely prepare around 1 trillion won ($8.6 billion) to reacquire the firm. Local news reports said Tuesday Continental is in talks with financial investors to participate in the bidding for the Korean tire company, citing sources from the creditors of Kumho Tire. Other global firms, including French tire firm Michelin and Chinese stat
June 8, 2016
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Korea’s cosmetics production surpasses record W10tr
South Korea’s net cosmetics production reached a record 10.73 trillion won ($9.3 billion) last year, led by strong exports to China, the Ministry of Food and Drug Safety said Wednesday.Korea’s cosmetics production rose on-year by 19.64 percent in 2015, lending a hand in doubling the country’s cosmetics trade surplus on-year to roughly $1.5 billion last year, the ministry said.Cosmetics shops inside the main Shinsegae Department Store in central Seoul (Yonhap)Korea’s cosmetics exports rose 43.76
June 8, 2016
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Hyundai, Kia see May sales in China up 16.6%
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said Wednesday that their combined sales in China grew double digits in May for the first time this year.The two South Korean carmakers sold a combined 150,450 units last month in China, up 16.6 percent from a year earlier, according to the data provided by the companies.The strong sales brushed off concerns of a sales slump by the two carmakers in the world's largest market earlier this year.The data showed that Hyundai Motor sold 100
June 8, 2016
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Volkswagen owners to demand refund of their cars
Thousands of Volkswagen owners plan to ask South Korea's environment ministry to order the local unit of the German carmaker to refund the cost of their cars, a lawyer said Wednesday.Jason Ha, who represents about 4,400 Volkswagen owners at Barun Law, said he will formally file the petition with the ministry as early as Thursday.He said the government can order carmakers to refund the cost of cars under the law.On Tuesday, the environment ministry rejected Volkswagen's plan to recall vehicles th
June 8, 2016
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Amid growing uncertainty Hotel Lotte delays IPO
Hotel Lotte on Tuesday postponed a plan to list itself on the nation’s main bourse this month in the face of growing concerns over an ongoing probe into a lobbying scandal involving the firm’s former executives.Hotel Lotte, the operator of the nation’s largest duty-free business, said in its report to the Financial Services Commission that it would delay its IPO to next month. It also said it would lower the price range to between 85,000 won and 110,000 won per share, from 97,000 won to 120,000
June 7, 2016
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Hyundai Motor to supply 500 buses to Turkmenistan
Hyundai Motor has signed a deal with Turkmenistan’s government to supply 500 units of its large bus, according to the automaker Tuesday. Under the deal, Hyundai would supply 500 Aero City amounting to around $66 million, the largest overseas deal of its buses. This is equivalent to the shipments of 2,600 units of premium Sonata, which costs 30 million won ($25,800) each. Aero City bus (Hyundai Motor)The automaker has already supplied 490 and 200 buses to the nation in 2009 and 2012, respectivel
June 7, 2016
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Korea again rejects Volkswagen's recall plan
South Korea's environment ministry said Tuesday it has again rejected Volkswagen's plan to recall its vehicles that fabricated emissions results, saying the local unit of the German carmaker did not admit to using a defeat device to trick vehicle testing.The Ministry of Environment disapproved the plan submitted by Audi Volkswagen Korea for not stipulating that the vehicles were equipped with what are called defeat devices, designed to manipulate emissions results.The carmaker's initial recall m
June 7, 2016
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Korea orders Nissan to recall emissions-faked cars
South Korea's government on Tuesday ordered Nissan Korea Co., the local unit of the Japanese carmaker, to recall hundreds of its SUVs sold here and banned sales of vehicles cited as fabricating emissions results.The Ministry of Environment slapped 340 million won ($286,000) in fines on Nissan Korea and banned sales of its Qashqai model, while ordering a recall of 814 of the vehicles that have been sold in South Korea from November to last month.The ministry also said it filed a complaint with th
June 7, 2016
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Foreign car sales jump 5.9% in May
Sales of foreign cars in South Korea rose 5.9 percent on-year in May as some importers secured a sufficient amount of popular car models to meet demand here, industry data showed Tuesday.According to the data compiled by the Korea Automobile Importers and Distributors Association, a total of 19,470 units of imported cars were registered last month, up from 18,386 units tallied in the previous year.From a month earlier, May sales also spiked 9.1 percent, the data showed.The upturn was attributed
June 7, 2016
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Overseas sales of Kia's Sportage SUV hit monthly record in May
Kia Motors Corp., South Korea's second-largest carmaker, saw its sales of the Sportage SUV around the globe hit a record high last month thanks to strong demand for its latest model, industry data showed Tuesday.According to the data, Kia Motors sold a total of 50,208 units of the Sportage in overseas markets in May, the largest-ever figure on a monthly basis since its global debut in 1993.Of them, the sales of its latest fourth-generation Sportage stood at around 42,380 units. The all-new Sport
June 7, 2016
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Lotte chairman in quandary over sister’s fate
Lotte Group chairman Shin Dong-bin’s pledge to separate his family’s ownership from its influence on the group’s management was put to the test Monday amid escalating controversy over his elder sister’s involvement in a lobbying scandal.With calls mounting to fire Shin Young-ja, a former executive and a sitting boardroom member of Hotel Lotte, the chairman appears to be contemplating whether to kick his sister out or to keep her by his side.(Yonhap)Shin Young-ja, the eldest daughter of Lotte fou
June 6, 2016
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Audi presents cars offering driving pleasure
Performance cars are among the highlighted themes that luxury German carmakers, including BMW, Mercedes-Benz and Audi, have been promoting at the 2016 Busan Motor Show, which kicked off June 2 in Busan.Audi unveiled the “new Audi R8 V10 plus” and “new Audi A6 all-road Quattro” for the first time in Korea, both of which are revamped performance-driven models offering driving pleasure. A driving shot of the new Audi R8 V10 plusThe new Audi R8 V10 plus, the higher trim option of Audi’s two-seater s
June 5, 2016
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GM, Hyundai look to affordable fun-to-drive car market
Mass market auto brands like Chevrolet of General Motors and Hyundai of Hyundai Motor are paying keen attention to growing demand for performance cars that are designed for speed and have affordable prices in Korea as part of their new market development efforts. Luxury foreign brands such as BMW and Mercedes-Benz as well as super car brands including Porsche and Lamborghini have dominated the performance car market for years.2016 Chevrolet Camaro of General Motors“The performance car market is
June 5, 2016
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Hyundai Motor partners with French gas supplier for fuel-cell EVs
Hyundai Motor sealed an agreement with France’s leading industrial gas supplier Air Liquide on Saturday to boost cooperation in the development of hydrogen fuel-cell electric vehicles, the Korean automotive giant said. The two companies signed a memorandum of understanding in Grenoble, a city in southeastern France, agreeing to spread the use of hydrogen fuel-cell EVs and to build more hydrogen charging infrastructure around the world.South Korean President Park Geun-hye (center) fuels hydrogen
June 5, 2016
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Green cars, SUVs sweep 2016 Busan Motor Show
BUSAN – Environmentally friendly cars, including hybrid, plug-in hybrid and pure electric vehicles, were one of the most common themes that domestic and foreign automakers promoted at the 2016 Busan International Motor Show, which on Friday opened to the public at BEXCO in Busan for a 10-day run until June 12. This direction was expected as regulatory authorities are trying to reduce benefits offered to diesel car owners to cut emissions and improve air quality. Visitors and the press look at t
June 3, 2016