Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Honda’s new Accord brings investment, jobs to Ohio
CINCINNATI (AP) ― Honda’s new Accord sedan to be unveiled Monday at a central Ohio plant has led to more than $220 million in investments and more jobs in two of its other Ohio plants, with companies that supply Honda with products and services also getting a boost. Economic development officials in central Ohio, U.S., are hopeful the new Accord to be produced at Honda’s Marysville plant in Union County will lead to even more Honda investment in Ohio and bring more economic benefits to their are
Aug. 19, 2012
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GM chief seen planning global reorganization against ‘fiefdoms’
General Motors Co. chief executive officer Dan Akerson is planning a reorganization of the automaker that would move it away from long-entrenched regional authority toward a structure built on global functions, said two people familiar with the planning. Power would shift from regional chiefs to global leaders in areas such as marketing, purchasing and product development, said the people, who asked not to be identified because the matter is private. While details are still being determined, the
Aug. 19, 2012
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Cars and creativity
Automakers experiment with new ideas to enhance driver comfort and convenienceAs auto technologies continually evolve, auto companies are now competing not just for speed and fuel efficiency but also for enhanced driving emotions. Kia Motors’ luxury sedan K9 was developed to vie directly with European premium brands BMW and Mercedes-Benz as well as its sister company Hyundai Motor’s Genesis and Equus. The upscale model of the carmaker’s flagship K series, which was released in May, offers rear-w
Aug. 19, 2012
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BMW, Hyundai top in H1 operating margin
BMW AG and Hyundai Motor Co. outperformed other domestic and foreign auto companies in terms of operating margin in the first half of 2012, an auto research institute reported on Wednesday. According to the study conducted by the private Korea Automotive Research Institute, or KARI, German automaker BMW and Korean automaker Hyundai Motor vied closely with operating margins of 11.6 percent and 11.4 percent, respectively.Kia Motors Corp., the nation’s second-largest carmaker, won third place with
Aug. 15, 2012
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Korean car exports fall 10.4% in July
Korea’s car exports fell 10.4 percent in July from a year ago due to contracted demand in Europe stemming from the region’s debt crisis, a government report showed Wednesday.Overseas vehicle shipments reached 238,824 units last month, compared with 266,627 vehicles exported a year ago, according to the report by the Ministry of Knowledge Economy.The ministry said that sluggish exports to the debt-ridden European region led the decline, with shipments to Europe falling for six months in a row.Shi
Aug. 15, 2012
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BMW in China explains Europe’s best new bonds
Bayerische Motoren Werke AG’s China growth is being rewarded by investors who have pushed down relative yields on bonds sold in January by the biggest luxury carmaker more than any other new issue in Europe this year. The spread on BMW’s 1.25 billion euros ($1.5 billion) of notes due 2015 has narrowed 77 basis points since its Jan. 13 sale to 6 basis points, Bloomberg generic prices show. The 94 percent decline outpaced an 83 percent drop for the 500 million euros of 2017 notes issued the same m
Aug. 12, 2012
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Sales of small cars stay strong in slowdown
Local carmakers eager to ride the boom while import car brands remain cautiousThe nation’s economic slowdown is turning consumers toward small-sized cars, a trend likely to continue during the second half of this year, according to experts and government officials.Auto analysts said the 20-year-old small car market is growing bigger than ever, selling 124,450 compact and sub-compact cars in the first seven months of this year with a 15 percent growth on-year.They said the market has a high chanc
Aug. 12, 2012
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Toyota raises sales plan as quarterly profit zooms
TOKYO (AP) ― Toyota raised its sales target for this year to a record 9.76 million vehicles and reported a strong recovery in quarterly profit Friday, underlining its bounce back from a disaster plagued 2011.Toyota Motor Corp. said April-June profit zoomed to 290.3 billion yen ($3.7 billion) from 1.1 billion yen the year before. Its new sales target would represent a 23 percent increase from the 7.95 million vehicles sold in 2011, and is 180,000 vehicles more than Toyota’s last forecast in Febru
Aug. 5, 2012
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VW completes purchase of Porsche
Volkswagen AG finalized the purchase of the Porsche auto business, ending a seven-year saga that saw VW turn the tables on the maker of the 911 sports car.VW paid the Porsche SE holding company 4.49 billion euros ($5.52 billion) and one common share for a 50.1 percent stake in Porsche AG, assuming full ownership of the brand, the Wolfsburg, Germany-based company said Wednesday in a statement.“The path is now finally clear for a bright future together,” Martin Winterkorn, chief executive officer
Aug. 5, 2012
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Women driving import car market growth
Women seek foreign brand cars for style, performance, confidence boostAfter years of driving Korean cars, Chung Ji-eun, a 33-year-old businesswoman, recently purchased a Benz C-Class sedan for herself.“I used to enjoy shopping for European designers’ bags or shoes. But the satisfaction level with the Benz was the highest,” she said.“I like the luxury design and performance. But, above all, I feel more confident driving alongside the tough male drivers on the road.”The number of female drivers ha
Aug. 5, 2012
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Korean cars on roll in Africa, Middle East
Shipments of South Korean vehicles to Africa and the Middle East soared nearly 35 percent in the first half of this year, helping the regions emerge as the country’s biggest markets, industry data showed Tuesday.South Korea’s five carmakers led by Hyundai Motor Co. exported $1.28 billion worth of vehicles to African nations in the January-June period, up 34.4 percent from a year ago, according to data compiled by the Korea Automobile Manufacturers Association.The other companies are Kia Motors C
July 31, 2012
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Toyota aims to bounce back in Korea
Japanese carmaker pins hopes on hybrid vehiclesToyota Motor Corp. is outperforming General Motors in global sales again, bouncing back from a massive recall incident and natural disasters in its home country.The Japanese automaker said it sold 4.97 million vehicles globally in the first half of the year, while the sales of GM stood at 4.67 million units.While Toyota’s Korean unit is also set to wage uphill sales battles with German firms such as BMW, Mercedes-Benz and Audi, market insiders are w
July 31, 2012
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Capone‘s armored Cadillac up for sale
Al Capone‘s green and black Cadillac touring car was among the items on the block Saturday at a Michigan auction. Alan Squindo of RM Auctions told the Detroit News the car could go for as much as $500,000 at the sale in Plymouth, Mich. The event was not open to the public. Squindo said the car would be valuable even without its history. “This is a very special automobile, not withstanding its Capone history,” Squindo said. “It is a luxury car from a classic era as one of the first bulletproof ca
July 30, 2012
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Renault Samsung sees customer satisfaction as winning path
Renault Samsung Motors has gained popularity in the local market with its SM sedan series over the past decade.Of the automaker’s lineup, the mid-sized sedan SM5 and compact SM3 have long been among the top sellers in their respective segments.The mid-sized and compact sedan segments collectively account for about 50 percent of Korea’s passenger car market.Company executives say that the quality of its vehicles is the secret of its success, and a string of awards and consumer survey results back
July 29, 2012
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‘Responsive management lifts Hyundai-Kia sales’
Both of the nation’s two largest automakers ― Hyundai Motor Co. and Kia Motors Corp. ― posted record sales during the first half of this year despite the global economic slowdown. Their combined operating profit recorded over 7 trillion won ($6 billion).Behind these stunning performance, particularly abroad, there might be a speedy management of the companies pushed by the automotive group’s chairman Chung Mong-koo and his son Eui-son, experts said. Hyundai rushed to push fuel-efficient, small v
July 29, 2012
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VW calls for Marchionne to quit as head of auto group
Volkswagen AG threatened to leave the ACEA European automakers association in response to comments by Fiat SpA chief executive officer Sergio Marchionne, a measure of rising tensions in the industry as sales slump. According to a report in the New York Times published yesterday, Marchionne suggested VW’s pricing strategy was creating a “bloodbath.” The newspaper said that auto executives, including Marchionne, who is also ACEA’s president, accuse the German carmaker of exploiting the debt crisis
July 29, 2012
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Auto exports expected to log solid gains in H2
Korea’s auto exports are likely to post a solid increase in the second half of this year despite unfavorable overseas market conditions, industry officials said Thursday.Domestic demand is expected to remain weak for the rest of the year, but exports should continue to do well, carmakers, auto parts companies and local automobile industry associations said in a meeting hosted by the Ministry of Knowledge Economy.“Eurozone fiscal woes and a slowdown in growth in China and the United States have a
July 26, 2012
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Kia’s Soul expands small car market dominance in U.S.
The box-type compact Soul of Korea’s Kia Motors Corp. is strengthening its stranglehold in the U.S. market as its Japanese rivals are suffering sluggish sales, industry data showed Tuesday.Kia sold 63,635 units of the Soul in the first six months of the year in the U.S., with a market share of 82 percent in the segment, beating other boxes like the Nissan Cube and the Scion xB of Toyota, according to the data.During the same period, 10,206 units of the Scion xB were sold, while sales of the Cube
July 24, 2012
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Audi Korea chief Trevor Hill set to leave Korea
Trevor Hill, managing director of Audi Korea, has been a key figure in Korea’s import car industry for his contributions to growth in the Korean market. After five years in Korea, he plans to leave the country upon completing his tenure this year. News reports said that Hill will continue his career with Audi AG, moving to Dubai to serve as the local unit chief there. According to industry sources, Hill has played an instrumental role in the breakthrough sales success of the luxury automaker’s K
July 23, 2012
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No aid for Peugeot without concessions: French minister
PARIS ― France will not grant any public aid to Peugeot PSA without concessions from the carmaker, Industry Minister Arnaud Montebourg said on Wednesday, as the government prepared to unveil its strategy to shore up the ailing automobile sector.Montebourg criticized Peugeot for deciding to shutter a major production site near Paris, promising to summon the Peugeot family ― a majority stakeholder ― to explain why the carmaker has continued to pay dividends despite its difficulties.A public aid pa
July 22, 2012