Most Popular
-
1
Opposition-led Assembly unilaterally passes bill to probe Marine's death
-
2
Golden chance to liquidate babies’ gold rings?
-
3
Inflation eases in April, continues bumpy ride
-
4
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
5
Seoul to more than double military drones by 2026 to counter NK threats
-
6
Seoul alerts overseas missions to NK terror threats
-
7
Over 60% of S. Koreans support W100m childbirth incentive: survey
-
8
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
9
‘Inside Out 2’ adds four new emotions, explores teenage life
-
10
Questions raised over fair promotion of RM, NewJeans
-
Korean Air to submit self-rescue plan this month
Korean Air Lines Co., the country's top flag carrier, will draw up a 1.5 trillion won ($1.23 billion) self-rescue plan, including a 1 trillion won stock offering, this month in return for massive financial support from two state lenders, industry sources said Sunday. Last month, the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank) said they will inject 1.2 trillion won into the country's top airline to help the company weather the impact of the COVID-19 outbreak. T
May 3, 2020
-
Mercedes-Benz appoints new chief for Korea operations
Mercedes-Benz Korea Ltd. said Friday that Bjorn Hauber in charge of the German carmaker's Sweden and Denmark operations will replace the country's current chief in August. Mercedes-Benz Korea President and Chief Executive Dimitris Psillakis will complete his five-year tenure and begin his new position as head of sales and product management at Mercedes-Benz USA on Sept. 1, the company said in a statement. Hauber has contributed to the strategy development and sales increase of Mercedes-Benz
May 1, 2020
-
HDC’s Asiana Airlines takeover postponed
Midsized construction company HDC Hyundai Development Company said Wednesday that it has postponed the schedule to complete the acquisition of Asiana Airlines, as more time is needed for the conditions precedent to be met, including a delayed foreign regulator’s approval. HDC said in a regulatory filing that the acquisition date has been resettled from April 30 to “a date agreed by both parties.” A HDC official told The Korea Herald that the deal closing date can be af
April 29, 2020
-
[News Focus] Hyundai Motor banks on domestic market to minimize COVID-19 fallout
Hit by the unprecedented economic impact of the coronavirus epidemic, the country’s largest automaker, Hyundai Motor Group, is moving to focus on increasing domestic sales to recover from weakened exports. The strategy, also taken by other smaller automakers, is expected to further intensify the local market, according to industry sources. According to Hyundai Motor Group, it would reorganize the production schedule and supply of popular models. Hyundai Motor Group Executive Dire
April 29, 2020
-
[Monitor] Global automakers’ sales, profits decline
Sales and profits of global automakers declined over the economic impact of the COVID-19 crisis, market data showed Tuesday. With European countries like France having gone into lockdown in the first quarter, French automaker Renault Group recorded 19.2 percent fall in their sales from January to February, compared to the previous year. German automaker BMW also saw its sales dwindle by 20.6 percent, while other German carmakers Daimler Group and Volkswagen saw their operating profits plumme
April 29, 2020
-
Renault Samsung to suspend plant for 11 days on virus impact
Renault Samsung Motors, the South Korean unit of Renault S.A., said Monday it will suspend its sole plant for 11 days, as the coronavirus outbreak has affected production and sales. Renault Samsung will halt operations at its plant in Busan, 453 kilometers southeast of Seoul, from Thursday through May 8 "to give an extended holiday to its employees in the family month," a company spokesman said. The carmaker stopped the Busan plant for four days in February due to lack of parts fro
April 27, 2020
-
Mercedes-Benz Korea ups donation upon pandemic
In line with its expansion of social responsibility programs, Mercedes-Benz Korea said Monday it is saving a percentage of revenue from car sales from March to May with a goal of donating over 1 billion won ($811,000) to charitable causes. Mercedes-Benz Korea has been embarking on social activities to contribute to less privileged Koreans and to contribute to the country’s fight against the impact of the novel coronavirus, the automaker said. The local importer and distributor of the G
April 27, 2020
-
Infant LCCs left out from state support fear business collapse
The South Korean government has been spewing out financial support schemes for the struggling airline industry upon the novel coronavirus pandemic since February. But the measures exclude minor and infant-stage low-cost carriers that had acquired their operation licenses only last year, stoking concerns over their business outlook. It also rekindled criticisms that the Transport Ministry had hastily handed out licenses for the already-crowded LCC sector. Most recently last week, the governmen
April 27, 2020
-
Cargo trucks in Korea going green
The government is increasing efforts to make the logistics industry here greener. The Ministry of Environment said Friday it will be providing subsidies for 8,200 electric cargo trucks to reduce fine dust and carbon emissions. It has signed a memorandum of understanding with two automakers and five logistics firms -- Hyundai Motor and Kia Motors as well as CJ Logistics, Hanjin, Lotte Global Logistics, DHL Korea and Hyundai Glovis -- to put more environment-friendly electric cargo trucks on t
April 26, 2020
-
Jaguar’s XF upgrades product portfolio with 2020 edition
British carmaker Jaguar Land Rover’s premium sedan XF has come back with a 2020 checkered flag edition, upgrading the brand’s product portfolio. Jaguar’s 2020 XF checkered flag edition features the automaker’s unique exterior and interior elements, as well as the Ingenium engine which comes in both diesel and gasoline variants, the company said Sunday. The engine, which was manufactured with a high-tech aluminum-based material, delivers high fuel efficiency and up to 18
April 26, 2020
-
[Herald Interview] Driving luxury race car with everyday usability
South Korea has rapidly become an attractive market for luxury sports car brands in recent years. Driving the trend is Porsche, with market watchers attributing the German carmaker as having opened the gateway for car enthusiasts here with its diverse models that coalesced its high-end image into individuality. “We are still a young brand (here). Porsche Korea began business here only seven years ago, we are still fairly new and there’s a lot about the brand that we can show and t
April 26, 2020
-
[News Focus] Will militant labor union of Hyundai Motor change upon pandemic?
Change seems to be looming for Hyundai Motor’s labor union -- known for hard-line protests and strikes -- with their new pragmatic leader and as the global pandemic persists. Hyundai Motor’s wage negotiations, which are normally launched in late April or May at the latest, are expected to be delayed until July this year. “We are considering a plan to finalize the requests in mid-June and hold a meeting with the management in July. We have to watch the global pandemic trend
April 26, 2020
-
Jeju Air to conduct temperature check for all passengers
Low-cost carrier Jeju Air said Friday that it will conduct a temperature check for all passengers to prevent the spread of COVID-19. Following the extra-long weekend which begins from Buddha’s Birthday which falls on April 30 through Children’s Day on May 5, the air carrier said all passengers on flights departing to Jeju Island will undergo a temperature check. The government has estimated that some 180,000 people are expected to visit the resort island during the upcoming
April 26, 2020
-
Hyundai Mobis’ earnings slump in Q1
Hyundai Mobis said Friday that it has logged an operating profit of 360.9 billion won ($291 million) in the first quarter, down 26.9 percent on-year. Hyundai Motor Group’s auto parts making unit cited market contraction over impact of COVID-19 as a reason. According to the company, its first-quarter sales came at 8.4 trillion won, down 3.6 percent on-year, while its total net profit recorded 348.8 billion won, which fell by 28.2 percent on-year. Hyundai Mobis said its main
April 24, 2020
-
Kia Motors’ Q1 net profit halves despite increased sales
Kia Motors said Friday that its net profit in the first quarter this year has halved, while further losses are expected in the second quarter over the economic impact of COVID-19 pandemic. The automaker’s disclosure showed that its sales from January to March came at 14.5 trillion won ($11 billion), up by 17.1 percent on-year. Its operating profit fell 25.2 percent to 444.5 billion won, while net profit plummeted by 59 percent to 266 billion won. The huge profit drop can be
April 24, 2020
-
Renault Samsung XM3 tops 10,000 units sales milestone
Renault Samsung Motors said Friday that its sport utility vehicle XM3 has recorded accumulated sales of 10,000 units in 49 days, the shortest period since the new model was launched on March 9. A total of 5,581 units were picked up in the month, while from April 1-13, a total of 4,419 units were sold. The company said prior to XM3, its midsized sedan SM6 broke the record of selling over 10,000 units in the shortest period of time after launch in 61 days. During the preorder perio
April 24, 2020
-
Kia to suspend 4 domestic plants on virus impact
Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Thursday it will temporarily suspend four of its nine domestic plants due to the coronavirus impact. Kia plans to halt operations at its two Sohari plants in Gwangmyeong, just south of Seoul, from April 27 to May 8 and again from May 22-25 to keep inventories at manageable levels, a company spokesman said by phone. In addition, two plants in Gwangju, 330 kilometers south of the capital, will also be shut down: No. 2 plant
April 24, 2020
-
Hyundai Motor launches ‘quieter, stronger’ 2020 Sonata
Hyundai Motor Group’s steady-selling sedan the Sonata has been upgraded with “quieter, stronger” features for 2020, the automaker said Thursday. The company said it has applied thicker fixed glass to the front row and windshield molding that surrounds the vehicle, for a quieter driving experience. On the gasoline 2.0 model, the company additionally applied double-glaze glass to minimize road noise in the car. Also, Hyundai Motor said it has changed the gearshift patter
April 23, 2020
-
Hyundai starts to sweat from pandemic woes
Hyundai Motor Group posted a mixed earnings report Thursday, with a rise in operating profit overshadowed by the effects of the novel coronavirus. The carmaker said its first-quarter sales amounted to 25.3 trillion won ($20.5 billion) and operating profit 863.8 billion won, having respectively risen by 5.6 percent and 4.7 percent on-year amid product improvement and the weak Korean won. But currency factors also weighed on the auto giant’s net profit, which plunged 42.1 perc
April 23, 2020
-
Antitrust watchdog approves Jeju Air-Eastar Jet merger
South Korea’s antitrust watchdog has approved low-cost airline Jeju Air’s takeover of the management of struggling Eastar Jet, officials said Thursday. Early last month, Jeju Air signed a deal with Eastar Holdings, the largest shareholder of Eastar Jet, to acquire the airline for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. “The Fair Trade Commission conducted the review as promptly as possible, considering the circu
April 23, 2020