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...

A war of words between the nation’s financial watchdog and Samsung BioLogics intensified Thursday over the legitimacy of authorities disclosing the biotech company’s alleged accounting fraud, further raising already heightened market fears. The Financial Supervisory Service found itself cornered, with officials at the upper echelon turning a cold shoulder, saying that its decision to reveal the ...

The world of performance cars is moving toward electrification, and Mercedes-AMG, a high performance brand of German luxury carmaker Mercedes-Benz, hopes to take the lead. Tobias Moers, chairman of the board of management of Mercedes-AMG, said in a recent interview with The Korea Herald that the company has set a clear direction to head toward electrification ultimately. In the meantime, the com...

South Korean auto parts maker Hyundai Mobis has started to produce instrument clusters with digital displays with an aim to generate future growth, the company said Wednesday. Making inroads into the global market for digital instruments, the auto component unit of Hyundai Motor Group, will supply 7-inch digital displays for the electric version of the Kona, a compact sport utility vehicle this ...

An announcement by the nation’s financial regulator on Samsung BioLogics’ alleged breach of accounting rules before its market debut in 2016 last week has sent shockwaves across the market, not only dealing a serious blow to the South Korean biotech drug manufacturer, but also placing a heavy burden on the authorities to prove their claim. The Financial Supervisory Service said on May 1 that it ...

South Korean auto giant Hyundai Motor and its sister company Kia are expected to see a turnaround in their respective sales, with industry insiders raising their sales outlook for the second quarter. The two are expected to post nearly 10 percent on-year sales growth, moving closer to their annual goal of 7.55 million units this year, according to officials with knowledge of the matter. Hyundai...

The streets of Cheongdam-dong in southern Seoul shine in splendor at night with lights coming from boutiques of high fashion brands that invite passersby into their world of extravagance. Embodying a luxurious lifestyle, the district is flamboyant yet quiet all year round, with faceless mannequins dressed in glittering outfits enticing you to indulge. Formerly a small pier connecting Songpa and...

SEOGWIPO, Jeju Island -- From electrified ultra-mini cars to luxury plug-in hybrids, next-generation green vehicles gathered for a five-day expo designed to promote market growth as well as the global image of Jeju Island as a carbon-free island. The fifth annual International Electric Vehicle Expo kicked off Wednesday at Jeju Convention Center, with more than 150 carmakers and parts and battery...

SEOGWIPO, Jeju Island -- To foster larger growth of electric vehicles, new business models must be cultivated, such as by expanding the leasing market as an alternative to diminishing subsidies and tax benefits, experts gathered for an international forum on green cars pointed out. Tax reductions and incentives have driven the growth of electric vehicles around the world. But authorities phasing...

Businesses, experts and government representatives from around the world will gather on the nation’s southern resort island of Jeju this week to discuss the future of electric vehicles and seek global partnership for universal standardization. The fifth annual International Electric Vehicle Expo kicks off Wednesday through Sunday at Jeju Convention Center, presenting evolving technologies of gre...

While the world watched the historic inter-Korean summit on Friday, the business community in Seoul showed guarded optimism, serving as a reminder of lingering geopolitical challenges and sanctions, amid the envisioning of potential infrastructure projects across the border. The leaders of the two Koreas agreed, among other pledges, to resume the discontinued work of reviving a trans-Korea railw...

Amid market concerns of Hyundai Mobis’ share value declining over a corporate governance reform drive that plans to spin off its lucrative after-sales business, the auto parts maker said Thursday it will invest heavily into future mobility technology and seek mergers and acquisitions opportunities overseas. While setting its annual growth rate at 8 percent, the company said it will reach 44 tril...

Less than a month after Hyundai Motor Group received a letter of congratulations from Elliott Advisors on its corporate governance reform plan, another letter arrived at the South Korean carmaker on Monday evening, demanding plan B. Via its subsidy in Hong Kong, the US activist hedge funds said the nation’s second-largest conglomerate should merge Hyundai Motor and its parts making affiliate Hyu...

The controlling family of the nation’s largest air carrier found itself under heavy criticism Monday, amid the emergence of fresh allegations of misconduct and another search and seizure operation -- this time at its headquarters -- despite a public apology made by the father of the two troubled heiresses a day earlier. Customs investigators raided the head and branch offices of Korean Air in Se...