Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Volkswagen Korea receives sales ban notice
[THE INVESTOR] Volkswagen Korea has received an official order from the Ministry of Environment to stop sales and cancel the registration of its vehicles that cheated on emission tests, the company said on July 12. “We received the notice,” Lee Soo-jin, a spokesperson of Audi Volkswagen Korea told The Investor. “But in order (for the ministry) to go ahead with revoking the registration, there will be a hearing session for us to explain. We will come up with an action plan after the hearing.”The
July 12, 2016
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Hyundai Motor union readies for strike
[THE INVESTOR] Hyundai Motor’s labor union on July 11 announced that an industrial dispute has occurred, setting the stage for strikes in this year’s labor-management negotiations. Under local laws, a union can legally take industrial action after a 10-day review by the state labor committee. Any industrial action also needs the approval of union members. The carmaker’s union, which applied for labor committee’s review on July 5, plans to put the strike plans to a vote on July 13. If approved by
July 11, 2016
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Hyundai Motor union leaders hold meeting amid looming strike
Hundreds of unionized workers at Hyundai Motor Co. held a meeting on Monday to decide whether to go on a strike, union officials said.No details of the meeting that drew about 500 senior union officials in Ulsan were immediately available. Ulsan is home to Hyundai's main assembly plants, located some 410 kilometers southeast of Seoul.The meeting came six days after the union of the largest South Korean carmaker suggested that the unionized workers could stage a strike, citing the collapse of neg
July 11, 2016
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Mercedes-Benz’s S-Class posts monthly record sales
Mercedes-Benz’ flagship sedan S-Class posted record monthly sales in the Korean auto market, according to industry data on Monday. Mercedes-Benz reportedly sold more than 1,300 units -- which include 84 units of Mercedes-Maybach S-Class -- in June. This is the highest monthly figure since January, 2015 when the automaker sold around 1,000 units. The sales figure is compared to other German brands including BMW’s flagship sedan 7 series, which stopped short of selling 230 units and Audi‘s A8, whi
July 11, 2016
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Foreign investors’ buying spree boosts Mando’s share price
[THE INVESETOR] The stake held by foreign investors in Mando, the automotive parts maker of Halla Group, has nearly doubled over the past months. As of July 11, foreign investors own 31.3 percent stake in the company, compared with 17.94 percent in March. During the same period, its share price also soared from 142,000 won (US$123) to 230,500 won. Analysts say the company has made big investments in recent years and investors are now showing keen interest in its business. Among other things, the
July 11, 2016
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Hyundai Motor tops employee satisfaction survey
[THE INVESTOR] Hyundai Motor Group has been recognized for its highest employee satisfaction among the top 10 biggest conglomerates in Korea, according to an online career platform on July 10. Due to the prolonged economic slowdown, overall employee satisfaction was slightly down this year compared to a year ago, Job Planet said. According to the survey conducted on former and current employees of the nation’s top 10 conglomerates, Hyundai topped the list, with its four affiliates, including Hyu
July 11, 2016
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Up to 60% of Volkswagen cars to be kicked out of Korea
[THE INVESTOR] South Korean authorities announced July 11 that they will cancel the registration and suspend sales of all Volkswagen vehicles here that cheated on emission tests.The amount is expected to reach up to 60 percent of the total 250,000 units of VW cars that were sold in South Korea since 2007. Due to the staggering number, some industry watchers say the move may be designed to eventually kick the brand out of the market for good. The Ministry of Environment said the Seoul Central Di
July 11, 2016
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Korea to ban sales, nullify certifications of Volkswagen vehicles
South Korea's government on Monday said it will ban sales and revoke certifications of dozens of Volkswagen models that are suspected to have passed the local authentication process with doctored reports. The Ministry of Environment said it has received an official request for cooperation from the Seoul Central District Prosecutors' Office with a list of over 70 models of the German carmaker that are suspected of obtaining approval from the local authorities with faked reports on noise level, fu
July 11, 2016
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Renault Samsung's sales in H1 up 25.9%
Renault Samsung Motors Co., the local unit of French automaker Renault S.A., has boosted its sales in the first six months of this year by taking advantage of a consumption tax cut program.Renault Samsung said it sold a cumulative 46,916 units at home during the January-June period, up 25.9 percent from a year earlier.It marked the highest rate of sales growth among carmakers in South Korea.GM Korea Co., the local unit of U.S. carmaker General Motors Co., said its cumulative sales at home during
July 11, 2016
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Mercedes-Benz S-Class monthly sales top record in June
[THE INVESTOR] June sales of the Mercedes-Benz S-Class in Korea set a new monthly record, industry data showed on July 11. According to industry data, the sales of S-Class vehicles -- including 84 units of Mercedes-Maybach S-Class vehicles -- came in at 1,332 units in June. The previous monthly sale record for the model was 1,242 units set in January 2015. Sales in June is thought to have been boosted further by the resumption of S350d sales. Mercedes-Benz Korea had halted S350d sales after it c
July 11, 2016
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Hyundai Mobis’ Chrysler module supply to reach 4 million by year-end
[THE INVESTOR] The number of Hyundai Mobis ’ modules supplied to Chrysler is set to reach 4 million by the end of the year, industry data showed on July 11. According to the Hyundai Motor Group auto parts maker, more than 3.6 million modules have been produced at its two US plants and supplied to Chrysler since 2006. Hyundai MobisHyundai Mobis’ plant in Ohio produces complete chassis module for the Jeep Wrangler, and the plant in Michigan produces front and rear chassis modules for the Jeep Gran
July 11, 2016
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Han Sung Motor expects double-digit growth this year
Han Sung Motor, Mercedes-Benz’s largest dealer in Korea, expects double-digit sales growth this year, the company’s chief said Friday at its annual motor show in Seoul. “The company’s sales figure in the first half rose around 10 percent year-on-year. The second half is expected to post better performance (than the first half) thanks to the launch of new E-Class,” said Han Sung Motor CEO Ulf Ausprung at its motor show held at the Sevit floating island on the Hangang River, which kicked off on Fr
July 10, 2016
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Korea's car exports down 13% in H1
Korea's exports of automobiles plunged more than 13 percent in the first six months of the year on the back of falling demand from new emerging markets, government data showed Sunday.Korean carmakers shipped 1.33 million units of vehicles abroad over the January-June period, down 13.3 percent from a year earlier, according to the data by the Ministry of Trade, Industry and Energy. The government said the decrease followed the sluggish growth in new emerging markets, such as the Middle East, and
July 10, 2016
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Arrest warrants sought for 3 GM Korea employees over corrupt hiring
[THE INVESTOR] The prosecution investigating irregularities in GM Korea’s hiring process in 2015 and 2016 filed for arrest warrants on three GM Korea employees.According to the Incheon District Prosecutors’ Office, three GM Korea employees including a former union official have been taken into custody, and that applications for arrest warrants on all three have been submitted on charges of violating the Labor Standards Act.It has been alleged that three GM Korea employees received as much as 100
July 8, 2016
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S. Korean auto parts makers must reduce dependence on local group: report
[THE INVESTOR] South Korean auto parts makers need to reduce their dependence on local carmakers in order to advance on the international stage, an industry report said on July 8.“Korean auto parts makers have a high dependence on local automotive groups, therefore (they) need to make an effort to grow in the global market,” Korea Automobile Manufacturers Association said in its latest report. South Korean auto parts maker Hyundai Mobis“In order to become global parts makers, (Korean companies)
July 8, 2016
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Hyundai Motor establishes guidelines for ‘smart leader’
[THE INVESTOR] Hyundai Motor Group announced new leadership measures to push employees to shape the corporate culture that drives innovation, the company said on July 7. Hyundai Motor’s 300 managers and high-level officials gathered at the company’s headquarters in Yangjae-dong, southern Seoul, on July 6 to participate in the seminar titled “Hyundai Motor Work Smart Leadership Seminar.” At the seminar, the company introduced 10 guidelines to become a “smart leader” in the workplace. “Lead the or
July 7, 2016
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Gov’t eyes annual 200,000 EV exports by 2020
[THE INVESTOR] The government will roll out measures to help local carmakers’ electric vehicle exports to hit 200,000 units in 2020, and raise domestic sales to 80,000 units by the same year, plans revealed on July 7 show. According to the plans, the government will raise EV subsidy to 14 million won in order to boost sales. The government will launch a project for developing EV batteries that will raise the driving range to over 400 kilometers during the second half of the year. Hyundai Motor E
July 7, 2016
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Prosecutors to summon former chief of Volkswagen Korea again
Prosecutors said Wednesday they will summon a former managing director of the local branch of Volkswagen for a second time later this week over the German carmaker‘s alleged irregularities that came to light following last year’s emissions scandal. The Seoul Central District Prosecutors‘ Office said it will summon Park Dong-hoon on Friday for questioning over his alleged involvement in the cover-up of problems found in vehicles sold in the country. The 63-year-old was first summoned Tuesday as
July 6, 2016
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FIRST OWNER OF IONIQ ELECTRIC
The first Korean consumer (center) of Hyundai Motor’s electric vehicle Ioniq Electric poses with the company’s domestic sales chief Chang Jae-hoon (left) on Wednesday at the company’s office in Gangnam-gu, Seoul. The all-electric model, which is able to drive up to 191 kilometers on a single charge, hit the market in June. (Hyundai Motor)
July 6, 2016
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[Decoded] Hyundai Motor challenged at home
Hyundai Motor is facing increasing challenges on home ground, with Korean consumers looking at other options and rivals intensifying competition. The market share of the nation’s largest automaker reached 80 percent in the early 2000s after acquiring Kia in 1999. However, its market share dropped to 68 percent last year, with the figure for Hyundai falling below 40 percent for the first time. Source: Hyundai Motor“Hyundai’s market share here will further go down -- albeit slowly. It is difficul
July 6, 2016