[ The INVESTOR ] The Ministry of Environment said it will revoke certification of Audi and Volkswagen cars that cheated on emission tests on Aug. 2, which would ultimately lead to a sales ban. The Korean unit could also face a hefty penalty of up to 320 billion won (US$281.46 million), the authorities said. According to the ministry, the German automaker was able to manipulate the test docume...

[ THE INVESTOR ] A tripartite committee struck a deal over the weekend to raise next year’s minimum wage to 6,470 won ($5.70) per hour, but the decision failed to satisfy the key parties represented, with businesses and laborers each claiming the agreement was disappointing. On Saturday, the committee of representatives of labor unions, business groups and the government agreed to raise the...

[ THE INVESTOR ] POSCO Daewoo is set to supply 30 megawatts of solar modules to U.S. solar energy generators including Osgood Solar, the company said Sunday. The trading arm of POSCO Group said it had signed supply deals worth 20 billion won ($17 million) with the U.S. firms at the latest solar energy exhibition Inter Solar North America in San Francisco. Through the deals, the loca...

[ THE INVESTOR ] From outside, the building seems nondescript. It sprawls wide and low amid the serene natural scenery of Buyeo in South Chungcheong Province, looking like a government building or perhaps a school. But once inside, the rumbling hum of machinery, bright clean rooms and head-to-toe white paper gowns make it clear that this is a factory where something precious is created. And in...

[ THE INVESTOR ] Travelers trying to get from Incheon International Airport to Seoul can do so with ease by using the Airport Express railway system, which can take them directly to Seoul Station. According to data from the Korea Tourism Organization, 98 percent of tourists from English-speaking countries find their way from the airport to Seoul by themselves. Although there are several wa...

[ THE INVESTOR ] The Korea International Trade Association plans to establish a new venue for global events and exhibitions in Seoul and foster 500,000 small, promising companies by 2030, the umbrella economic organization said Sunday. “We will push for setting up a global-level complex for MICE -- meetings, incentives, conferencing, exhibitions -- in Jamsil, Seoul,” said Kim In-ho, a chair...

[ THE INVESTOR ] Chemical and battery firm LG Chem is slated to supply its batteries to the U.S. National Aeronautics and Space Administration in the second half of this year, according to the company on July 17. The local battery maker recently signed a supply deal with NASA to provide its lithium ion batteries for the agency’s space suits used for space exploration. “The batteries w...

[ THE INVESTOR ] The SUV fad in South Korea is not over yet. Fueled by the popularity of outdoor activities -- mainly camping -- sales of such vehicles have grown steadily over the years. However, there have been limited local choices, which often leads to consumers going for high-end foreign vehicles offered at high prices. South Korea’s fourth-largest carmaker Ssangyong Motor , rece...

[ THE INVESTOR ] Amid the growing popularity of hybrid cars among environmentally conscious drivers, Hyundai Motor has gone one step further with the pure electric car Ioniq Electric for those who want a more eco friendly option. The nation’s largest automaker invited the press on Thursday to get behind the wheel, following a driving course based on the concept that an EV driver in Seoul tra...

[ THE INVESTOR ] Come Aug. 5, Hyundai Merchant Marine will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank. The soon-to-be owner is bent on installing a new leadership at the shipping line and is open to hiring a foreigner as its chief executive, according to sources at the state-run lender. “A CEO-recommen...

[ THE INVESTOR ] South Koreans’ direct trading of foreign shares dropped significantly in the first half of the year as a result of a decline in investment in the Chinese market, data showed on July 17. During the January-June period, the total transaction volume of foreign shares by South Koreans came to US$ 6.23 billion, down by 15.96 percent from US$ 7.41 billion recorded a year earlier, ac...

[ THE INVESTOR ] In the pre-cloud era, access to a company’s data was quite a laborious task. A chief executive might have had to send emails back and forth just to acquire necessary data such as those related to sales. Now emerging cloud services allow easy access to analytic data, even on the go. By simply using a mobile app, a company chief is able to get information that span a broa...

[ THE INVESTOR ] Samsung Heavy Industries , a debt-ridden South Korean shipyard, has nearly secured a 3 trillion won (US$ 2.63 billion) deal to build a floating liquefied natural gas facility abroad, local news reported on July 17. The shipbuilder, a unit of Samsung Group, is leading a consortium made up of French oil services company Technip and Japan’s JGC in the project, valued at a total...

[THE INVESTOR] Car dealers are pushing to sell Volkswagen vehicles at reduced prices as the carmaker is likely to be banned from selling in South Korea for the cheating emission scandal. Online VW dealers have significantly reduced the price of its best-selling models such as SUV Tiguan. The price of Tiguan has decreased by 7 million won from 45 million won (US$ 39,432) to 38 million won in Ju...