Articles by Ahn Sung-mi
Ahn Sung-mi
sahn@heraldcorp.com-
Hankook Tire to supply for Ford C-Max Energi
[THE INVESTOR] Hankook Tire, South Korea’s largest tire maker, will supply Original Equipment tires for Ford’s C-Max Energi plug-in hybrid, the company said on Sept. 6. Hankook Tire will install its Enfren Eco model for C-Max Energi OE tires -- which refers to tire equipped on a new vehicle when they come from the factory. Enfren Eco, which received high energy efficiency rating, is an eco-friendly tire that minimizes energy loss while maximizing performance to deliver high fuel efficiency, the
Sept. 6, 2016
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Nexen Tire to supply for Porsche
[THE INVESTOR] Nexen Tire, South Korea’s third largest tire maker, will supply Original Equipment tires for German supercar maker Porsche’s Cayenne SUV, the company said on Sept. 5. It is Nexen Tire’s first supply deal with Porsche. Nexen Tire would be installing its N’Fera RU5 model for Caynne OE tires -- which refers to tires equipped on a new vehicle when they come from the factory. N’Fera RU5 boasts improved cornering stability, providing ride comfort fitted for sports cars, the company said
Sept. 5, 2016
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Court receivership continues to rise in South Korea
[THE INVESTOR] Local companies that have filed for bankruptcy court protection has reached the highest number as of July this year, and the number is likely to rise even further, South Korea’s highest court said on Sept. 5. According to the Supreme Court of Korea, a total of 562 companies have filed for court receivership this year as of end of July, in comparison to 540 companies in the same period last year. On average, 80 companies have sought for court protection each month. As of July, som
Sept. 5, 2016
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8 out of 10 listed firms have poor corporate governance
[THE INVESTOR] About eight out of 10 listed firms in South Korea were found to have poor corporate governance, industry data showed on Sept. 2. Every year, the Korea Corporate Governance Service, an institution formed by the Korea Exchange and a KOSDAQ-listed companies’ association, reviews corporate governance practice of listed companies. According to the institution, 77.2 percent of 712 companies were given “B”, the third lowest on its seven-level rating scale. The rating, which indicates “we
Sept. 2, 2016
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Hanjin Shipping downgraded to ‘default’
[THE INVESTOR] Korea Investors Service, one of the big three rating agencies here, slashed its ratings for Hanjin Shipping to “default” on Sept. 2, immediately after the shipper entered court receivership. The cut took South Korea’s largest shipper from “C”, indicating “default imminent”, to “D” for “default”.“Seoul Central District Court’s approval of Hanjin Shipping’s receivership is reflected in the decision,” said Kim Yong-geon, an official at KIS. Earlier, two other agencies Korea Ratings a
Sept. 2, 2016
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Samra Midas Group eyes shipping industry
[THE INVESTOR] Samra Midas Group, a South Korean construction firm that has grown through aggressive mergers and acquisitions, is eyeing expansion into the shipping industry. SM Group in 2013 acquired Korea Line, once the nation’s fourth-largest shipping company that was on the verge of bankruptcy. With the purchase, it continued to expand into the shipping industry, amid the industry’s grim outlook. Korea Line announced on Aug. 26 that it has acquired 5.01 million shares of Samsun Logix -- a mi
Sept. 2, 2016
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Incheon Port Authority CEO tapped to lead Hyundai Marine
[THE INVESTOR] Creditors of Hyundai Merchant Marine have tapped Incheon Port Authority CEO Yoo Chang-keun to head the debt-ridden shipper that is under a creditor-led restructuring program.The nomination committee, comprising executives from the Korea Development Bank –- the shipper’s largest shareholder -- and other creditors, picked Yoo out of three candidates on Sept. 2. Yoo’s nomination will be finalized at the shareholders meeting on Sept. 20 after a meeting of the board of directors on Sep
Sept. 2, 2016
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Hyundai to deploy 13 ships to cover Hanjin Shipping routes
[THE INVESTOR] Hyundai Merchant Marine, the country’s second largest container carrier, plans to deploy 13 ships on the route to the American and European continents to cover for Hanjin Shipping, Korea’s largest shipper that filed for court receivership, South Korea’s top financier regulator said on Sept. 1. “We will consider ways for the creditors to inject more funds into HMM if needed,” said Yim Jong-yong, chairman of Financial Services Commission, at a meeting with representatives from state
Sept. 1, 2016
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South Korea clears way for Tesla’s entry
[THE INVESTOR] Tesla Motors, the US electric carmaker, received permission from the South Korean government to provide location-based services here, speeding up its entry into the Korean market. Korea Communications Commission, the state telecom and media regulator, approved Tesla Korea as a location-based service provider on Sept. 1, along with six other local companies, including Kyongnam Bank and CJ Olive Networks. Tesla Model 3Under Korean law, companies providing location-based services su
Sept. 1, 2016
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Korean banks suffer losses in Q2 on bad shipping loans
[THE INVESTOR] South Korean banks suffered huge losses in the second quarter, largely due to financing the ailing shipping and shipbuilding industries. The combined net loss of 17 commercial and state-run banks stood at 400 billion won (US$356.69 million) from April-June period, compared to a net profit of 2.2 trillion won in the same period last year, according to data released by Financial Supervisory Service on Sept. 1. The commercial banks reported net profit of 1.6 trillion won in the cited
Sept. 1, 2016
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Netmarble’s ‘Final Shot’ debuts in 154 nations
[THE INVESTOR] Netmarble, South Korea’s No.1 mobile game developer, on Sept.1 announced the global launch of “Final Shot” on iOS and Android. The first-person shooter game, available in 154 countries, features various game modes where users can play alone, in a clan or in five-on-five matches, all in real-time. The latest game targets global action game fans, and comes with fast-paced service, high quality graphics, as well as various missions and reward systems for more challenge. Netmarble’s
Sept. 1, 2016
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Prosecutors summon Lotte founder's elder son Shin Dong-joo
[THE INVESTOR] Prosecutors on Sept. 1 summoned Shin Dong-joo, former vice chairman of Lotte Holdings in Japan, for questioning as a suspect in the ongoing probe into Lotte Group’s irregularities that include massive slush fund creation and embezzlement. Dong-joo, the eldest son of Lotte Group founder Shin Kyuk-ho, appeared at the Seoul Central Prosecutors’ Office at 9:50 a.m., without answering reporters’ questions on his charges.Former vice chairman of Lotte Holding attends prosecutor's office
Sept. 1, 2016
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[HANJIN CRISIS] Hanjin Shipping files for court receivership
[THE INVESTOR] Debt-ridden Hanjin Shipping on Aug. 31 filed for a court-led restructuring scheme, after its creditors decided to halt their financial support to the shipper. Seoul Central District Court said it has received the application for court receivership from South Korea’s No.1 container carrier and the world’s seventh largest by capacity. According to the official with the court, it will soon call in Hanjin Shipping’s executives to discuss the process of receivership, given the seriousn
Aug. 31, 2016
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Renault Samsung expects QM6 to drive sales
[THE INVESTOR] Renault Samsung Motors, the local unit of French automaker Renault, unveiled its new sport utility vehicle QM6 on Aug. 31 saying it expects to see a boost in sales this year. “Last year, we barely exceed 8,000 units in sales,” Park Dong-hoon, CEO of Renault Samsung, told the media at the QM6 unveiling event in Seoul. “This year we expect to reach 110,000 units. For QM6, we will sell at least 5,000 units each month,” he said. Renault Samsung Motors’ QM6The QM6 SUV, a new version o
Aug. 31, 2016
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[HANJIN CRISIS] Hanjin Shipping fallout stirs fear of W1tr loss to taxpayers
[THE INVESTOR] More than 1 trillion won (US$896.82 billion) of South Korean taxpayer’s money is expected to be lost as a result of Hanjin Shipping entering court receivership, local news reported on Aug. 31. According to creditors, state-run Korea Development Bank -- the largest lender of Hanjin Shipping -- will incur a loss of 660 billion won, while Korea Credit Guarantee Fund will lose 430 billion won. Once Hanjin Shipping’s receivership is approved by the court, the authorities will freeze a
Aug. 31, 2016
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