[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 broad range of queries such as how many new employees are currently needed and analysis on the anticipated financial

July 17, 2016

[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 of US$ 5.4 billion. This construction has been ordered by the Italian hydrocarbon company ENI. “It’s safe to

July 17, 2016

[THE INVESTOR] Hanjin Shipping has yet to clinch a deal for cutting charter fees as part of its debt restructuring plan, the company said on July 15. “At the moment, we haven’t reached an agreement,” the company said in a statement, adding it is still negotiating with 22 foreign ship owners. The remark comes after a local media report on July 14 that Hanjin Shipping has almost reached a deal for cutting its leasing rate by 27-28 percent from the current 2.6 trillion won (US$ 2.29 billion). If th

Industry July 15, 2016

[THE INVESTOR] US beef imports increased significantly as South Koreans turned away from their expensive local beef hanwoo, industry data showed on July 14. US beef imports increased by 25.7 percent from January to May this year from the same period last year, to reach 61,062 tons, according to a report by the National Agriculture Cooperative Federation, better known as NongHyup. South Korea became the third largest beef importer in the world during the period, after Japan and Mexico. 123rfIn Ma

Industry July 15, 2016

[THE INVESTOR] Volkswagen Korea said it does not intend to abandon the Korean market amid growing speculation that the automaker could be forced out over the emission scandal. “I apologize for causing trouble for our partner dealers and customers,” Tomas Kuel, CEO of VW Korea said in a letter sent out to the dealers on July 14. “Although we are in a difficult situation, we will keep a strong foothold in the Korean market and pursue future plans.”He stressed that the Korean market is very importa

Mobility July 15, 2016

[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 July. Sellers are offering more than 10 million won reduction, or 15 percent discount from the original pr

July 15, 2016

[THE INVESTOR] Prosecutors have requested the former chief of Audi Korea Trevor Hill and executives of Volkswagen headquarters in Germany to be present for questioning on their involvement in the widening probe into the German carmaker’s cheating emission scandal. Seoul Central District Prosecutors’ Office on July 14 said it has sent a request to the seven executives, including Hill, through the lawyer of Audi Volkswagen Korea on July 11. Trevor Hill, former chief of Audi Korea / The Investor“We

Mobility July 14, 2016

[THE INVESTOR] South Korean biopharmaceutical company Celltrion has increased its market presence in Europe with biosimilar Remsima, the company said on July 14. Celltrion’s Remsima -- biosimilar replication of the world’s third best-selling rheumatoid arthritis treatment drug Remicade, or Infliximab -- has captured a 30 percent share of the overall Infliximab market in Europe, according to IMS Health, a market data provider. Celltrion's biosimilar RemsimaThe latecomer Remsima began selling in E

Industry July 14, 2016

[THE INVESTOR] Audi Volkswagen Korea is likely to be slapped with a heavy penalty of up to 320 billion won (US$279.51 million) for submitting false documents with intentions to cheat on the government’s emissions tests. The Ministry of Environment will hold a hearing for its final decision on the punitive measure on July 22. Of the 32 Audi and Volkswagen models subject to the penalty, 27 models are currently on sale. Following the decision, the Korean unit could face sales ban on its top-selling

Industry July 14, 2016

[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13. The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. The move came after the government and creditors, led by state-run

Industry July 13, 2016

[THE INVESTOR] South Korean prosecutors will soon summon Johannes Thammer, the CEO of Audi Volkswagen Korea, to question him over his involvement in the widening probe into the German carmaker’s cheating emission scandal. Seoul’s Central District Prosecutor’s Office on July 13 said Tamer is suspected of colluding with a VW executive, identified only by his surname Yoon, to manipulate software of the gasoline model Golf 1.4 TSI to meet the emission and noise level standards. Audi Volkswagen Korea

Mobility July 13, 2016

[THE INVESTOR] South Korea’s Ministry of Land, Infrastructure and Transport on July 13 ordered the of recall Mercedes-Benz’s heavy-duty trucks Arocs and Actros after detecting a problem in the exhaust pipe system. Daimler Trucks Korea, which sells Mercedes-Benz trucks here, will recall 157 units of Arocs manufactured from Aug. 26, 2014, to April 4, 2016, and 443 units of Actros, from July 30, 2014, to April 8, 2016. A component in the exhaust pipe was discovered to be faulty, which can potential

Mobility July 13, 2016

[THE INVESTOR] Japanese motorcycle manufacturer Yamaha is carrying out a recall for over 900 motorcycles in Korea to rectify a clutch malfunction. The recalled motorcycles are 761 units of YZF-R3 RH07 manufactured Dec. 6, 2015, to April 4, 2016, and 161 units of MT-03 RH07, from March 16 to April 4 in 2016. The motorcycles have been identified as being affected by the defect in clutch pressure plate, causing the engine to stall. Bike owners can get their motorcycles fixed at the Hankook Motor Tr

Mobility July 13, 2016

[THE INVESTOR] South Korea’s Ministry of Land, Infrastructure and Transport said July 13 that it has ordered a recall of Ford’s sports car Mustang as part of an expanded recall to replace faulty air bags made by Japanese supplier Takata.The authorities will recall a total of 948 vehicles manufactured from April 6, 2004, to January 10, 2012.  MustangThe recall is part of a global expansion of an ongoing Takata air bag recall, which could see as many as 100 million vehicles recalled globally, by m

Mobility July 13, 2016