[THE INVESTOR] French automaker Peugeot is carrying out a recall on its subcompact convertible 207, according to the Ministry of Land, Infrastructure and Transport on July 13. Hanbul Motors, the importer of Peugeot, has been ordered to recall a total of 591 units after discovering that the failed heating system in the seats can potentially cause fire. Peugeot 207The automaker will recall 587 units of Peugeot 207CC manufactured from Feb. 12, 2007, to Oct. 23, 2008, and 4 units of Peugeot 207, fro

Mobility July 13, 2016

[THE INVESTOR] The South Korean economy could be hit hard if China increases non-tariff barriers that restrict the sale of Korean-made goods, as the country is heavily dependent on China for exports, industry data showed on July 12. According to a report released by Hyundai Research Institute, the amount of Korea’s export to China affected by the two most common non-tariff barriers -- technical barriers to trade and sanitary and phytosanitary measures -- has sharply increased since 2008. The num

July 12, 2016

[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

Mobility July 12, 2016

[THE INVESTOR] Kolon Life Science has filed for government approval for a drug it developed to treat degenerative arthritis, the company said on July 11. After 17 years of research, the pharmaceutical company introduced Invossa, Korea’s first gene therapy for degenerative arthritis. The new drug injects healthy human cartilage cells into the space between the bones to alleviate pain and treat the major symptoms. It can also be an alternative for surgical treatment, according to Kolon Life Scienc

Industry July 12, 2016

[THE INVESTOR] Struggling Hyundai Merchant Marine will install four new gantry cranes at its container terminal based in Taiwan as part of the shipbuilder’s effort to strengthen service quality in the overseas market. HMM will complete setting up the large gantry cranes -- which are used to lift shipping container -- at Kaosiung Hyundai Terminal in Taiwan on July 12, the company said on July 11. The terminal will be able to handle 700,000 twenty-foot-equivalent-unit volume annually, an increase

Industry July 11, 2016

[THE INVESTOR] Hanmi Pharmaceutical’s second-quarter operating profit is projected to grow significantly, while sales will likely suffer a decline, industry data showed on July 11. According to a market data provider FnGuide, Hanmi’s operating profit is expected to grow fourfold in the second quarter on-year to 10.8 billion won (US$ 9.4 million). However, sales will fall 3.56 percent to 235 billion won. Analysts say lower-than-expected growth from Hanmi subsidiaries such as Beijing Hanmi and Han

July 11, 2016

[THE INVESTOR] POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine, local news reported on July 10. “The use of titanium is expanding and the value addition is high, which will boost profitability in the future,” an official at POSCO said. Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of te

Industry July 11, 2016

[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

Mobility July 11, 2016

[THE INVESTOR] South Korea’s electricity industry aims to increase the amount of exports to US$ 15 billion by end of this year, the state-run corporation said on July 8. The Korea Electric Power Corporation held a conference in Seoul to announce its plans and strategies to expand its presence internationally. Over 200 industry officials from major companies such as POSCO, Korea Trade-Investment Promotion Agency and Korea Hydro and Nuclear Power Corporation attended the event. The electricity exp

Industry July 8, 2016

[THE INVESTOR] Despite the protracted slump in the local shipping industry, South Korean shipbuilders took the largest volume of new orders of vessels in June, industry data showed on July 8. According global research firm Clarkson Research Services, South Korean shipbuilders clinched new contracts of 370,000 compensated gross tonnage, or eight ships, out of the total 960,000 CGT, or 51 ships, in June. DSME shipyardThis is the first time South Korean shipbuilders ranked No.1 in terms of monthly

Industry July 8, 2016

[THE INVESTOR] South Korea’s second-largest shipper Hyundai Merchant Marine said on July 8 that it will visit major credit rating agencies to explain about its ongoing restructuring measures, in hopes they reevaluate the credit standing of the ailing company. The company will visit the rating agencies Korea Investor Services, Korea Ratings and National Information and Credit Evaluation and talk about their restructuring plan process, including the asset sales, negotiations to reduce charter rate

Industry July 8, 2016

[THE INVESTOR] Korean pharma firm Green Cross Labcell has applied for international patent protection for its natural killer cells that treat cancer patients, the company said on July 8.The Green Cross affiliate had extracted cord blood from healthy donors to generate natural killer cells, a type of white blood cells in the immune system that attacks infections and potentially cancer-causing cell. Institute of Cell Therapy at the Green Cross LabcellThe cord blood-derived natural killer cells, wh

Industry July 8, 2016

[THE INVESTOR] South Korean boy group Big Bang made more money last year than the American popular rock band Maroon 5, according to a US media report. Forbes magazine on July 6 (local time) reported that Big Bang’s pretax earnings stood at US$ 44 million in 2015, more than the US$ 33.5 million racked up by Maroon 5, the American group that was selected as one of the highest-paid musicians in 2015 by Billboard. Big Bang members (from left): Seungri, G-Dragon, Taeyang, T.O.P and Daesung. / YG Ente

Industry July 8, 2016

 [THE INVESTOR] Mid-priced hotels are on the rise in downtown Seoul, especially in Dongdaemun area and Myeong-dong, to meet the demand of rising foreign tourists opting for budget options, industry officials said. Accor-Ambassador Korea recently opened Ibis Ambassador Dongdaemun in the popular shopping district, offering 242 rooms. This is the second hotel in the area by the Korean unit of the French hotel, after Ibis Budget Ambassador Seoul Dongdaemun. Lotte City Hotel Myeongdong located in the

Industry July 8, 2016

[THE INVESTOR] South Korean government has launched an investigation into a possible defect in Ford Explorers, following the US probe into complaints that exhaust fumes are leaking into the cabin of the SUVs. The Ministry of Land, Infrastructure and Transport on July 7 said it opened the inquiry to see if the Ford units sold here have a similar problem, after the US’ National Highway Traffic Safety Administration began the investigation.  Ford ExplorerAccording to US media outlets, there have be

Industry July 8, 2016