Eastar Jet to send letters of intent to candidates this week

Low-cost carrier Eastar Jet is speeding up a new acquisition deal after talks with Jeju Air were scrapped last month. The airline said Sunday its financial advisers Deloitte Korea, Yulchon and Heungkuk Finance Group would send letters of intent to takeover candidates this week. Three to four large funds and companies are reported to have already expressed their intention to invest. An Eastar Jet official said, “There were some companies that can be known by their names, and some of

Aug. 30, 2020

Kia Motors launches revamped Stinger Meister

Kia Motors launched the face-lifted version of sports sedan Stinger Meister on Thursday, with enhanced performance. Revealing a promotional video featuring actor Go Soo on YouTube and Naver TV, the automaker presented the upgraded model, which was first released in 2017. The new Stinger Meister is offered with two gasoline engines, the new Smartstream 2.5 Turbo and 3.3 Twin-Turbo. It is the first time for Kia to equip the Smartstream G2.5 T-GDI in its vehicle. The Smartstream 2.5 Turbo pr

Aug. 27, 2020

Mercedes-Benz Korea unveils 3 new models of luxury SUV family

Mercedes-Benz Korea on Thursday unveiled three new luxury sports utility vehicle models, expanding its premium SUV lineup to nine in the country. In the unveiling ceremony held via its official YouTube channel, the automaker presented Mercedes-Benz GLB, a “versatile” family SUV; the new Mercedes-Benz GLA, a dynamic sporty SUV; and the new Mercedes-Benz GLE Coupe, a premium coupe SUV. Opening the unveiling event was interim President and CEO Kim Jee-seop, who was formerly vice pre

Aug. 27, 2020

Real estate startups surge in H1 despite pandemic

New startups, particularly those in real estate, surged in the first half of this year despite the impact of the pandemic, data showed Thursday. According to the data released by the Ministry of SMEs and Startups, the number of new startups in the January-June period was 809,599, up 26 percent from the same period last year. The surge was attributed to new real estate businesses, which stood at 292,810 during the period, up 131.6 percent year-on-year. The real estate sector accounted for 36.

Aug. 27, 2020

KDB says ball in HDC’s court after chiefs’ talks on Asiana deal

The Korea Development Bank, Asiana Airlines’ main creditor, said it will await HDC Hyundai Development Company’s answer on acquiring the airline after a fresh round of talks between their chiefs in Seoul on Wednesday. In a statement, KDB said the high-profile discussion between KDB Chairman Lee Jong-gull and HDC Chairman Chung Mong-gyu took place with “all options on the table.” It said further plans will be decided in consultation with Kumho, the airline’s majo

Aug. 26, 2020

Samsung donates over $4m in US to support fight against COVID-19

South Korean tech giant Samsung Electronics is continuing to help various communities hit by the COVID-19 pandemic worldwide, with its latest donation worth $4 million going to nonprofit organizations in the United States, according to the company on Wednesday. The donation was announced through its Samsung America newsroom homepage, which highlighted Samsung’s commitment to the local communities in the countries where it does business. According to the announcement, Samsung has pr

Aug. 26, 2020

[News Focus] Struggling tire makers face bumpy road ahead

South Korea’s major tire makers -- Hankook Tire, Kumho Tire and Nexen Tire -- have been smacked with a triple whammy. Local automakers are increasingly adopting imported brand tires, while the US antidumping probe on Korean tires is raising uncertainty in the global market. Internally, they face family feuds and labor-management conflicts. In the second quarter, the three tire makers posted dismal earnings amid the economic slowdown due to the pandemic. Hankook Tire’s sales

Aug. 26, 2020

Singapore’s antitrust agency approves KSOE-DSME merger

Singapore’s antitrust watchdog has approved the merger of the world’s two largest shipbuilders, Hyundai Heavy Industries confirmed Tuesday. The Competition and Consumer Commission of Singapore concluded the screening process by saying in a notice that “there is no disagreement about the approval of a tie-up between Korea Shipbuilding & Offshore Engineering and Daewoo Shipbuilding & Marine Engineering.” KSOE is a subholding company of HHI group’s shipbui

Aug. 25, 2020

Korean Air sells in-flight catering business at W990b

Korean Air has sold its in-flight catering and duty-free business to private equity fund Hahn & Co. for 990 billion won ($758 million) as part of its efforts to secure liquidity. The decision was approved by the board of directors on Tuesday, with plans to acquire 20 percent stocks of what would become a newly established corporation to secure the supply chain. The move is the latest in a series of efforts to secure funds to keep the airline afloat as the pandemic is predicted to prolong.

Aug. 25, 2020

Renault Samsung’s XM3 appeals to younger buyers

Renault Samsung Motors’ compact sport utility vehicle XM3 is gaining praise from young consumers for its unique design, according to market watchers. The XM3 reportedly sold 10,000 units in just 49 days after its release in March, a record for the company. The compact SUV sold over 5,000 units monthly for four consecutive months following its launch, accumulating sales of 24,161 units as of July -- the highest figure in four months, in the domestic compact SUV market. The vehicle&rsqu

Aug. 25, 2020

What makes SsangYong Rexton Sports timely choice

With the rising popularity of car camping in South Korea, the pickup truck market in the country has surged in recent years, up from around 22,000 vehicles sold in 2017 to 42,000 in 2018. The trend has only grown with the COVID-19 pandemic as more people are opting for outdoor and social-distancing activities that require larger storage and stronger off-road driving capacity. Leading the segment is SsangYong Motor’s Rexton Sports, which pioneered the Korean market for open-deck sports

Aug. 25, 2020

Hyundai tops JD Power’s advanced tech survey

Hyundai Motor ranked first in satisfaction for high-tech automobiles in the US mass market, according to the latest survey of US research firm JD Power on Tuesday. Hyundai ranked highest in the mass-market segment with a score of 556, offering an above-average level of technologies and scoring well for excellence in execution. Subaru (541) ranked second, followed by Kia (538), Nissan (534) and Ram (520). In the luxury segment, Genesis (559) placed sixth. Volvo ranked highest overall with an

Aug. 25, 2020

BMW Korea rolls out limited editions for 25th anniversary

BMW Korea said Monday it is launching three new limited edition models online to celebrate 25 years in Korea. The automaker will be releasing two sport activity vehicles -- X5 M50i and X6 M50i -- and the sport sedan M340i in its signature metallic gray. Only 25 of each of the models will be on sale at BMW Shop Online, the automaker’s online platform, at 2:05 p.m. on Tuesday.  The SAVs are limited editions based on the M performance model M50i. The automaker said it is introducing

Aug. 24, 2020

Eastar to cut workforce to find new owner

Eastar Jet will cut down on its workforce as part of efforts to find a new owner after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the coronavirus' impact on the airline business, industry sources said Friday.    Eastar plans to lay off nearly 70 percent of its 1,200 employees in restructuring before it begins the process to find a new investor, Eastar Senior Vice President Kim You-sang said over the phone.    "Our lead managers and two p

Aug. 21, 2020

GM Korea CEO visits Changwon plant to monitor facility investment

GM Korea CEO Kaher Kazem visited the automaker’s Changwon plant on Thursday to review the investment status of its next-generation products, the firm said Friday. GM Korea said, “The visit was made to check whether facility investment for new global products is progressing as planned amid the uncertainty in the business environment, such as heavy rain, heat wave and the pandemic. Kazem and a group of officials visited the construction site to monitor safety compliance and whethe

Aug. 21, 2020

HAAH Automotive preparing to bid for SsangYong Motor: reports

US automotive distributor HAAH Automotive Holdings is preparing to submit a binding offer to invest in SsangYong Motor, according to media reports here Thursday. Experiencing a liquidity crisis, SsangYong Motor’s major stakeholder, India’s Mahindra Group, announced it will lower its stake from the current 75 percent to less than 50 percent, and that it is willing to give up its top shareholder position if it finds a new investor. A bidder makes a binding offer to acquire a compa

Aug. 20, 2020

Kia Motors loses nine-year wage lawsuit

Kia Motors has lost a nine-year wage lawsuit filed by workers as the Supreme Court ruled in favor of the employees on Thursday. The automaker has to pay about 50 billion won ($42 million) to its 3,521 union members. In 2011, about 27,000 employees of Kia Motors filed a lawsuit claiming that overtime, night, holiday and annual leave allowances should be recalculated after including regular bonuses, daily expenses and lunch expenses in ordinary wages. The workers claimed around 1 trillion won

Aug. 20, 2020

Eastar Jet seeks new buyer after failed deal

Low-cost carrier Eastar Jet is preparing for a new acquisition deal after talks with Jeju Air fell apart last month. The airline has chosen accounting firm Deloitte Korea, corporate law firm Yulchon and Heungkuk Finance Group as its financial advisers, one official at the company confirmed Tuesday. With the help of the three entities, the troubled airline is poised to continue its efforts to seek a new buyer to save itself from bankruptcy. In late July, Jeju Air scrapped plans to purchase Ea

Aug. 18, 2020

Airlines turn to YouTube to stay relevant

South Korean airlines are betting on YouTube content to maintain their connections with customers amid the ongoing pandemic that has brought the aviation industry to a near-halt. Asiana Airlines released a minute-long advertisement on its channel earlier this month titled “‘Travel’ has left us,” touching on people’s desire to leave (travel) amid the pandemic. “For the first time, travel has left us (instead of us leaving for travel),” the narration sta

Aug. 18, 2020

SsangYong Motor reinforces Middle East sales channels

SsangYong Motor has established a new sales network for the Middle East as part of its reinforcement of overseas operations amid the COVID-19 pandemic, the firm said Tuesday. It will open a store in Baghdad, Iraq, within the month, after opening a showroom in Kuwait on Aug. 10. The company explained the decision is part of its efforts to prepare for the post-pandemic market. “As the economic slowdown due to COVID-19 prolongs, we are reassessing the overall sales environment and strength

Aug. 18, 2020