[THE INVESTOR] Korea Development Bank, a key creditor of  Daewoo Shipbuilding and Marine Engineering, plans to extend a short-term loan to the financially struggling shipbuilder early next month, local news reported on Aug. 21. According to KDB and Financial Services Commission, the bank plans to provide loans worth between 200 billion won (US$179.28 million) and 300 billion won to help DSME to combat its liquidity shortage and repay maturing debts. The shipbuilder has been under pressure to rep

Aug. 21, 2016

[THE INVESTOR]  Samsung Electronics ranked second in a recent US survey of the most reputable technology companies, according to foreign media reports on Aug. 21. Amazon, the US online retailer, nabbed the top spot. The survey by Reputation Institute, a US management consulting firm, gave high remark to Samsung, the last year’s winner, for the new Galaxy S smartphones and its corporate social responsibility projects. Intel Corp. ranked the third place, followed by VMWare and Toshiba. Oracle, HP,

Aug. 21, 2016

[THE INVESTOR] Industry observers are increasingly concerned that Hanjin Shipping is likely to enter court receivership due to financial difficulties, according to news reports on Aug. 19. The nation’s largest container carrier has been under creditor-led rehabilitation -- with conditions attached -- since May due to the escalating debt level, hit by falling ship prices amid a global economic slump. Under the requirements, Hanjin Shipping has to cut charter fees, join the global shipping allianc

Aug. 19, 2016

[THE INVESTOR] Mercedes-Benz Korea on Aug. 18 rolled out its new E-class diesel model following a delay, the Korean unit of the German automaker said.  Mercedes-Benz’s E-class 220dThe new E-class 220d sedan is equipped with the automaker’s latest 2.0-liter four-cylinder turbo diesel and nine-speed automatic transmission to output a maximum of 194 horsepower. The E-class gasoline models E300 and E300 4Matic were already released in June. The diesel model was delayed for three months as the Korean

Aug. 19, 2016

[THE INVESTOR] More than 1,000 consumers in South Korea are taking legal action against local water purifier-maker Coway over its cover-up of defective ice water purifiers containing nickel. A group of 1,126 Coway users will file a damage suit on Aug. 19, demanding of 2.5 million won (US$2,240) each -- including 1.5 million won for a medical checkup and 1 million won in compensation for emotional distress. The amount totals 28 billion won. Nickel, which came off from an internal component, had b

Aug. 19, 2016

[THE INVESTOR] South Korea’s Hanon Systems will join hands with China’s Shandong Binzhou Bohai Piston to launch a new auto parts firm in China, local news reported on Aug. 18. The Korean auto parts-maker has signed a letter of intent to establish a 49:51 joint venture with the Chinese counterpart. The two firms will initially invest a total of 33 million yuan (US$4.98 million) in the new venture based in Shandong Province. The venture will mainly produce air conditioning units for Beijing Benz,

Aug. 18, 2016

[THE INVESTOR] South Korea’s Ministry of Environment has initiated an inquiry against 23 imported carmakers to review the possibility of their having manipulated registration documents, in an effort to curb another Volkswagen scandal. A ministry official on Aug. 18 said it requested the state-run National Institute of Environmental Research conduct examinations of over 100 different models equipped with Euro 6-engines sold by carmakers such as Mercedes-Benz, BMW and Ford. It will check whether t

Aug. 18, 2016

[THE INVESTOR] GM Korea, the Korean unit of General Motors, will export its new Malibu sedan to Middle Eastern countries, local news reported. According to online media outlet News1, the automaker will ship around 2,000 units of the midsize sedan Malibu to 10 countries in the region, including Saudi Arabia, Bahrain, Lebanon, Qatar and Kuwait. GM Korea is set to export 12,000 units yearly. GM Korea CEO James Kim poses with the all-new Malibu. GM KoreaThe new Malibu has enjoyed great popularity he

Aug. 18, 2016

[THE INVESTOR] Hankook Tire posted a 54.3 percent increase in second-quarter operating profit on the back of strong sales of high-performance tires in its major markets, including the US and Europe. South Korea’s largest tire-maker on Aug.17 reported the April-June operating profit of 310.2 billion won (US$279.4 million), compared with 201.0 billion won from the same period last year. The sales stood at 1.72 trillion won, reflecting a 6.6 percent increase from a year earlier. A Hankook Tire fact

Aug. 17, 2016

[THE INVESTOR] The operating margin of South Korea’s automotive industry stood at a meager 5 percent last year, an industry study showed Aug. 17. The study by the Korea 20000 Corporate Research Institute analyzed 1,079 companies, including auto and auto parts manufacturers and vendors, both public and private. Combined sales of 1,079 firms posted 234.8 trillion won (US$212.2 billion) in 2015. Their operating profit came to 12.18 trillion won, accounting for 5.2 percent of their sales.  South Kor

Aug. 17, 2016

[THE INVESTOR] The head of Kia Motors on Aug. 17 said it will take a while for Korea’s second-largest automaker to build an auto plant in India. “It won’t be that easy,” Park Han-woo, president of Kia Motors, told reporters after a breakfast meeting in Seoul with the trade minister and heads of other carmakers. “It will take some time because there isn’t a proper site or (the necessary) people in India yet.” Hyundai Motor Group Chairman Chung Mong-koo visits Hyundai Motor’s India plant in Chenna

Aug. 17, 2016

[THE INVESTOR] Coway, an embattled Korean water purifier-maker, is caught up in a new row after some consumers claimed metal powder was discovered again inside the company’s other products, local news reported Aug. 16. According to cable news network YTN, some metal coating was found in dispensed water in Coway’s water purifier model CHPI-08BL. The customers thought it was a cleaning problem, so they requested after-sales service to get their products cleaned. But the same problem existed after

Aug. 17, 2016

[THE INVESTOR] Ssangyong Motor CEO Choi Johng-shik said the automaker aims to bounce back into profit this year, reversing nine consecutive loss-making years.“Thanks to the executives and staff members’ endeavors and determination, we returned to profit in the first half of the year for the first time in nine years,” Choi told the company’s 200 senior managers gathered at an event called “Leaders Round Table” on Aug. 12.  Choi Johng-sik, CEO of Ssangyong Motor, speaks at the “Leaders Round Table

Aug. 16, 2016

[THE INVESTOR] South Korean prosecutors will summon Thomas Kuehl, the CEO of Volkswagen Korea, on Aug. 18 for questioning over his involvement in the automaker’s emissions-rigging scandal. The Seoul Central Prosecutors’ Office on Aug. 16 said it plans to grill Kuehl, who has been in charge of importing and selling Volkswagen vehicles here as head of the Korean unit since Sept. 2013. The investigators suspect Kuehl took part in selling the seventh-generation Golf 1.4 TSI while aware that it fell

Aug. 16, 2016