[The INVESTOR] The Ministry of Environment said it will revoke certification of Audi and Volkswagen cars that cheated on emission tests on Aug. 2, which would ultimately lead to a sales ban.The Korean unit could also face a hefty penalty of up to 320 billion won (US$281.46 million), the authorities said. A Volkswagen store in southern SeoulAccording to the ministry, the German automaker was able to manipulate the test documents because the VW models that were sold in Korea were different from th

July 26, 2016

[THE INVESTOR] A tripartite committee struck a deal over the weekend to raise next year’s minimum wage to 6,470 won ($5.70) per hour, but the decision failed to satisfy the key parties represented, with businesses and laborers each claiming the agreement was disappointing.　On Saturday, the committee of representatives of labor unions, business groups and the government agreed to raise the minimum wage by 7.3 percent, a 0.8 percentage point lower than last year’s increase.　The decision was reache

July 18, 2016

[THE INVESTOR] POSCO Daewoo is set to supply 30 megawatts of solar modules to U.S. solar energy generators including Osgood Solar, the company said Sunday. 　The trading arm of POSCO Group said it had signed supply deals worth 20 billion won ($17 million) with the U.S. firms at the latest solar energy exhibition Inter Solar North America in San Francisco.　 POSCO DaewooThrough the deals, the local company’s solar modules will be installed at general houses and urban buildings in the U.S.　Amid grow

July 18, 2016

[THE INVESTOR] From outside, the building seems nondescript. It sprawls wide and low amid the serene natural scenery of Buyeo in South Chungcheong Province, looking like a government building or perhaps a school.But once inside, the rumbling hum of machinery, bright clean rooms and head-to-toe white paper gowns make it clear that this is a factory where something precious is created. And in the air, there is a heavy, bitter aroma that is unmistakable for most Koreans.　The CheongKwanJang factory

July 17, 2016

[THE INVESTOR] Travelers trying to get from Incheon International Airport to Seoul can do so with ease by using the Airport Express railway system, which can take them directly to Seoul Station. According to data from the Korea Tourism Organization, 98 percent of tourists from English-speaking countries find their way from the airport to Seoul by themselves. 　Although there are several ways to get to the city from the airport, the Airport Express is the quickest way to visit tourist hotspots suc

July 17, 2016

[THE INVESTOR] The Korea International Trade Association plans to establish a new venue for global events and exhibitions in Seoul and foster 500,000 small, promising companies by 2030, the umbrella economic organization said Sunday. 　“We will push for setting up a global-level complex for MICE -- meetings, incentives, conferencing, exhibitions -- in Jamsil, Seoul,” said Kim In-ho, a chairman of KITA, at an event to mark the 70th anniversary in Seoul.  KITA`s chairman Kim In-ho speaks at its eve

July 17, 2016

[THE INVESTOR] Chemical and battery firm LG Chem is slated to supply its batteries to the U.S. National Aeronautics and Space Administration in the second half of this year, according to the company on July 17. 　The local battery maker recently signed a supply deal with NASA to provide its lithium ion batteries for the agency’s space suits used for space exploration. 　“The batteries will serve a key role in the spacesuits, which have various functions such as oxygen suppliers, communications equ

July 17, 2016

[THE INVESTOR] The SUV fad in South Korea is not over yet. Fueled by the popularity of outdoor activities -- mainly camping -- sales of such vehicles have grown steadily over the years. 　However, there have been limited local choices, which often leads to consumers going for high-end foreign vehicles offered at high prices. 　South Korea’s fourth-largest carmaker Ssangyong Motor, recently rolled out a pickup that it touts as an alternative to an SUV – the Korando Sports 2.2. 　It is not really an

July 17, 2016

[THE INVESTOR] Amid the growing popularity of hybrid cars among environmentally conscious drivers, Hyundai Motor has gone one step further with the pure electric car Ioniq Electric for those who want a more eco friendly option. The nation’s largest automaker invited the press on Thursday to get behind the wheel, following a driving course based on the concept that an EV driver in Seoul traverses the city from east to west on diverse road conditions such as traffic jams and highways. 　At a glance

July 17, 2016

[THE INVESTOR] Come Aug. 5, Hyundai Merchant Marine will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank. 　The soon-to-be owner is bent on installing a new leadership at the shipping line and is open to hiring a foreigner as its chief executive, according to sources at the state-run lender.  “A CEO-recommendation committee is to launch soon, comprising representatives of various related parties,” said a KDB official

July 17, 2016

[THE INVESTOR]  South Koreans’ direct trading of foreign shares dropped significantly in the first half of the year as a result of a decline in investment in the Chinese market, data showed on July 17. During the January-June period, the total transaction volume of foreign shares by South Koreans came to US$ 6.23 billion, down by 15.96 percent from US$ 7.41 billion recorded a year earlier, according to Korea Securities Depository. The amount is a decrease of 7.74 percent from US$ 6.75 billion in

July 17, 2016

[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] 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