[THE INVESTOR] Hyundai Merchant Marine’s stock closed at 15,400 won (US$13) on June 23, a 29 percent hike from the previous day, on the news that the financially troubled shipping line is on talks to join the world’s largest shipping alliance. HMM said it is considering to join the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company -- the world’s first and second largest container carriers.  Lee Sang-sub/The InvestorPreviously,

June 23, 2016

[THE INVESTOR] Apple’s popular music streaming service Apple Music is preparing to launch its service in Korea, the local media reported on June 23. “We formed a contract with Apple Music to begin streaming service here,” said an official from Federation of Korean Music Performers, a music copyright association. “We made agreements on how to pay the copyright fees to the artists.“He added that key terms of the contract can not be released at this time. Apple Music had previously attempted to ent

June 23, 2016

[THE INVESTOR] Korean pharma company BioLeaders will list on the secondary bourse KOSDAQ on July 7.Established in 1999, the company develops drugs for immune disorders and other incurable diseases. CEOs of BioLeaders: Sung Moon-hee (left) and Kim Sang-sukPrior to listing on the tech-heavy KOSDAQ, BioLeaders was traded on KONEX -- a securities exchange exlusively for small and medium enterprises and venture companies. It will issue 1.2 million shares within the range of 11,000 won (US$9.5) to 15,

June 23, 2016

[THE INVESTOR] Korea and France have reached an agreement to increase flights between the two countries, allowing more visitors to travel easily, the Transport Ministry said on June 23. The number of flights from Seoul’s Incheon International Airport to Paris’ Charles de Gaulle Airport will be increased to 14 from 12 every week, the ministry said. The agreement was reached during the bilateral aviation talks in Paris from June 21-22. As to the exact timing of increased flights, the two cities wi

Industry June 23, 2016

[THE INVESTOR] Hyundai Merchant Marine is considering joining the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company -- the world’s first and second largest container carriers. Amid growing speculation that Korea’s second-largest shipping company is set to join the alliance, a HMM official confirmed that discussions are ongoing with the alliance parties on June 23. A container vessel is displayed at Hyundai Merchant Marine's hea

Industry June 23, 2016

[THE INVESTOR] Volkswagen held its first annual shareholders meeting in Hanover, Germany, on June 22 (local time), the first in nine months since it became embroiled in the emissions rigging scandal.While the senior management and directors apologized and explained its ongoing recall plans in Germany and the US, there were no mention of compensatory measures for victims from other countries, including Korea, where 125,522 units were affected. “On behalf of the Volkswagen Group and everyone who w

Mobility June 23, 2016

[THE INVESTOR] Korean and Spanish construction companies are working together in efforts to expand trade and gain a foothold in new markets. Korea’s trade promotion agency KOTRA held a forum in Madrid, Spain, with Association of National Field Construction Companies in Spain (SEOPAN) on June 22 (local time). A total of 13 companies participated in the forum, including Korea’s Hyundai Engineering & Construction and Daechang Corporation, and Spain’s Groupo ACS, the world’s leading construction fir

Industry June 23, 2016

[The INVESTOR] Korea’s economy is expected to grow at a similar rate this year on the recovery of exports in the second half. Facility investment, however, will record minus growth, according to a leading economic think tank. Korea Institute for Industrial Economics and Trade released its economic and industrial outlook for 2016 on June 22. It predicted the gross domestic product in the first half of the year at 2.9 percent and the second half at 2.3 percent, averaging the figure of 2.6 percent

June 22, 2016

[THE INVESTOR] Korean pharma companies Green Cross Labcell and ST Pharm will list on the secondary bourse KOSDAQ on June 23, the Korea Exchange announced on June 22. Green Cross Labcell, a Green Cross affiliate that develops drugs for incurable diseases, posted 34.5 billion won (US $29.8 million) in sales and operating profit of 2.3 billion won last year. The initial public offering is priced at 18,500 won. ST Pharm, launched in 2008, recorded 138 billion won in sales and 25.2 billion won in ope

June 22, 2016

[THE INVESTOR] Asiana Airlines, the nation’s second-largest air carrier, is mulling a joint venture for in-flight catering, local news reported on June 22. Citing sources from the airline industry, the report indicated that Asiana has been discussing the plan with various companies here and abroad. “Asiana, which has outsourced catering, is planning on establishing a new JV,” a source was quoted as saying. Asiana began in-flight catering business in 1994 and continued until 2003 when it sold 80

Industry June 22, 2016

[THE INVESTOR] Prosecutors on June 21 filed for an arrest warrant for the head of certification unit of Audi Volkswagen Korea over the automaker’s emission rigging scandal. The head, identified by his surname Yoon, has been charged with fabrication of private documents and obstruction of justice, Seoul Central District Prosecutors’ Office said. Yoon is the first executive in the snowballing case for whom prosecutors are seeking an arrest warrant. According to prosecutors, Yoon is suspected of ma

Mobility June 22, 2016

[THE INVESTOR] Korea’s top steelmaker POSCO plans to expand production of its quake-proof steel products in light of growing awareness that the peninsula is no longer safe from major seismic jolts following the Japan earthquake and tsunami of 2011. POSCO has set its goal to expand production and sale of quake-proof steel products by 30 percent year-on-year, local news reported on June 21.Dongdaemun Design Plaza in Seoul built with POSCO’s TMCP steel Under the plan, the steelmaker plans to expand

Industry June 21, 2016

[THE INVESTOR] Korea’s competitiveness in advanced manufacturing sector has declined over the past years, due mainly to sluggish performance in semiconductor and mobile industry, according to a report by Hyundai Economic Research Institute released on June 21. From 2010 to 2014, added value in Korea’s advanced manufacturing industry -- which includes aerospace, semiconductor, IT and pharmaceutical, among others -- declined by 4.7 percent. Japan is the only other major country that dropped, by 9.

Technology June 21, 2016

[THE INVESTOR] Korea’s antitrust agency will fine Volkswagen around 80 billion won (US$ 68.9 million) for deceiving customers with false advertisements in the German automaker’s emission rigging scandal that affected millions of cars globally, including here. The state-run Fair Trade Commission is probing VW’s false advertisement claims, the agency’s head Jeong Jae-chan said in an interview with local media on June 21. The agency has looked into VW’s advertisements from 2009 to 2015, which toute

Mobility June 21, 2016

[THE INVESTOR] Koo Bon-sung, vice chairman of LG Group’s catering unit Ourhome, has been appointed new chief executive of the company on June 20. Koo, the eldest son of the current chairman Koo Ja-hak, is the largest shareholder of the food company. However, it was only recently that the presumptive heir participated in the board meeting and took part in management. Up until last year, it was Bon-sung’s younger sister Koo Ji-eun, now CEO of Kalisco, who was named the likely heir of Ourhome as sh

June 20, 2016