An announcement by the nation’s financial regulator on Samsung BioLogics’ alleged breach of accounting rules before its market debut in 2016 last week has sent shockwaves across the market, not only dealing a serious blow to the South Korean biotech drug manufacturer, but also placing a heavy burden on the authorities to prove their claim.The Financial Supervisory Service said on May 1 that it had issued a preliminary notice to Samsung BioLogics and its auditors that it could take action over th

Industry May 8, 2018

South Korean auto giant Hyundai Motor and its sister company Kia are expected to see a turnaround in their respective sales, with industry insiders raising their sales outlook for the second quarter.The two are expected to post nearly 10 percent on-year sales growth, moving closer to their annual goal of 7.55 million units this year, according to officials with knowledge of the matter. Hyundai Motor Vice Chairman Chung Eui-sun (right) poses next to the company’s new sports sedan Lafesta at the B

Mobility May 7, 2018

The streets of Cheongdam-dong in southern Seoul shine in splendor at night with lights coming from boutiques of high fashion brands that invite passersby into their world of extravagance. Embodying a luxurious lifestyle, the district is flamboyant yet quiet all year round, with faceless mannequins dressed in glittering outfits enticing you to indulge. Formerly a small pier connecting Songpa and Apgujeong in the premodern era, Cheongdam has gone through dramatic development since the late 1970s,

Culture May 4, 2018

SEOGWIPO, Jeju Island -- From electrified ultra-mini cars to luxury plug-in hybrids, next-generation green vehicles gathered for a five-day expo designed to promote market growth as well as the global image of Jeju Island as a carbon-free island.The fifth annual International Electric Vehicle Expo kicked off Wednesday at Jeju Convention Center, with more than 150 carmakers and parts and battery manufacturers participating.Seeking to diversify expo programs, organizers opened their doors to plug-

Mobility May 2, 2018

SEOGWIPO, Jeju Island -- To foster larger growth of electric vehicles, new business models must be cultivated, such as by expanding the leasing market as an alternative to diminishing subsidies and tax benefits, experts gathered for an international forum on green cars pointed out.Tax reductions and incentives have driven the growth of electric vehicles around the world. But authorities phasing out such benefits have nearly “killed the market,” and inconsistent tax policy on electric vehicles ha

Mobility May 2, 2018

Businesses, experts and government representatives from around the world will gather on the nation’s southern resort island of Jeju this week to discuss the future of electric vehicles and seek global partnership for universal standardization.The fifth annual International Electric Vehicle Expo kicks off Wednesday through Sunday at Jeju Convention Center, presenting evolving technologies of green vehicles and new business opportunities for participants, the organizers said Monday.“This year’s ex

Mobility April 30, 2018

While the world watched the historic inter-Korean summit on Friday, the business community in Seoul showed guarded optimism, serving as a reminder of lingering geopolitical challenges and sanctions, amid the envisioning of potential infrastructure projects across the border.The leaders of the two Koreas agreed, among other pledges, to resume the discontinued work of reviving a trans-Korea railway and land routes, connecting Seoul and Shineuiju and also the east and west coasts of the peninsula.

Industry April 27, 2018

Amid market concerns of Hyundai Mobis’ share value declining over a corporate governance reform drive that plans to spin off its lucrative after-sales business, the auto parts maker said Thursday it will invest heavily into future mobility technology and seek mergers and acquisitions opportunities overseas.While setting its annual growth rate at 8 percent, the company said it will reach 44 trillion won ($40.7 billion) in sales by 2025 from the estimated 25 trillion won for this year.A quarter of

Mobility April 26, 2018

Less than a month after Hyundai Motor Group received a letter of congratulations from Elliott Advisors on its corporate governance reform plan, another letter arrived at the South Korean carmaker on Monday evening, demanding plan B. Via its subsidy in Hong Kong, the US activist hedge funds said the nation’s second-largest conglomerate should merge Hyundai Motor and its parts making affiliate Hyundai Mobis, and ditch its plan of spinning off Mobis’ module manufacturing and after-sales parts busin

Mobility April 24, 2018

The controlling family of the nation’s largest air carrier found itself under heavy criticism Monday, amid the emergence of fresh allegations of misconduct and another search and seizure operation -- this time at its headquarters -- despite a public apology made by the father of the two troubled heiresses a day earlier.Customs investigators raided the head and branch offices of Korean Air in Seoul where the air carrier’s Senior Vice President Cho Hyun-min has offices, to secure evidence of custo

Industry April 23, 2018

The head of the nation’s flag carrier Korean Air on Sunday apologized for causing public concerns over the escalating “water rage” scandal involving his youngest daughter, and vowed to dismiss his two children from their executive posts, effective immediately.“I would have Korean Air Senior Vice President Cho Hyun-min step down from all of her posts within Hanjin Group, as well as Cho Hyun-ah, president of KAL Hotel Network, resign as well,” said Chairman Cho in a written statement, released by

Industry April 22, 2018

A plan by South Korean auto giant Hyundai Motor Group to spin off and merge affiliates as part of its corporate governance reform drive, is “the most desirable” case for conglomerates here attempting voluntary restructuring method under state pressure, the head of antitrust watchdog said.In a meeting with foreign press in Seoul on Friday, Kim Sang-jo, chairman of the Fair Trade Commission said the carmaker’s announcement of the owner family paying 1 trillion won ($935 million) came “unexpectedly

Mobility April 22, 2018

The number of cars South Korean auto giants Hyundai and Kia sold in Europe grew last month despite declining auto sales in the region, data showed Thursday.According to the European Automobile Manufacturers Association, the number of newly registered cars in March fell 5.3 percent on-year, falling for the first time since 2014. Hyundai Motor, meanwhile, sold a total of 60,663 units, a 3.6 percent increase from the same month last year. Its sister company Kia Motors sold 56,725 units, a 4.8 perce

Mobility April 19, 2018

The head of South Korea’s steel giant Posco, who has more than two years of his term left, abruptly offered to resign on Wednesday, amid rumors that his decision has been influenced by the intention of Cheong Wa Dae.In a surprise decision, Posco Chairman Kwon Oh-joon said he was stepping down, citing his health. He said that he wishes to pass the baton to a “young and powerful” leader who he believes can bring the changes needed to the steelmaker that recently celebrated its 50th anniversary.“I’

Industry April 18, 2018

South Korean auto giant Hyundai Motor unveiled the world’s first electrified compact SUV on Thursday at an exhibition in Seoul to highlight the growing interests in electric vehicles here.Named Kona Electric, the latest green vehicle by Hyundai is certified by the Seoul government to drive 406 kilometers per charge, more than the 390 kilometers range the carmaker had expected when it started to receive preorders, the company said.The vehicle was debuting at the exhibition hosted by the Ministry

Mobility April 12, 2018