Hyundai Motor, South Korea’s top carmaker, has started producing heavy-duty trucks in China, a company official said Wednesday, joining an intensifying competition with rivals such as Daimler and Volvo for the Chinese market for big trucks. Production of the two-engine Trago Xcient luxury trucks recently began as Hyundai completed its commercial vehicle plant in Ziyuan, Sichuan province, said the official at Hyundai’s Beijing office. The new plant in Sichuan was completed about two years after H

Industry June 4, 2014

The South Korean government said Wednesday that it has successfully sold $2 billion worth of foreign exchange equalization bonds. “The government has successfully sold $1 billion worth of dollar-denominated bonds and euro-denominated bonds worth about another $1 billion,” the Ministry of Strategy and Finance said.The dollar-denominated bonds with a 30-year maturity carry an interest rate of 4.143 percent. It marks the first time the country has issued foreign currency-denominated bonds with a 30

June 4, 2014

South Korean lenders are reaching out to wealthy Chinese customers as they seek new growth engines amid ultra-low interest rates and lackluster demand on their home turf.Local banks have been providing Chinese-language banking services to mostly blue-collar laborers in southwest Seoul. However, recent moves highlight their efforts to tap affluent Chinese who have already emerged as a major force in the retail sector. Woori Bank, the flagship unit of the nation’s biggest banking group, said Tuesd

June 4, 2014

Kia Motors, South Korea’s second-largest automaker, is recalling certain model year K7 passenger vehicles over problems with their wheels, the transportation ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the car’s aluminum wheels may crack, potentially causing the car to become unsafe to drive. The recall affects 2,595 cars produced between Sept. 21, 2012, and Aug. 27, 2013. Kia Motors, an affiliate of local industry leader Hyundai Motor, will provide f

Industry June 4, 2014

Coupang, a leading social commerce company in Korea, announced on Thursday it raised $100 million from Sequoia, a California-based venture capital firm. It is the first time Sequoia has injected funds to a Korean company, Coupang added, claiming that Sequoia’s investment decision reflects the U.S. investor’s high interest in the nation’s fast growing e-commerce market. “Most of all, top management of Sequoia was impressed with Coupang’s world-class shopping experiences offered to customers throu

Industry May 30, 2014

Olympus, a precision technology leader, said Thursday its three medical device products attained Edison Awards.Three products awarded are Endoeye Flex 3D, Thunderbeat and the BF-190 Bronchoscope, all of which were recognized at the awards ceremony in the category of science and medicine, the company said. The distinguished Edison Awards, named after American inventor Thomas Alva Edison, is offered to innovative companies and products in the world. Frank Bonafilia, Edison Awards’ executive direct

Industry May 30, 2014

POSCO E&C, a construction arm of steelmaker POSCO, said Friday it has signed a memorandum of understanding with a mineral explorer to develop a large vanadium mine in Australia’s Northern Territory. The company said the deal reached late last week with Australian mineral resource developer TNG calls for joint feasibility studies to be conducted at the Mount Peake mine. Once a decision is made to move forward, POSCO E&C will take part in the construction and engineering aspects of the project. Th

Industry May 30, 2014

LG Electronics traded near this year’s high on Friday on hopes that its latest high-end smartphone, the G3, would help pull its money-losing handset business out of the red.Shares of LG Electronics closed at 72,900 won on the Seoul bourse, down 1.62 percent from this year’s high of 74,100 won, after hitting an intra-day high of 74,800 won at one point. For the past four sessions, its stock price has gained more than 6 percent as foreign and institutional investors scooped up the tech giant. On W

Industry May 30, 2014

The South Korean stock market is likely to gather ground this week, helped by overseas investors, analysts said Saturday.The benchmark Korea Composite Stock Price Index gained 0.17 percent from the previous week to close at 2,017.17 on Friday, the highest of this year, supported mainly by eased concern over the Chinese economy.South Korean stocks closed almost flat Monday on concerns over the won’s rise against the greenback, which could inflict foreign-exchange losses on exporters.Seoul shares

May 25, 2014

Apple, following a jury verdict that Samsung Electronics infringed three of its patents, is seeking a U.S. sales ban on some older models of the South Korean company’s smartphones.Apple, which on May 2 won $120 million of the $2.2 billion it sought, identified nine devices it wants barred in a filing yesterday with U.S. District Judge Lucy Koh in San Jose, California.Winning a ban may prove difficult for Apple because Koh, who also presided over the companies’ first U.S. trial in 2012, twice rej

Industry May 25, 2014

Cuba’s deputy trade minister will visit South Korea this week, becoming the highest ranking official from the Latin American country to do so since the countries’ diplomatic ties were severed in 1959, a local trade agency said Sunday. Ileana Nunez Mordoche, deputy minister for foreign trade and investment, will arrive here Monday for an investment fair and hold one-on-one meetings with South Korean firms interested in investing in Cuba, according to the Korea Trade-Investment Promotion Agency.Th

Industry May 25, 2014