For the first time, Korea is running a trade deficit of automobiles with China due to Korean firms‘ increased production in China and the entry of Chinese low-cost players in Korea, a report said Friday. As of the end of May, Korea’s trade deficit with China in the auto sector stood at $2 million, the first auto trade deficit with the neighboring country, the state-run Korea Institute for Industrial Economics & Trade said. Cars destined for export overseas stand parked at a port in Korea. (Yonha

Mobility July 22, 2016

South Korean firms are pinning hopes on President Park Geun-hye possibly granting clemency next month to high-profile businessmen convicted of criminal charges. However, there are also jitters among companies over the uncertainties of the president’s decision. Hanwha chairman Kim Seung-youn, CJ chairman Lee Jay-hyun, SK vice chairman Chey Jae-hyun, LIG NEX1 vice chairman Koo Bon-sangThe scale of the pardons could be reduced on political considerations over a recent corruption scandal involving h

Industry July 21, 2016

Overall auto sales in South Korea this year is projected to decline for the first time in three years, a report said Thursday.According to a research center under Hyundai Motor, the country‘s largest carmaker, the local car market grew 9 percent in the first half year-on-year thanks to a consumption tax cut and a series of market debuts of vehicles by local carmakers.However, the market would see a significant decline in the latter half of the year with customers feeling less likely to buy cars

Mobility July 21, 2016

Kumho Tire has signed a two-year partnership with Tottenham Hotspur starting from the 2016-17 season, it announced Wednesday. At a ceremony held at Hotspur Way in London on July 19 local time, Kumho Tire CEO Lee Han-seob shook hands with club manager Mauricio Pochettino, celebrating the launch of the partnership with the English soccer club. Players including Son Heung-min and Christian Eriksen attended the event.  (Tottenham Hotspur)“We are thrilled to be working with such a prestigious and glo

Mobility July 20, 2016

Mobile messenger operator Kakao has been boosting investment in local game firms apparently to secure continued cash flow while its new online-to-offline business takes time to generate meaningful profits. Kakao announced Tuesday it plans to invest in game developer Shiftu, run by a former art director of “Blade & Soul.” In May, the company also invested 3 billion won ($2.6 million) in mobile role-playing game developer Kokomo and 1 billion won in social-networking game maker V8.  (Kakao)Now, it

Technology July 20, 2016

China’s latest move to contend in the memory chips segment could threaten the dominant positions of two South Korean firms in the global market --Samsung Electronics and SK Hynix -- and incur a possible technology leak through the departures of local professionals to the neighboring country, market watchers warned Tuesday.China’s chip-maker JHICC recently broke ground for its DRAM plant with an investment of around 6 trillion won ($5.2 billion), aiming to produce 60,000 sheets of 12-inch (30-cen

Technology July 19, 2016

Hyundai Motor Group’s chairman Chung Mong-koo urged the carmaker’s global office heads to seek a breakthrough in the sluggish markets by strengthening the brand value of its luxury sedan and also by taking a lead in the green car segment.“The company should raise its brand profile in the global luxury car market through the successful launch of Genesis G80 and G90 in the U.S. market,” the chairman told the company’s 60 global office heads at its biannual meeting held on Monday. Hyundai Motor Gro

Mobility July 18, 2016

General Motors Korea’s chief James Kim (left) poses with GM’s new flagship sedan Cadillac CT6 at its launch event at the Grand InterContinental Seoul on Monday. The price of the sedan, which is slated to go on sale in August, starts from 78.8 million won ($69,000) for the premium model and 95.8 million won for the platinum model. (GM Korea)

Mobility July 18, 2016

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 to the audience at its eve

Industry July 17, 2016

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. Ioniq Electric (Hyundai Mot

Mobility July 17, 2016

Chemical and battery firmLG 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 Sunday. 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.  An astronaut wearing a NASA space suit (LG Chem)“The batteries will serve a key role in the spacesuits, which have various functions such as oxygen su

Technology July 17, 2016

Pangyo Techno Valley, a tech hub modelled after Silicon Valley in the U.S., is emerging as a new national growth engine as South Korea’s conventional manufacturing industries stutter.The complex located in southern Gyeonggi Province is comprised of more than 1,000 tech start-ups specializing in biotechnology, media content and nanotechnology. Big game companies such as NHN Entertainment, Nexon and NCsoft, as well as security giant AhnLab and mobile messenger behemoth Kakao all have a presence th

Technology July 15, 2016

Prosecutors on Wednesday grilled Kim Jung-ju, founder of the nation’s largest game firm Nexon, on suspicion that he gave insider information to a senior prosecutor who raked in hefty stock gains.“I am sorry for having caused trouble,” chairman Kim told reporters while entering the Seoul Central District Prosecutors’ Office for questioning. He then added, “I will sincerely respond to questions during the investigation and disclose everything in detail I know.”Nexon chairman Kim Jung-ju appears at

Industry July 13, 2016

Prosecutors on Wednesday summoned Kim Jung-ju, founder of the nation’s largest game company Nexon, on suspicions that he gave insider information to a senior prosecutor who raked in hefty stock gains.The prosecutors said they are investigating whether Kim gave information about the stock market debut of Nexon Japan in advance to Jin Kyung-joon, a prosecutor who is one of Kim’s college friends. Nexon founder Kim Jung-juIn 2005, Jin bought 10,000 Nexon shares at 425 million won ($370,000) and sold

Technology July 13, 2016

Britain's prime minister in waiting Theresa May is a pragmatist who has emerged from the chaos of the Brexit referendum unscarred, portraying herself as the one who will lead the country out of the EU.The country's second female leader after fellow Conservative and anti-EU firebrand Margaret Thatcher, May was officially -- but unenthusiastically -- in favour of Britain staying in the European Union.She kept a low profile throughout the campaign, and when the June 23 referendum delivered a shock

World News July 12, 2016