An international tribunal on Tuesday ruled against China in a bitter row over territorial claims to the South China Sea that is likely to ratchet up regional tensions."The tribunal concluded that there was no legal basis for China to claim historic rights within the sea areas falling within the 'nine-dash line'," the Permanent Court of Arbitration said in a statement.All eyes were watching for reaction from the Asian political and military powerhouse, which had fired off a barrage of criticism e

World News July 12, 2016

Kia Motors unveiled its new K5 special trims Signature alongside plug-in hybrid electric vehicle K5 PHEV in Seoul on Tuesday. The cost of the luxury version Signature, which comes with two models 2.0 gasoline and 1.7 diesel, starts from 22 million won ($19,100). (Kia Motors)

Mobility July 12, 2016

Korea’s top battery maker Samsung SDI is likely to make a loss throughout the year due to continued loss from its car battery segment despite the strong sales of Samsung Electronics’ Galaxy S7, according to analysts Tuesday. According to market watchers, the latest quarterly earnings of Samsung SDI, which posted 700 billion won ($606 million) in operating loss in the first quarter, is expected to see another deficit of 30 billion won in the latest quarter. Also, the company may not turn around t

Technology July 12, 2016

A former vice president of LG Display was appointed to head China’s second-largest display maker CSOT, according to news reports Monday. This has raised concerns about an outflow of skilled manpower from the Korean display industry, amid Chinese display makers’ heavy investment to catch up with Korean firms.  Kim Woo-sik (right), a former vice president of LG Display, receives an award from Dell in 2007.Kim Woo-sik, who left the nation’s second largest display maker in 2007, was a key member who

Industry July 11, 2016

Mercedes-Benz’ flagship sedan S-Class posted record monthly sales in the Korean auto market, according to industry data on Monday. Mercedes-Benz reportedly sold more than 1,300 units -- which include 84 units of Mercedes-Maybach S-Class -- in June. This is the highest monthly figure since January, 2015 when the automaker sold around 1,000 units. The sales figure is compared to other German brands including BMW’s flagship sedan 7 series, which stopped short of selling 230 units and Audi‘s A8, whi

Mobility July 11, 2016

Daewoo Shipbuilding & Marine Engineering gave hefty cash bonuses to its employees after overstating the company’s operating profits in a multitrillion won accounting fraud, local reports said Friday. The reports, citing sources at the state prosecution investigating the debt-ridden shipbuilder, said that DSME, under the direction of then-CEO Koh Jae-ho, gave out a total of 490 billion won ($420 million) in performance-based bonuses from 2012 to 2015. The CEO himself pocketed around 700 million w

Industry July 8, 2016

Samsung Electronics expects to report its best quarterly results in more than two years in the second quarter of this year thanks to the sustained popularity of its flagship Galaxy S7 smartphones, the company said Thursday. The world’s largest smartphone maker by shipments estimated an operating income of 8.1 trillion won ($6.9 billion) for the latest quarter, a 17 percent increase from the 6.9 trillion won posted a year ago. Its revenue is also likely to increase 3 percent year-on-year to aroun

Technology July 7, 2016

The first Korean consumer (center) of Hyundai Motor’s electric vehicle Ioniq Electric poses with the company’s domestic sales chief Chang Jae-hoon (left) on Wednesday at the company’s office in Gangnam-gu, Seoul. The all-electric model, which is able to drive up to 191 kilometers on a single charge, hit the market in June. (Hyundai Motor)

Mobility July 6, 2016

Hyundai Motor is facing increasing challenges on home ground, with Korean consumers looking at other options and rivals intensifying competition. The market share of the nation’s largest automaker reached 80 percent in the early 2000s after acquiring Kia in 1999. However, its market share dropped to 68 percent last year, with the figure for Hyundai falling below 40 percent for the first time.  Source: Hyundai Motor“Hyundai’s market share here will further go down -- albeit slowly. It is difficul

Mobility July 6, 2016

Hyundai Motor’s chronic labor disputes, which loom year after year, are taking a toll on the automaker already struggling from declining sales.Hyundai’s labor union said Tuesday it would stage a strike this year again after their wage negotiations with management collapsed. This time, they are seeking an alliance with Hyundai Heavy Industries’ union. Hyundai Motor’s union members protest the failure of wage negotiations with the management in Ulsan on Tuesday.(Yonhap)The recurring strikes from 1

Mobility July 6, 2016

[DECODED] Hyundai Motor’s aspirations to separate its premium brand Genesis from the globally recognized budget Hyundai image may take much longer than the company expects, market experts said. The nation’s largest automaker plans to completely separate Genesis by 2020 with six models so that luxury-seeking consumers no longer associate it with the cheap and mass-produced Hyundai brand when buying Genesis. “More than 10 years is expected for Genesis to be recognized as a truly separate brand fro

Mobility July 5, 2016

The United States International Trade Commission has quoted the submission of the Korea International Trade Association in its latest report on the impacts of free trade agreements. The report, titled “The Impact of the Trade Agreement,” published by the USITC in June, cited the paper that suggested positive impacts of the Korea-U.S. free trade agreement, according to KITA on Monday.  (123rf)“U.S. exports to Korea of IP (intellectual property)-intensive products and services, including software,

Industry July 4, 2016

 [THE INVESTOR] A senior researcher at Hyundai Motor has said it will take much longer for electric vehicles to become mainstream in the global auto market than industry expectations.Global institutions including the International Energy Agency recently predicted that eco-friendly cars would secure more than half the global vehicle market share by 2030. Hyundai Motor`s Ioniq hybrid“The prediction is too optimistic. In order for EVs to become mainstream like smartphones are now, there should be a

July 4, 2016

[THE INVESTOR] Renault Samsung, a Korean arm of French automaker Renault, began to sell this month a special limited edition of QM3 Cannes Blue with a discount of up to 1 million won ($870) for the summer season, the company said Sunday. From July to August, the automaker will offer 500 units of QM3 Cannes Blue, the brand‘s third color revolution following the previous versions of Sonic Red and Chocolat Brown. QM3 Cannes Blue /Renault SamsungThe company said the QM3 Cannes Blue’s strong Cannes b

July 4, 2016

Renault Samsung, a Korean arm of French automaker Renault, began to sell this month a special limited edition of QM3 Cannes Blue with a discount of up to 1 million won ($870) for the summer season, the company said Sunday. From July to August, the automaker will offer 500 units of QM3 Cannes Blue, the brand‘s third color revolution following the previous versions of Sonic Red and Chocolat Brown.  QM3 Cannes Blue (Renault Samsung)The company said the QM3 Cannes Blue’s strong Cannes blue body and

Mobility July 3, 2016