Global automakers are seeking to transform from mere car manufacturers into transportation providers -- offering diverse auto-related services such as car-sharing and ride-hailing services-- amid growing concerns that self-driving technology may bring down car sales in the future. This year, several auto giants have aligned themselves with tech firms or announced mobility plans, although Korean automakers including Hyundai Motor and Kia Motors have not yet made any big deals in this area. Early

Mobility June 19, 2016

South Korean shares are expected to be swayed by the result of Britain's referendum on its European Union membership as the historic vote will determine the overall sentiment in the global financial market, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,953.4 points on Friday, losing 3.18 percent from a week ago.It was the biggest weekly loss since mid-February.The index slipped five consecutive days and slightly rose on Friday on bargain hunting as in

June 18, 2016

The U.S. government has repeatedly called on Korean logistics company Hyundai Glovis to use ships registered in the U.S. when the company exports cars to the U.S., according to Seoul officials and company sources Thursday. The Washington government’s continued push is seen by industry watchers as trade pressure on Korea in its attempt to offset trade deficits widening after the bilateral free trade agreement that took effect in 2012. (Bloomberg)U.S. government officials including Maritime Admini

Industry June 16, 2016

U.S.-based ride-hailing service provider Uber Technology’s employees attended Hyundai Motor's autonomous technology seminar Wednesday, the automaker confirmed, raising speculation of the two firms’ possible tie-up in the self-driving sector. “It is true that Uber’s working-level employees have joined a two-day autonomous technology seminar held in Hyundai’s research center,” a Hyundai Motor spokesperson told The Korea Herald by phone. The closed-door seminar was held together with Hyundai’s part

Mobility June 15, 2016

The government will partially open the nation’s state-controlled energy supply market to the private sector, as part of comprehensive restructuring plans for public firms accused of inefficient management and high debt levels, officials said Tuesday.In a workshop meeting led by President Park Geun-hye, chiefs of state firms also vowed to reduce non-core work and list a total of eight power suppliers to attract fresh funds and improve management transparency.　“We need to look at whether public or

Industry June 14, 2016

The global electric vehicle market is predicted to grow around 60 percent this year and next year amid global efforts to boost the green car industry, according to market data Tuesday. According to Japanese market research firm B3, the volume of the global electric car battery market is expected to grow 66 percent this year to 16,000 kilowatt-hours from the previous year. This is a 23 times increase over the past seven years, compared to 1,140 kilowatt-hours in 2010. The figure is again predicte

Mobility June 14, 2016

South Korean prosecutors said on Monday it has summoned an executive of Audi Volkswagen Korea for questioning on charges against the automaker that includes selling cars that had not received required certification and fabricating test results on fuel efficiency. The executive in charge of certification of the Korean arm is reportedly to be summoned at least three to four times for testimony. During the investigation, his identity may be changed into a suspect, industry watchers said. This is th

Industry June 13, 2016

The government is backpedaling in its push to boost the nation’s electric vehicle market as it reduces benefits to EV buyers, including in state subsidies, experts claimed. 　The nation’s green vehicles -- electric, hybrid and plug-in hybrid cars -- registered from January to April this year stood at 15,000 units, about a 3 percent share of the total new cars of 480,000 units. This indicates that the government’s goal of replacing 30 percent of new cars with green vehicles by 2020 will be hard to

Mobility June 12, 2016

Hyundai Motor’s Europe CEO Thomas Schmid (left) and Linde AG’s member of the executive board Christian Bruch pose on Friday at the headquarters of Linde Group located in Munich, Germany. The ceremony was held to mark the delivery of Hyundai’s hydrogen fuel cell electric vehicle ix35 FCEV, or Tucson FCEV, to be used as for car-sharing service. (Hyundai Motor)

Mobility June 12, 2016

Hyundai Merchant Marine inked a deal with 22 shipowners to lower charter fees by 21 percent -- equivalent to 530 billion won ($454 million) -- to take a step forward in normalizing its business, said its main creditor Korea Development Bank on Friday. “For the 530 billion won in charter fees, the shipowners agreed to receive some as new shares and the rest as a long-term bond,” the creditor bank said in its statement, adding this would improve the financial soundness of South Korea’s second-bigg

Industry June 10, 2016

(AP)President Barack Obama endorsed one-time rival Hillary Clinton to be his successor Thursday, signaling to Democrats it is time to unify after a bitter primary campaign and beat Donald Trump."Tens of millions of Americans made their voices heard. Today I just want to add mine," Obama said in a video endorsement. "I'm with her."Their first joint campaign event will take place next Wednesday in Green Bay, Wisconsin.Obama won the state in 2008 and 2012, but Democrats expect a tough fight this ye

World News June 10, 2016

Line Corp., a Tokyo-based mobile messenger platform owned by Korean Internet giant NHN Corp., will go public on the main stock markets in New York and Tokyo next month, the company said Friday. In a regulatory filing, the company said it will begin trading its shares on the Tokyo stock market on July 14th and in New York on 15th.The company will issue 35 million new shares offered at 2,800 yen ($26.20) per share. Goldman Sachs, JPMorgan, Morgan Stanley and Nomura Securities are the lead advisers

Business June 10, 2016