[THE INVESTOR] Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy, local news reported Aug. 22. “We are planning on presenting the plan by Aug. 25,” a representative from Hanjin Shipping said. According to the shipper, the plan includes details on securing funds from its parent Hanjin Group and cutting charter fees from foreign vessel owners. Once the self-rescue plan is submitted, the creditors -- led by the state-run Korea Development Ba

Aug. 23, 2016

[THE INVESTOR] Ssangyong Motor is reentering the Philippine market after an eight-year hiatus, the company said Aug. 23. The automaker, owned by India’s auto giant Mahindra & Mahindra, will begin selling its vehicles, including the brand’s popular Tivoli compact SUVs in the country. Philippine journalists visited Ssangyong Motor’s plant in Pyongtaek, South Gyeonggi Province, Aug. 22. Ssangyong MotorEarlier in December, Ssangyong Motor formed a contract with local distributor Ssangyong Berjaya Au

Aug. 23, 2016

[THE INVESTOR] South Korean prosecutors will summon close aides of  Lotte Group Chairman  Shin Dong-bin this week in the ongoing investigation over irregularities the conglomerate is accused of committing. Seoul Central District Prosecutor’s Office on Aug. 22 said it will question Lotte Group Vice Chairman Lee In-won, head of external relations, President Hwang Gak-gyu, head of policy coordination, and President So Jin-se, head of external relations, as suspects over the retail giant’s charges t

Aug. 23, 2016

[THE INVESTOR] Kia Motors, South Korea’s second-largest carmaker, on Aug. 22 unveiled the latest version of its popular compact crossover utility vehicle Soul. The new Soul is equipped with a six-speed automatic transmission to offer improved mileage, the company said. The vehicle comes in two engine types, gasoline and diesel models. The gasoline model, powered with a 1.6-liter gasoline direct injection engine, has a 132 horsepower, maximum torque of 16.4 kilogram-meters and a combined fuel eff

Aug. 22, 2016

[THE INVESTOR] Ssangyong Motor launched its Tivoli XLV, known as Tivoli Air in Korea, in the UK, the company said on Aug. 22. The automaker, owned by India’s auto giant Mahindra & Mahindra, recently held a test drive event in Aylesbury, in the southeast of England, inviting over 60 business and auto reporters, to mark the launch of the SUV in the country.  Ssangyong Motor introduced Tivoli XLV in UKThe UK launch comes after the car’s debut in other European markets such as Spain, Italy and Germa

Aug. 22, 2016

[THE INVESTOR] Hankook Tire recorded the highest operating margin in the tire industry in the first half of the year, beating out its bigger European and Japanese rivals, industry data showed Aug. 22. Hankook Tire, the world’s seventh largest tire-maker in terms of revenue, posted sales of 3.35 trillion won (US$2.98 billion) from January to June. Its operating profit came to 561.3 billion won to deliver an operating margin of 16.7 percent. Japan’s Bridgestone, the world’s largest tire and rubber

Aug. 22, 2016

[THE INVESTOR] Goldman Sachs and local private equity firm EastBridge Partners said on Aug. 21 they have agreed to acquire a majority stake in Happycall, a cookware and kitchen appliance company based in South Korea. The firms did not disclose financial terms in the statement. But according to local news reports, the firms will secure a 90 percent stake in the company for 180 billion won (US$161.35 million). Goldman and Eastbridge will invest 40 million won and 50 million won, respectively, whil

Aug. 21, 2016

[THE INVESTOR] South Korea’s economy saw its household saving rate increase among the fastest in the Organization for Economic Cooperation and Development, according to the OECD.　The OECD forecast that Korea’s household saving rate is expected to increase more than twofold this year, compared to four years ago, from 3.9 percent in 2012 to 8.66 percent in 2016. This would rank Korea as the fifth highest in the OECD following Switzerland with 20.13 percent, Sweden with 16.45 percent; Luxembourg wi

Aug. 21, 2016

[THE INVESTOR] The total market capitalization of South Korea’s 10 biggest business groups surged nearly 30 trillion won ($27 billion) in August alone, according to data provider FnGuide Sunday. 　According to the online financial information provider, the total market cap of the top 10 groups listed on the Kospi as of Friday stood at 690.2 trillion won, up 29.8 trillion won or 4.5 percent from late July. 　The market cap of Samsung Electronics snowballed 19.2 trillion won to 237.3 trillion won, a

Aug. 21, 2016

[THE INVESTOR] South Korea’s main financial regulator will announce a set of confirmed measures to privatize Woori Bank, a single state-owned commercial bank, on Aug. 22.  It is the fifth attempt by the Financial Services Commission and its Public Fund Management Committee to sell a controlling stake in the bank, currently held by the Korea Deposit Insurance Corp. 　The KDIC holds a 51 percent stake in Woori Bank. The Korean government established Woori Bank by merging five struggling banks with

Aug. 21, 2016

[THE INVESTOR] South Korea’s leading internet technology companies are planning to grant local smartphone users an option to refuse mobile gift certificates sent by a third party within this year.　Korean IT firms which operate mobile gift-giving and exchange platforms such as Kakao, SK Planet and KT Mhows said Sunday they will soon add such features to their services.　The companies say that the decisions were made to enhance user convenience. But industry watchers suggest that a new antigraft la

Aug. 21, 2016

[THE INVESTOR] The soaring sales of Samsung Electronics' newly-released Galaxy Note 7 smartphone are boosting South Korea’s telecom businesses as customers are subscribing to new network operators when purchasing the new smartphone.　According to the nation’s three major telecom operators SK Telecom, KT and LG Uplus, a total of 57,904 subscription swaps — switching from one telecom operator to another — took place over the weekend since Galaxy Note 7’s local release last Friday. 　Some 35,558 swap

Aug. 21, 2016

[THE INVESTOR] Amid reports that Apple is in talks with a small Korean firm to make batteries for a secretive car project, local experts said that it would take more than 10 years to be mass produced.　A local news media recently reported that Apple is working with an unidentified Korean firm comprised of around 20 battery experts. The small Korean battery firm Orange Power is considered a strong candidate as it is the first and only Korean firm to have a patent on such technologies. 　This compan

Aug. 21, 2016

[THE INVESTOR] Tesla Motors has begun taking online reservations here for its electric cars, Model S, Model X, and Model 3, the company said Aug. 19, making its sales operation in Korea official for first time.　With a deposit of 2 million won ($1,800) for the Model S, 5 million won for Model X and 1 million won for model 3, customers can make a reservation, it said in the first statement released for the Korean press.　“Korean customers have already shown a great interest in Tesla through reserva

Aug. 21, 2016