[THE INVESTOR] Hyundai Motor on Oct. 6 said it has clinched a deal to provide 3,500 i40 diesel taxis to Singapore next year. South Korea’s largest automaker signed a contract with Singapore’s taxi operator ComfortDelgro Group in Seoul, with Jang Won-shin, general manager of foreign sales at Hyundai Motor, and Comfort Delgro Chairman Lim Jit Poh and President Kua Hong Pak in attendance. The latest deal is the largest order placed by the Singaporean taxi giant to Hyundai, since the automaker first

Oct. 6, 2016

[THE INVESTOR] Multinational firms operating in Korea were as shocked as their local counterparts when it became certain that Seoul would actually push ahead with what is considered to be one of the most stringent anti-graft laws in history. The Investor talked with various corporate representatives to see how they are coping with the Improper Solicitation and Graft Act that went into effect on Sept. 28. The law limits public officials, journalists and private school teachers to giving or receiv

Oct. 6, 2016

[THE INVESTOR] The South Korean government and the Bank of Korea have filed a damage suit against Volkswagen’s German headquarters seeking compensation over the automaker’s massive diesel emission scandal, local news reported on Oct. 4. Korea Investment Corporation, which manages assets entrusted by the Ministry of Strategy and Finance and the central bank, filed a petition at the district court in Braunschweig, near Volkswagen’s headquarters, on behalf of its plaintiffs last month. The claim am

Oct. 4, 2016

[THE INVESTOR]  Daishin Securities said on Sept. 30 that Nexen Tire ’s third-quarter operating profit would grow 7.3 percent on-year despite a rise in raw material prices. The brokerage firm predicted Nexen Tire will post 473 billion won (US$427.84 million) in sales and 55 billion won in operating profit, up 0.5 percent and 7.3 percent on-year respectively, in the July-Sept. period. “We had expected the price of raw materials to increase by 10 percent from the first quarter, resulting in a slowd

Sept. 30, 2016

[THE INVESTOR] British supercar Rolls-Royce Motor Cars is set to open a brand studio in South Korea in November, looking to make an imprint on one of the burgeoning luxury auto markets in the Asia-Pacific region. Rolls-Royce Motor Cars Studio is the second permanent studio outside of the automaker’s headquarters in Goodwood, UK, and the first of its kind in Asia. Taking up 200 square meters inside the BMW Driving Center in Incheon – 10-minute drive from the Incheon International Airport -- the s

Sept. 29, 2016

[THE INVESTOR] Chiefs of global automakers are flocking to South Korea, in a move seen to expand their brands’ presence in one of the fastest growing auto markets in the Asia-Pacific region. British supercar Rolls-Royce Motor Cars CEO Torsten Mueller Otvos will visit Korea on Sept. 29 to mark the opening of Rolls-Royce Motor Cars Studio, the first of its kind in Asia. He is also planning to visit a newly opened showroom in Busan on Sept. 30. This is his second visit to Korea since his inaugurati

Sept. 28, 2016

[THE INVESTOR] Hanjin Shipping’s stocks soared almost 20 percent on Sept. 27, amid speculation that Danish container carrier Maersk might acquire the ailing shipper. Hanjin Shipping’s stock closed at 1,135 won (US$1.03), up 18.85 percent from the previous trading day. During the day, Hanjin’s share price surged as much as 28.8 percent. Earlier in the day, David Kerstens, a transport analyst from investment bank Jefferies International, told Bloomberg that Maersk will likely takeover Hanjin Shipp

Sept. 27, 2016

[THE INVESTOR] Hankook Tire, South Korea’s largest tire maker, will supply original equipment tires for Toyota Motor’s Sienta minivan, the company said on Sept. 27. Hankook Tire will install its high performance Kinergy Ex tires for Sienta OE tires -- which refers to tires equipped on a new vehicle when they come from the factory. According to the company, Kinergy Ex tires boast excellent braking power on both dry and wet surfaces. Toyota’s Sienta minivan“Supplying tires through a strategic part

Sept. 27, 2016

[THE INVESTOR] Market watchers forecast that Hyundai Motor would report on-year decline in earnings for the July-September period due to a drop in sales, in both domestic and overseas markets. According to Hyundai, South Korea’s largest automaker sold a combined 697,864 units in July and August, down 4.1 percent from a year earlier. Breaking down, 607,873 units were sold overseas, down 1.4 percent on-year, while 89,991 units were sold in South Korea, down 19 percent from a year earlier. Hit by l

Sept. 27, 2016

[THE INVESTOR] South Korean automakers produced more cars at their overseas plants than in South Korea, industry data showed on Sept. 27. From January to August, seven automakers -- including Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor and Renault Samsung, Daewoo Bus and Tata Daewoo -- produced 2.77 million units here, according to data by the Korea Automobile Manufacturers Association. Meanwhile, Hyundai and Kia produced a combined 2.91 million units at their overseas plants.Local auto

Sept. 27, 2016

[THE INVESTOR] South Korea’s trade minister on Sept. 26 said a set of restructuring measures aimed at improving the competitiveness of the troubled industries, including shipbuilding, steel and petrochemicals will be announced on Sept. 30. “Starting with steel and petrochemicals industry, we will announce which firms will go under restructuring,” said Minister of Trade, Industry and Energy Joo Hyung-hwan during a regular parliamentary audit. The restructuring measures will be based on the result

Sept. 26, 2016

[THE INVESTOR] Kim Duk-soo, new CEO of the Credit Finance Association of Korea, said it plans to sue Visa Card if the global payment network company pushes ahead with its planned fee hike for overseas purchases. “Recently, Visa notified local card firms that it will raise fees by 0.1 percent for overseas payments. But when taking inflation rate into consideration, the amount is unreasonable,” Kim said at the press conference last week to mark the 100th day since he took the top job at Crefia, th

Sept. 26, 2016