[THE INVESTOR] The prosecution will summon a Volkswagen executive from Germany on Sept. 21, to grill him over his involvement in the German carmaker’s emission-rigging scandal. Seoul Central District Prosecutor’s Office on Sept. 20 said it will question an executive from Germany, whose name was not identified, as a witness to the probe into the automaker’s cheating on vehicle emissions test. It is the first time that an executive from the German headquarters is being summoned by the prosecution

Sept. 20, 2016

[THE INVESTOR] A merger between South Korea’s leading steelmakers POSCO and Hyundai Steel can further benefit the local steel industry to gain competitive edge in the global market, an industry report said. “In response to the rapidly changing environment, industry-wide restructuring through mergers and acquisitions is necessary,” according to report released by the Export-Import Bank of Korea on the steel industry earlier this month. “There’s a need to consider merging POSCO and Hyundai Steel.

Sept. 20, 2016

[THE INVESTOR] Creditors of Kumho Tire are kicking off the disposal process of their stakes in the nation’s second-largest tire maker. Credit Suisse, the key sales advisor, on Sept. 20 said the creditors will sell their respective shares through a competitive bidding process. Sources said the final bidding process is expected to start in January next year after a preliminary bidding set for mid-November. A combined 42.1 percent stake or 66.3 million shares owned by nine creditors -- since the ti

Sept. 20, 2016

[THE INVESTOR] The number of local companies that file for bankruptcy court protection have increased rapidly this year, while the number of judges overseeing the firms remained the same, overwhelming the courts’ capacity to handle the cases, data showed on Sept. 20. According to data by South Korea’s highest court, a total of 1,150 companies are under court receivership at 14 district courts across the country. The number increased by 100 firms from a year earlier as more companies sought bankr

Sept. 20, 2016

[THE INVESTOR] A group of Volkswagen car owners plan to file a constitutional appeal on Sept. 20, demanding the South Korean government should enforce a replacement order on vehicles affected by the German automaker’s emission-rigging scandal. Barun Law, a Korean law firm that represents VW owners in multiple suit against the automaker, said it will make an appeal against the Ministry of Environment for not issuing appropriate replacement orders for its diesel vehicles equipped with defeat devic

Sept. 19, 2016

[THE INVESTOR] The US government on Sept. 12 issued a final ruling slapping a maximum of 61 percent anti-dumping and countervailing duties on South Korean steelmaker POSCO. The US International Trade Commission affirmed the decision by the US Commerce Department in August to impose duties on hot-rolled flat steel imported from South Korea, Japan, Turkey, Britain, Brazil, Australia and the Netherlands. Under the decision, Korea’s top steelmaker will face 3.89 percent anti-dumping tariff and a cou

Sept. 13, 2016

[THE INVESTOR] CJ Group’s food affiliates CJ CheilJedang and CJ Freshway on Sept. 12 have signed a memorandum of understanding with Vietnamese state-run retail giant Saigon Trading Group, in a move to expand its business in the country. Under the agreement, food manufacturer CJ CheilJedang will set up a special store CJZone inside Satra’s retail outlets to sell its processed food products. CJ, in cooperation with Satra, will develop various sauces and other new products tailored to meet local ta

Sept. 12, 2016

[THE INVESTOR] Hanjin Shipping’s bankruptcy filing has worsened the worldwide cargo disruptions, with the crisis taking a heavy toll on its consignors and subcontractors. Nearly 80 Hanjin vessels have been denied port access on concerns that the shipper won’t be able to pay port fees, since South Korea’s largest container carrier entered court protection on Sept. 1. While some vessels were allowed to dock and began unloading at the US ports after a local court granted its bankruptcy protection,

Sept. 12, 2016

[THE INVESTOR] Ssangyong Motor, owned by India’s auto giant Mahindra & Mahindra, on Sept. 12 released a rendering of its new SUV concept car LIV-2, ahead of the 2016 Paris Motor Show. Due to make its official debut in Paris, the LIV-2 -- which stands for Limitless Interface Vehicle -- is the next generation of Ssangyong’s Rexton SUV, internally known by project name Y400. Rendering image of Ssangyong Motor’s concept car LIV-2According to the company, the new car delivers the automaker’s key desi

Sept. 12, 2016

[THE INVESTOR] GM Korea’s union workers on Sept. 9 approved the tentative wage deal reached earlier by their union leaders and management that promised a pay increase, bonuses and other benefits, the Korean unit of General Motors said. About 58.9 percent of 12,851 union members voted in favor of the wage deal, putting an end to months of negotiations and a series of partial strikes that halted the production.  GM Korea CEO James KimUnder the new contract, worker’s monthly salary will rise by 80,

Sept. 9, 2016

[THE INVESTOR] Danish container carrier Maersk and Switzerland-based MSC said they are introducing a new trans-Pacific route, in response to Hanjin Shipping’s bankruptcy filing that has left firms searching for additional routes to handle their cargo. Maersk, the world’s largest container line, on Sept. 8 said it will operate the new service between Asia and the US West Coast beginning Sept. 15. The liner will deploy six vessels with a capacity of 4,000 TEU. The new service will call at ports of

Sept. 9, 2016

[THE INVESTOR] Officials from the US Department of Commerce will meet with Korean counterparts to discuss measures against Hanjin Shipping’s fallout that has deal a blow to the US retailers, local news reported on Sept. 9. According to the Ministry of Oceans and Fisheries, the US officials will meet with Vice Minister Yoon Hak-bae and other high-ranking officials in a closed-door meeting to resolve the matter early on Sept. 9. Hanjin Shipping entered court receivership on Sept. 1, after its cred

Sept. 9, 2016

[THE INVESTOR] The head of South Korea’s top financial regulator said if Daewoo Shipping & Marine Engineering had gone bankrupt, the state-run Korea Development Bank and the Export-Import Bank of Korea would have incurred a loss of 13 trillion won (US$11.89 billion). “KDB and KEXIM have extended a combined 14 trillion won to DSME. But we only set aside 1 trillion won for bad debt allowance. Which means if DSME had gone bankrupt, we would had to report 13 trillion won loss immediately,” said Yim

Sept. 8, 2016