[THE INVESTOR]] Hyundai Merchant Marine will form a vessel-sharing alliance with local midsized container carriers to fill in for Hanjin Shipping that is under court receivership, the shipper said on Sept. 8. South Korea’s second largest container carrier will join the new partnership, named Mini Alliance, with three other carriers Korea Marine Transport, Sinokor Merchant Marine and Heung-A Shipping. The alliance plans to deploy 15 vessels on four Southeast Asian routes – covering Singapore, Mal

Sept. 8, 2016

[THE INVESTOR]  The main creditor of Hanjin Shipping refused a South Korean court’s request to give further financial support to the debt-ridden shipper, local news reported on Sept. 8. The Seoul Central District Court managing Hanjin’s receivership process, has asked the state-run Korea Development Bank, the main creditor of the shipper, and related government ministries to provide debtor-in-possession financing. KDB, however, decided not to extend fresh funds, saying it is questionable whether

Sept. 8, 2016

[THE INVESTOR] South Korean automaker Kia Motors officially opened a new plant in Mexico on Sept. 7. The plant, with an annual production capacity of 400,000 units, is located in Pesqueria in the northern Mexican state of Nuevo Leon. It is Kia’s fourth overseas location after China, Europe and the US. More than 500 people attended the opening ceremony, including Hyundai Motor Group Chairman Chung Mong-koo (second from right), Secretary of Economy of Mexico Ildefonso Guajardo Villareal (second fr

Sept. 8, 2016

[THE INVESTOR] The US government’s latest decision to slap a maximum of 50 percent anti-dumping duty on automotive steel imported by Hyundai Steel is expected to deal a blow to its main clients Hyundai Motor and Kia Motors, industry sources said on Sept. 7. Beginning in July, the US Department of Commerce slapped a 47.8 percent anti-dumping duty on coated steels, 38 percent on cold rolled steels and 13.38 percent on hot rolled steel imported by Hyundai Steel from South Korea, saying the products

Sept. 7, 2016

[THE INVESTOR] South Korean chipmaker SK hynix will use artificial intelligence at its plants to increase productivity. SK hynix will incorporate Aibril, the Korean version of IBM’s Watson AI provided by SK Holdings C&C, to build a system that derives high-quality information from text, known as text-mining, SK C&C announced on Sept. 7. The new system will enable employees to search archived documents on production process, assisting them to make quick decisions at the site. The workers can easi

Sept. 7, 2016

[THE INVESTOR] Hanjin Shipping was granted temporary protection by the US Bankruptcy Court on Sept. 6, preventing creditors from seizing the shipper’s vessels in the US, according to media reports. The ruling, by Judge John Sherwood, is temporary and a final decision will be made on Sept. 9. The shipper plans to seek legal protection of its assets in 43 countries, according to the Financial Services Commission.Hanjin Shipping sought bankruptcy protection under Chapter 15 at the US Bankruptcy Cou

Sept. 7, 2016

[THE INVESTOR]  Starfield Hanam, the nation’s largest shopping complex by floor space that is set to open soon, will see a heated competition among global automakers vying to attract customers into their special showrooms. Korean auto conglomerate Hyundai Motor Group said it will open Genesis Studio, a showroom for the group’s luxury brand Genesis cars, inside the mall on Sept. 9, the day the mall opens.  Genesis Studio in Hanam Starfield will open on Sept. 9. Hyundai Motor GroupThe studio will

Sept. 6, 2016

[THE INVESTOR] Hankook Tire, South Korea’s largest tire maker, will supply Original Equipment tires for Ford’s C-Max Energi plug-in hybrid, the company said on Sept. 6. Hankook Tire will install its Enfren Eco model for C-Max Energi OE tires -- which refers to tire equipped on a new vehicle when they come from the factory. Enfren Eco, which received high energy efficiency rating, is an eco-friendly tire that minimizes energy loss while maximizing performance to deliver high fuel efficiency, the

Sept. 6, 2016

[THE INVESTOR] Nexen Tire, South Korea’s third largest tire maker, will supply Original Equipment tires for German supercar maker Porsche’s Cayenne SUV, the company said on Sept. 5. It is Nexen Tire’s first supply deal with Porsche. Nexen Tire would be installing its N’Fera RU5 model for Caynne OE tires -- which refers to tires equipped on a new vehicle when they come from the factory. N’Fera RU5 boasts improved cornering stability, providing ride comfort fitted for sports cars, the company said

Sept. 5, 2016

[THE INVESTOR]  Local companies that have filed for bankruptcy court protection has reached the highest number as of July this year, and the number is likely to rise even further, South Korea’s highest court said on Sept. 5. According to the Supreme Court of Korea, a total of 562 companies have filed for court receivership this year as of end of July, in comparison to 540 companies in the same period last year. On average, 80 companies have sought for court protection each month. As of July, som

Sept. 5, 2016

[THE INVESTOR] Korea Investors Service, one of the big three rating agencies here, slashed its ratings for Hanjin Shipping to “default” on Sept. 2, immediately after the shipper entered court receivership. The cut took South Korea’s largest shipper from “C”, indicating “default imminent”, to “D” for “default”.“Seoul Central District Court’s approval of Hanjin Shipping’s receivership is reflected in the decision,” said Kim Yong-geon, an official at KIS. Earlier, two other agencies Korea Ratings a

Sept. 2, 2016