[THE INVESTOR]  The chief of Oxy Reckitt Benckiser Korea on Aug. 29 apologized to the victims affected by the toxic humidifier disinfectant scandal and pledged to provide as much support as possible. “I would like to apologize to the victims and their families who were deeply hurt by Oxy’s toxic humidifier disinfectant,” Ataur Safdar, CEO of RB Korea said at the parliamentary questioning on the humidifier case aimed to enact a special law to prevent a recurrence. Oxy CEO Ataur Safdar (right) pay

Aug. 29, 2016

[THE INVESTOR] Hyundai Mobis, the auto parts unit of Hyundai Motor Group, on Aug. 29 said it has developed a new electronic Drum in Hat parking brake customized for full-size pickup trucks. The new eDIH is a type of electric parking brake with large weight and capacity, that is opted for big vehicles such as trucks and buses. The latest brake system is specially designed for full-size pickup trucks, which are popular in the US market. According to Hyundai Mobis, the new eDIH has a brake force 1.

Aug. 29, 2016

[THE INVESTOR] A total of 10,488 vehicles imported by Fiat Chrysler Automobiles Korea, Ford Sales & Service Korea and Audi Volkswagen Korea will be recalled, according to the Ministry of Land, Infrastructure and Transport on Aug. 29. FCA Korea will carry out a recall of its Jeep Grand Cherokee SUV and Chrysler 300C sedan, for poorly designed gear shifter that may cause drivers to believe the car is parked when it isn’t. A Jeep Grand Cherokee car was involved in a fatal crash that killed actor An

Aug. 29, 2016

[THE INVESTOR] Audi Volkswagen Korea has decided not to take legal action against the government’s latest sales ban and decertification decision that affected its 80 models, local news reported on Aug. 29. “We decided that we need to resolve the current situation and continue with the recertification progress to resume business,” an official from the Korean unit said.Earlier, the automaker said it was considering legal action after the Environment Ministry on Aug. 2 revoked the certification of

Aug. 29, 2016

[THE INVESTOR]  Renault Samsung Motors plans to export its new sport utility vehicle QM6 to 80 countries, beginning with nations in South America and Australia this year. The car, sold as Koleos outside Korea, will hit the South American countries, including Mexico, Colombia and Chile, and Australia by end of this year. Next year, it will make inroads into European countries. Renault Samsung's QM6“SUV sales are increasing in the global market,” a Renault Samsung official said. “The QM6, equipped

Aug. 29, 2016

[THE INVESTOR] Environment Minister nominee Cho Kyeung-kyu on Aug. 26 hinted that he could consider a replacement order of Volkswagen and Audi vehicles if the planned recalls are further delayed. During the parliamentary confirmation hearing, Cho said Volkswagen’s manipulation is a “serious crime that cannot be tolerated,” and that he is considering taking measures against the Korean unit that are stricter than the recall order. In an effort to curb another Volkswagen scandal, he also vowed to s

Aug. 26, 2016

[THE INVESTOR] Lotte Group expressed shock and sorrow over the death of the group’s Vice Chairman Lee In-won, who apparently took his own life early in the morning on Aug. 26. “We have confirmed the sad news of the late Vice Chairman Lee In-won through police and other channels,” the company said in an official statement. “It is hard to believe Lee, who dedicated his life to lay the foundation of Lotte, has passed away. We will announce the details of funeral arrangements once they are made.” Lo

Aug. 26, 2016

[THE INVESTOR] South Korean prosecutors said they are considering rescheduling the investigation into Lotte Group in the wake of the death of Lotte Group Vice Chairman Lee In-won, who apparently took his own life on Aug. 26, just hours before his appearance for questioning regarding the ongoing corruption probe. “We are very regretful. We offer condolences to the deceased and may (he) rest in peace,” a special investigative team for Lotte Group at the Seoul Central District Prosecutor’s Office s

Aug. 26, 2016

[THE INVESTOR] Police found a four-page letter from Lotte Group Vice Chairman Lee In-won, who took his life early in the morning of Aug. 26, where he expressed concern for family members and Lotte employees, according to local news reports. “Chairman Shin Dong-bin is a great man, and I am sorry to leave early in this difficult situation,” he wrote in the letter directed to Lotte employees. He also claimed that there was no slush fund created at Lotte Group.  Related article :Lotte Group vice cha

Aug. 26, 2016

[THE INVESTOR] South Korea’s largest automaker Hyundai Motor and its smaller affiliate Kia Motors reported a 31.9 percent increase in total sales in China in July, the automakers said Aug. 25. Hyundai sold 70,016 units in July, up 29.3 percent from a year earlier, while Kia sold 41,005 units, up 36.6 percent. In total, the carmakers sold 111,021 units, compared to 84,168 units last July. According to the company, the sales hike came on the back of increased SUV sales, such as of Kia’s Sportage a

Aug. 25, 2016

[THE INVESTOR] General Motors CEO Mary Barra, who was slated to visit South Korea next week, has canceled her trip, local news reported Aug. 24. Barra, the first female CEO of the US auto giant, was invited to speak at an event hosted by AmCham Korea at Conrad Hotel in Seoul on Aug. 30. GM Korea, however, announced Barra’s trip has been canceled due to an unavoidable schedule conflict.  General Motors CEO Mary Barra“The exact reason is unknown. We plan on rearranging the schedule for her visit,”

Aug. 25, 2016

[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, on Aug. 24 released the first rendering of its revamped Rio subcompact vehicle. The fourth-generation Rio comes five years after the current model was released in 2011.  Rendering image of Kia’s new RioIn the released interior and exterior photos, the car’s body seems larger and the new design has less curves than the predecessor, striving for a refined effect. The new Rio, sold as Pride in South Korea, will be unveiled for the f

Aug. 24, 2016

[THE INVESTOR] Kia Motors' car sales have surged in Mexico in recent months, beating out bigger affiliate Hyundai Motor in terms of total unit sales. According to data released by the Mexican Auto Industry Association on Aug. 24, Kia sold 5,510 cars in July to rank No. 8 among automakers in the market, while Hyundai ranked No. 10, selling 3,054 vehicles during the same period. Kia sold a total of 29,006 cars in the January-July period, which compares to Hyundai’s 19,822 unit sales.  Kia Motors’

Aug. 24, 2016

[THE INVESTOR] South Korean prosecutors on Aug. 24 said it secured evidence that Lotte Engineering and Construction has accumulated over 30 billion won (US$26.8 million) in slush funds over 10 years. Seoul Central District Prosecutor’s Office -- which launched an all-out probe into the nation’s fifth-largest conglomerate in June -- raided the Lotte E&C office early this month and confiscated computer hard disks and documents related to the allegations. Lotte E&C's latest landmark project Lotte W

Aug. 24, 2016