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Hedge Fund’s Demands of Hyundai “Unfair”

Hedge Fund’s Demands of Hyundai “Unfair”

SEOUL, Apr. 27 (Korea Bizwire) — Kim Sang-jo, the director of the Fair Trade Commission, in response to American activist fund Elliott Management Corp.’s call to restructure Hyundai Motor Group, stated that “following such demands would be going against antitrust laws.” Kim also said that Elliott’s demands were “unfair” during the Asia Future Enterprise Forum [...]

Hyundai Q1 Net Plunges 48% on Strong Won, Weak Sales

Hyundai Q1 Net Plunges 48% on Strong Won, Weak Sales

SEOUL, April 26 (Korea Bizwire) – Hyundai Motor Co., South Korea’s biggest carmaker by sales, said Thursday its first-quarter net profit plunged 48 percent on the strong won and weak sales in two major markets. Net profit for the three months ending March 31 fell to 731.6 billion won (US$678 million) from 1.406 trillion won a year earlier, the company said in a statement. “The net result was affected by the won’s strength against the [...]

Gov’t, Businesses to Establish SPC for Hydrogen Fueling Stations

Gov’t, Businesses to Establish SPC for Hydrogen Fueling Stations

SEOUL, Apr. 25 (Korea Bizwire) — The South Korean government and private businesses agreed to establish a special purpose company (SPC) to build hydrogen fueling stations to expand the infrastructure for emission-free vehicles, the commerce ministry said Wednesday. The Ministry of Trade, Industry and Energy signed a memorandum of understanding with local automakers, state-run utilities [...]

Hyundai Mobis Develops Stabilization Technology

Hyundai Mobis Develops Stabilization Technology

SEOUL, April 24 (Korea Bizwire) – Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Tuesday it has developed an advanced suspension system that helps reduce the body lean of cars during cornering. The company said five years of work went into its electrical Active Roll Stabilization (eARS), which not only improves handling on turns but also [...]

GM Korea, Union in Last-Minute Talks as Deadline Nears

GM Korea, Union in Last-Minute Talks as Deadline Nears

SEOUL/INCHEON, April 19 (Korea Bizwire) – General Motor Co.’s South Korean unit and its labor union have been holding last-minute negotiations on Thursday over a turnaround plan, a day before the deadline that would see GM Korea file for bankruptcy. The Detroit automaker, which announced in February that it will shut down its Gunsan plant by May, has said GM Korea will file for [...]