SEJONG, Feb. 6 (Korea Bizwire) – The South Korean government said Monday that flaws in batteries caused the fires in Samsung Electronics Co.’s Galaxy Note 7 which led to a worldwide recall and production halt of the smartphone. In a test conducted by the state-run Korean Agency for Technology and Standards, it was found that [...]
SEOUL, Feb. 2 (Korea Bizwire) – A South Korean court said Thursday that it has decided to end a rehabilitation plan for embattled Hanjin Shipping Co., heralding the liquidation of the country’s one-time top shipping line. The Seoul Central District Court said it will announce the liquidation for the cash-strapped shipping firm on Feb. 17. [...]
SEOUL, Feb. 2 (Korea Bizwire) – General Motors Co. and Tesla Motors Inc. are poised to debut their long-range electric vehicles (EVs) in South Korea this year in a move that could help galvanize the budding local EV market dominated by short-range models, industry sources said Thursday. GM Korea Co., GM’s South Korean unit, is [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s IT industry is expected to bask in robust business performance this year, while automakers and shipbuilders face tougher conditions, a report showed Tuesday. According to the report compiled by the Korea Chamber of Commerce and Industry (KCCI), most sectors are faced with uncertainties at home and abroad, [...]
SEOUL, Jan. 26 (Korea Bizwire) – South Korea’s No. 2 carmaker Kia Motors Corp. said Thursday its net profit dropped sharply from a year earlier in the fourth quarter. Net profit came to 320 billion won (US$276.3 million) in the October-December period, down 25.7 percent from the same period a year earlier, the company said [...]
SEOUL, Jan. 25 (Korea Bizwire) – South Korea’s top automaker Hyundai Motor Co. suffered a huge setback in its profit in the fourth quarter of last year, the company said Wednesday. Net profit came to 1.07 trillion won (US$918.5 million) in the three months ended Dec. 31, down 30.1 percent from the same period in [...]
SEOUL, Jan. 25 (Korea Bizwire) – South Korea’s auto exports to the United States fell for the first time in seven years last year amid concerns that the Trump administration may take protectionist measures on vehicle imports, industry data showed Wednesday. According to the data compiled by the Korea Automobile Manufacturers Association, automakers here shipped [...]
SEOUL, Jan. 23 (Korea Bizwire) – According to the latest data from the German Association of the Automotive Industry (VDA) and the Korea Automobile Importers and Distributors Association, Korean automakers sold 171,147 units in Germany last year, up 2.8 percent compared to 2015 (166,563). Although Hyundai Motor Company saw its sales drop by 1.1 percent [...]
SEOUL, Jan. 23 (Korea Bizwire) – Samsung Electronics Co. said Monday its monthslong probe into what caused some Galaxy Note 7 smartphones to catch fire has established that faulty batteries were the main problem, not the smartphone’s hardware design or software. “Our investigation, as well as investigations completed by three independent industry organizations, concluded that [...]
SEOUL, Jan. 23 (Korea Bizwire) – Hyundai Heavy Industries Co. and its two local rivals — Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. — are estimated to have recovered last year from their worst-ever performance the previous year, industry sources said Monday. But their improved earnings may have come from their [...]