SEOUL, Oct. 28 (Korea Bizwire) – Hyundai Motor Co. is recalling nearly 24,000 vehicles sold here for sunroof-related issues while BMW will recall over 21,000 cars over problems related to the fuel injector and airbags, the transportation ministry said Friday. Hyundai Motor, South Korea’s top automaker, is recalling certain model years of the LF Sonata [...]
SEOUL, Oct. 27 (Korea Bizwire) – Hyundai Motor Group affiliate Kia Motors is making rapid inroads in global automotive markets, introducing localized models, and broadening its eco-friendly product lines. The company announced on Thursday a 20.8 percent on-year increase in net profit for Q3. According to Vice President Han Cheon-su, by 2018 Kia will launch [...]
SEOUL, Oct. 27 (Korea Bizwire) – Shareholders of Samsung Electronics Co. on Thursday approved the nomination of Vice Chairman Lee Jae-yong to the electronics giant’s board of directors. The approval enables the 48-year-old Lee, the only son of the ailing Samsung Electronics Chairman Lee Kun-hee, to more actively participate and take formal responsibility in the [...]
SEOUL, Oct. 27 (Korea Bizwire) – South Korea’s No. 2 automaker Kia Motors Corp. said Thursday that its third quarter net profit jumped 20.8 percent from a year earlier despite a slight drop in sales. In the July-September period, Kia Motors’ net profit came to 664.3 billion won (US$583.23 million) on a consolidated basis, compared [...]
SEOUL, Oct. 27 (Korea Bizwire) – Samsung Electronics Co. said Thursday its third-quarter operating profit slipped 29.6 percent from a year earlier, mainly hit by the discontinuation of the Galaxy Note 7 smartphone over safety concerns. The world’s largest maker of smartphones said its operating profit for the July-September quarter stood at 5.2 trillion won [...]
SEOUL, Oct. 26 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it has sold off its headquarters building in downtown Seoul for 170 billion won (US$150 million) to a local asset manager. The shipyard will lease the building for the time being, according to the shipbuilder. The [...]
SEJONG, Oct. 26 (Korea Bizwire) – South Korea’s passenger car exports slumped 17.4 percent in the third quarter of 2016 from a year earlier due mainly to contracted world demand and partial strikes at local carmakers, customs data showed Wednesday. The total value of exported vehicles reached US$7.23 billion in the July-September period, down from [...]
SEOUL, Oct. 25 (Korea Bizwire) – South Korea’s leading automaking group Hyundai Motor Group said Tuesday that executives of its 51 affiliates will have their salaries cut by 10 percent starting this month as part of efforts to tide over worsening business conditions at home and abroad. “Executives of the group’s affiliates are moving to [...]
SEOUL, Oct. 25 (Korea Bizwire) – South Korean home appliance maker LG Electronics Inc. has demanded that Miele stop using the technology it created for steam washing machines, claiming that the German appliance maker allegedly infringed on LG’s patents. LG sent a letter to Miele last week, urging the company to take amicable action to [...]
GEOJE Island, South Korea, Oct. 24 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, launched a 1,400-ton diesel submarine on Monday for the Indonesian navy, a company official said. The submarine is the second of the three submarines being built under a 2011 deal worth US$1.1 billion. In March, [...]