Hyundai and Kia brand vehicles are accelerating expansion in emerging markets such as the Middle East and Africa. According to Hyundai Motor Group on Sunday, Hyundai Motor and its affiliate Kia Motors saw record sales in the Middle East last year, selling 278,515 and 186,504 vehicles, respectively, in the first 11 months.Hyundai’s car sales are expected to surpass the 300,000 mark there for the first time, while Kia seeks to achieve a record sale of some 200,000 units.Hyundai has already become

The era of digital television has opened following the government’s shutting down of analog broadcasts at 4 a.m. on Monday.The Korea Communications Commission said that all programs have been converted into digital format for better picture and sound quality.Digital TV also provides multiple programming choices, also known as multicasting, along with interactive capabilities.All-digital broadcasts also free up parts of the broadcast spectrum for enhanced efficiency and relocation of channels by

The nation’s state-run antitrust watchdog said Sunday it has imposed a combined fine of almost 300 billion won ($281 million) on seven steelmakers for fixing prices of their steel products. Companies subject to the fine worth 291.8 billion won include POSCO, POSCO C&C, Union Steel, Dongbu Steel, Hyundai Hysco, Seah Steel and Seil Steel, according to the Fair Trade Commission.Seven companies are said to have been involved in separate price-collusion cases between 2004 and 2010 through shady meeti

Following is the 10th in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. President-elect Park Geun-hye rubbed shoulders with the nation’s corporate sector last week, in a crucial meeting which many said was held in a tense atmosphere due to her economic democratization pledges.For the corporate world, especially the big-scale conglomerates, it is good news that Park will be the next president rather than her liberal rival Moon Jae-in, who pledged tighter reins on chae

Apple Inc. agreed to drop Samsung Electronics Co.’s Galaxy S III mini from a patent-infringement lawsuit against the South Korea-based company, according to court records.Apple said it agreed to withdraw the smartphone from its case because Samsung assured the court the phone won’t be sold in the U.S., according to a filing Friday in federal court in San Jose, California. The filing, which follows an August verdict in the same court in Apple’s favor on other infringement claims, comes in a secon

Foreign-invested firms in Korea spend less money on the social contributions to the local community but spare more money on environment-friendly management, a study showed last week.According to joint research conducted by the Korea University Institute for Business Research & Education and the Korea Economic Daily, foreign-invested firms in Korea spent only one-quarter the amount Korean firms did for corporate social responsibility operations in 2011. The research is the first of its kind to ev

South Korea's antitrust watchdog said Sunday it has decided to fine top steelmaker POSCO and six other industry players a combined 291.7 billion won ($273.5 million) for colluding to fix prices of some steel products.The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six steelmakers, including POSCO and Hyundai Hysco.According to the FTC, they colluded to fix prices of cold-rolled plates, galvanized steel sheets and color steel sheets between 2004 and

 South Korea's per-capita gross domestic product (GDP) is estimated to only marginally inch up in 2012 compared with the previous year due to the slowing economy, a report showed Sunday.   Korea's per-capita GDP is estimated to reach $22,705 this year, up 1.3 percent from a year earlier, according to a report by Korea Investment & Securities Co.   In calculating the figures, the full-year economic growth rate was estimated at 2.3 percent and the local currency was set at an average of 1,127.1 ag

South Korea's stock market will likely remain choppy with no clear direction next week amid mounting concerns over corporate earnings in the fourth quarter of this year, analysts said Saturday.Earnings estimates are expected to come down for the fourth-quarter, Park Jung-sup, an analyst at Daishin Securities.FnGuide Inc., a financial information provider, has said 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won (US$28 billion) for the October-De

South Korea’s industrial output bounced back in November, raising expectations that industrial activities might be picking up, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 2.9 percent last month from a year earlier, turning around from the previous month’s 0.8 percent on-year contraction. The output also grew 2.3 percent on-month, marking the third straight month of expansion. The ser