[THE INVESTOR] Ssangyong Motor will recall over 2,600 units of its flagship Korando C sport utility vehicle sold here for faulty seatbelts, the Transport Ministry said on July 28.The car is one of six vehicle models, including two types of two-wheeled vehicles and a commercial truck, from five separate manufacturers that failed government tests, according to the ministry.The latest government test involved 16 vehicle models that were sold under a self-certification system. The government regular

[THE INVESTOR] South Korean prosecutors have launched an investigation into a video clip that captured Samsung Electronics chairman Lee Kun-hee allegedly buying sex from prostitutes.The Seoul Central District Prosecutors’ Office said on July 27 that the case is being allocated to a division specializing in crimes against women and children. So far, three complaints related to the case have been filed by a civic group and an Anyang resident surnamed Park who asked prosecutors to clarify the suspi

[THE INVESTOR] Hyundai Heavy Industries will have idle docks from the second half of 2017 due to the shortage of orders, the company’s chairman Choi Kil-seon said on July 27.In an open letter to the employees, Choi said that work is dwindling across the board, and called on the union to call off its strike. “Some of the docks becoming idle will be a reality from the second half of next year,” Choi said. Ships are being built at Hyundai Heavy Industries' docks. / The Investor“From September, the

[THE INVESTOR] Hyundai Heavy Industries bounced back into profit in the second quarter, driven by cost-cutting efforts under the industry-wide restructuring program and strong performance in its non-shipbuilding sectors. The world’s largest shipbuilder posted operating profit of 557.2 billion won (US$490.70 million), a huge turnaround from a loss of 171 billion won from a year earlier, the company said in a regulatory filing on July 27.  Hyundai Heavy's shipyardIn the April-June period, the ship

[THE INVESTOR] Hyundai Oilbank, a refinery affiliate of Hyundai Heavy Industries disclosed on July 27 that its consolidated operating profit for the first half of the year came to record high of 524.8 billion won (US$461.97 million). The company has now recorded operating profits for the 16th consecutive quarter. Its second quarter revenues came to 2.81 trillion won, and operating profits came in at 323 billion won. With second-quarter operating profits rising 37.9 percent compared to the same p

[THE INVESTOR] Samsung C&T, a construction and trading affiliate of Samsung Group, bounced back into profit in the second quarter, on the back of its construction and resort segments. In the April-June period, the company posted operating profit of 176.81 billion won (US$158.88 million), reversing a loss of 434.81 billion won in the previous quarter, it said in a regulatory filing on July 27. Net profit came to 134.58 billion won, a turnaround from 516.63 billion won loss from the January-March

[THE INVESTOR] More than 60 percent of listed South Korean companies’ subsidiaries are based overseas, Financial Supervisory Service said on July 27.According to the FSS, 6,330 of 10,327 subsidiaries of listed companies are based abroad. Of the total, 573 were established last year, the FSS said. FSS’s analysis also showed that of the top 100 largest companies’ overseas subsidiaries were based in Asia, with China-based subsidiaries accounting for half of Asia-based subsidiaries of Korean compani

[THE INVESTOR] Hyundai E&C, the engineering and construction unit of Hyundai Motor Group, on July 27 said that its second-quarter operating profit increased 5.5 percent to 268.4 billion won (US$236.80 million) from a year ago, thanks to large orders from the Middle East. But revenue was down 2.7 percent to 4.6 trillion won during the April-June period. A nuclear power plant being built by Hyundai E&C in the United Arab EmiratesFor the whole year, the company’s operating profit soared 4.5 percent