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Car imports cut in half in July on end of tax benefits, VW woes

Aug 28, 2016

[THE INVESTOR] Imports of foreign cars were cut in half in July from the previous month in the wake of the emissions-rigging scandal of Volkswagen and Audi cars and the end of tax beneifts on new car purchases.　According to data from the Korea Automobile Manufacturers Association, a total of 17,897 vehicles were imported into the country in July, down 51 percent from June. The largest 6,432 vehicles were imported from Germany but the figure plunged 58 percent from a month earlier. Imports from t
Korean banks’ credit exposure to Hanjin Shipping at W1.02tr

Aug 28, 2016

[THE INVESTOR] South Korean banks’ credit exposure to cash-strapped Hanjin Shipping is estimated at 1.02 trillion won (US$915 million), industry data found on Sunday. But sources say the banks have already set aside sufficient provisions against the loans.The main creditor Korea Development Bank has credit exposure of 660 billion won to the nation’s largest shipping company, followed by KEB-Hana Bank with 89 billion won, NH Nonghyup with 85 billion won, Worri Bank with 69 billion won, KB Bank wi
SK Chemical to sell Bayer’s Aspirin

Aug 26, 2016

[THE INVESTOR] SK Chemical, the chemicals unit of SK Group, said on Aug. 26 it has signed a deal with Bayer Korea to handle the sales and marketing of two of the drugmaker’s popular drugs -- Aspirin Protect and Adalat Oros -- to local hospitals from September.Aspirin Protect is a low-dose aspirin product that has become a common treatment for people at high risk for heart attacks or strokes. Dalat Oros is used to treat either high blood pressure or prevent angina, or chest pain. SK Chemical Pres
Hyundai to unveil new half-priced fuel-cell EV in 2018

Aug 25, 2016

[THE INVESTOR] Hyundai Motor plans to unveil a new fuel-cell electric vehicle with a price tag of 60 million won (US$53,400), around half the price of the current Hyundai Tucson Fuel Cell. Considering government subsidies worth 27.5 million won, the purchase price for customers could be lowered to about 33.5 million won. Despite the cheaper price tag, the driving range will be extended from the current 415 kilometers on a single charge to 600 kilometers, the carmaker said. The world’s first mass
Korean gov’t delays decision on Google’s map data request

Aug 24, 2016

[THE INVESTOR] The Korean government on Aug. 24 postponed to make its final decision on whether to allow Google to bring detailed map data out of the nation.The joint reviewing body of government ministries and agencies delayed their decision, citing the importance of the issue for Google, the local internet market and society as a whole.“The reviewing body will further discuss with Google on the matter and make a discreet decision,” the state-run National Geographical Institute said in a statem
LG, Bang & Olufsen team up to offer premium audio for V20

Aug 24, 2016

[THE INVESTOR] LG Electronics' upcoming new smartphone V20 will get a big boost as Bang & Olufsen is coming on board to add premium audio capabilities to the phone. The V20, succeeding the V10, will be the first smartphone to employ 32-bit Quad DAC, or Digital to Analogue Converter, audio chips that the company said delivers “a crisp and clear sound that comes closest to a live performance,” with 50 percent reduction in ambient noise. This is the second collaboration between LG and B&O Play, the
LG, Hanwha fail to acquire Continental Structure Plastics: report

Aug 24, 2016

[THE INVESTOR] LG Hausys and Hanwha Chemical may have failed to acquire Continental Structural Plastics, the US vehicle lightweight technology developer, in their separate bids, according to news reports Aug. 24. 　LG Hausys, the materials unit of LG Group, and Hanwha Chemical’s affiliate Hanwha Advanced Materials joined the heated bidding war that was estimated at US$700 million early this month. 　News reports said their bidding prices were much lower than rivals such as Germany’s BASF, Japan’s
Samsung SDI still undecided on Europe plant

Aug 24, 2016

[THE INVESTOR] Samsung SDI, the battery-making unit of Samsung Group, said on Aug. 24 it has not yet made a final decision on the location of its planned European plant, denying a news report that it was narrowing options between Hungary and other European countries. 　“We are continuing talks with local governments, but the final destination has not yet been decided,” said a Samsung SDI spokesperson. 　 Samsung SDI’s battery plant in Xian, ChinaThe company, a sole battery supplier to BMW’s hybrid
Samsung gears up to supply OLED panels to Apple

Aug 24, 2016

[THE INVESTOR] Samsung Display, the display-making unit of Samsung Electronics, is gearing up to supply organic light-emitting diode displays to its archrival Apple, installing production equipment at its Korea plant recently. According to Chosun Biz, a local news daily, the firm has recently started installing new equipment at its A3 OLED plant in South Chungcheong Provgince, intent to beef up its OLED production capacity. Samsung plans to supply display panels to Apple’s first OLED iPhone, wh
Samsung apologizes for delayed Galaxy Note 7 shipment

Aug 24, 2016

[THE INVESTOR] Samsung Electronics on Aug. 24 apologized to Korean customers for the delayed shipment of its hot-selling new smartphone Galaxy Note 7. 　About 400,000 preorders have been made for the Note large-size smartphone in Korea before the official launch on Aug. 19. The figure is more than double that of the company’s flagship Galaxy S7 in March. 　 Customers stand in line outside a retail store in Seoul to purchase a Galaxy Note 7 phone on the launch day Aug. 19.The unprecedented demand o
Will Google fall short of its quest for Korean map data?

Aug 23, 2016

[THE INVESTOR] For years, Google has asked the Korean government for permission to store and use the nation’s detailed map information, which would allow it to roll out full-fledged Google Maps services here. It has made requests via official and unofficial channels. But the Korean government has rejected the requests so far, citing that access to map information might impact national security, as South Korea is technically still at war with North Korea. Google is awaiting the final government d
Samsung raises stakes in self-driving car sensor star-tup Quanergy

Aug 23, 2016

[THE INVESTOR] Samsung Group’s start-up accelerator Samsung Venture Investment has recently raised its stakes in Silicon Valley-based self-driving sensor start-up Quanergy. The start-up recently attracted a combined US$90 million funding from a consortium led by auto parts manufacturer Delphi Automotive. Samsung was one of the key investors together with Motus Ventures and GP Capital. The firm didn't specify the funding from Samsung alone. The fresh investment comes after Samsung had invested US
Samsung Electronics shares close at new high

Aug 23, 2016

[THE INVESTOR] Shares of Samsung Electronics on Aug. 23 renewed record highs for three consecutive sessions. The stock closed at an all-time high of 1,687,000 won (US$1,510), up 22,000 won from the previous session.Buoyed by the market behemoth’s upbeat performance, the benchmark KOSPI also gained 7.77 points to close at 2,049.93. While foreign investors remained net sellers, Samsung affiliates purchased their shares alongside individuals. Analysts predict the Samsung stock rally could continue
Booyoung named preferred bidder for Samsung office building

Aug 23, 2016

[THE INVESTOR] Samsung Fire & Marine Insurance on Aug. 23 confirmed that Booyoung Group, the Korean construction giant, has been named a preferred bidder to acquire its former head office building in central Seoul. Shinhan Card, Tongyang Asset Management of China’s Anbang Insurance Group and IGIS Asset Management had also participated in the bidding that was held Aug. 5If the deal is confirmed, Booyoung will become an owner of another Samsung headquarters building following its acquisition of th
SK withdraws from solar power business

Aug 23, 2016

[THE INVESTOR] SK Group(Chairman Chey Tae-won), the nation’s third-largest conglomerate, is withdrawing from its money-losing solar power business conducted by its semiconductor and display material unit SKC Solmics. SKC Solmics, which produces wafers for solar batteries, said Aug. 23 it will sell off related production equipment to Wongjin Energy, Woongjin Group’s solar power unit, for 35.5 billion won (US$31.7 million), about 16.95 percent of its total asset. The deal will take effect from Oct