Hyundai Motor Co. and its smaller affiliate, Kia Motors Corp., saw their combined sales in the United States rise 6.3 percent in May, thanks to brisk sales of sport utility vehicles, industry data showed Wednesday.The two South Korean auto giants sold a combined 133,932 units in the U.S. last month, up from 126,043 units sold in the same period last year, the data showed. The figures represented the best-ever sales for the month of May for both companies.Hyundai's sales rose 11.6 percent to 71,0

Prosecutors raided the headquarters of the South Korean unit of U.S. carmaker General Motors Co. on Wednesday as part of an investigation into alleged irregularities committed by its labor union.The Incheon District Prosecutors' Office said it confiscated accounting books, documents and computer hard discs from GM Korea Co.'s headquarters located in Incheon, 40 kilometers west of Seoul.They also arrested a 57-year-old company executive in charge of labor management on suspicions of malpractice a

The sales of five automakers in South Korea rose 6.4 percent in May from a year earlier on the back of an extended tax cut on car purchases that drove up domestic sales, and a recovery in overseas demand, industry data showed Wednesday. The combined sales of the five companies -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Co., and Ssangyong Motor Co. -- came to 761,981 units in May, according to the data provided by each company. Domestic sales jumped 20 percent on

Bondholders of Hyundai Merchant Marine Co. on Wednesday approved an additional 170 billion won ($142 million) debt rescheduling proposal by the financially shaky shipper, clearing one of the hurdles for a creditor-led restructuring, company officials said.During a two-day meeting that started on Tuesday, the shipper's bondholders gave the nod to a total 804.2 billion won debt rescheduling scheme under which more than half of the debt will be swapped for the shipper's stocks and the remaining deb

Prosecutors said Wednesday they have confiscated some 950 vehicles of the South Korean unit of the German carmaker Volkswagen, equipped with its new engine model, amid a probe into the company's emissions scandal.The Seoul Central District Prosecutors' Office said three of Audi Volkswagen Korea's models -- Audi A1, A3 and the popular Golf -- have been confiscated from its vehicle inspection center in Pyeongtaek, some 70 kilometers south of Seoul.The legal action came two months after prosecutors

A former middle school principal was sentenced to 18 months in prison and 80 hours of rehabilitation program after he was found to have made inappropriate physical contact with female pupils during his term in office. The 57-year-old has been indicted under charges of summoning a 14-year-old to his office and later stroking her face and kissing her on the lips. The student had returned to school during the vacation period for an extracurricular baking class. 　 (Yonhap)Another victim said he had

South Korean stocks closed little changed Wednesday as investors took to the sidelines waiting for a slew of economic data and events coming this week. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.68 point, or 0.03 percent, to close at 1,982.72. Trade volume was moderate at 496 million shares worth 5.31 trillion won ($4.45 billion), with gainers outpacing losers 447 to 363.  (Yonhap)On Tuesday, U.S. stocks dropped as investors remained cautio