The Korea Herald

Ahn Sung-mi

안녕하세요 Ahn Sung-mi 기자입니다.

Articles by Ahn Sung-mi

Typhoon Chaba halts Hyundai Motor’s production in Ulsan

Oct 6, 2016

[THE INVESTOR] Hyundai Motor, the nation’s largest automaker, was forced to suspend production at its main auto plants in Ulsan after a strong Typhoon Chaba hit the country’s southern region on Oct. 5. Two out of five factories in Ulsan, located some 400 kilometers southeast of Seoul, shut down production around noon due to inflow of water in their facilities as heavy rains and violent winds lashed the region. The second factory, which produces Santa Fe SUV and Avante compact sedan, is yet to re
S. Korean gov't file damage suit against Volkswagen

Oct 4, 2016

[THE INVESTOR] The South Korean government and the Bank of Korea have filed a damage suit against Volkswagen’s German headquarters seeking compensation over the automaker’s massive diesel emission scandal, local news reported on Oct. 4. Korea Investment Corporation, which manages assets entrusted by the Ministry of Strategy and Finance and the central bank, filed a petition at the district court in Braunschweig, near Volkswagen’s headquarters, on behalf of its plaintiffs last month. The claim am
[EQUITIES]Daishin Securities forecasts increased Q3 profit for Nexen Tire

Sept 30, 2016

[THE INVESTOR] Daishin Securities said on Sept. 30 that Nexen Tire ’s third-quarter operating profit would grow 7.3 percent on-year despite a rise in raw material prices. The brokerage firm predicted Nexen Tire will post 473 billion won (US$427.84 million) in sales and 55 billion won in operating profit, up 0.5 percent and 7.3 percent on-year respectively, in the July-Sept. period. “We had expected the price of raw materials to increase by 10 percent from the first quarter, resulting in a slowd
Rolls-Royce to open Asia’s first brand studio in Korea

Sept 29, 2016

[THE INVESTOR] British supercar Rolls-Royce Motor Cars is set to open a brand studio in South Korea in November, looking to make an imprint on one of the burgeoning luxury auto markets in the Asia-Pacific region. Rolls-Royce Motor Cars Studio is the second permanent studio outside of the automaker’s headquarters in Goodwood, UK, and the first of its kind in Asia. Taking up 200 square meters inside the BMW Driving Center in Incheon – 10-minute drive from the Incheon International Airport -- the s
Rolls-Royce, Volvo chiefs flock to South Korea

Sept 28, 2016

[THE INVESTOR] Chiefs of global automakers are flocking to South Korea, in a move seen to expand their brands’ presence in one of the fastest growing auto markets in the Asia-Pacific region. British supercar Rolls-Royce Motor Cars CEO Torsten Mueller Otvos will visit Korea on Sept. 29 to mark the opening of Rolls-Royce Motor Cars Studio, the first of its kind in Asia. He is also planning to visit a newly opened showroom in Busan on Sept. 30. This is his second visit to Korea since his inaugurati
Hanjin Shipping shares jump on Maersk’s takeover speculations

Sept 27, 2016

[THE INVESTOR] Hanjin Shipping’s stocks soared almost 20 percent on Sept. 27, amid speculation that Danish container carrier Maersk might acquire the ailing shipper. Hanjin Shipping’s stock closed at 1,135 won (US$1.03), up 18.85 percent from the previous trading day. During the day, Hanjin’s share price surged as much as 28.8 percent. Earlier in the day, David Kerstens, a transport analyst from investment bank Jefferies International, told Bloomberg that Maersk will likely takeover Hanjin Shipp
Daedong Industrial to develop electric truck by 2019

Sept 27, 2016

[THE INVESTOR] Daedong Industrial Co., a major agricultural machinery manufacturers here, on Sept. 27 said it plans to develop a 1-ton electric light commercial vehicle by 2019. The manufacturer will head a consortium of nine local firms and organizations -- including Renault Samsung Motors, LG Electronics and Pohang University of Science and Technology -- to develop an electric-powered truck that runs 250 kilometers on a single charge and reaches a maximum speed of 120 kilometers. A total of 24
Hankook Tire to supply for Toyota’s Sienta minivan

Sept 27, 2016

[THE INVESTOR] Hankook Tire, South Korea’s largest tire maker, will supply original equipment tires for Toyota Motor’s Sienta minivan, the company said on Sept. 27. Hankook Tire will install its high performance Kinergy Ex tires for Sienta OE tires -- which refers to tires equipped on a new vehicle when they come from the factory. According to the company, Kinergy Ex tires boast excellent braking power on both dry and wet surfaces. Toyota’s Sienta minivan“Supplying tires through a strategic part
Hyundai Motor’s Q3 profits likely to decline: analysts

Sept 27, 2016

[THE INVESTOR] Market watchers forecast that Hyundai Motor would report on-year decline in earnings for the July-September period due to a drop in sales, in both domestic and overseas markets. According to Hyundai, South Korea’s largest automaker sold a combined 697,864 units in July and August, down 4.1 percent from a year earlier. Breaking down, 607,873 units were sold overseas, down 1.4 percent on-year, while 89,991 units were sold in South Korea, down 19 percent from a year earlier. Hit by l
Korean automakers produce more cars overseas

Sept 27, 2016

[THE INVESTOR] South Korean automakers produced more cars at their overseas plants than in South Korea, industry data showed on Sept. 27. From January to August, seven automakers -- including Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor and Renault Samsung, Daewoo Bus and Tata Daewoo -- produced 2.77 million units here, according to data by the Korea Automobile Manufacturers Association. Meanwhile, Hyundai and Kia produced a combined 2.91 million units at their overseas plants.Local auto
Gov’t to announce restructuring plans for shipbuilding, steel industry

Sept 26, 2016

[THE INVESTOR] South Korea’s trade minister on Sept. 26 said a set of restructuring measures aimed at improving the competitiveness of the troubled industries, including shipbuilding, steel and petrochemicals will be announced on Sept. 30. “Starting with steel and petrochemicals industry, we will announce which firms will go under restructuring,” said Minister of Trade, Industry and Energy Joo Hyung-hwan during a regular parliamentary audit. The restructuring measures will be based on the result
Crefia to sue Visa for fee hike

Sept 26, 2016

[THE INVESTOR] Kim Duk-soo, new CEO of the Credit Finance Association of Korea, said it plans to sue Visa Card if the global payment network company pushes ahead with its planned fee hike for overseas purchases. “Recently, Visa notified local card firms that it will raise fees by 0.1 percent for overseas payments. But when taking inflation rate into consideration, the amount is unreasonable,” Kim said at the press conference last week to mark the 100th day since he took the top job at Crefia, th
Jaguar Land Rover, Hyosung Premier Motors form dealership contract

Sept 26, 2016

[THE INVESTOR] Jaguar Land Rover Korea, importer and distributor of Jaguar and Land Rover brand vehicles, said on Sept. 26 that it formed a dealership contract with Hyosung Premier Motors, an affiliate of Hyosung Group. The two firms signed a memorandum of understanding last week, allowing Hyosung Premier Motors to open new showrooms and service centers in four cities, including Busan, Ulsan, Pohang and Suncheon. “The new partnership with Hyosung Premier Motors, which has abundant experience in
Ssangyong, LG Uplus, Tech Mahindra team up for connected cars

Sept 26, 2016

[THE INVESTOR] Ssagyong Motor, owned by India’s auto giant Mahindra & Mahindra, on Sept. 26 said that it has partnered with IT affiliate Tech Mahindra and a local network carrier LG Uplus to develop internet-connected car technology. The three firms signed a memorandum of understanding in Seoul last week, agreeing to team up to develop a platform for connected cars of the future. Under the deal, Ssangyong will develop the car interior system, while Tech Mahindra will provide the telematics platf
Household debt-to-GDP ratio rising rapidly: study

Sept 25, 2016

[THE INVESTOR] Korea has one of the fastest growing levels of household debt as a percentage of gross domestic product among major economies in the world, a Switzerland-based international organization of central banks said Sunday. 　Between January and March this year, the ratio of Korea’s household loans to GDP stood at 88.8 percent, up from last year’s 84.3 percent. It was the third-biggest increase among the 42 countries surveyed by the Bank for International Settlements. “Korea’s household d