[THE INVESTOR] Faced with the threat of hefty penalties and a possible deal-breaker, Korean automotive parts makers are struggling to keep wraps on potential supply talks with US-based electric car maker Tesla Motors. Just recently, a major Seoul-based supplier was slapped with a US$1 million penalty by Tesla for breach of a non-disclosure agreement, while several others received verbal warnings for revealing information to the media here about a possible deal. Tesla Motors CEO Elon MuskOfficial

[THE INVESTOR] LG Electronics on Aug. 31 hinted at launching its upcoming premium smartphone V20 in India, a market that was excluded for the predecessor V10’s debut last year. “We have recently decided to launch the V20 in India. The launch will come within the month,” LG’s India chief Kim Ki-wan was quoted as saying by local newspapers. India is the world’s third-largest smartphone market after China and the US. Handset makers are upping their ante in the market not just with budget phones but

[THE INVESTOR] KT, South Korea's No. 2 telecom carrier, on Aug. 30 launched its new live video streaming service dovido with aims to take on market leaders such as YouTube. The company said it will nurture the service as a global platform that attracts 200 million viewers from around the world by 2020. The dovido service allows users to film, edit and upload their own video contents. The service is also linked to a shopping site so that products in the videos can be purchased. “We will compete h

[THE INVESTOR] Samsung SDI, the battery-making unit of Samsung Group, said on Aug. 30 that it has picked Hungary as the final destination for its first European production base. This is the company’s third battery plant globally following two in Korea and China. Citing cost and regulatory benefits, the company said, it will refurbish its own Braun tube production plant in God, a small town some 25 kilometers north of Budapest, to establish new battery production lines in the country. Rendering i

[THE INVESTOR] Hanwha Group on Aug. 30 denied a news report that it was considering acquiring the defense business of cash-strapped shipbuilder Daewoo Shipbuilding & Marine Engineering. “We have never considered the acquisition,” the defense giant said in a regulatory filing. Earlier in the day, a local news daily, reported that Hanwha has recently started a feasibility study on the possible acquisition, including business synergies and the bidding price. The ailing shipbuilder logs about 1 tril

[THE INVESTOR] Mobileye, the Israel-based software developer that is working with BMW and Intel to develop self-driving cars, is eyeing Korea’s demand for assistance driving, an intermediate step toward the era of fully autonomous driving. The company has recently started supplying its advanced driver assistance systems to Korean taxi and rental car companies, said Park Seong-wook, head of Mobileye in Korea, in a recent interview with The Investor. “Until recently, our key customers used to be t

[THE INVESTOR] Hanwha Chemical's affiliate Hanwha Advanced Materials confirmed on Aug. 29 that it has failed to acquire Continental Structural Plastics, the US vehicle lightweight technology developer. The announcement comes days after the failed bid by LG Hausys, the materials unit of LG Group, another Korean firm that participated in the highly publicized bidding war estimated at about US$700 million early this month. Sources said their bidding prices were much lower than rivals such as German

[THE INVESTOR] HANOI, Vietnam -- LS Cable & System aims to double the sales of LS C&S Asia, which is to be listed in September, the company’s chief said last week. LS C&S Asia, the holding firm of the Korean cable-maker’s two Vietnamese units LS-VINA and LSCV, is slated to float its shares on South Korea’s main bourse KOSPI in September. LS Cable & System CEO Myung Roe-hyun (center) speaks at a press briefing in Hanoi last week.“(Through the listing), LS C&S Asia aims to generate 1 trillion won

[THE INVESTOR] Chemical and battery firm LG Chem said on Aug28 that it will focus on high value petrochemicals as part of its moves to boost its competitiveness and sales.With an aim to raise the sales of high value petrochemicals from the current 3 trillion won ($2.7 billion) to 7 trillion won by 2020, the company will expand the polyolefine products with its exclusive technology. This will lead to better quality of polyester and polypropylene, it said. By 2018, the company will inject 400 bill

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin on Aug. 26 went to the funeral of Lee In-won, his closest aide and the group’s vice chairman who committed suicide that morning. The chairman choked on his words and could not get any words out when questioned by the media.   Lotte Group Chairman Shin Dong-bin“There is nothing we can say about how he feels, and we have nothing to officially announce about the funeral,” a Lotte official said. Lotte Group founder Shin Kyuk-ho and his eldest son Don

[THE INVESTOR] After the US Federal Reserve signaled last week that it was close to raising its interest rates soon, economic policymakers in Seoul are on edge for its potential impact on Korea’s fragile economy. The heightened likelihood of the US tightening as early as next month complicates the job of the Bank of Korea, in particular, which already faces a tough balancing act between the desire to support the growth and worries over rising household debt levels. 123rfIn a globally anticipated

[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