Ssangyong Motor Co., owned by India’s Mahindra & Mahindra, announced on July 23 that it sold a total of 69,800 cars, including 45,410 units in the domestic market and 24,390 units in the overseas market, in the first half of this year. The company also said that it posted 1.6 trillion won (US$1.37 b

A rumor has suddenly started to spread that Google, the global leader in the information technology industry, will acquire a stake in LG Electronics. An LG Electronics spokesperson denied the rumor, saying, it was “just too preposterous to mention,” but nevertheless the rumor is snowballing, interlo

The Kia Sedona (Carnival in Korea) was selected as the Best Minivan in terms of customer satisfaction by J.D. Power & Associates, the world’s leading market research firm best known for its automotive quality surveys.The American-based marketing information services firm announced on July 22 (local

LG Electronics has unveiled its new dual tub washing machine, the LG Twin Wash System.The nation's leading consumer electronics manufacturer held a celebration to launch the new high-end washing machine at its headquarters in Yeouido, Seoul on July 23.The washer comes with a combination of a ful

Korean automakers are suffering from lackluster sales and the weak yen. Nevertheless, labor unions are putting pressure on them, threatening to go on strike.In May this year, the Hyundai Motor Company sold 54,990 and 334,309 cars inside and outside of Korea, respectively. The total went down by 6.4

Hyundai-Kia Motors is to release a flock of new models in the global market in the second half of this year in a bid to recover its poor performance. By taking the bull by the horns with the release of new models, the group plans to simultaneously improve sales and profitability, overcoming unfavora

Owner-led management is drawing attention again. Although this type of business management has been criticized for a while since the IMF bailout in the late 1990s, its advantages are coming back into the limelight these days with regard to aggressive investment for coping with the current economic r

The labor union of Hyundai Heavy Industries (HHI) will go on strike for higher wages worth some 250,000 won (US$216.56) per month again this year. Even though HHI showed the greatest-ever operating losses of 3.2 trillion won (US$2.77 billion) last year, the union forced the company to increase base

Hanwha Q Cells, the leading Korean solar cell maker, said on July 21 that it is going to make a joint venture with ReNew Power Ventures to build two solar power plants with a total capacity of 148.8 megawatts in the central Indian state of Telangana. The Indian partner is one of India's leading

The Korean government has launched a fifth attempt to sell a 48.07 percent stake in Woori Bank in two tranches, selling first a 30 to 40 percent stake to an investor who could take a significant role in the management of the company, and then the remaining stake to multiple investors in lots ranging

LG CNS said on July 21 it has won a 130 billion won (US$112 million) project to build a 33 megawatt solar power plant in Japan over the next two years.With the deal, the Korean system solution provider has won three solar power projects on the island of Kyushu, Japan, with their combined power capac

Since the opening of the Korean capital market back in 1997, debates as to the introduction of measures for protecting corporate management rights have repeatedly emerged and subsided in Korean society.During the crisis of the SK Group in 2003 that resulted from Sovereign Asset Management and the di

Due to the economic slowdown and poor domestic consumption, both vehicle productions and sales simultaneously decreased for the first time in seven years in China, the world’s largest auto market. While Chinese domestic auto brands held a 41.5 percent market share in the first half of this year, bra

In order to maximize work efficiency by minimizing the negative effects of unexpected weather conditions to manage the sea trial schedules of ships and operate floating cranes, Hyundai Heavy Industries, (HHI), the world’s biggest shipbuilder, developed a weather detection system. This system is buil

The Korea Gas Corporation (KOGAS) has joined hands with the nation’s three major shipbuilders – Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering – to establish the nation’s first specialized company to design liquefied natural gas (LNG) carrier tanks.A

Despite concerns over massive losses of trillions of won in the second quarter this year, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) has received an order for a new liquefied natural gas (LNG) carrier from a Greek shipper.DSME announced on July 20 that it has bagged

On July 20, DongA ST (CEO Park Chan-il) announced that the company signed a license contract with Russian Geropharm for its recently-developed diabetes drug Evogliptin.Under the contract, DongA ST receives deposits in addition to a royalty for the technology. The company will also receive royalties

Kumho Tires (CEO Kim Chang-kyu) announced that the company will supply OE tires for the 2016 Dodge Viper ACR. Dodge is a brand of the global automotive company Fiat - Chrysler Automobiles Group (FCA).The Dodge Viper is a sports car with the largest engine displacement (8,400cc). Dodge Viper set a re

A much-hyped bidding race for licenses to run new duty-free stores in Korea ended on July 10. The license for a shop in Jeju City went to the Jeju Tourism Organization. The Korea Customs Service (KCS) awarded another license to a consortium of Hyundai Development Company (HDC) and Shilla Duty Free.