Driving shot of Renault Samsung‘s new midsize sedan SM6 RSM　　    A series of new car launches by local car manufacturers this year are heating up the family sedan market.　Renault Samsung, the local unit of French automaker Renault, jumped into the race last month by debuting SM6, the locally-adjusted version of Talisman, Renault’s premium midsize sedan. 　SM6 is a strategic new model with a mission to reclaim the status of Renault Samsung as the nation’s third largest automaker after Hyundai Moto

Mobility Feb. 15, 2016

    Driverless cars might be spotted on roads in Korea from March as the Ministry of Land, Infrastructure and Transport will start receiving applications for test drives of such cars from Friday. 　“With the move, the applicants -- companies or individuals -- will be able to test their autonomous driving technologies in the designated zones on the highway or city roads as early as in March,” Kim Chang-ki from the ministry said. 　To get approval for a test drive, applicants have to get insurance a

Mobility Feb. 11, 2016

Innisfree, a subsidiary of AmorePacific, became the number one road shop cosmetics brand in sales for the first time last year, overtaking The Face Shop which has fallen to second place, industry sources said. “Road shops” refer to a market segment in Korea made up of stores which sell only one brand of products. According to the 2015 earnings of AmorePacific, released Tuesday, sales of Innisfree products jumped 30 percent to 592.1 billion won ($485.3 million).At first glance, Innisfree’s sales

Latest News Feb. 3, 2016

   Lotte Group founder Shin Kyuk-ho may face a prosecution probe over suspicions of false information reporting over his ownership of the retail giant, the Fair Trade Commission indicated Monday.　“We found differences between data in regulatory filings submitted by Lotte last year, regarding general chairman Shin’s shareholdings in Lotte affiliates, and our investigation results,” an FTC official said.　The antitrust watchdog said it would consider bringing Shin to the prosecution if the suspicio

Business Feb. 1, 2016

The 2015 corporate earnings this week showed that the manufacturing industry, once the backbone of the nation’s exports-driven economic growth, is losing steam at a fast pace.　The nation’s top two manufacturers -- Samsung Electronics and Hyundai Motor -- recorded a double digit year-on-year fall in their net profit last year, squeezed by falling demand in major overseas markets and growing competition from cheap rival products. Samsung Electronics and Hyundai Motor announced a 19 percent and a 1

Industry Jan. 30, 2016

   Despite record sales of 91.96 trillion won ($76.45 billion) in 2015, Hyundai Motor’s operating profits plunged 15.8 percent from a year ago, the lowest level since 2010.　The nation’s largest carmaker recorded a 3 percent increase in sales from a year ago, however its operating profits shrank to 6.36 trillion won, the company said Tuesday.　photo: A Hyundai Motor Tucson sport utility vehicle stands on display at the 16th Shanghai International Automobile Industry Exhibition. Bloomberg　Last year

Mobility Jan. 26, 2016

          JS Communications, fully-owned by Lee Jae-hwan, the chairman of CJ Group’s younger brother, is being investigated by the Fair Trade Commission over deals with its sister firm CJ CGV, according to industry sources Monday. 　JS Communications, the screen advertising arm of the nation’s food and entertainment giant, has offered services to CJ CGV, the nation’s largest multiplex cinema chain, since its foundation in 2005. 　“We can only confirm that officials from the Fair Trade Commission c

Jan. 25, 2016

   A bulk cargo ship run by Hyundai Merchant Marine HMM   Hyundai Merchant Marine, facing a liquidity crisis, is reportedly in negotiations with local private equity firm Hahn & Company for the sale of its bulk cargo shipping business. 　The target for sale is the company’s business on shipping fuel sources like iron ore and coal used for power generation.　The deal amount is forecast to reach about 600 billion won ($495 million) as the private equity firm reportedly offered a cash payment of 100

Companies Jan. 21, 2016

   POSCO, the nation’s top steelmaker, is likely to post a net loss in 2015, weighed by excessive supply by Chinese rivals and weak demand in the global steel market, according to industry sources Tuesday.   The forecast is based on the combined performance of its affiliates, including POSCO Energy, Daewoo International and POSCO Engineering & Construction. Its core steelmaking business will continue to remain profitable, the sources added. 　POSCO’s worst-ever performance in 2015 has been expect

Business Jan. 19, 2016

The nation’s flagship carrier Korean Air faces a bumpy ride as its two pilot unions plan to cast a vote on the pay raise proposed by management -- 1.9 percent increase over 2015. “The unions have developed action plans, including a partial walkout, in preparation for the rejection of the proposal,’’ Seo Sang-won from the Korean Pilot Union said. About 1,900 members of the KPU and the New Korean Air Pilot Union will vote on the company proposal until Jan 29. Industry watchers forecast the airline

Business Jan. 18, 2016

SK Group headquarters building in Seoul. SK GroupSK Group, the nation’s third largest conglomerate, said Wednesday it has set up an independent team to offer a variety of advisory services to its affiliates seeking mergers and acquisitions. The group has recently created the “integrated financial solution team’’ under the roof of the Supex Council, the group‘s highest decision-making body, and appointed Jim Eun, the former head of Intel Korea, as the IFST leader. Eun, who has been appointed vice

Companies Jan. 13, 2016

 President Park Geun-hye reiterated the importance of structural reforms for economic revitalization on the foundation of security in her New Year's press conference Wednesday, urging the parliament to pass economy-related bills within this month not to lose growth momentum in the economy.   President Park Geun-hye delivers a speech in her New Year's press conference, held at Cheong Wa Dae, Wednesday. YonhapThe economy losing vitality and security on the Korean Peninsula were the two key phrases

Jan. 13, 2016

Korean Air executive vice president Cho Won-tae   Hanjin Group, a leading South Korean transportation conglomerate, is expected to accelerate the generational power shift in management as Cho won-tae, the only son of group chairman Cho Yang-ho, will take a bigger role in its flagship affiliate Korean Air. 　Korean Air, the nation’s flag carrier, accounts for half of the groups’s entire revenue. 　According to the 2016 executive reshuffle announced late Monday evening, junior Cho, the executive vic

Companies Jan. 12, 2016

BMW Group chairman Harald Krueger makes a speech during the annual kick-off meeting of BMW Korea on Monday. BMW Korea   BMW will expand partnership with Samsung and Korean car component makers in the transition to an era of electric mobility, top management of the German luxury carmaker said Monday.  　“We have had good cooperation with Samsung in such areas as batteries and cells (used for electric vehicles). The long-term partnership with Samsung will get more important as electric mobility gai

Mobility Jan. 12, 2016

Technicians check the audio system in Kia’s new K7 sedan at the carmaker’s R&D center in Hwaseong, Gyeonggi Province, on Monday. The automakers’ new flagship sedan with eight-speed transmission boasts enhanced fuel efficiency and driving performance. The new K7’s price tag ranges from 30.8 million won ($24,940) to 39.4 million won depending on power trains and options. Kia Motors　

Mobility Jan. 11, 2016