[The INVESTOR] The Ministry of Environment said it will revoke certification of Audi and Volkswagen cars that cheated on emission tests on Aug. 2, which would ultimately lead to a sales ban.The Korean unit could also face a hefty penalty of up to 320 billion won (US$281.46 million), the authorities said. A Volkswagen store in southern SeoulAccording to the ministry, the German automaker was able to manipulate the test documents because the VW models that were sold in Korea were different from th

[THE INVESTOR] A tripartite committee struck a deal over the weekend to raise next year’s minimum wage to 6,470 won ($5.70) per hour, but the decision failed to satisfy the key parties represented, with businesses and laborers each claiming the agreement was disappointing.　On Saturday, the committee of representatives of labor unions, business groups and the government agreed to raise the minimum wage by 7.3 percent, a 0.8 percentage point lower than last year’s increase.　The decision was reache

[THE INVESTOR] POSCO Daewoo is set to supply 30 megawatts of solar modules to U.S. solar energy generators including Osgood Solar, the company said Sunday. 　The trading arm of POSCO Group said it had signed supply deals worth 20 billion won ($17 million) with the U.S. firms at the latest solar energy exhibition Inter Solar North America in San Francisco.　 POSCO DaewooThrough the deals, the local company’s solar modules will be installed at general houses and urban buildings in the U.S.　Amid grow

[THE INVESTOR] From outside, the building seems nondescript. It sprawls wide and low amid the serene natural scenery of Buyeo in South Chungcheong Province, looking like a government building or perhaps a school.But once inside, the rumbling hum of machinery, bright clean rooms and head-to-toe white paper gowns make it clear that this is a factory where something precious is created. And in the air, there is a heavy, bitter aroma that is unmistakable for most Koreans.　The CheongKwanJang factory

[THE INVESTOR] Travelers trying to get from Incheon International Airport to Seoul can do so with ease by using the Airport Express railway system, which can take them directly to Seoul Station. According to data from the Korea Tourism Organization, 98 percent of tourists from English-speaking countries find their way from the airport to Seoul by themselves. 　Although there are several ways to get to the city from the airport, the Airport Express is the quickest way to visit tourist hotspots suc

[THE INVESTOR] The Korea International Trade Association plans to establish a new venue for global events and exhibitions in Seoul and foster 500,000 small, promising companies by 2030, the umbrella economic organization said Sunday. 　“We will push for setting up a global-level complex for MICE -- meetings, incentives, conferencing, exhibitions -- in Jamsil, Seoul,” said Kim In-ho, a chairman of KITA, at an event to mark the 70th anniversary in Seoul.  KITA`s chairman Kim In-ho speaks at its eve

[THE INVESTOR] Chemical and battery firm LG Chem is slated to supply its batteries to the U.S. National Aeronautics and Space Administration in the second half of this year, according to the company on July 17. 　The local battery maker recently signed a supply deal with NASA to provide its lithium ion batteries for the agency’s space suits used for space exploration. 　“The batteries will serve a key role in the spacesuits, which have various functions such as oxygen suppliers, communications equ

[THE INVESTOR] The SUV fad in South Korea is not over yet. Fueled by the popularity of outdoor activities -- mainly camping -- sales of such vehicles have grown steadily over the years. 　However, there have been limited local choices, which often leads to consumers going for high-end foreign vehicles offered at high prices. 　South Korea’s fourth-largest carmaker Ssangyong Motor, recently rolled out a pickup that it touts as an alternative to an SUV – the Korando Sports 2.2. 　It is not really an

[THE INVESTOR] Amid the growing popularity of hybrid cars among environmentally conscious drivers, Hyundai Motor has gone one step further with the pure electric car Ioniq Electric for those who want a more eco friendly option. The nation’s largest automaker invited the press on Thursday to get behind the wheel, following a driving course based on the concept that an EV driver in Seoul traverses the city from east to west on diverse road conditions such as traffic jams and highways. 　At a glance

[THE INVESTOR] Come Aug. 5, Hyundai Merchant Marine will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank. 　The soon-to-be owner is bent on installing a new leadership at the shipping line and is open to hiring a foreigner as its chief executive, according to sources at the state-run lender.  “A CEO-recommendation committee is to launch soon, comprising representatives of various related parties,” said a KDB official

[THE INVESTOR] The volatility in the won-dollar exchange rate remained high in the second quarter, but the average gap between daily highs and lows shrank from the previous quarter, central bank data showed on July 17. The average gap between the daily high and low of the won-dollar exchange rate stood at 7.7 won in the three months ending June 30, compared with the average of 8.2 won in the Jan-March period, according to the data from the Bank of Korea. The intraday gap fell to an average 6 won

[THE INVESTOR]  South Koreans’ direct trading of foreign shares dropped significantly in the first half of the year as a result of a decline in investment in the Chinese market, data showed on July 17. During the January-June period, the total transaction volume of foreign shares by South Koreans came to US$ 6.23 billion, down by 15.96 percent from US$ 7.41 billion recorded a year earlier, according to Korea Securities Depository. The amount is a decrease of 7.74 percent from US$ 6.75 billion in

[THE INVESTOR] In the pre-cloud era, access to a company’s data was quite a laborious task. A chief executive might have had to send emails back and forth just to acquire necessary data such as those related to sales. 　Now emerging cloud services allow easy access to analytic data, even on the go.　By simply using a mobile app, a company chief is able to get information that span a broad range of queries such as how many new employees are currently needed and analysis on the anticipated financial

[THE INVESTOR] Samsung Heavy Industries, a debt-ridden South Korean shipyard, has nearly secured a 3 trillion won (US$ 2.63 billion) deal to build a floating liquefied natural gas facility abroad, local news reported on July 17. The shipbuilder, a unit of Samsung Group, is leading a consortium made up of French oil services company Technip and Japan’s JGC in the project, valued at a total of US$ 5.4 billion. This construction has been ordered by the Italian hydrocarbon company ENI. “It’s safe to

[THE INVESTOR] Car dealers are pushing to sell Volkswagen vehicles at reduced prices as the carmaker is likely to be banned from selling in South Korea for the cheating emission scandal. Online VW dealers have significantly reduced the price of its best-selling models such as SUV Tiguan. The price of Tiguan has decreased by 7 million won from 45 million won (US$ 39,432) to 38 million won in July. Sellers are offering more than 10 million won reduction, or 15 percent discount from the original pr

[THE INVESTOR] Hanmi Pharmaceutical’s second-quarter operating profit is projected to grow significantly, while sales will likely suffer a decline, industry data showed on July 11. According to a market data provider FnGuide, Hanmi’s operating profit is expected to grow fourfold in the second quarter on-year to 10.8 billion won (US$ 9.4 million). However, sales will fall 3.56 percent to 235 billion won. Analysts say lower-than-expected growth from Hanmi subsidiaries such as Beijing Hanmi and Han

[THE INVESTOR] Korea’s exports continued to drop from a year earlier in June, but the rate of drop slowed significantly, the government said July 1. Exports came to US$ 45.3 billion last month, down 2.7 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. Exports have decreased for the 18th consecutive months in June. The rate of decline, however, slowed from a 6 percent drop in May. The imports shrank at a faster rate, falling 8 percent on-year to $33.

[THE INVESTOR] Korea’s consumer prices increased by less than 1 percent in June for the second consecutive month, government data showed on July 1.The country’s consumer price index rose 0.8 percent last month from a year earlier, according to the data by Statistics Korea. 　From a month earlier, the June figure remained the same. 　Core inflation, which excludes volatile oil and food prices increased 1.9 percent compared with last year, saw the same increase as a month ago.　(theinvestor@heraldcor

[THE INVESTOR] South Korea will dramatically increase its spending on robots and artificial intelligence next year, the Ministry of Science, ICT and Future Planning said on June 30. The government decided to inject a total of 470 billion won (US$406 million) in the high-tech industry, a 49.6 percent increase over this year’s 314 billion won. The plan was approved during the National Science and Technology Council’s session to decide allocation of R&D projects for 2017. Artificial intelligence is

[THE INVESTOR] Chinese auto parts manufacturer Rothwell International will list on Korea’s tech-heavy KOSDAQ, the bourse operator Korea Exchange said June 28. “As a listed Chinese firm, we will take the lead in resolving China discount and creating premium,” the company’s chief executive Zhou Xiangdong said at a press conference in Seoul on June 14. Established in 2014, Rothwell International is a Hong Kong-based company that operates subsidiary Jiangsu Rothwell Electric. Last year, the company