[THE INVESTOR] Lotte Group Chairman Shin Dong-bin is likely to be summoned by the prosecutors after the Chuseok holiday that ends Sept. 18. He will be questioned for his role in a series of corruption charges that the retail giant faces, according to industry sources on Sept. 13. The prosecutors are aiming to end the three-month long probe into Lotte Group by questioning the group chairman. “We will summon Shin Dong-bin after the holiday,” a prosecutor said. “After summoning him, we plan to wrap

[THE INVESTOR] The US government on Sept. 12 issued a final ruling slapping a maximum of 61 percent anti-dumping and countervailing duties on South Korean steelmaker POSCO. The US International Trade Commission affirmed the decision by the US Commerce Department in August to impose duties on hot-rolled flat steel imported from South Korea, Japan, Turkey, Britain, Brazil, Australia and the Netherlands. Under the decision, Korea’s top steelmaker will face 3.89 percent anti-dumping tariff and a cou

[THE INVESTOR] Daesung Electric, automotive component arm of LS Group, is pushing for an initial public offering by next year, the company said on Sept. 12. Daesung said it will apply for preliminary approval to pursue an IPO on the country’s main bourse KOSPI by end of November. It has selected Mirae Asset Financial Group as the lead manager for the deal and shared plans to go public by first half of next year. Once Daesung’s market debut is completed, the company plans on building three new ov

[THE INVESTOR] Choi Eun-young, former chairwoman of Hanjin Shipping, has decided to inject 10 billion won (US$8.99 million) from her private assets to ease Hanjin Shipping’s cargo crisis. “Chairwoman Choi will secure 10 billion won by using her Eusu Holdings stocks as collateral to take out loans and provide (the funds) within a few days,” Eusu Holdings, said in a statement on Sept. 12. Choi now serves as a chairwoman of Eusu Holdings. Hanjin Shipping's former chairwoman Choi Eun-young appears b

[THE INVESTOR] CJ Group’s food affiliates CJ CheilJedang and CJ Freshway on Sept. 12 have signed a memorandum of understanding with Vietnamese state-run retail giant Saigon Trading Group, in a move to expand its business in the country. Under the agreement, food manufacturer CJ CheilJedang will set up a special store CJZone inside Satra’s retail outlets to sell its processed food products. CJ, in cooperation with Satra, will develop various sauces and other new products tailored to meet local ta

[THE INVESTOR] Hanjin Shipping’s bankruptcy filing has worsened the worldwide cargo disruptions, with the crisis taking a heavy toll on its consignors and subcontractors. Nearly 80 Hanjin vessels have been denied port access on concerns that the shipper won’t be able to pay port fees, since South Korea’s largest container carrier entered court protection on Sept. 1. While some vessels were allowed to dock and began unloading at the US ports after a local court granted its bankruptcy protection,

[THE INVESTOR] Ssangyong Motor, owned by India’s auto giant Mahindra & Mahindra, on Sept. 12 released a rendering of its new SUV concept car LIV-2, ahead of the 2016 Paris Motor Show. Due to make its official debut in Paris, the LIV-2 -- which stands for Limitless Interface Vehicle -- is the next generation of Ssangyong’s Rexton SUV, internally known by project name Y400. Rendering image of Ssangyong Motor’s concept car LIV-2According to the company, the new car delivers the automaker’s key desi

[THE INVESTOR] GM Korea’s union workers on Sept. 9 approved the tentative wage deal reached earlier by their union leaders and management that promised a pay increase, bonuses and other benefits, the Korean unit of General Motors said. About 58.9 percent of 12,851 union members voted in favor of the wage deal, putting an end to months of negotiations and a series of partial strikes that halted the production.  GM Korea CEO James KimUnder the new contract, worker’s monthly salary will rise by 80,

[THE INVESTOR] Danish container carrier Maersk and Switzerland-based MSC said they are introducing a new trans-Pacific route, in response to Hanjin Shipping’s bankruptcy filing that has left firms searching for additional routes to handle their cargo. Maersk, the world’s largest container line, on Sept. 8 said it will operate the new service between Asia and the US West Coast beginning Sept. 15. The liner will deploy six vessels with a capacity of 4,000 TEU. The new service will call at ports of

[THE INVESTOR] Officials from the US Department of Commerce will meet with Korean counterparts to discuss measures against Hanjin Shipping’s fallout that has deal a blow to the US retailers, local news reported on Sept. 9. According to the Ministry of Oceans and Fisheries, the US officials will meet with Vice Minister Yoon Hak-bae and other high-ranking officials in a closed-door meeting to resolve the matter early on Sept. 9. Hanjin Shipping entered court receivership on Sept. 1, after its cred

[THE INVESTOR] The head of South Korea’s top financial regulator said if Daewoo Shipping & Marine Engineering had gone bankrupt, the state-run Korea Development Bank and the Export-Import Bank of Korea would have incurred a loss of 13 trillion won (US$11.89 billion). “KDB and KEXIM have extended a combined 14 trillion won to DSME. But we only set aside 1 trillion won for bad debt allowance. Which means if DSME had gone bankrupt, we would had to report 13 trillion won loss immediately,” said Yim

[THE INVESTOR]] Hyundai Merchant Marine will form a vessel-sharing alliance with local midsized container carriers to fill in for Hanjin Shipping that is under court receivership, the shipper said on Sept. 8. South Korea’s second largest container carrier will join the new partnership, named Mini Alliance, with three other carriers Korea Marine Transport, Sinokor Merchant Marine and Heung-A Shipping. The alliance plans to deploy 15 vessels on four Southeast Asian routes – covering Singapore, Mal

[THE INVESTOR] Aju Corp. on Sept. 8 said it has signed a deal to take over Kongyoung Haeun, a Korean firm that specializes in sand dredging, ending a two-year long court receivership of the debt-ridden company. Aju will submit a rehabilitation plan for Kongyoung to the Seoul Central District Court and hold talks with its creditors to finalize the procedure. The acquisition deal is expected to be completed by end-October. Kongyoung Haeun, an affiliate of asphalt manufacturer Kongyoungsa, started

[THE INVESTOR]  The main creditor of Hanjin Shipping refused a South Korean court’s request to give further financial support to the debt-ridden shipper, local news reported on Sept. 8. The Seoul Central District Court managing Hanjin’s receivership process, has asked the state-run Korea Development Bank, the main creditor of the shipper, and related government ministries to provide debtor-in-possession financing. KDB, however, decided not to extend fresh funds, saying it is questionable whether

[THE INVESTOR] South Korean automaker Kia Motors officially opened a new plant in Mexico on Sept. 7. The plant, with an annual production capacity of 400,000 units, is located in Pesqueria in the northern Mexican state of Nuevo Leon. It is Kia’s fourth overseas location after China, Europe and the US. More than 500 people attended the opening ceremony, including Hyundai Motor Group Chairman Chung Mong-koo (second from right), Secretary of Economy of Mexico Ildefonso Guajardo Villareal (second fr

[THE INVESTOR] The US government’s latest decision to slap a maximum of 50 percent anti-dumping duty on automotive steel imported by Hyundai Steel is expected to deal a blow to its main clients Hyundai Motor and Kia Motors, industry sources said on Sept. 7. Beginning in July, the US Department of Commerce slapped a 47.8 percent anti-dumping duty on coated steels, 38 percent on cold rolled steels and 13.38 percent on hot rolled steel imported by Hyundai Steel from South Korea, saying the products

[THE INVESTOR] South Korean chipmaker SK hynix will use artificial intelligence at its plants to increase productivity. SK hynix will incorporate Aibril, the Korean version of IBM’s Watson AI provided by SK Holdings C&C, to build a system that derives high-quality information from text, known as text-mining, SK C&C announced on Sept. 7. The new system will enable employees to search archived documents on production process, assisting them to make quick decisions at the site. The workers can easi

[THE INVESTOR] Hanjin Shipping was granted temporary protection by the US Bankruptcy Court on Sept. 6, preventing creditors from seizing the shipper’s vessels in the US, according to media reports. The ruling, by Judge John Sherwood, is temporary and a final decision will be made on Sept. 9. The shipper plans to seek legal protection of its assets in 43 countries, according to the Financial Services Commission.Hanjin Shipping sought bankruptcy protection under Chapter 15 at the US Bankruptcy Cou

[THE INVESTOR] GM Korea, the Korean unit of General Motors, has reached a tentative wage deal with its union, the company said on Sept. 7, signaling a near end to months of negotiations and a series of partial strikes. The unionized workers will vote on the agreement, with the exact date to be decided later in the day. Under the tentative deal, workers’ monthly salary will rise by 80,000 won (US$73.12) along with a 4.5 million won bonus and an additional 6.5 million won in incentives. “The compa

[THE INVESTOR]  Starfield Hanam, the nation’s largest shopping complex by floor space that is set to open soon, will see a heated competition among global automakers vying to attract customers into their special showrooms. Korean auto conglomerate Hyundai Motor Group said it will open Genesis Studio, a showroom for the group’s luxury brand Genesis cars, inside the mall on Sept. 9, the day the mall opens.  Genesis Studio in Hanam Starfield will open on Sept. 9. Hyundai Motor GroupThe studio will