[THE INVESTOR] Volkswagen Korea said it does not intend to abandon the Korean market amid growing speculation that the automaker could be forced out over the emission scandal. “I apologize for causing trouble for our partner dealers and customers,” Tomas Kuel, CEO of VW Korea said in a letter sent out to the dealers on July 14. “Although we are in a difficult situation, we will keep a strong foothold in the Korean market and pursue future plans.”He stressed that the Korean market is very importa

[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] Prosecutors have requested the former chief of Audi Korea Trevor Hill and executives of Volkswagen headquarters in Germany to be present for questioning on their involvement in the widening probe into the German carmaker’s cheating emission scandal. Seoul Central District Prosecutors’ Office on July 14 said it has sent a request to the seven executives, including Hill, through the lawyer of Audi Volkswagen Korea on July 11. Trevor Hill, former chief of Audi Korea / The Investor“We

[THE INVESTOR] South Korean biopharmaceutical company Celltrion has increased its market presence in Europe with biosimilar Remsima, the company said on July 14. Celltrion’s Remsima -- biosimilar replication of the world’s third best-selling rheumatoid arthritis treatment drug Remicade, or Infliximab -- has captured a 30 percent share of the overall Infliximab market in Europe, according to IMS Health, a market data provider. Celltrion's biosimilar RemsimaThe latecomer Remsima began selling in E

[THE INVESTOR] Audi Volkswagen Korea is likely to be slapped with a heavy penalty of up to 320 billion won (US$279.51 million) for submitting false documents with intentions to cheat on the government’s emissions tests. The Ministry of Environment will hold a hearing for its final decision on the punitive measure on July 22. Of the 32 Audi and Volkswagen models subject to the penalty, 27 models are currently on sale. Following the decision, the Korean unit could face sales ban on its top-selling

[THE INVESTOR] Local investment firm KPG Partners and private equity fund Corstone Asia are planning on acquiring JKC Corp., a Korean manufacturer of adhesive film and other industrial materials. According to industry sources, KPG Partners and Corstone Asia signed a memorandum of understanding for the right to exclusively negotiate with JKC Corp. to purchase the company. After conducting a due diligence and further negotiations, the takeover deal will be completed by next month. Lee Jang-won, th

[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13. The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. The move came after the government and creditors, led by state-run

[THE INVESTOR] South Korean prosecutors will soon summon Johannes Thammer, the CEO of Audi Volkswagen Korea, to question him over his involvement in the widening probe into the German carmaker’s cheating emission scandal. Seoul’s Central District Prosecutor’s Office on July 13 said Tamer is suspected of colluding with a VW executive, identified only by his surname Yoon, to manipulate software of the gasoline model Golf 1.4 TSI to meet the emission and noise level standards. Audi Volkswagen Korea

[THE INVESTOR] South Korea’s Ministry of Land, Infrastructure and Transport on July 13 ordered the of recall Mercedes-Benz’s heavy-duty trucks Arocs and Actros after detecting a problem in the exhaust pipe system. Daimler Trucks Korea, which sells Mercedes-Benz trucks here, will recall 157 units of Arocs manufactured from Aug. 26, 2014, to April 4, 2016, and 443 units of Actros, from July 30, 2014, to April 8, 2016. A component in the exhaust pipe was discovered to be faulty, which can potential

[THE INVESTOR] Japanese motorcycle manufacturer Yamaha is carrying out a recall for over 900 motorcycles in Korea to rectify a clutch malfunction. The recalled motorcycles are 761 units of YZF-R3 RH07 manufactured Dec. 6, 2015, to April 4, 2016, and 161 units of MT-03 RH07, from March 16 to April 4 in 2016. The motorcycles have been identified as being affected by the defect in clutch pressure plate, causing the engine to stall. Bike owners can get their motorcycles fixed at the Hankook Motor Tr

[THE INVESTOR] South Korea’s Ministry of Land, Infrastructure and Transport said July 13 that it has ordered a recall of Ford’s sports car Mustang as part of an expanded recall to replace faulty air bags made by Japanese supplier Takata.The authorities will recall a total of 948 vehicles manufactured from April 6, 2004, to January 10, 2012.  MustangThe recall is part of a global expansion of an ongoing Takata air bag recall, which could see as many as 100 million vehicles recalled globally, by m

[THE INVESTOR] French automaker Peugeot is carrying out a recall on its subcompact convertible 207, according to the Ministry of Land, Infrastructure and Transport on July 13. Hanbul Motors, the importer of Peugeot, has been ordered to recall a total of 591 units after discovering that the failed heating system in the seats can potentially cause fire. Peugeot 207The automaker will recall 587 units of Peugeot 207CC manufactured from Feb. 12, 2007, to Oct. 23, 2008, and 4 units of Peugeot 207, fro

[THE INVESTOR] The South Korean economy could be hit hard if China increases non-tariff barriers that restrict the sale of Korean-made goods, as the country is heavily dependent on China for exports, industry data showed on July 12. According to a report released by Hyundai Research Institute, the amount of Korea’s export to China affected by the two most common non-tariff barriers -- technical barriers to trade and sanitary and phytosanitary measures -- has sharply increased since 2008. The num

[THE INVESTOR] Volkswagen Korea has received an official order from the Ministry of Environment to stop sales and cancel the registration of its vehicles that cheated on emission tests, the company said on July 12. “We received the notice,” Lee Soo-jin, a spokesperson of Audi Volkswagen Korea told The Investor. “But in order (for the ministry) to go ahead with revoking the registration, there will be a hearing session for us to explain. We will come up with an action plan after the hearing.”The

[THE INVESTOR] Kolon Life Science has filed for government approval for a drug it developed to treat degenerative arthritis, the company said on July 11. After 17 years of research, the pharmaceutical company introduced Invossa, Korea’s first gene therapy for degenerative arthritis. The new drug injects healthy human cartilage cells into the space between the bones to alleviate pain and treat the major symptoms. It can also be an alternative for surgical treatment, according to Kolon Life Scienc

[THE INVESTOR] Struggling Hyundai Merchant Marine will install four new gantry cranes at its container terminal based in Taiwan as part of the shipbuilder’s effort to strengthen service quality in the overseas market. HMM will complete setting up the large gantry cranes -- which are used to lift shipping container -- at Kaosiung Hyundai Terminal in Taiwan on July 12, the company said on July 11. The terminal will be able to handle 700,000 twenty-foot-equivalent-unit volume annually, an increase

[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] POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine, local news reported on July 10. “The use of titanium is expanding and the value addition is high, which will boost profitability in the future,” an official at POSCO said. Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of te

[THE INVESTOR] South Korean authorities announced July 11 that they will cancel the registration and suspend sales of all Volkswagen vehicles here that cheated on emission tests.The amount is expected to reach up to 60 percent of the total 250,000 units of VW cars that were sold in South Korea since 2007. 　Due to the staggering number, some industry watchers say the move may be designed to eventually kick the brand out of the market for good. The Ministry of Environment said the Seoul Central Di

[THE INVESTOR] South Korea’s electricity industry aims to increase the amount of exports to US$ 15 billion by end of this year, the state-run corporation said on July 8. The Korea Electric Power Corporation held a conference in Seoul to announce its plans and strategies to expand its presence internationally. Over 200 industry officials from major companies such as POSCO, Korea Trade-Investment Promotion Agency and Korea Hydro and Nuclear Power Corporation attended the event. The electricity exp