Partnerships include Hyundai-Samsung, Kia-SKT and Renault-POSCO ICTCarmakers are signing business tie-ups with information and communication technology giants amid growing demand for high-end auto components.Among them are Kia Motors-SK Telecom and Renault Samsung Motors-POSCO ICT. Hyundai Motor and Samsung Electronics have reportedly been in talks for an alliance.Renault Samsung said Thursday that it signed a memorandum of understanding on establishing infrastructure for commercializing electri

U.S. automakers are still posting sagging car sales in Korea despite the free trade agreement between the two countries that took effect two months ago.Three U.S. companies ― General Motors, Chrysler and Ford Motor ― grabbed only 6.1 percent of the nation’s import car market with combined sales of 656 units in April.While their market share has stayed below 10 percent among import brands over the past few years, the three players have been pinning hopes on the Korea-U.S. FTA, implemented on Marc

The combined investment of the nation’s 600 major enterprises is projected to reach an all-time high this year despite uncertainties surrounding the business environment at home and abroad.According to a survey by the Federation of Korean Industries, local enterprises including Samsung Electronics and Hyundai Motor plan to invest 140.7 trillion won ($124.5 billion) ― the largest scale in history ― in 2012, up 12.1 percent a year earlier.“The survey shows that uncertainties like the eurozone debt

LG Group chairman Koo Bon-moo pledged to overhaul its corporate structure during his meeting with executives on Tuesday.“To take the initiative in the market, we need basic changes in our internal structure,” he told a monthly meeting of about 300 group executives.Koo also stressed the significance of creativity: “Bearing customer value in mind, we should build up differentiated competitiveness.”The LG chief has been leading the drive to nurture future growth projects by visiting LG Group units’

Concerns are rising that visitors may suffer from a shortage of upper class accommodations in Yeosu, South Jeolla Province, where the World Expo 2012 will kick off this Friday.According to a survey conduced by the Korea Chamber of Commerce and Industry, local travel agencies expressed worries that the number of major hotels sits at four in the southern coastal city.The respondents said a large portion of local and foreign visitors will have to lodge at hotels in Gwangju and other neighboring cit

South Korean inspectors sent to the United States to check the safety of beef failed to visit a cattle farm in central California that reported the latest case of bovine spongiform encephalopathy, an official source said Friday.Joo E-suk, head of the inspection team, said indirect contact was made with the owner of the farm through a local veterinarian.He did not elaborate on details but said the team did not visit the farm.Others said inspectors asked the veterinarian to pose questions to the o

The joint K-pop concert, dubbed Dream Concert, for this year is drawing heated attention, its official sponsor Hyundai Oilbank said Sunday.The event, one of the nation’s largest concerts featuring a group of Korean pop singers, is scheduled to be held at the Sangam World Cup Stadium in Seoul on May 12.Hyundai Oilbank revived the Dream Concert in 2010 after Hyundai Heavy Industries took over the petroleum and refinery firm from foreign capital. “The concert had to suffer suspension for a certain

Ferrari SpA said it expects South Korea’s economic growth to make the country a standout for sports car demand, and Vietnam may be next.“A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific chief executive officer, said in an interview. “It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will see very strong growth.”Appleroth’s projections point to the next pockets of growth for luxury carmake

Chrysler Group LLC led the five largest automakers by U.S. sales in exceeding analysts’ estimates for April as the industry’s increased production drove expansion in the manufacturing sector.Chrysler sales climbed 20 percent to 141,165 light vehicles and Toyota Motor Corp.’s deliveries rose 12 percent to 178,044, according to company statements. Those results beat eight analysts’ average estimate for increases of 16 percent and 10 percent. General Motors Co., Ford Motor Co. and Honda Motor Co. s

Foreign automakers aggressive in launching models priced under 30 million wonA series of import cars with relatively low price tags are aggravating the worries of Korea’s automakers, who are suffering a continuing drop in month-on-month vehicle sales at home.“Cheap import cars have emerged as a threat not only to Hyundai-Kia but companies which operate manufacturing factories in Korea ― GM, Renault Samsung and Ssangyong,” said an executive in the local automotive industry.Among the foreign playe

The Financial Supervisory Service recently asked the prosecution to investigate four debt-saddled savings banks for alleged embezzlement or breach of duties, officials said Thursday.The four troubled savings banks are Solomon, Korea, Hyundai Swiss and Mirae, according to regulatory officials at the FSS.Solomon Savings Bank is the largest player in the secondary banking sector, and the combined assets of the four lenders hover at 10 trillion won ($8.84 billion).As the FSS is also considering susp

The foreign business community expressed uneasiness through a survey about the nation’s taxation policies, despite Korean tax authorities’ recent promise of fewer and easier audits on foreign firms.In March, the National Tax Service said it would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment.But in a survey conducted by the Federation of Korean Industries on 150 foreign firms operating in Korea, 72 percent of t

South Korean stocks closed 0.20 percent lower on Thursday on weaker than expected U.S. economic data and lingering eurozone woes, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 3.96 points to close at 1,995.11, the first drop in five sessions.Trading volume was heavy at 677 million shares worth 4.57 trillion won ($4.03 billion), with gainers outpacing losers 442 to 378.“Lower than expected job gains in the United States and oth

Companies claim they followed price guidelines from Finance MinistryKorean noodle makers are considering legal action against the Fair Trade Commission over sanctions it imposed on them.The companies producing ramen include Nongshim, which holds the dominant position in the industry.The FTC fined Nongshim and three other players 135.4 billion won ($120 million) for collusion in fixing prices.The regulator said that Nongshim, Samyang, Ottogi and Korea Yakult sought to rig prices on six different

Regulators vow more stern actions on practices burdening borrowersFinancial regulators plan to take disciplinary measures against a group of banks for engaging in irregular lending practices, based on a year-long investigation.A number of retail customers in the banking sector will face punitive measures for their urging of customers to purchase financial products such as deposits and insurance products in return for having their loan applications approved, officials at the Financial Services Se

Korea, China and Japan and 10 Southeast Asian countries are poised to become more aggressive in their joint action in response to possible currency volatility.The ASEAN Plus Three group plans to endorse an increase in their access to a regional fund during the meeting of finance ministers and central bank governors, slated for May 3 in Manila, according to Bank of Korea officials.Participants are expected to approve a proposal approved by their deputies who earlier agreed to double the size of t

K9, New Santa Fe  to compete with   U.S.-manufactured  Japanese models Hyundai Motor and Kia Motors are signaling fierce competition with import car brands in a bid to protect their dominant market share at home.Following Hyundai’s launch of the third-generation Santa Fe in April, its affiliate Kia will unveil the K9, a luxury premium sedan, on May 2.Hyundai Motor has more than 40 percent of the local market while its affiliate Kia Motors’ market share hovers at 30 percent.But their position has

The nation’s top financial regulator called on the banking industry to expand their social contribution activities during a meeting with 18 CEOs of banks on Monday.“The financial sector has been criticized for glossing over difficulties of the underprivileged,” Financial Supervisory Service Gov. Kwon Hyouk-se told the participants.“In proportion to their earnings, banks should have a deeper engagement with charities and causes for their own business interests,” he said. The FSS chief’s remarks c

Some brokerages forecast chipmaker’s share price to hit 2 million wonSamsung Electronics stocks surpassed 1.4 million won ($1,240) per share during the trading session on Monday, hitting a record-high.Predictions emerged in the market that stocks of the world’s biggest memory chipmaker would eventually reach 2 million won within several months.After climbing to 1.409 million won on the main bourse, Samsung Electronics stocks closed at 1.39 million won, up 16,000 won, or 1.16 percent, from a trad

Shinhan Financial Group is widening the scope of its social contribution activities to education, the environment and culture.The group has been pursuing philanthropic work since its flagship Shinhan Bank became the nation’s first commercial bank to file a “corporate social responsibility” report six years ago.Among the group’s activities are offering scholarships for kids in need, launching forestry protection programs, preserving cultural historic assets and offering business classes for North