For the first time, Korea is running a trade deficit of automobiles with China due to Korean firms‘ increased production in China and the entry of Chinese low-cost players in Korea, a report said Friday. As of the end of May, Korea’s trade deficit with China in the auto sector stood at $2 million, the first auto trade deficit with the neighboring country, the state-run Korea Institute for Industrial Economics & Trade said. Cars destined for export overseas stand parked at a port in Korea. (Yonha

South Korean firms are pinning hopes on President Park Geun-hye possibly granting clemency next month to high-profile businessmen convicted of criminal charges. However, there are also jitters among companies over the uncertainties of the president’s decision. Hanwha chairman Kim Seung-youn, CJ chairman Lee Jay-hyun, SK vice chairman Chey Jae-hyun, LIG NEX1 vice chairman Koo Bon-sangThe scale of the pardons could be reduced on political considerations over a recent corruption scandal involving h

Overall auto sales in South Korea this year is projected to decline for the first time in three years, a report said Thursday.According to a research center under Hyundai Motor, the country‘s largest carmaker, the local car market grew 9 percent in the first half year-on-year thanks to a consumption tax cut and a series of market debuts of vehicles by local carmakers.However, the market would see a significant decline in the latter half of the year with customers feeling less likely to buy cars

Kumho Tire has signed a two-year partnership with Tottenham Hotspur starting from the 2016-17 season, it announced Wednesday. At a ceremony held at Hotspur Way in London on July 19 local time, Kumho Tire CEO Lee Han-seob shook hands with club manager Mauricio Pochettino, celebrating the launch of the partnership with the English soccer club. Players including Son Heung-min and Christian Eriksen attended the event.  (Tottenham Hotspur)“We are thrilled to be working with such a prestigious and glo

Mobile messenger operator Kakao has been boosting investment in local game firms apparently to secure continued cash flow while its new online-to-offline business takes time to generate meaningful profits. Kakao announced Tuesday it plans to invest in game developer Shiftu, run by a former art director of “Blade & Soul.” In May, the company also invested 3 billion won ($2.6 million) in mobile role-playing game developer Kokomo and 1 billion won in social-networking game maker V8.  (Kakao)Now, it

China’s latest move to contend in the memory chips segment could threaten the dominant positions of two South Korean firms in the global market --Samsung Electronics and SK Hynix -- and incur a possible technology leak through the departures of local professionals to the neighboring country, market watchers warned Tuesday.China’s chip-maker JHICC recently broke ground for its DRAM plant with an investment of around 6 trillion won ($5.2 billion), aiming to produce 60,000 sheets of 12-inch (30-cen

Hyundai Motor Group’s chairman Chung Mong-koo urged the carmaker’s global office heads to seek a breakthrough in the sluggish markets by strengthening the brand value of its luxury sedan and also by taking a lead in the green car segment.“The company should raise its brand profile in the global luxury car market through the successful launch of Genesis G80 and G90 in the U.S. market,” the chairman told the company’s 60 global office heads at its biannual meeting held on Monday. Hyundai Motor Gro

General Motors Korea’s chief James Kim (left) poses with GM’s new flagship sedan Cadillac CT6 at its launch event at the Grand InterContinental Seoul on Monday. The price of the sedan, which is slated to go on sale in August, starts from 78.8 million won ($69,000) for the premium model and 95.8 million won for the platinum model. (GM Korea)

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 to the audience at its eve

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. Ioniq Electric (Hyundai Mot

Chemical and battery firmLG 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 Sunday. 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.  An astronaut wearing a NASA space suit (LG Chem)“The batteries will serve a key role in the spacesuits, which have various functions such as oxygen su

Pangyo Techno Valley, a tech hub modelled after Silicon Valley in the U.S., is emerging as a new national growth engine as South Korea’s conventional manufacturing industries stutter.The complex located in southern Gyeonggi Province is comprised of more than 1,000 tech start-ups specializing in biotechnology, media content and nanotechnology. Big game companies such as NHN Entertainment, Nexon and NCsoft, as well as security giant AhnLab and mobile messenger behemoth Kakao all have a presence th

Prosecutors on Wednesday grilled Kim Jung-ju, founder of the nation’s largest game firm Nexon, on suspicion that he gave insider information to a senior prosecutor who raked in hefty stock gains.“I am sorry for having caused trouble,” chairman Kim told reporters while entering the Seoul Central District Prosecutors’ Office for questioning. He then added, “I will sincerely respond to questions during the investigation and disclose everything in detail I know.”Nexon chairman Kim Jung-ju appears at

Prosecutors on Wednesday summoned Kim Jung-ju, founder of the nation’s largest game company Nexon, on suspicions that he gave insider information to a senior prosecutor who raked in hefty stock gains.The prosecutors said they are investigating whether Kim gave information about the stock market debut of Nexon Japan in advance to Jin Kyung-joon, a prosecutor who is one of Kim’s college friends. Nexon founder Kim Jung-juIn 2005, Jin bought 10,000 Nexon shares at 425 million won ($370,000) and sold

Britain's prime minister in waiting Theresa May is a pragmatist who has emerged from the chaos of the Brexit referendum unscarred, portraying herself as the one who will lead the country out of the EU.The country's second female leader after fellow Conservative and anti-EU firebrand Margaret Thatcher, May was officially -- but unenthusiastically -- in favour of Britain staying in the European Union.She kept a low profile throughout the campaign, and when the June 23 referendum delivered a shock

An international tribunal on Tuesday ruled against China in a bitter row over territorial claims to the South China Sea that is likely to ratchet up regional tensions."The tribunal concluded that there was no legal basis for China to claim historic rights within the sea areas falling within the 'nine-dash line'," the Permanent Court of Arbitration said in a statement.All eyes were watching for reaction from the Asian political and military powerhouse, which had fired off a barrage of criticism e

Kia Motors unveiled its new K5 special trims Signature alongside plug-in hybrid electric vehicle K5 PHEV in Seoul on Tuesday. The cost of the luxury version Signature, which comes with two models 2.0 gasoline and 1.7 diesel, starts from 22 million won ($19,100). (Kia Motors)

Korea’s top battery maker Samsung SDI is likely to make a loss throughout the year due to continued loss from its car battery segment despite the strong sales of Samsung Electronics’ Galaxy S7, according to analysts Tuesday. According to market watchers, the latest quarterly earnings of Samsung SDI, which posted 700 billion won ($606 million) in operating loss in the first quarter, is expected to see another deficit of 30 billion won in the latest quarter. Also, the company may not turn around t

A former vice president of LG Display was appointed to head China’s second-largest display maker CSOT, according to news reports Monday. This has raised concerns about an outflow of skilled manpower from the Korean display industry, amid Chinese display makers’ heavy investment to catch up with Korean firms.  Kim Woo-sik (right), a former vice president of LG Display, receives an award from Dell in 2007.Kim Woo-sik, who left the nation’s second largest display maker in 2007, was a key member who

Mercedes-Benz’ flagship sedan S-Class posted record monthly sales in the Korean auto market, according to industry data on Monday. Mercedes-Benz reportedly sold more than 1,300 units -- which include 84 units of Mercedes-Maybach S-Class -- in June. This is the highest monthly figure since January, 2015 when the automaker sold around 1,000 units. The sales figure is compared to other German brands including BMW’s flagship sedan 7 series, which stopped short of selling 230 units and Audi‘s A8, whi