[THE INVESTOR] Five ships operated by Hanjin Shipping have been seized after the shipping company was put under court receivership in September, industry sources said on Nov. 4.According to the sources, the Hanjin China cargo ship was seized in Shanghai on Nov. 3 after unloading its cargo, as Hanjin Shipping failed to pay its terminal service fee estimated at 1 billion won (US$875,000). The ship had planned to return to Busan.Consequently, a total of five Hanjin ships have been seized, as the em

Nov. 4, 2016

[THE INVESTOR] Hyundai Mobis’ net profit rose 14.3 percent on-year in the third quarter backed by growing sales at home and abroad. In the July-September period, net profit came to 705.8 billion won (US$616.58 million) on a consolidated basis, compared with a net profit of 617.6 billion won from the same period last year, the company said in a regulatory filing.Sales gained 3.5 percent on-year to some 8.78 trillion won with operating profit gaining 7.7 percent to 721.7 billion won.“Despite a dip

Oct. 28, 2016

[THE INVESTOR] Oriental Brewery said on Oct. 28 that it will raise beer prices by an average of 6 percent, starting November. It is the first time for the South Korea’s largest brewer to adjust prices since August 2012.OB said the prices of its major beer brands, including Cass, Premier OB and Cafri, will go up by an average of 6 percent and has notified wholesalers and large discount stores. Under the new policy, the factory price of a 500-milliliter bottle of Cass will rise from 1,082 won (US$

Oct. 28, 2016

[THE INVESTOR] SK Innovation said on Oct. 28 that its operating profit in the third quarter rose 12 percent on-year, thanks to better-than-expected results from its petrochemical business.Third-quarter operating profit stood at 414.9 billion won (US$363.8 million), compared with 370.5 billion won a year ago, the company said in a regulatory filing. Net income surged 125 percent on year to 371.8 billion won, despite a 22 percent decline in sales for the quarter. SK Innovation is grappling with lo

Oct. 28, 2016

[THE INVESTOR] Samsung Heavy Industries said on Oct. 28 that it has won a 200 billion won (US$170 million) deal to build three tankers with a Norwegian shipper, Nordic American Tankers.The leading South Korean shipbuilder will construct three Suezmax oil tankers of about 157,000 deadweight tons (DWTs) to be delivered in 2018.It‘s expected to give another boost to the shipyard striving to weather the years-long industry-wide slump.Samsung secured a contract to build two LNG carriers in late Septe

Oct. 28, 2016

[THE INVESTOR] The natural gas price will rise an average 6.1 percent starting November, the government said on Oct. 28. The price of gas for heating and cooking at households will be lifted by 5.6 percent, with that of natural gas consumed by the industrial sector to he hiked by 6.9 percent, according to the Ministry of Trade, Industry and Energy. The ministry said it raised the gas rate for the first time in 14 months as crude oil prices rose 25 percent to US$45 per barrel form $36 over the pe

Oct. 28, 2016

[THE INVESTOR] South Korea’s business sentiment for November worsened from October as many local companies expect to go through a continued demand slump, according to a survey on Oct. 28.The business survey index for November came to 89.8, compared with 96 registered for this month, according to the Federation of Korean Industries.The monthly index is based on a survey of the 600 largest companies here. A reading below 100 means pessimists outnumber optimists.The reading for November marked the

Oct. 28, 2016

[THE INVESTOR] Hyundai Motor is to recall about 24,000 vehicles sold in South Korea for sunroof-related defects while BMW will recall more than 21,000 cars for the fuel injector and air bag problems, the Transportation Ministry said on Oct. 28. 　Hyundai Motor is recalling certain model years of the LF Sonata sedan. In some vehicles the panorama sunroof could detach due to a loose wind reflector, possibly causing accidents.The recall affects 23,980 Sonata LF and Sonata LF Hybrid cars produced bet

Oct. 28, 2016

[THE INVESTOR] Hyundai Motor and Kia Motors have agreed to pay $41.2 million to settle investigations over inflated fuel economy ratings in US states.　 “We have faithfully taken all the follow-up measures related to the fuel economy ratings,” Hyundai said on Friday.  　In return for the settlement, the group representing 33 states -- which claimed the automakers misrepresented fuel economy in advertising -- decided not to file lawsuits against the automakers.  　The deal is the latest in the ongoi

Oct. 28, 2016

[THE INVESTOR] Bank lending rates on new household loans rose to a six-month high in September and interest paid by banks on new deposits also climbed, according to central bank data on Oct. 27.The average interest rate on fresh household loans extended by local banks came to 3.03 percent last month, up 0.08 percentage point from the previous month, according to the Bank of Korea.The BOK data came a week before the government is set to announce a set of measures to cool the country‘s housing mar

Oct. 27, 2016

[THE INVESTOR] Sales at South Korean duty free stores dropped 2.52 percent in September from a month earlier, data showed on Oct. 27. Sales reached US$943.58 million in September, compared to US$967.93 million the previous month, according to data compiled by the Korean Duty Free Association.It said the number of people who visited duty-free stores stood at 4.16 million in September, down 6.7 percent from a month earlier.Still, sales at local duty-free stores rose 36.4 percent in the first nine

Oct. 27, 2016

[THE INVESTOR] Credit card spending in South Korea rose 7.7 percent on-year in September affected by the increasing prices of agricultural products, according to data on Oct. 27. South Koreans usually spend more before and during the Chuseok holiday, one of the largest annual celebrations. Chuseok fell on Sept. 15 this year.This year, especially, a record hot spell drove up the prices of agricultural, livestock and fishery products. The nation’s consumer prices rose 1.2 percent in September from

Oct. 27, 2016

[THE INVESTOR] The South Korean government will present a set of measures on Nov. 3 to relieve the country’s real estate boom as concerns grow against mounting household credits, the government said on Oct. 27. At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the country’s economic policymakers discussed pending issues, including an overheating in the local property market and the ongoing corporate restructuring of the shipbuilding and shipping industries.The move c

Oct. 27, 2016