AJU PRESS - ASIA NEWS HUB

Industry

Police round up more than 70 for dangerous street racing More than 70 people including doctors and accountants have been rounded up for habitual street racing on highways with McLaren, BMW M6 and other high-performance foreign cars, police said Thursday. The metropolitan police agency said five were officially arrested with 68 others booked without detention on charges of violating a traffic law. They were accused of being engaged in unsanctioned car racing on uncrowded highways on the outskirts of Seoul after midnight. Police seized July 14, 2016
[UPDATES] Hyundai Motor workers vote for strike Workers at South Korea's largest carmaker Hyundai Motor voted for a strike after the company refused to accept demands for a wage increase, bigger bonus payment and other benefits. The proposed strike won 85 percent of votes cast by Hyundai Motor's 43,700 union members Wednesday. Union leaders called for a four-day partial walkout and no extra work from July 19. The workers will also stage a joint street rally with Hyundai shipyard workers on July 20 in the southe July 14, 2016
Registration of Volkswagen cars cancelled for cheating in South Korea South Korea took harsh administrative actions Tuesday against German auto giant Volkswagen for faking emissions tests, cancelling the registration of tens of thousands of cars. The Environment Ministry said an official notification of its administrative actions has been sent to the South Korean branch of Audi Volkswagen, cancelling the registration of 79 variants of its 32 car types sold in South Korean since 2007. After a hearing on July 22, the order will be fina July 12, 2016
Kia Motors launches '2017 K5' and 'K5 PHEV' Kia K5 GT-Line Kia Motors launched new models for 'K5', the company's best-selling midsized sedan. The new K5s feature new designs and installments, such as new transmission and latest tech gadgets to provide a fully enjoyable driving experience. The country's second-largest carmaker held a media event at Interwired Studio in Seoul's Gangnam district Tuesday and introduced a lineup of "2017 K5" and "K5 PHEV". Also, Kia unvei July 12, 2016
Doosan acquires US storage software maker 1Energy Systems Doosan Heavy Industries & Construction said Tuesday it has acquired US storage software maker 1Energy Systems in a deal that would strenghten the South Korean company's push into the energy industry. The Seattle-based company, which is now called "Doosan GridTech", will be led by new CEO Choi Dae-jin while its founder David Kaplan will serve as chief operating officer. The US company, founded in 2011, makes software to integrate batter July 12, 2016
South Korea well behind China in first-half shipbuilding orders South Korean shipyards were well behind Chinese competitors in the global ranking of first-half orders as they suffer from an unprecedented business setback that prompted sweeping industry-wide restructuring, data showed Monday. Total new orders placed in the first half of this year worldwide fell sharply to 6.32 million compensated gross ton (CGTs) from 18.04 million CGTs a year earlier, according to research firm Clarkson Research Services. Over the same six-month pe July 4, 2016
South Korea's auto sales up 11 pct in first half: Yonhap Auto sales in South Korea surged 10.9 percent in the first half of this year from a year earlier, industry data showed Friday, an increase that could be attributable to a temporary tax cut on cars. The combined sales of five automakers operating in South Korea came to 812,265 units in the January-June period, higher than the 732,688 units tallied a year earlier, according to the data provided by each company. The five are Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Rena July 1, 2016
Volkswagen Korea executive arrested over emissions scandal An executive of Volkswagen's unit in South Korea was arrested Friday in a probe into the German auto giant which has been accused of faking emissions tests. Prosecutors said the executive surnamed Yoon, 52, was arrested on charges including forging reports on emissions results, noise levels and fuel efficiency. He was also accused of importing 461 cars without getting proper certification. Yoon was the first Volkswagen Korea official to be charged in an inv June 24, 2016
Construction of two more nuclear reactors approved in South Korea A nuclear power reactor near Busan. The construction of two more nuclear power plants has been approved in South Korea, overriding public concerns over nuclear safety, ageing facilities and sporadic blackouts caused by faulty parts. The green light came late Thursday when the Nuclear Safety and Security Commission, a state watchdog, allowed the state-run Korea Hydro and Nuclear Power to build two more reactors at South Korea's largest Gori nuclear power complex in Gija June 24, 2016
Former Daewoo shipyard official arrested for embezzling $15 mln A former Daewoo shipyard official has been arrested for embezzling a company fund of 15 million US dollars as state auditors Wednesday revealed a massive accounting fraud to win an uninterrupted injection of liquidity from creditors. The Board of Audit and Inspection said in a report to financial regulators that Daewoo Shipbuilding and Marine Engineering, one of South Korea's three top shipyards, had indulged in window dressing worth 1.5 trillion won ($1.28 billion) i June 15, 2016