| Hyundai Motor union reaches agreement with management on bonus payment | | Posted Wednesday, January 17, 2007 12:46:22 PM by Blog57 Team | | Ulsan, Jan. 17 (Yonhap) -- Unionized workers at Hyundai Motor Co. reached an agreement with management Wednesday on a year-end bonus and other issues, ending a weeks-long labor dispute at the nation's top automaker. The agreement came as the union accepted the company's demand that the bonus payment be delayed until they meet the production target, both sides said. The labor union also dropped its demand for the company to withdraw a lawsuit against its executive members for alleged involvement in violent protests, sources said. Previously, Hyundai Motor promised to pay each employee 100 percent -- instead of 150 percent -- of his or her monthly salary as a year-end bonus, citing the missed production target last year. The bonus cut was in line with an agreement with the union, Hyundai said.... | |
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| | | Hyundai Eng eyes $3 bln overseas orders in 2007 | | Posted Sunday, January 14, 2007 2:47:27 PM by Blog57 Team | | SEOUL, Jan 14 (Reuters) - South Korea's top builder, Hyundai Engineering & Construction Co. Ltd. , said on Saturday it was targeting overseas orders of more than $3 billion this year, up from about $2.7 billion in 2006. Hyundai, a dominant force in gas plant and oil refinery construction and strong competitor in key markets such as the Middle East, is forecast to post 5.83 trillion won ($6.2 billion) in revenue in 2007, up from an estimated 5.08 trillion won in 2006, according to 15 analysts surveyed by Reuters Estimates. Separately, Hyundai said it won a $98.8 million order to build two residential buildings in Singapore for City Developments Ltd. . Construction will take just over 3 years. ($1=939.7 Won) .... | |
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| | | S.Korean shares edge up; Hyundai Motor gains | | Posted Tuesday, October 24, 2006 2:46:19 PM by Blog57 Team | | SEOUL, Oct 24 (Reuters) - Seoul shares edged up on Tuesday, as some exporters such as Hyundai Motor advanced after oil prices fell and Wall Street rallied, while construction firms gained on government proposals to build a new city near the capital. But broader gains were capped in afternoon trade as investors locked in gains in recent outperformers such as shipbuilder Samsung Heavy Industries Co. Ltd. , which fell 0.99 percent to 25,100 won after on Monday hitting its highest intraday level since September 1995. The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.11 percent to 1,366.50 points. Hyundai Motor Co. rose 0.77 percent to 78,400 won. .... | |
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| | | 2003 Hyundai Sonata Base from North America | | Posted Sunday, October 01, 2006 2:45:52 PM by Blog57 Team | | I bought a 2003 Hyundai Sonata GL 4 cyl base model with a manual 5 speed transmission. I liked the looks of it, it handled well when I test drove it and all interior and exterior parts appeared to be tight and properly aligned. All was well until 30,000 miles when the clutch gave out. The warranty does not cover (read the extremely fine print) parts that are "expected to wear and tear" I had to ante up $1,812 for a new clutch. In driving manual transmissions for the past 36 years I have acquired a modicum of experience and have NEVER had to replace a clutch in any vehicle I've ever owned. Knowing there was a defect in the clutch I contacted customer service in California and was promptly told "too bad it's out of warranty" I asked them if they would at least look at it for a possible defect and their reply was "what for? we already know it's bad".... | |
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| | | Hyundai Corp. Expands its Shipyard in China | | Posted Thursday, August 31, 2006 8:46:07 PM by Blog57 Team | | Hyundai Corporation has completed the slipway construction of Qingdao Hyundai Shipbuilding Co., Ltd, an acquired shipyard in China, and announced its mid- to long-term development plan. The newly constructed "number four" slipway has the capacity to build a 25,000 dwt middle-sized ship. Hyundai Corporation has laid out plans to continuously expand its shipbuilding facilities by the end of this year. By doing so, the company plans to boost its shipbuilding capacity from seven (six thousand ton grade) ships to 15 (10 thousand ton grade) ships. Qingdao Hyundai Shipbuilding is expecting to record sales of 150 million dollars in 2008 and 250 million dollars in 2012, and thus transform itself into a world-caliber company specialized in small- to mid-sized shipbuilding.... | |
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| | | S.Korea's Hyundai Marine surges on bid speculation | | Posted Wednesday, August 30, 2006 10:45:55 AM by Blog57 Team | | SEOUL, Aug 29 (Reuters) - Shares in South Korean shipping firm Hyundai Merchant Marine surged 15 percent on Tuesday on hopes it would avoid a potentially expensive bidding war for builder Hyundai Engineering and Construction Co. Ltd. A drop in oil prices on Monday also contributed to gains in South Korean transport firms, raising expectations for lower fuel costs. Creditors, including state-run Korea Development Bank (KDB) and Korea Exchange Bank (KEB) , are expected to soon sell a 50.3 percent stake in Hyundai Engineering, South Korea's second-most valuable builder, after injecting $2.9 billion to rescue the firm. KEB will run the sale. However, Korea Development Bank Governor Kim Chang-lok appeared to express doubts on Monday about whether a company that had to be rescued by creditors ought to be sold back to its former owners.... | |
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| | | Stronger won hurts profits at Hyundai, Kia | | Posted Wednesday, August 09, 2006 12:45:48 AM by Blog57 Team | | Hyundai Motor Co., South Korea's largest auto maker, said its second-quarter profit tumbled 37 per cent from a year ago as the strong South Korean currency eroded export revenue. The second biggest South Korean auto maker, Kia Motors Corp., cited the won's strength as it reported its profit plunged 70 per cent in the April-June period from a year earlier. Exports account for 60 per cent of Hyundai Motor's revenues and about 75 per cent of the cars sold by Kia, its affiliate. Hyundai Motor earned 387.29 billion won (about $454 million Canadian) in the quarter to June 30, compared with 613.2 billion won the previous year. .... | |
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| | | Hyundai Motor Profit Falls 37% on Strike, Won's Gain (Update4) | | Posted Monday, August 07, 2006 2:45:50 PM by Blog57 Team | | Aug. 7 (Bloomberg) -- Hyundai Motor Co., South Korea's largest carmaker, said second-quarter profit fell more than expected as a stronger won eroded the value of overseas sales and a strike curbed output of Avante compacts and other models. Net income fell 37 percent to 387.3 billion won ($403 million) in the three months ended June 30, compared with 613.2 billion a year earlier, Hyundai Motor said in a statement today. That compared with the median profit estimate of 448.6 billion won in a Bloomberg News survey of eight analysts. Sales rose 0.8 percent to 7 trillion won. A monthlong strike which began during the quarter eroded earnings at the carmaker. The arrest of Chairman Chung Mong Koo in April on bribery and embezzlement charges delayed talks on ending the dispute.... | |
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| | | Car exports from India surge 28% in Q1, bikes zoom 45% | | Posted Monday, July 17, 2006 1:01:30 AM by Blog57 Team | | New Delhi, July 16: Passenger car exports from India jumped by 27.97 per cent in the first quarter of the fiscal 2006-07 on the back of impressive figures from Korean car major Hyundai Motors along with car market leader Maruti Udyog and Tata Motors. Overall auto exports from the country also registered a healthy growth of 27.32 per cent at 2,47,847 units during the quarter, which also witnessed overseas shipments of motorcycles registering a whopping 45.30 per cent jump while that of scooters fell by 42.89 per cent. According to figures released by the Society of Indian Automobile Manufacturers (SIAM), passenger car exports from India in the April-June period this fiscal stood at 49,132 units as against 38,393 units in the corresponding fiscal previous year.... | |
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| | | Hyundai Motor chairman returns to work after serving jail time | | Posted Saturday, July 15, 2006 2:46:09 PM by Blog57 Team | | SEOUL, South Korea The head of South Korea's biggest carmaker is back at work following more than two months in jail and a hospital. Hyundai Chairman Chung Mong-koo received treatment for high blood pressure and dizziness after he was released on bail late last month. He was arrested on charges of embezzling money from affiliates to create slush funds and breach of trust. His trial is continuing. Chung met with Alabama Governor Bob Riley to discuss expansion at the plant it opened last year in Montgomery. Chung's prolonged absence has been seen as a blow to the company's decision-making process. Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. .... | |
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