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Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.

Kia debuts the compact Seltos crossover in Delhi

The Kia Seltos has had an unusual gestation, with two concepts, exterior sketches, interior sketches, an effective reveal during a photo shoot, a christening via mythology and more teasers. Even so, since the Kia Seltos small crossover began as last year's SP concept for the Indian market, it's fitting Kia hosted the production model's debut in Delhi. We're still missing a few details, like the look of the production interior and drivetrain options, but we have a bit more to go on. The detailing and materials are what could set the Seltos apart in the segment. The overall lines are familiar, however, Kia designers have worked to make those lines lyric instead of prosaic. The front fascia's been defined by three transverse metallic-look pieces shaping the upper and lower forms. The wide tiger-nose grille gets bracketed by crisp splashes of color with the LED headlights and intricate turn signals. The rear end's creasing, shadow and metallic effects are bounded by LED taillights and more "3D multi-layer indicators." We've seen renderings of the interior and know to expect a 10.25-inch infotainment screen atop the instrument panel. That screen display can be split up to show three infotainment applications at once. Kia says there will be an available eight-inch heads-up display on a glass panel behind the steering wheel. Optional eight-speaker Bose audio can pump tunes that guide the optional Sound Mood Lighting, which uses ambient lighting to create a light show timed to the beat. Indian buyers will have a choice of a 1.6-liter turbo four-cylinder with 175 horsepower, a 2.0-liter four-cylinder with 147 hp, and a 1.6-liter diesel four with 134 hp. Kia didn't specify how the transmission options will be assigned, but the selection includes a seven-speed dual-clutch, a six-speed automatic, and a CVT. A three-mode driving selector offers Eco, Normal, and Sport. The Kia release said "Sport mode increases responses from steering and electric motor to maximize the dynamic driving feel." As there's no mention of hybridization, we wonder if the electric motor refers to the electrically-assisted power steering, or something else. Wheel choices for India start with 16-inch alloys on 205/60 rubber, moving on to 17-inchers on 215/55 rubber, topping out at 18-inch wheels on 235/45 tires. In one of the interior drawings, we noted buttons that appeared to control all-wheel drive, hill descent control, and a locking rear differential.

Salvage firm asks judge to halt rival's removal of capsized ship and its 4,200 cars

SAVANNAH, Ga. — A maritime salvage company is asking a federal judge to stop the Coast Guard and a rival firm from carrying out their plans to remove a cargo ship that overturned five months ago on the Georgia coast. The multiagency team overseeing removal of the South Korean freighter Golden Ray recently announced plans to carve the 656-foot-long ship into eight giant pieces that would be loaded onto barges using a towering crane in the waters of St. Simons Sound near tony St. Simons Island. Removal is to start soon after crews surround the wreck with a large mesh barrier to trap stray debris, expected to take about a month. The Golden Ray heeled over minutes after undocking in the Port of Brunswick on Sept. 8, 2019, and its crew of 23 was rescued. It has been shorted up with thousands of tons of rocks to prevent it from listing further, and its nearly full fuel tanks have been pumped out. A key part of the dispute involves the fate of its cargo of 4,200 cars. The salvage company Donjon-SMIT filed a complaint Thursday in U.S. District Court seeking a judge's injunction to stop any removal efforts. The company said the Coast Guard violated a 1990 federal law intended to improve oil spill responses by allowing the ship's owner to drop Donjon-SMIT as its pre-designated salvage responder. Donjon-SMIT said the ship's owner, identified in the court filing as GL NV24 Shipping Inc., had rejected its plan to remove the ship “in small sections weighing approximately 600 tons (544 metric tonnes)” so crews could systematically remove the thousands of cars still inside the ship's cargo decks. The ship is filled with new Kias and Hyundais built in Mexico, and some cars from other companies, that were bound for the Middle East. The company said the owner instead hired another firm, T&T Salvage, willing to remove the vessel in larger chunks of up to 4,100 tons (3,720 metric tonnes). The multiagency command team released some details of the plan Feb. 5, but has not said what it intends to do about the cars inside. “In short, the cars need to be safely removed to avoid environmental disaster,” Donjon-SMIT said in its legal filing. Campbell Houston, a spokesman for the multiagency command overseeing the salvage operation, had no immediate comment when reached by phone Friday. T&T Salvage did not immediately reply to an email message seeking comment.