Hyundai

SEOUL, Jan. 5 (UPI) — Korea Land and Housing Corp. said the state-run company selected several private-sector enterprises as preferred bidders for a large-scale city development project in Vietnam.

Among them were the country’s leading contractors, Hyundai E&C and POSCO E&C, along with JR Asset Management. Public-sector involvement is also expected through the Korea Overseas Infrastructure and Urban Development Corp.

The Vietnamese government is seeking to attract investment to move forward with a multibillion-dollar project to construct a new city in the fast-growing Southeast Asian country.

The initiative is designed to transform a 2,000-acre site in Bac Ninh Province, about 12 miles northeast of Hanoi, into a self-sufficient urban center capable of accommodating more than 100,000 residents.

Midway through 2024, LH signed a memorandum of understanding with Bac Ninh Province to pursue the development. Last August, it asked the provincial government to issue an investment policy approval.

Once the approval is secured and related administrative procedures are completed, LH plans to establish a special purpose company with Vietnamese partners to implement the 50-year phased initiative, which is scheduled to conclude in 2076.

Early last year, LH estimated the project’s value at $4.1 billion, but the company noted that the figure would be subject to change depending on project scope and other factors.

The Seoul administration has expressed high hopes for the initiative. For example, President Lee Jae Myung cited it during a meeting with To Lam, general secretary of Vietnam’s Communist Party, in Seoul last August.

“We will provide full support to advance cooperation on the Bac Ninh new town development,” Lee said at the time.

Dec. 16 (UPI) — Minnesota Attorney General Keith Ellison announced Tuesday a bipartisan settlement between 35 states and automakers Hyundai and Kia over selling millions of vehicles without standard anti-theft technology.

Hyundai and Kia’s alleged omission of standard security technology fueled a surge of car thefts, enabled further crime and caused deaths nationwide, including in Minnesota, Ellison’s office announced.

“Maintaining public safety means holding people who commit crimes accountable, but it also means holding corporations accountable when their greed helps criminals harm the people of Minnesota,” Ellison said in a statement.

A 2015 report found that just 26% of Kia and Hyundai cars sold in the U.S. had engine immobilizers, while other makers averaged 96%.

Under the settlement, Hyundai and Kia will give eligible owners free ignition cylinder protectors, add engine immobilizers to all future U.S. vehicles and provide up to $4.5 million in restitution for theft damages.

In addition, they will pay another $4.5 million to cover state investigation costs.

The settlement concludes Minnesota’s March 2023 investigation into Kia and Hyundai for knowingly omitting standard anti-theft tech from their manufactured cars.

Minnesota’s chief law enforcement official stated that Hyundai and Kia “unleashed a wave of auto thefts that cost Minnesotans their cars, their hard-earned money, and sometimes even their lives.”

“In short, they put their profits ahead of people’s safety,” he added.

The multi-state legal effort included Arizona, Colorado, the District of Columbia, Georgia, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Vermont and Wisconsin.

Maryland Attorney General Anthony Brown said in a statement that Tuesday’s settlement revelation “should prevent these thefts from continuing and provides additional relief” to victimized consumers.

In 2022, Minneapolis saw Kia and Hyundai thefts linked to a slew of violent crimes and hundreds of crashes, in addition to New York and multiple states.

On Tuesday, Minneapolis Police Chief Brian O’Hara said the manufacturer’s “lack of urgency and their desire to save money inexcusably prolonged this crisis.”

“Now, the companies must take measures to protect their vehicles from theft,” New York Attorney General Letitia James posted on X.

Meanwhile, consumers who had or were scheduled for software updates but still experienced theft or attempted theft on or after April may file a claim for related expenses.