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Kim Hyun-bin

Korea Times Digital Media Reporter

Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.

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Companies

Hanwha, Hyundai Heavy scions to compete in shipbuilding industry

By Kim Hyun-binHanwha Solutions Vice Chairman Kim Dong-kwan and HD Hyundai CEO Chung Ki-sun, who are well-known for their friendship, are set to compete in the global shipbuilding market, according to industry officials, Wednesday.So far, Hanwha has not competed in any industry with HD Hyundai, which owns Korea's largest shipbuilder Hyundai Heavy Industries and several other smaller shipyards. But Hanwha's recent acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) changes all that.If Kim focuses on shipbuilding, it is inevitable for him to face off with Chung.Kim was born in 1983, while Chung was born in 1982, and the two scions have often been described as leading third-generation heirs set to head their respective family-run conglomerates representing their groups.Industry officials believe that their friendship will have a positive impact on the future of the domestic shipbuilding industry. Due to the structure in which three world-class shipbuilders are concentrated in Korea, fierce competition will be inevitable in the future.But strengthened cooperation among dom

Dec 14, 2022By Kim Hyun-bin
Hanwha, Hyundai Heavy scions to compete in shipbuilding industry
Companies

Taekwang criticized for aiding Heungkuk Life Insurance

Heungkuk Life headquarters in Seoul / YonhapBy Kim Hyun-binTaekwang Industrial has been criticized for its controversial move to provide 400 billion won ($305.6 million) to the troubled Heungkuk Life Insurance, which is owned by its majority stakeholder Lee Ho-jin, former chairman of Taekwang, according to industry officials Tuesday. Minority shareholders and civic groups are calling on Taekwang Industrial to withdraw from the discussions, calling the move a breach of trust as the company has no affiliation with the cash-strapped life insurer.The company is scheduled to hold a board meeting Wednesday to approve funding for Heungkuk Life through a paid-in capital increase of 400 billion won.Former Taekwang Chairman Lee Ho-jinTruston Asset Management sent a certification of content to the directors of Taekwang Industrial, Tuesday, urging them to make independent decisions that put the company's interests before the majority shareholder's."I understand that the agenda related to participation in the paid-in capital increase of 400 billion won promoted by Heungkuk Life will be discussed

Dec 13, 2022By Kim Hyun-bin
Taekwang criticized for aiding Heungkuk Life Insurance
Companies

BYD set to sell electric vehicles in Korea

Chinese BYD EV Han / Courtesy of BYDBy Kim Hyun-binChina's BYD, the world's third-largest electric vehicle (EV) producer after Tesla and Volkswagen, is preparing to commence sales in Korea, according to industry officials, Tuesday.The move comes six years after the Chinese automaker established a Korean unit. BYD recently opened an official Korean website and a sales office in Seoul last month, in addition to an existing office in the western port city of Incheon.According to industry sources, BYD began a certification process and promotions for domestic EV sales, while it is also looking for dealers.Kolon Global, which imports BYD forklifts, is being considered as a candidate to become a dealer. Kolon Global has accumulated experience in selling imported cars for brands such as BMW, Mini, Rolls-Royce, Audi, and Volvo Motors, and operates a repair business for foreign automobiles, already possessing both sales and maintenance networks.“We have not been officially contacted by BYD at the moment,” a Kolon Global official said.KCC Auto Group is also cited as a possible BYD d

Dec 13, 2022By Kim Hyun-bin
BYD set to sell electric vehicles in Korea
Companies

Korean, Chinese businesses urge governments to boost exchanges

Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, center, and other Korean business leaders engage in a video conference with Chinese counterparts online, Monday. Courtesy of KCCI By Kim Hyun-binKorean and Chinese businesspeople agreed to bolster exchanges by strengthening a 1.5-track dialogue platform consisting of both the private and public sectors, and to promote cooperation in the second phase of Korea-China free trade agreement negotiations, industrial cooperation and carbon neutrality, according to the Korea Chamber of Commerce and Industry (KCCI), Monday.The KCCI held the “3rd Korea-China Businessmen and Former High-ranking Government Official Dialogue” online in Seoul and Beijing Monday, together with the China Center for International Economic Exchange (CCIEE). The first dialogue was held in 2018 to promote economic cooperation and exchanges between the two countries, and consisted of key businesspeople and former high-ranking officials

Dec 12, 2022By Kim Hyun-bin
Korean, Chinese businesses urge governments to boost exchanges
  • Seoul, Beijing agree to seek summit in South Korea
Companies

Hyundai Motor seeks to expand presence in Brazil

Hyundai Motor HB20 / Courtesy of Hyundai MotorBy Kim Hyun-binHyundai Motor is on the verge of achieving a double-digit sales share of the Brazilian market for the first time. According to statistics from the Brazilian Automobile Dealers Association, Monday, Hyundai sold a total of 171,312 vehicles in the Brazilian market between January and November this year, achieving a 9.8 percent share. In terms of sales by brand, it ranks fourth after Fiat, GM and Volkswagen.Attention is on whether Hyundai Motor, which set a record annual market share of 9.9 percent in 2016, could achieve a double-digit market share this year.Hyundai Motor entered the Brazilian market in 2012, selling 108,347 vehicles in its first year and ranking eighth in sales with a 3 percent market share. As its sales volume increased gradually, the market share rose to 5.9 percent (2013), 7.1 percent (2014) and 8.3 percent (2015).Annual sales exceeded 200,000 vehicles for three consecutive years from 2017 to 2019, but Hyundai Motor's sales ranking fell to seventh in 2019 due to increased sales volumes of Toyota, Renault an

Dec 12, 2022By Kim Hyun-bin
Hyundai Motor seeks to expand presence in Brazil
Companies

Hanwha, KDB to ink main acquisition contract for DSME this week

By Kim Hyun-binHanwha Group will sign the main contract to acquire Daewoo Shipbuilding & Marine Engineering (DSME) this week, according to industry officials, Sunday.If the acquisition process is completed in the first half of next year as scheduled, the reorganization of Hanwha Group's business structure centering on the two pillars of defense and eco-friendly energy is expected to be completed.Hanwha Group headquarters in Seoul / Courtesy of Hanwha GroupHanwha Group and Korea Development Bank (KDB) plan to sign the main contract related to the DSME acquisition this week. After going through domestic and international approval and licensing procedures, including business combination review by the Fair Trade Commission (FTC) and approval by overseas competition authorities, DSME will carry out a third-party allocation capital increase to Hanwha and the sale process will be completed. On Sept. 26, Hanwha Group signed a conditional investment agreement to acquire a 49.3 percent stake in management rights by participating in DSME's paid-in capital increase of 2 trillion won ($1.53 b

Dec 11, 2022By Kim Hyun-bin
Hanwha, KDB to ink main acquisition contract for DSME this week
Companies

Hyundai, Kia set to achieve record EV sales in Europe this year

The KIA Niro EV / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor and affiliate Kia are expected to see electric vehicle (EV) sales reach a record high in Europe this year, with each selling more than 200,000 eco-friendly cars in that market in 2022.According to the European Automobile Manufacturers Association (ACEA), Sunday, Kia sold 200,984 EVs in the European market as of the end of October. Kia sold 13,132 EVs in Europe in 2019, surpassing 10,000 vehicles sold per year for the first time, followed by 39,031 vehicles in 2020 and 63,419 automobiles last year.By vehicle type, the Niro EV was the most popular in the European market with 121,852 cars sold, followed by the Soul EV and the EV6. Sales of the EV6 exceeded 30,000 about a year after its launch in September of last year, accounting for 39 percent of Kia's EV sales in Europe.The EV6 is widely recognized for its performance and marketability in Europe. It received the Car of the Year award in February, a first by a Korean automobile brand, beating out competitive foreign rivals.Hyundai Motor exceeded 200,000 EV sa

Dec 11, 2022By Kim Hyun-bin
Hyundai, Kia set to achieve record EV sales in Europe this year
Companies

LG releases electronic face mask in Korea

A female model wears LG Electronics' electronic mask, the LG Puricare Mask, newly released in Korea, Thursday. Courtesy of LG ElectronicsBy Kim Hyun-binLG Electronics belatedly introduced its electronic face mask due to the late implementation of government safety regulatory standards for electronic masks. However, the launch of its product on the local market comes a little late as the government is considering lifting the indoor mask mandate by March next year, according to industry officials Thursday. Although electronic masks have been sold in more than 20 countries, release in Korea has been blocked due to the lack of defined safety standards until now.LG Electronics launched the LG Puricare Mask, Thursday, a wearable air purifier that is worn on one's face. The filter attached to the mask removes particles as small as 0.01 micrometers.LG Electronics' electronic mask was first released in Hong Kong and Taiwan in November 2020. Since then, the product has been introduced in a total of 23 countries, including Vietnam and Spain. However, it was not released in Korea due to the lack

Dec 8, 2022By Kim Hyun-bin
LG releases electronic face mask in Korea
Companies

Hankook, Kumho, Nexen hit hard by truckers' strike

Containers loaded with tires are piled up at the distribution center of Hankook Tire's Daejeon Plant, on Dec. 4. YonhapBy Kim Hyun-binKorean tire companies' have seen output heavily impacted by the ongoing truckers' strike, according to company officials Thursday. Some have even begun transferring supplies from local factories to overseas production sites to cope with the logistics nightmare. Automakers are also increasingly concerned about production disruptions if the strike continues for a few more weeks.The scale of damage to the three domestic tire makers ― Kumho Tire, Hankook Tire, and Nexen Tire - is increasing. Kumho Tire started to cut production at its plants in Gwangju and Gokseong, while product shipments were suspended due to the strike.Since Dec. 1, daily production was already reduced to 30 percent of normal levels. But as the situation showed no signs of being resolved, daily production was lowered even further to 70 percent. As a result, the daily production of the Gwangju plant decreased from 33,000 to 8,000 tires. The Gokseong factory also saw daily production fall

Dec 8, 2022By Kim Hyun-bin
Hankook, Kumho, Nexen hit hard by truckers' strike
Companies

Companies go all out to secure cash amid economic downturn, higher interest rates

By Kim Hyun-binMajor companies are scrambling to increase their cash reserves as it is becoming harder to raise capital on soaring interest rates amid the deepening economic downturn, according to industry officials, Wednesday.The interest rate on business loans has soared to the highest level in 10 years, exceeding 5 percent. The Korea Economic Research Institute predicted that the annual interest burden on corporate loans would increase by at least 16.2 trillion won ($12.3 billion) from September this year to the end of next year due to the continued interest rate hikes.As interest repayment pressure increases, companies are reducing investments and selling real estate and non-core businesses to raise cash, shifting their management focus rapidly from growth to survival.“The U.S. base rate is expected to reach 4.5 percent this year and 5.5 percent next year. The highest mortgage loan in Korea will rise to 10 percent. It becomes more difficult to borrow money from the bank and the burden of interest rates increases,” Kim Dae-jong, an economics professor at Sejong Univers

Dec 7, 2022By Kim Hyun-bin
Companies go all out to secure cash amid economic downturn, higher interest rates
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