The Korea Times

Audi to hold 100-million won design competition

By Park Jin-haiAudi Korea is hosting a design competition with about 100 million won in prize money for the winners, the company announced on Wednesday.The “Audi Design Challenge 2014,” the second in its kind, is open to works in music, motion graphics, products and furniture under the theme of the Audi lifestyle and driving experience.Entries will be open from Oct. 13-19. Four finalists, either individuals or teams, will then be chosen for each category.The 16 finalists will develop their designs with help from expert mentors.Four winners will receive 20 million won and trophies, while the other 12 individuals or teams will take home 2 million won.“Audi has always been one step ahead of the other competitors setting a new standard with its innovative technology and design under the corporate slogan of ‘progress through technology,’” said Audi Korea marketing manager Jorg Dietzel.“The Audi Design Challenge, first held last year, has been the talk of the town presenting highly sophisticated artworks, and we expect many talented young desi

Sep 3, 2014By Park Jin-hai

Companies

KEPCO land buy may prove losing venture

This July 17 file photo shows an aerial view of KEPCO’s headquarters in Samseong-dong, Gangnam-gu, southern Seoul. Hyundai Motor Group and Samsung Group have expressed interest in acquiring the land. / Korea TimesBy Park Jin-haiWhoever obtains ownership of a prime tract of land to be vacated by the Korea Electric Power Corp. in southern Seoul is destined to incur losses of about 2 trillion won, according to a consulting firm quoted by Yonhap News Agency.Total development costs for the land are estimated at around 10 trillion won. Potential revenue from rent and other means is projected at 8 trillion won after new owners purchase the land. This would create the estimated shortfall of approximately 2 trillion wonThe 79,342 square meters of land in Samseong-dong, owned by the state-owned electricity provider, will attract a minimum bidding price of 3.3 trillion won, its survey said, adding that more than 10 trillion won will be needed over 10 years to finance development.In order to change the land’s status from residential to commercial, the final bidder needs to register t

Sep 3, 2014By Park Jin-hai

Companies

Samsung Heavy, Samsung Engineering to merge

Samsung Engineering workers are seen walking pass the window of the firm’s headquarters in southwestern Seoul, Monday. The company will be merged with Samsung Heavy Industries by the end of the year, giving the latter a competitive edge in the international scene. / YonhapBy Park Jin-haiSamsung Heavy Industries and Samsung Engineering have agreed to merge by undertaking a share swap, their boards announced Monday.The move is part of Samsung Group’s restructuring efforts after the conglomerate’s chairman, Lee Kun-hee 72, suffered a heart attack.“The merger is intended to create a world-class total-solution company, encompassing both land and ocean,” the companies said in a statement.Both companies will hold shareholders’ meetings on Oct. 27, with the aim of finalizing the merger by Dec. 1.“The two companies’ core businesses involve building plants, although the areas of business don’t overlap,” the companies’ statement said. “Samsung Heavy Industries specializes in offshore plant construction based on shipbuilding

Sep 1, 2014By Park Jin-hai

Companies

Chinese gobbling up Jeju Island

43% of land bought by foreigners owned by investors from ChinaBy Park Jin-haiChina has overtaken the United States in land procurement in Jeju Island for the first time in five years.The annual land registration data that the nation’s largest island has submitted to the ruling Senuri Party lawmaker Kim Hee-kuk showed that Chinese now account for 43 percent of its total lot bought by foreigners. Chinese accounted for less than 1 percent in 2009.Chinese land procurement as of June this year stood at 5.92 million square meters, or 0.19 percent of the land, from less than 20,000 square meters in 2009.“In the first half, Chinese have already bought 2.77 million square meters, double the total land they procured a year earlier. At this pace, we will see the amount reach 7 million by the end of this year,” said Kim in a statement, Sunday.  The rapid growth of Chinese property investment lowered U.S. investors’ portion to 27 percent as of July 2014, from 49 percent in 2009.    “Chinese investment in Jeju real estate has surged since 2010 when

Aug 31, 2014By Park Jin-hai

Companies

Moody's upgrades KEPCO ratings

By  Park Jin-hai Moody's Investors Service has upgraded the issuer and senior unsecured ratings of Korea Electric Power Corp. (KEPCO) and its six wholly-owned power generation subsidiaries to “Aa3” from “A1.”"The rating upgrade reflects KEPCO's improving operating performance and the Korean government's strengthened oversight of the company's financial health, as evidenced by its mid-to-long-term public institution financial management plans," says Mic Kang, a Moody's vice president and senior analyst.These positive developments mean that KEPCO is appropriately positioned at the Aa3 rating, when compared with global and regional government-related issuers (GRI) with similar baseline credit assessments (BCA) and levels of government support under Moody's joint default analysis approach.The rating upgrade for the six units follows KEPCO's upgrade, given their 100 percent ownership by and operational integration with KEPCO.“Moody's expects that KEPCO on a consolidated basis will record solid profits and operating cash flows over the next 12-18 mon

Aug 29, 2014By Park Jin-hai

Companies

Seoul City Hall to crack down on Uber's new service

By Park Jin-haiThe government Friday told the Seoul Metropolitan Government (SMG) to crack down on Uber’s latest service.The order comes at a time when the app firm is under scrutiny from prosecutors.In response, Uber said that UberX, the service in question, is being run as a pilot program with no transactions being made, meaning that technically no law has been broken.The Ministry of Land, Infrastructure and Transport, however, claims that the service violates the nation’s Passenger Transport Services Act.“The service solicits rides and receives payment through the use of a private or rented car, so it is not legal,” the ministry said.The existing Uber Black service hires professional drivers, while UberX can potentially enable anybody to provide taxi services.“UberX drivers give call-taxi-like services. We also feel that Uber breaks the law since it works as mediator for the illegal act,” said a ministry official said.Article 81 of the Passenger Transport Services Act stipulates that people who provide a ride with their private or rented cars, a

Aug 29, 2014By Park Jin-hai

Seoul City Hall to crack down on Uber's new service

People & Events

'Underwater cables can prevent tragic accidents'

Choi Bok-kyoungBy Park Jin-haiChoi Bok-kyoung, 50, a researcher at the Korea Institute of Ocean Science and Technology (KIOST), who recently test-ran underwater cable off Ulleung Island, says underwater cables can prevent tragic accidents like the Sewol ferry sinking.“If one studies ultrasonic sounds through the underwater cable, he can learn virtually all the things happening in the ocean,” he said in a recent interview with The Korea Times.Currently used are sensors, dropped from connected buoys, which detect underwater activities. “But, those sensors are prone to damages from the outside, such as passing vessels, currents or hail,” he said.On the contrary, underwater cables, once installed, are virtually unaffected by outside conditions, providing lots of critical information.“If we had those cables at the time of Sewol ferry sinking, we wouldn’t have had a hard time tracking the location of the vessel which moved according to the currents,” he added.Choi, who has a doctorate in physical acoustics at Sungkyunkwan University, is an underwat

Aug 28, 2014By Park Jin-hai

'Underwater cables can prevent tragic accidents'

Companies

POSCO backs clients with 'solution marketing'

The heated slab rolls out of a furnace at POSCO’s No. 4 hot strip mill that will open in October in Gwangyang, South Jeolla Province. / Courtesy of POSCOBy Park Jin-haiPOSCO is putting top priority on providing comprehensive support to its clients as a means of continuing to achieve success in the current adverse global market environment along with its partners.Under the leadership of POSCO Chairman Kwon Oh-joon, the nation’s largest steelmaker is making greater efforts to identify the needs of customers and sell customized steel products.Kwon has emphasized the importance of “solution marketing,” which refers to a strategy to provide solutions to problems facing its clients.Solution marketing is about going further and doing everything that increases customers’ competitiveness by providing technology, marketing support and solutions all at once.“Like IBM, that hired software into the hardware and successfully turned into an integrated solution provider, we need to go one step further and create more values for our customers,” Kwon

Aug 28, 2014By Park Jin-hai

Companies

Hyundai Mobis' CSR centers on children

Students at an elementary school participate in a science class.By Park Jin-haiStudents at an elementary school blow hard into a model windmill.When the spinning wheel rights up LED lamp connected to it, they let out small scream of joy. Through the experiments, they learn how electricity is generated from wind.  Hyundai Mobis, the parts manufacturing unit of Hyundai Motor, has chosen “Junior Engineering Class” as its core corporate social responsibility activities, kindling children’s interest in science across the nation.Since the company first started out the class at an elementary school in Yongin, Gyeonggi Province, where its research center is located, it has expanded to all near schools where the company’s office is.“It was first started out to foster the science gifted. But, now it serves as a program to enforce the connection between the company and the local society. In the long run, it also has an effect of changing the current trend phenomenon where young students take science as their career,” said an official of the company.For t

Aug 27, 2014By Park Jin-hai

Companies

Hyosung aims to be IT based energy solution company

Hyosung Group President Cho Hyun-jun, right, talks about a power transmission system using big data with an official of French utility company Alstom, at Conseil International des Grands Reseaux Elecrtiques(GIGRE), in Paris, France, Tuesday. / Courtesy of Hyosung GroupBy Park Jin-haiHyosung Group President Cho Hyun-jun came on the fore, marketing its IT-based energy solution at a global energy fair in France.Cho is on a five-day visit to the Conseil International des Grands Reseaux Elecrtiques(GIGRE) that opened on Aug 25.“Hyosung has earned global recognition in electricity and Internet of Things (IoT) areas. By converging the two, we have improved energy efficiency and reliability of smart grids,” he said.He made the remarks when he met Frederic Salon, regional commercial vice president East Asia Pacific at Alstom, and an executive of  Algeri’s state-run utility firm Sonelgazduring the conference.“By utilizing big data, we aim to be a global-leading energy solution provider in the power transmission and distribution sector,” he added.  Hyosun

Aug 27, 2014By Park Jin-hai

Park Jin-hai

Read more

Audi to hold 100-million won design competition

KEPCO land buy may prove losing venture

Samsung Heavy, Samsung Engineering to merge

Chinese gobbling up Jeju Island

Moody's upgrades KEPCO ratings

Seoul City Hall to crack down on Uber's new service

'Underwater cables can prevent tragic accidents'

POSCO backs clients with 'solution marketing'

Hyundai Mobis' CSR centers on children

Hyosung aims to be IT based energy solution company

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