The Korea Times

Vehicle insurance policies changed for 117 models

By Park Jin-haiVehicle insurance policies for a total of 117 models will either increase or decrease by 5 to 10 percent from next year, according to the Korea Insurance Development Institute (KIDI), Friday.Amid increasing complaints that owners of expensive imported cars, cause excessive liability for domestic car owners in auto accidents, the institute announced new grades for vehicle models that become the basis of insurance policies.On a scale of 1 to 26, the organization considers the degree of car damage in case of accidents, repair convenience and part prices in order to grade each model. Insurance companies take these grades into consideration when calculating vehicle insurance policies. When a grade is raised a notch, the insurance policy goes down five percent.Out of 238 cars, 57 models including the Kia K3, Jaguar and BMW 5-series have seen downgrades, causing their policies to go up by 5 to 10 percent, while 60 including the Kia Sorento R, Volkswagen Golf, BMW X-series and Mercedes C-class have seen their grades improved, lowering their insurance policies by the same amoun

Dec 18, 2015By Park Jin-hai

Companies

Hyundai to test autonomous cars in U.S.

By Park Jin-haiHyundai Motor gained testing licenses for its autonomous driving vehicles, clearing the way for the nation’s largest carmaker to test its self-driving technologies on the highways of the United States, the company said Monday.It said the carmaker obtained licenses on Dec. 11 for a total of four autonomous vehicles ― two Tucson hydrogen fuel cell vehicles and two Soul electric cars ― to test-drive on the highways of Nevada.It is the first times for a local carmaker to obtain such licenses in the U.S.  “In particular, the two Tucson cars will be the world’s first hydrogen fuel cell cars mounting autonomous driving technologies,” said Hyundai Motor.  “It is the outcome of Hyundai’s ceaseless effort to secure green future technologies.”The company said the standards for autonomous car licenses in the state of Nevada are higher than for the rest of the U.S., requiring a technology presentation and demonstration.With the license, Hyundai became the second passenger carmaker to receive a driving endorsement fr

Dec 14, 2015By Park Jin-hai

Companies

EnerNOC to help Korea change way it uses energy

Aaron Breidenbaugh                                                /Koreatimes photo by Choi Won-suk Senior director Breidenbaugh sees huge potential for DR market in KoreaBy Park Jin-haiAaron Breidenbaugh, senior director at EnerNOC, a global provider of energy intelligence software and services, says Korea has one of the biggest potentials for the demand response (DR) market.Contrary to the common response to increase power production, according to the rising needs, DR is about replacing energy need by creating “virtual power plants.”“For the longest time, load has been taken as a given and it was the job to build power plants to meet the load. That went through most part of 20th century,” said Breidenbaugh during a recent interview with The Korea Times.Instead of spending billions to build more physical power plants, demand response pays energy users to reduce consumption to help maintain the balance, he said.“It is essentially a

Dec 13, 2015By Park Jin-hai

EnerNOC to help Korea change way it uses energy

Companies

Renault gives large discounts for QM3

Renault Samsung’s QM3 compact SUVBy Park Jin-haiRenault Samsung Motors has been pushing sales of its QM3 compact SUV ahead of the end of the government’s temporary consumption tax cut on automobiles this month. The company is offering hefty discounts in December for the QM3, which has led the local fad for compact SUVs.The carmaker says customers can purchase cars at prices reduced by as much as 2 million won this month.For a vehicle priced at 25 million won, customers can get a nearly 500,000 won discount due to the tax cut.For cash payments, 1 million won will be supported by the carmaker, while an additional 500,000 won will be provided if they trade their old Renault, registered before December 2010, for a new car. The tax cut, however, only applies to cars delivered this month. So if the customer makes a contract to purchase the car this month, but cannot take delivery due to short supply or delivery time lag, they cannot get the benefits. “Among the compact SUVs, the QM3 is the only model that customers can take delivery of this month. With the

Dec 10, 2015By Park Jin-hai

Companies

POSCO E&C appoints Saudi board members

By Park Jin-haiThe company named Ahmed Al-Subaey, 55, Aramco's executive director for marketing, as inside director and Mohammad A. Abunayyan, ACWA Power’s chairman, as non-executive director, as recommended by Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF).POSCO E&C, the construction unit of POSCO Group, held an interim shareholders meeting Thursday and appointed Saudi Aramco’s executive director as an inside director.POSCO sold a 38 percent stake in its construction arm to PIF in September. Currently, POSCO is the largest shareholder with 52.8 percent stake in POSCO E&C, followed by PIF, with 38 percent and others with 9.2 percent.Under the deal, the two plan to launch a joint venture for infrastructure and other construction projects commissioned by the Saudi Arabian government.Al-Subaey will be POSCO E&C’s vice president, working as an adviser to the CEO. He will shuttle between Saudi and Korea, and be directly involved in POSCO E&C’s management.Previously, he has served as S-Oil CEO between 2008 and 2012. During th

Dec 10, 2015By Park Jin-hai

Companies

Mercedes to recall 721 cars involved in golf club incident

By Park Jin-haiMercedes-Benz Korea will recall the model involved in an incident in September where an angry owner smashed up the 300 million won car with a golf club to protest the vehicle’s continued engine failure.The Ministry of Land, Infrastructure and Transport said Tuesday the luxury German carmaker will recall S63 AMG 4Matic sedans over an electronic control unit (ECU) program defect, which might stop fuel from flowing to the engine when the vehicle slows down. The drop in fuel can cause the ignition to turn off, causing safety problems.The ECU is a key computer system that collects data from various sensors located in the car and controls how it car operates.Those subjects for recall are 721 S63 AMG 4Matic sedans, manufactured between May 13, 2013 and Nov.21, 2015.After a man heavily damaged his 290 million won sedan with a bat and a golf club in front of a dealership office in Gwangju in September and similar sudden stopping cases were reported after, the ministry began an investigation of the model. Youtube footage of the man damaging his car went viral.Owners of the

Dec 8, 2015By Park Jin-hai

Companies

POSCO begins training program for blue collar interns

One hundred and one interns pose after holding a ceremony to start a training program at POSCO Group University in Pohang, North Gyeongsang Province, Nov. 30. / Courtesy of POSCO GroupBy Park Jin-haiPOSCO has launched a training program for its blue collar interns in line with a government initiative to nurture skilled workers, the steelmaker said Tuesday.In a year-long work-and-learn program, the interns for production lines will learn skills on the job and receive education based on the National Competency Standards (NCS).Earlier this year, amid increasing concern that jobseekers are wasting too much time and effort building up so-called “spec” skills in order to get a decent job, the government and 130 state-run enterprises signed an MOU, to overhaul their hiring requirements.The companies pledged to adopt the NCS, an employment system set up by the government, which evaluates how much knowledge and skill is required to work in a certain industry.On Nov.30, a total of 101 interns took part in a ceremony to kick off the program. They are under a three-month off-the-job

Dec 8, 2015By Park Jin-hai

Companies

Hyundai to train 2,400 young jobseekers for subcontractors

By Park Jin-haiChung Mong-kooHyundai Motor chairmanHyundai Motor is receiving applications for its Dididol internship program to rev up youth employment and supply skilled workers to its primary subcontractors.From the first half of next year, the nation’s largest carmaker will select 400 young jobseekers every six months until 2018, the company said Tuesday.The 2,400 people in total will be given a five-month internship, where they can enroll in a two-month Hyundai Motor job-training program and build their work experience as interns for one of 200 Hyundai’s primary subcontractors for the remaining three months.“The program aims to give jobseekers opportunities to nurture their capabilities and work for Hyundai’s subcontractors, while giving those companies a chance to recruit a talented workforce as well,” a Hyundai Motor official said.For those selected, Hyundai will offer training in the automotive parts industry, hands-on work skills and consulting sessions.To open the opportunity to young people across the nation, training will be at Hyundai’

Dec 8, 2015By Park Jin-hai

Hyundai to train 2,400 young jobseekers for subcontractors

People & Events

Paintings boost Korea-China cultural ties

Choi Chang-won, a Chinese studies professor at Chungwoon University, paints in a private exhibition in Beijing in January. / Courtesy of Choi Chang-wonBy Park Jin-haiChoi Chang-won, 57, professor of the Department of Chinese Studies, Chungwoon University is called in many names.He is the one and only ink wash painter specialized in sea shrimps, popular professor in both Korea and China and now a father of 19 adopted Chinese students.“Shrimps with the bent back are the symbol that shows the virtue of modesty. It is insignificant creatures in broad and blue water. But also, it means dynamics and abundance they leap actively and move in groups. Their long antennas symbolize good health and long life,” he said during the interview with The Korea Times. Choi started learning ink wash painting in 1075, from a protégé of a most celebrated Joseon Kingdom calligrapher Kim Jeong-hui. He has been painting shrimps over 25 years now.His pieces, with bright red shrimps and words of late poet Wang Ao’s poem on sea shrimps, have become his unique art of world, wh

Dec 7, 2015By Park Jin-hai

Paintings boost Korea-China cultural ties

Companies

Hyundai names Ioniq for eco-friendly fleet

Image of Hyundai Motor’s hybrid and electric car IoniqBy Park Jin-haiHyundai Motor has added the Ioniq to its fleet of hybrid and electric vehicles.The name combines “ion”, which creates new energy through bonding and disbanding, and “unique.” It is named after its plug-in hybrid concept car the i-oniq that Hyundai unveiled at the 2012 Geneva Motor Show.“The aerodynamic design minimizes drag and a larger proportion of aluminum and high strength steel has been adopted,” a Hyundai official said.The brand will be launched with three powertrains ― hybrid electric vehicle, plug-in hybrid, and electric vehicle ― and be available in Korea in January.“Along with the lighter body, lower center of gravity and customized chassis and suspension, Hyundai’s new hybrid model will have world-leading fuel efficiency and driving performance,” according to the company.At present, only Toyota and Honda have hybrid-only models.The Ioniq is part of Hyundai’s vision for future mobility, announced in November. The nation’s lar

Dec 7, 2015By Park Jin-hai

Park Jin-hai

Read more

Vehicle insurance policies changed for 117 models

Hyundai to test autonomous cars in U.S.

EnerNOC to help Korea change way it uses energy

Renault gives large discounts for QM3

POSCO E&C appoints Saudi board members

Mercedes to recall 721 cars involved in golf club incident

POSCO begins training program for blue collar interns

Hyundai to train 2,400 young jobseekers for subcontractors

Paintings boost Korea-China cultural ties

Hyundai names Ioniq for eco-friendly fleet

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