The Korea Times

KEPCO to train technicians in Ghana

By Park Jin-haiKorea Electric Power Corp. (KEPCO) signed a $2.5 million agreement with Korea International Cooperation Agency (KOICA) to train Ghana’s electrical technicians, said the company Friday.As part of KOICA’s aid program, the state-run power company will offer advice on establishing a master plan for nurturing human resources, set up a training center and develop educational programs in the following 25 month, in cooperation with the Ghana Grid Company Limited (GRIDCo).It is KEPCO’s second such agreement with KOICA’s project in Ghana. In 2013, the power company bagged a $1.5 million aid program where it offered to strengthen the African nation’s power industry potential during a 30 month time frame.KEPCO invited trainees to Korea and conducted six educational sessions here, while four educational sessions were carried out in Ghana. A total of 147 people benefited from the program.KEPCO said its technological advisory service on power transmission and transformation helped GRIDCo to the extent that it led to its second contract in Ghana.“Ba

Nov 13, 2015By Park Jin-hai

Companies

Kumho Tire accepting applications for multiracial family support program

By Park Jin-haiKumho Tire announced Wednesday that it is accepting applications for its annual multiracial family support program.Under the Korea-Vietnam multiracial family support program, the local tire manufacturer will select ten families comprising Korean men with Vietnamese wives, who have economic difficulties, and sponsor a six-day trip for them to Vietnam, covering all expenses including airline tickets.As part of its corporate social responsibility program, Kumho Tire has been conducting the program, in which a total of 43 families have benefited, since 2013.It aims to help Vietnamese wives in Korea better adapt to their new environment here and provide opportunities for their children to learn about their mother country.The ten families to be selected this year will visit Vietnam in January, 2016.“Each year, we have been receiving greater responses from those families. We hope many multicultural families will apply for this meaningful program this year,” said Kim Soo-ok, general affairs and administration vice-president at Kumho Tire.The tire maker, beginning w

Nov 12, 2015By Park Jin-hai

Companies

Imported carmakers strikes back with aggressive sales promotion

By Park Jin-haiImported carmakers, involved in multiple recent misfortunes here, ranging from an emission cheating scandal and vehicle fires, have upped their sales promotions.As the nation’s largest carmaker, Hyundai, is set to launch its first luxury sedan, the EQ900, here next month, imported carmakers are making a last ditch effort to fight for market share over the remaining months of the year.Volkswagen, whose October sales dropped more than 60 percent from a month earlier, has been making the most aggressive sales promotions.Customers think this is a good time to purchase a car.“I have waited for about ten minutes, because all dealers in the shop were talking with customers,” said Kim Yeon-seo, who signed a contract to purchase a Beetle, at a Volkswagen showroom in southern Seoul, crowded with customers.“The carmaker is giving big discounts at the moment, and I think it is good time to buy a car at cheaper price. Say, ten years from now, I think the carmaker will be recovered from the recent turmoil, with its vehicle prices going up again,” she ad

Nov 11, 2015By Park Jin-hai

Companies

Hyundai Motor unveils new Genesis

The Hyundai EQ900, globally named the G90, was unveiled, Tuesday. The partially autonomous luxury sedan will be the first car bearing the new Genesis brand. / Courtesy of Hyundai MotorBy Park Jin-haiHyundai Motor unveiled its first premium luxury sedan, the EQ900 (globally to be named the G90), under the new Genesis brand.The EQ900 is the latest edition of Hyundai Motor's Equus flagship luxury model, which was consolidated with the Genesis brand after its launch on Nov. 4. The luxury vehicle, larger but sharper looking than the Equus, has been widely expected to herald a new era of assisted driving in the country, as it is the first mass-produced car with highway driving assist, a feature that enables partially-autonomous driving.  “The EQ900 is the first mass-produced luxury car after we launched our new Genesis brand. We have worked for years to create a human-centered luxury sedan. It will present the beginning of new luxury,” said Yang Woong-chul, Hyundai Motor vice chairman in charge of research and development, during a press preview at the Hyundai Na

Nov 10, 2015By Park Jin-hai

People & Events

SeoulTech appoints president

Kim Jong-hoBy Park Jin-haiKim Jong-ho has been appointed president of Seoul National University of Science and Technology (SeoulTech), the university said Monday.Kim, a professor of mechanical systems and design engineering at SeoulTech, will serve his four-year tenure from Monday, succeeding Namkoong Keun.  A Seoul National University graduate majoring in mechanical engineering, Kim earned a master’s degree in mechanical engineering and a PhD in industrial engineering at Korea Advanced Institute of Science and Technology.He has been a professor at SeoulTech since 1985.He previously worked as an organizing committee member for the Korea Institute of Industrial Technology technicians’ training program, and strategic technology development project adviser under the Knowledge Economy Ministry (now Ministry of Trade, Industry and Energy).Kim won a majority in the first vote from the recommendation committee in July. After further evaluation of his research ethics, he was recommended for the post to the Minister of Education.“I will create an environment where more

Nov 9, 2015By Park Jin-hai

People & Events

TonyMoly appoints new CEO

Yang Chang-sooBy Park Jin-haiTonyMoly, a Korean cosmetics company, said Monday that it has appointed ex-AmorePacific exec as its CEO.Yang Chang-soo, 51, will lead the mid-sized cosmetics firm, which went public in July and is fast expanding its global presence.Yang studied agricultural economics at Korea University before joining AmorePacific, the nation’s largest cosmetics brand. He was in charge of department sales before serving as CEO of its brand Etude House and vice president of marketing. After he left the company, he joined Shinsegae International’s VIDIVICI cosmetics brand as vice president where he worked until the end of 2014. “While working in the cosmetics industry for a long time, he has earned a reputation as someone who can ratchet up a brand’s potential in a short time through various innovative marketing campaigns,” said a company official.Previously, the cosmetics maker has been plagued with rumors that its CEOs have had conflicts with its chairman. In the last two years, the company has had five new CEOs including Yang. Before hi

Nov 9, 2015By Park Jin-hai

Companies

Hyundai Motor ranks tops in German sales

By Park Jin-haiHyundai Motor and its sibling Kia Motors topped October sales in Germany, overtaking other global auto brands.According to data by  the German Association of the Automotive Industry, the two Korean carmakers sold a combined 14,131 cars in October, the largest monthly sales among foreign brands there, followed by Skoda with 13,808 cars and Renault with 9,665.Hyundai Motor saw its sales inch up 0.4 percent year-on-year to 9,084, while Kia Motors' sales expanded 4.2 percent over the same period to 5,047.The growth comes despite a 5.2 percent decline in sales of imported cars in Germany.“It is meaningful that we could achieve the top place in sales at the country home to world renowned automakers. It shows that our vehicles’ quality and performance have been recognized in Germany,” said a Hyundai official.Industry watchers say that if Hyundai’s new premium Genesis cars hit the market, Hyundai and Kia will gain significant market share in Germany. Hyundai plans to complete the full Genesis lineup with a total of six models by 2020, competing aga

Nov 9, 2015By Park Jin-hai

South Korea

British veteran to be buried at UN memorial

By Kang Seung-wooLate Robert McCotter when he participated in the Korean War.The remains of a British Korean War veteran will be buried Wednesday at the U.N. Memorial Cemetery (UNMC) in Busan 14 years after his death, the Ministry of Patriots and Veterans Affairs (MPVA) said Sunday.The family of Robert Steed Holman McCotter will visit Korea on Monday with his remains as part of the ministry’s “revisit program” that will also involve 90 other veterans and their families from 11 countries, including the United States and Turkey.On Wednesday, the ministry will hold the Turn Toward Busan ceremony, a one-minute silent prayer for U.N. troops killed during the war, at the memorial and McCotter will be buried there ahead of the event.McCotter fought against North Korea after joining the war in September 1950 through August 1952.During his lifetime, he wanted to visit Korea, but his ill health prevented a trip before he died aged 70 in 2001. However, he said in his will that he wished to be buried here.McCotter’s son and daughter-in-law, along with the Britis

Nov 8, 2015By Park Jin-hai

British veteran to be buried at UN memorial

Companies

Emerson Pacific to receive W180 billion investment from China

An outdoor pool at the Ananti Club Seoul in Gapyeong, Gyeonggi ProvinceBy Park Jin-haiLee Man-keu, CEO of EmersonPacific GroupEmerson Pacific Group, a golf and resort operator widely known for its Ananti chain of resorts, will receive a 180 billion won ($16 billion) investment from China’s largest private investment company China Minsheng Investment Corp, according to the company Sunday.The China Minsheng Investment Corp, with capital of 8.9 trillion won and over 60 private companies as share holders, invests in industries ranging from finance and insurance to leasing, aircraft and real estate.In its first investment in Korea, its affiliate CM International Capital will take part in the allocation of a capital increase through a special purpose company. The amount is the largest Chinese investment into a Korean listed company, not targeting acquisition of the firm’s managerial rights,  said Emerson Pacific.It has been actively acquiring undervalued assets in the world including most recently a 2.5 trillion won acquisition of Sirius International Insurance Group.Emers

Nov 8, 2015By Park Jin-hai

Emerson Pacific to receive W180 billion investment from China

Companies

Lotte World Tower duty free aims for world No.1 store

Lotte Duty Free CEO Lee Hong-gyun speaks in a recent press briefing on his vision to make Lotte World Tower Duty Free into an international tourist attraction, at the tower in Jamsil, Seoul, Wednesday. / Courtesy of Lotte Duty FreeBy Park Jin-haiThe race for the new licenses for three duty free stores in downtown Seoul is coming down to the wire, with the Korea Customs Service’s decision on the winners due Saturday.Four companies -- Shinsegae, Doosan Group, SK Group and Lotte Group -- are in the battle for the licenses.Among them, Lotte is leading the pack, with its Chairman at the helm presenting a plan to make World Tower Duty Free the world’s top duty free shop in sales within 10 years.“Lotte duty free stores’ global ranking has been raised to third place, because we have been promoting the local tourism industry and duty free business for the past 35 years,” said Shin Dong-bin, Lotte Group Chairman, outlining the company’s “Vision 2020” last month. “We will make all efforts to elevate it to the world’s top by 2

Nov 8, 2015By Park Jin-hai

Park Jin-hai

Read more

KEPCO to train technicians in Ghana

Kumho Tire accepting applications for multiracial family support program

Imported carmakers strikes back with aggressive sales promotion

Hyundai Motor unveils new Genesis

SeoulTech appoints president

TonyMoly appoints new CEO

Hyundai Motor ranks tops in German sales

British veteran to be buried at UN memorial

Emerson Pacific to receive W180 billion investment from China

Lotte World Tower duty free aims for world No.1 store

Top 5 stories