The Korea Times

TVs top brand-awareness ranking

Models pose next to Samsung Electronics’ super ultra-high-definition (SUHD) television, in this February file photo. / YonhapBy Park Jin-haiTVs topped a major 2015 brand-awareness index on businesses ranging from carmakers to securities companies, posting nearly 10 percent growth.In a National Brand Competitiveness Index (NBCI) survey of 223 brands conducted by the state-backed Korea Productivity Center (KPC), the TVs of two market dominant companies, Samsung and LG, came out ahead.Duty-free shops topped the list last year.Samsung TV led the way, with 79 points, followed by LG TV, which scored 76.KPC said in a statement that Korea's TV market is witnessing a fierce competition between the two, which led to visible product quality improvement.“Customers could see hardware improvement such as ultra-high-definition TVs, curved TVs, wide-screen TVs and bezel-less TVs, which pushed up those companies’ ratings substantially,” said the research organization.It said although the product quality and innovation will still be valid in the future home appliances market, b

Sep 2, 2015By Park Jin-hai

Companies

KP Energy to build power plant in Pacific island

Lee Young-koo, second from right, KP Energy’s president, shakes hands with Madolenihmw Mayor, second from left, after signing an agreement to build and operate a power plant, at the company’s office in Kolonia Town, Federated States of Microneisa, Aug.7. / Courtesy of KPECOBy Park Jin-haiKP Energy (KPECO) is building a power plant on a Western Pacific island of Micronesia.The company said on Tuesday that it signed an agreement with the Madolenihmw municipal government on Aug. 7 in Kolonia Town, Pohnpei, the Federated States of Micronesia, to build a diesel power plant.Under the agreement, KPECO will build, operate and turnover a power plant for the Pohnpei Madolenihmw Municipal Government, providing a reliable power source for the next 40 years.“It is a region where rolling blackouts are the norm to save electricity. Under the agreement, linked with the grid of the local power company, the Power Utilities Corp., we will provide reliable and cheaper electricity,” said Jayden Im, vice president of KPECO. When the plant is completed next year, it will sell e

Sep 1, 2015By Park Jin-hai

Companies

Toyota launches new Lexus ES sedan

A model poses next to Lexus’s all new ES midsize sedan during a launch event at Toyota’s brand experience space Connect To, in Jamsil, southern Seoul, Tuesday./ YonhapBy Park Jin-haiToyota’s premium brand Lexus launched its upgraded mid-size all new ES sedan, Tuesday, aiming to sell 400 cars a month.“With elegant and refined looks, the new ES will surely appeal to Korean customers,” said Toyota Korea CEO Akihisa Yoshida, during the launch event at its brand experience space Connect To, in southern Seoul, Tuesday.The popular sedan has been undergoing a facelift for three years, with wider spindle grills and sharper looking LED headlamps, while its handling and driving performance have been improved, said the company.The ES has been the Japanese carmaker’s best-selling model, with accumulated global sales standing at 1.75 million since its 1989 launch, taking 24 percent of all Lexus sales.The latest ES model comes with two engine choices ― a gasoline powered ES350 and a hybrid ES300h. All manufactured at Kyushu, the ES offers three models: execu

Sep 1, 2015By Park Jin-hai

Companies

Honda conducts massive recall in Korea

Honda CR-V SUVHonda CBR125R MotorcycleBy Park Jin-haiChung Woo-young,Honda Korea CEOHonda Korea has been ordered to recall more than 21,000 sports utility vehicles (SUVs) and motorcycles sold here because of various defects, which will likely tarnish its brand image among local consumers.The Ministry of Land, Infrastructure and Transport said Sunday that Takata airbags installed in the Japanese automaker’s popular CR-V SUVs could deploy with excessive force, causing its metal cartridge to crack, which can injure the driver or passengers in an accident.The subject for recall is 18,690 CR-V SUVs produced between May 24, 2006 and March 29, 2011.The company already conducted recalls for CR-Vs and Accord sedans for the same reason in July. At the time, 2,730 CR-Vs and 1,647 Accords were called back.“Takata airbags have been at the center of a series of massive recalls affecting Honda and other Japanese automakers,” a ministry official said. “The defect could cause injury at the time of an accident.”Other than Honda, some 6,322 cars sold by FCA Korea including

Aug 30, 2015By Park Jin-hai

Companies

Ford parts prices show differences by dealerships

By Park Jin-haiJung Jae-hee,Ford Korea CEOThe prices of spare parts for Ford vehicles in Korea differ widely between depending on its official dealers, according to data Sunday.The price gap for the same car part reaches up to over 6 million won ($5,100), local price comparing site Carstera revealed.Ford Korea has three official dealerships -- Sunin Motors, Premier Motors and Haein Motors -- and the two biggest list the prices of 13,486 parts on their websites.Prices at Sunin and Premier have shown huge differences for the same parts.The Ford 500’s cross member, part of the chassis, has the greatest difference.It is listed at 2.67 million won, with value added tax excluded, on Sunin’s website; while its price shoots up to 8.92 million won on Premier’s website, a 6.25 million won difference.   The price of other parts differs from between 800,000 won and 1.5 million won, according to Carstera. The company’s speed sensor, for instance, which costs 1.9 million won, including the value added tax, at Premier, costs over 1 million won more at Sunin.Foreign

Aug 30, 2015By Park Jin-hai

Ford parts prices show differences by dealerships

Companies

Kia Motors unveils new Sportage SUV

Kia Motors showed off the fourth generation new Sportage SUV during a media event in advance of its September launch, at the Kia design, research and development center in Hwaseong, Gyeonggi Province, Thursday. / Courtesy of KiaBy Park Jin-haiKia Motors unveiled its fourth-generation Sportage SUV, Thursday, prior to its September launch. With an upgraded design and performance the nation’s second-largest automaker said it will compete against rivals such as the Volkswagen Tiguan and Honda CR-V SUVs.“Compared with our sibling firm, Hyundai Motor’s Tucson, its design is sportier, which will appeal to younger generations,” said a Kia Motor official, during a media event in Kia's design research and development center in Hwaseong, Gyeonggi Province.  “The new Sportage will rival the Volkswagen Tiguan in domestic and European markets, while competing against the Honda CR-V in the North American market.”The Sportage has been one of Kia’s best-selling cars. Since its launch in 1993, the company has sold more than 3.5 million over the past 22 ye

Aug 27, 2015By Park Jin-hai

Companies

BMW to rev up sales by launching new models

BMW the new 7-seriesBy Park Jin-haiBMW Korea, the No. 1 imported carmaker in sales, is poised to accelerate its local sales drive by adding fresh models in the latter half of this year.An array of new models in each segment, including the new 3-series, 7-series and X1 compact SUV, will be imported soon after their world debut.The refreshed new 3-series will be the first to be rolled out in the second half of the year.Launching in September, the face-lifted sixth-generation BMW 3-sereis sedan and touring car have a refreshed look with sharper front and rear design. The 3-series has long enjoyed popularity among car lovers over the past four decades and is one of the most successful BMW models, recording a fourth of the carmaker’s sales.With the new 3-series, four gasoline engines and seven diesel engines will be available, giving more options.Customers can select either a rear or an all-wheel drive system.After that comes the highly anticipated fully changed 7-series, launching in October.The flagship 7-series luxury limousine world premiered at the Frankfurt motor show in June

Aug 26, 2015By Park Jin-hai

Economy

Mirae Asset receives Best Company Award

By Park Jin-haiMirae Asset Financial Group has received the Best Company Award from a renowned academic organization for its efforts to expand overseas.At the 17th Korean Academic Society of Business Administration’s annual award ceremony last week, Mirae Asset got the top prize for the first time as a financial institution.The society has presented the award each year since 2003 to companies that have contributed to national economic development.“It seems that the judges have given us high points for our growth in the global financial market, competing against overseas rivals,” said Park Hyeon-joo, chairman and founder of Mirae Asset, during the ceremony, where more than 1,500 people from academic circles gathered.Mirae Asset, since its establishment in 1997, is taking the lead in implementing innovation in the financial market. With the adoption of open-end mutual funds and alternative investment funds, the company has changed the local investment market environment, while spearheading the globalization of local financial institutions.Starting from its Hong Kong o

Aug 25, 2015By Park Jin-hai

Companies

QM5 turns into art piece

Scrap metal from a Renault Samsung Motors’ QM5 SUV has been turned into an art piece at local optician Gentle Monster, near Hongik University in Seoul./ Courtesy of Renault Samsung MotorsBy Park Jin-haiRenault Samsung’s flagship QM5 SUV has returned as an art piece displaying the carmaker’s love of nature.The local unit of French automaker Renault SA is displaying its QM5 SUV until Sep. 14 under the theme of “Off Road Rally” at a local optician near Hongik University in Seoul.Requested by Gentle Monster, scrap metal from a QM5 has been rejuvenated as an art piece.“We provided our vehicle for this project because the idea of recycling scrap is fun for people and also sits well with our image as an environmentally friendly carmaker,” said a Renault Samsung official. “It also corresponds with our existing art collection series.”Since 2013, the carmaker has had an art collection campaign. During the campaign, premium options had Boss sound systems, bi-xenon adaptive head lamps and Napa leathers given away for free.The QM5’s fram

Aug 24, 2015By Park Jin-hai

Companies

Hyundai, Samsung land war reignites

By Park Jin-haiHyundai Motor Group and Samsung Group are expected to enter the second round of competition to clinch a piece of land in southern Seoul.The two have finished a review and will participate in a bid to buy the site, where Seoul Medical Center (SMC) was located. It is just 100 meters from land that Hyundai bought from Korea Electric Power Corp. (KEPCO) last year.Hyundai and Samsung showed interest in that property, but Hyundai won the bid by offering 10.5 trillion won, three times the land’s appraised value.Hyundai is developing the land into a mammoth complex accommodating its headquarters, a hotel, convention and entertainment facilities.Hyundai previously said it was not interested in the SMC land, but given the possible synergy with the current building project, it seems to have changed its position.This time, Hyundai E&C, Hyundai’s construction unit, will lead the bid.“We have been considering the bid, although a final decision has not been made yet,” said Hyundai E&C CEO Jung Hyun-soo.Samsung Group also is likely to enter a bid becaus

Aug 21, 2015By Park Jin-hai

Park Jin-hai

Read more

TVs top brand-awareness ranking

KP Energy to build power plant in Pacific island

Toyota launches new Lexus ES sedan

Honda conducts massive recall in Korea

Ford parts prices show differences by dealerships

Kia Motors unveils new Sportage SUV

BMW to rev up sales by launching new models

Mirae Asset receives Best Company Award

QM5 turns into art piece

Hyundai, Samsung land war reignites

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