The Korea Times

GM Korea launches Impala flagship sedan

A model poses next to Chevrolet’s full-size flagship Impala sedan during a a launch event at the Shilla Hotel in Seoul, Tuesday. The newest Impala, manufactured in the U.S., will be delivered to local customers from next month. / YonhapBy Park Jin-haiGM Korea has set its sights on expanding its presence in Korea’s full-size sedan segment by launching its flagship Impala with “unprecedented pricing.”“GM Korea is taking an exciting step forward by introducing the best-selling large sedan in U.S. history,” said Sergio Rocha, GM Korea CEO, during the launch event at Shilla Hotel in Seoul, Tuesday. “The Impala’s success in the domestic market will enable us to expand our product portfolio in the upper segment.”The Impala holds an iconic place in General Motors history, having had 10 generational models since its launch in 1958 in the United States. It is one of the carmaker’s best selling models, with accumulated sales of over 16 million cars.The tenth generation Impala comes with either a 2.5-liter or a 3.6-liter engine that pro

Aug 11, 2015By Park Jin-hai

Companies

ASEAN-Korea Center to hold international youth workshop on forest

Kim Young-sun, Secretary General of ASEAN-Korea Centre, gives an opening speech during the 2015 ASEAN-Korea Youth Network Workshop, in Gangwon Province, Monday. / Courtesy of ASEAN-Korea CentreBy Park Jin-haiThe ASEAN-Korea Centre, with the ASEAN-ROK Forest Cooperation, is holding an international workshop to raise awareness of the importance of forests.The event began Monday and will continue until Aug. 18 under the theme “Youth in the Forefront of Forest Conservation in ASEAN and Korea.”Some 100 students from Korea and ASEAN member states will participate in programs here for the first four days and in Indonesia for six days.The annual event began in 2013.“Turning the post-World War II wreckage into a green landscape, Korea is an unprecedented model example in forest recovery while the ASEAN region possesses 20 percent of global forest and is home to 40 percent of total biological species around the world,” a center spokeswoman said. “Youths from the two regions will gather to gain firsthand experience of the success in Korea’s forest enviro

Aug 10, 2015By Park Jin-hai

Companies

Mercedes tops recall list

By Park Jin-haiMercedes Benz topped the recall list of imported cars here, accounting for almost 33 percent of recalls in the first seven months of this year, according to the Korea Transportation Safety Authority (TSA), Monday.Mercedes recalled 34,756 cars during the period.Ford was second with 12,462 vehicles recalled, followed by BMW with 10,992.During the period, 104,928 imported cars, up 68.2 percent from a year earlier, were on the recall list.The Mercedes E250 BlueTec 4MATIC, C200 BlueTec and CL S250 BlueTec 4MATIC were reported to have defective rear seat belts, where the seat belt might unlock during a crash, while the E220 BlueTec and C220 BlueTec have engine oil leaks that could start a fire.Ford Korea’s best-selling Explorer was recalled because door locks may not work properly, increasing the risk of doors opening while vehicles are moving. The Lincoln MKZ, Taurus and Mustang also have been included on the recall list.BMW recalled 10,992 cars (10.5 percent), Nissan 4,123 (3.9 percent) and FCA Korea recalled 3,957 (3.8 percent) Chrysler cars in the January-July

Aug 10, 2015By Park Jin-hai

Companies

Imported tires fast encroach on local market

By Park Jin-haiDespite a protracted economic slump, imported tires are fast encroaching on the local market on the back of the popularity of imported vehicles.Meanwhile, local tire makers are facing the double whammy of slow demand both inside and outside the country.In the first half of this year, nearly 10 percent more tires, or 3.73 million, were imported compared to a year ago, according to the Korea Tire Manufacturers Association.China-made tires represented almost half of all imported tires, selling 1.9 million in the first six months of the year, up 5 percent.Meanwhile, American and German premium brand tires enjoyed brisk sales. American tire companies including Goodyear Tire have seen their sales jump 76.7 percent to 204,000 tires, while Germany’s Continental Tires saw a whopping 206.7 percent sales increase to 261,000 tires during the period.Local experts say that the increasing preference for imported cars can explain the foreign tire makers’ fast market expansion.Hyundai Motor will be using imported tire brands Michelin and Continental for its luxury Equus sed

Aug 9, 2015By Park Jin-hai

Companies

Hyundai Motor forced to cut prices in China

Hyundai Motor’s Tucson SUVBy Park Jin-haiHyundai Motor, which is struggling in China in fierce competition with local brands armed with cheaper prices, has cut its prices by more than 30 percent for its models there.Dongfeng Yueda Kia Motor, a joint venture between Dongfeng Motor Corporation, Kia Motors and Yueda, dropped the price for its Sportage SUVs from Aug. 7 by 50,000 yuan (9.38 million won).It is the first time that the firm has offered such a sizeable discount.So far, the world’s fifth largest carmaker has been slow in providing incentives, because it was aiming to set a premium brand image.Beijing Hyundai also has cut the price of its Tucson SUV by 23,000 yuan.Industry insiders say that Hyundai has thrown this last-resort effort to recover its dwindling market share in the world’s largest automotive market. “It seems that the automaker is trying to steal customers with aggressive pricing, when global carmakers including General Motors and Volkswagen all provide their vehicles at a discount.”Kia Motors’ Sportage SUVHyundai says the pr

Aug 9, 2015By Park Jin-hai

Companies

HanmiGlobal to focus on profitability

Kim Chang-rae, president of HanmiGlobal, speaks during an interview at the company’s headquarters in Samseong-dong, southern Seoul, Aug. 5./ Korea Times photo by Park Jin-haiBy Park Jin-haiKim Chang-rae, president of top local construction management (CM) company HanmiGlobal, says his company is selective when bidding for contracts and is not interested in winning as many jobs as possible with the lowest price.“Instead of other companies that win bids by writing down the lowest price, we have set our target on the high-end market,” said Kim, at his office in southern Seoul, during an interview with The Korea Times last week. “We aim to be a CM company that can give high value for money.”In the domestic construction sector, where many small and large companies are struggling to stay afloat, HanmiGlobal has been making great strides since its establishment in 1996.“In the short term, we could be in a disadvantageous position in competition, because there are clients looking for the cheapest price,” he said. “But what is certain is that th

Aug 9, 2015By Park Jin-hai

Economy

'Emotion of writing will never die'

Lutz Bethge, Montblanc Cultural Foundation chairmanBy Park Jin-haiLutz Bethge, Montblanc Cultural Foundation chairman, who came to attend this year’s Montblanc arts patronage awards ceremony, said that he still has a 27-year-old pen.“This is the pen I received 27 years ago from my wife, then my girlfriend. It is always dear to my heart -- something that I carry around all the time,” he said.In the digitalized world what hasn’t changed the company is the idea of lifetime companionship.“It is the value that many of my customers might have the same experience. If you purchase Montblanc, either for yourself or for others, it means another way of saying ‘I love you,’” he said.Bethge said Korea has developed into one of the most important markets for the German pen manufacturer.“Korea is one of the oldest markets. Montblanc has been in this market more than 50 years. The market has become our No. 5 market in sales, after China,” he said.Recording double-digit growth, after it successfully established Montblanc Korea last year

Aug 7, 2015By Park Jin-hai

Companies

Lotte pledges 24,000 jobs for young adults

Workers attach a celebratory message on the exterior of Lotte World Tower in Jamsil, southern Seoul, Friday, days before the 70th anniversary of Korea’s liberation from Japanese colonial rule, which falls on Aug. 15. / YonhapBy Park Jin-haiLee In-wonLotte vice chairmanLocal retail giant Lotte said Friday it will hire 24,000 young adults by 2018 as part of its effort to join in the government initiative to resolve the youth unemployment problem.The announcement came a day after President Park Geun-hye in a televised speech said labor market reform should start with the creation of jobs, urging companies to increase their employment of young people. Park said, “Solving youth unemployment will play a key role in setting up a solid foundation for social growth and addressing the nation's low birthrate. It's time to make a determination for our sons and daughters, as well as for the future of the country.”The company said it is also a decision to have sustainable future growth for the company.“Creating jobs is a company's responsibility, as well as a

Aug 7, 2015By Park Jin-hai

Lotte pledges 24,000 jobs for young adults

Companies

Jaguar launches XE compact sports sedan to lure young customers

Baek Jung-hyun, right, managing director of Jaguar Land Rover Korea, and singer Sung Si-kyung pose next to the new Jaguar XE sports sedan, during a launch event at the Grand Hayatt Hotel in Seoul, Thursday./ Courtesy of Jaguar Land Rover KoreaBy Park Jin-haiJaguar Land Rover Korea unveiled its new premium XE compact sports sedan on Thursday.Baek Jung-hyun, managing director of Jaguar Land Rover Korea, said the Jaguar XE is the first of more than 50 new models the company plans to launch here.“This car will be the key to our sustainable growth here,” Baek said during the launch at the Grand Hyatt Hotel, Seoul.The XE is the first of a new generation of cars based on Jaguar’s Aluminum Intensive Architecture.Lightweight aluminum is used in 75 percent of the body construction, which helps keep carbon dioxide emissions down as low as 99 grams a kilometer.Baek said Korea is the market Jaguar’s British headquarters is focusing on.“With average annual growth of 40 percent over the past five years, Korea now is the No.5 market for Jaguar and No.8 for Range Rover w

Aug 6, 2015By Park Jin-hai

Companies

Imported fruits gaining popularity

By Park Jin-haiFruit imports have risen sharply in recent years, riding on growing demand for variety mainly among young people.As a result, local farmers have had a hard time struggling to protect their market share.Annual cherry imports tripled to 13,359 tons last year from 4,982 tons three years ago. Mango imports increased more than five times to 10,599 tons in 2014 from 1,892 in 2011, grapefruit imports increased to 10,767 tons from 6,739, while pomegranate imports rose to 10,767 tons from 6,739.Data released by the National Agricultural Cooperative Federation and Korea Rural Economic Institute (KREI) shows that when fruit imports went up 10 percent between 2011 and 2014, it led to a 0.5-1 percent price drop for local fruit, meaning the increase in foreign fruits lowered demand for local products. “Imported cherries have the effect of replacing the consumption of locally produced watermelons, melons and grapes in the spring and summertime,” a KREI official said. “Likewise, bananas and oranges imported in winter have slowed the demand for pears, sweet persi

Aug 5, 2015By Park Jin-hai

Park Jin-hai

Read more

GM Korea launches Impala flagship sedan

ASEAN-Korea Center to hold international youth workshop on forest

Mercedes tops recall list

Imported tires fast encroach on local market

Hyundai Motor forced to cut prices in China

HanmiGlobal to focus on profitability

'Emotion of writing will never die'

Lotte pledges 24,000 jobs for young adults

Jaguar launches XE compact sports sedan to lure young customers

Imported fruits gaining popularity

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