The Korea Times

Being No.1 in customers' minds

Kim Choong-hoBy Kim Choong-hoWhen the competition is fierce, we call it cut-throat competition. That is what I see in the automotive market in Korea now.Compared to just a decade ago, the market has evolved into a wholly new world in terms of the dynamics of competition, customer trends and the market environment. The models and brands that customers can choose from have increased more than five times, while the demands of customers and needs for differentiation have risen beyond that.Hyundai Motor, with the firm belief that we need to focus on the basics in troubling times, is making the utmost effort to work for product quality and strengthen the management of the company.In this context, changes in product lineups mean a lot.With the launch of the new Genesis in 2013, Hyundai’s philosophy of auto development departed from the past. We presented cars not only as a means of transport, but also as the “life companion,” revolutionarily upgrading the five basics of a vehicle ― strong body frame, driving performance, top-level safety, durability and quiet driving.

Nov 2, 2015By Park Jin-hai

Companies

Imported vehicles likely to lose market share here

 By Park Jin-haiThe seemingly unstoppable growth of imported cars in Korea has hit a big snag, showing signs of a possible slowdown soon.Volkswagen’s emissions cheating scandal has put a damper on demand. Coupled with government measures aimed at imported cars, market experts say imported cars could lose half their market share .Kim Pil-soo, an automotive engineering professor at Daelim University, said that although no significant change had happened so far, the emissions scandal had the potential to shake up the market for imported cars.“The positive image that customers had of diesel has reversed,” he said. “When a series of government measures to revise relevant laws on imported cars take effect all at once in one or two years, not only Volkswagen but also the sales of all imported cars may shrink to half of what it is now.”The Volkswagen scandal could hasten the scheduled introduction of low emission zones.Old pollution-emitting diesels will be banned from urban areas, while heightened environmental standards and increased environmental taxes w

Nov 1, 2015By Park Jin-hai

Imported vehicles likely to lose market share here

Companies

Maeil Dairies enters joint venture with Chinese formula maker

Maeil Dairies Vice President Kim Seon-hee, right, with Beingmate President Huang Tao after signing a joint-venture agreement at Beingmate’s headquarters in Hangzhou, China, Wednesday.By Park Jin-haiMaeil Dairies has joined with Hangzhou-based Beingmate, a leading Chinese baby formula maker, to break into the rapidly growing Chinese market.Maeil said the two companies had signed a joint-venture agreement that will focus on the production of a special infant formula for premature or low-weight babies, lactose-intolerant infants and those with amino acid metabolism disorders.The venture also will do research and development, as well as make pre-packaged food and food supplements. “It will give us a chance to show off Korea’s technology and formula quality to Chinese consumers,” said an official at Maeil Dairies. “By carrying out joint research, we hope to contribute to enhancing the health of Chinese infants, and establish the joint brand as a leading formula maker in China.”The venture, the Hangzhou Beingmate Maeil Food Company, will be launched earl

Oct 30, 2015By Park Jin-hai

Companies

JTI Korea to hold a career mentoring event

By Park Jin-haiJapan Tobacco International Korea said Friday that it will hold a career mentoring event, Meet JTI, Light up your career!” at Ewha Womans University, Monday.Through four programs, the tobacco maker will hold a session to introduce what JTI Korea is doing in Korea and what is like to work for a foreign company.In the first session, All about JTI, participating students can learn about the company’s recruitment plan, while in the JTI Job Mentoring session, recently recruited JTI employees will share their hands-on employment tips.In the third session, TV star Alberto Mondi who appears on the TV talk show Non-Summit, will give a special lecture titled Five Choices of Alberto, telling of his experience in a foreign company. In the last session, participants will be able to talk with company executives.  “We hope job-seeking students will be able to take home as much practical advice and information as possible through the career mentoring event with JTI employees,” said a JTI Korea human resources team official. “JTI Korea will continue t

Oct 30, 2015By Park Jin-hai

Companies

Korea, China, Japan to boost 3-way trade

Korea’s Trade, Industry and Energy Minister Yoon Sang-jick, center, poses with Japanese Trade Minister Hayashi Motoo, left, and China International Trade Representative Zhong Shan during the 10th Trilateral Economic & Trade Ministers’ Meeting at the Four Seasons Hotel in central Seoul, Friday.By Park Jin-haiThe trade ministers of Korea, China and Japan gathered in Seoul, Friday, for the first time in three-and-half years to rekindle their moribund three-way talks.At the 10th Trilateral Economic & Trade Ministers’ Meeting, Trade Minister Yoon Sang-jick, his Japanese counterpart Hayashi Motoo, and Secretariat of China International Trade Representative Zhong Shan discussed economic cooperation and trade issues, including a trilateral Free Trade Agreement and the Framework for a Regional Comprehensive Economic Partnership (RCEP).The RCEP involves the three countries, plus Australia, New Zealand and India and the 10 member countries of the Association of Southeast Asian Nations.Pointing to the lack of inter-trade among the three countries, which stands at 22 per

Oct 30, 2015By Park Jin-hai

Companies

Merrill Lynch accused of pocketing $3.3 million from insider trading

By Park Jin-haiA local lawmaker said Sunday that that Merrill Lynch pocketed 3.4 billion won from insider trading while consulting for the Korea National Oil Corp.(KNOC) eight years ago as an investor advisor on the purchase of Canadian oil producer, Harvest Operations.Hong Young-pyo, a lawmaker of the main opposition New Politics Alliance for Democracy, claims that Barclays Global Investors (BGI), a Merrill Lynch affiliate, purchased nearly 1 million Harvest shares over the 20 days prior to KNOC’s purchase of the Canadian oil producer on Oct. 21, 2009, despite its poor financial record.“In the first half of 2009, BGI like other financial institutions has been selling Harvest share en mass. However, as the KNOC deal started to take shape in July that year, it abruptly changed its investing pattern, buying up shares,” said Chung Han-mo, the lawmaker’s aide said during an interview with The Korea Times.He claims that Merrill Lynch not only gave the bad investment advice, making KNOC suffer a loss of nearly $1.2 billion from its failed investment in Harvest Opera

Oct 25, 2015By Park Jin-hai

Companies

MPARK EASYAUCTION makes used car sales easy, convenient

A Korea Times reporter consults with an Easy Auction manager at a parking lot in front of the newsroom in Migeun-dong, central Seoul, Friday.  / Korea TimesBy Park Jin-haiBuying a car is hard. But, selling it is much harder.Customers in the used car market ― called “the market for lemons” ― often face falsified information or haggling dealers that try to buy their cars at dirt cheap prices.The maze-like second-hand car trade system has been simplified with the adoption of an online-to-offline auction system such as MPARK EASYAUCTION.“The most fabulous thing about this service is the simplicity. All you need to do is to make a phone call to the call center on the day of the auction,” said Lee Ki-young, a spokesman at Dongwha Group, which owns the MPARK Offline used car complex in Incheon. “Wherever you are an Easy Manager will come to you and evaluate your car free of charge. In a real-time auction, you can sell your car around 3 p.m. the same day.”Although less known, compared with similar services Hyundai Glovis and SK Encar, MPARK

Oct 21, 2015By Park Jin-hai

MPARK EASYAUCTION makes used car sales easy, convenient

Companies

Hyundai Motor strengthens communication with customers

By Park Jin-haiIn a desperate bid to shed its image as a non-communicative company, Hyundai Motor’s top executives including its President Kim Choong-ho and chief designer Peter Schreyer will meet customers here to listen to them first hand.Kim will meet some 80 customers at a casual meeting during the event, Maeum Dream, where customers will ask questions of the carmaker at The K Hotel, in Seoul, Oct. 27. It is rare for a local carmaker to have its chief executives come forward to meet customers and answer their complaints.Following the event, other executives, including Hyundai Motor Group Vice Chairman Kwon Moon-sik, Kwak Jin, executive vice president of the domestic sales division, and chief designer Peter Schreyer, will hold successive talks with customers.The world’s fifth largest carmaker, which once held the dominant position in its home market, has been losing market share. Not only the rise of imported brands, but also blamed are rumors surrounding the car maker, for instance, it is said that it manufactures the same brand cars with lower quality parts and

Oct 18, 2015By Park Jin-hai

Companies

Super car sales continue in top gear

By Park Jin-haiDespite a slew of government measures to impose more taxes on luxury cars, the sales of super cars costing 100 million won and more continue to sell strongly here.Due to the heightened status of the global super car market, luxury automakers are stepping up their promotions to court local customers.  Next month, Italian super car maker Ferrari will launch the 488 Spider with the strongest driving performance yet to be available here.Although the price is estimated at between the mid-300 million won to the mid-400 million won range, equivalent to the price of an apartment in Seoul, 60 people have already ordered the super car.“After the 488 GTB model made its world premier, customers started ordering the car as early as May, knowing that the open car version of the 488 Spider’s local launch will be imminent,” said an official at importer FMK Korea. “Customer response has been beyond what we expected.”In the midst of government plans to revise tax laws and insurance regulations to levy more taxes and cap insurance payments on high-price

Oct 18, 2015By Park Jin-hai

Companies

OCI bags 50 megawatt solar power supply deal in U.S.

Sheep graze at the solar power plant Alamo 2, which OCI Solar Power built in San Antonio, Texas, under the 2012 Alamo Project with a U.S. power company, CPS energy. / Courtesy of OCIBy Park Jin-haiOCI Solar Power, the U.S. unit of the solar energy firm OCI, clinched a deal with Texas-based power company CPS Energy to provide 50 megawatts of electricity, the company said Friday.Under the new deal, OCI will construct a 50 megawatt Alamo +6 solar energy power plant in Pecos County. When completed in October 2016, it will provide electricity to CPS Energy for 25 years.It is the second such deal with CPS, following a 2012 contract where it agreed to construct power plants and provide 400 megawatts of electricity over 25 years under the Alamo Project.“It is meaningful that with the experience and know-how which enabled the Alamo Project to be a success, we have been recognized as the top leader in solar power development in Korea,” said Yoon Seog-hwan, OCI Solar Power CEO. “We will work to become one of the best eco-friendly energy firms in North America, helping develop

Oct 16, 2015By Park Jin-hai

Park Jin-hai

Read more

Being No.1 in customers' minds

Imported vehicles likely to lose market share here

Maeil Dairies enters joint venture with Chinese formula maker

JTI Korea to hold a career mentoring event

Korea, China, Japan to boost 3-way trade

Merrill Lynch accused of pocketing $3.3 million from insider trading

MPARK EASYAUCTION makes used car sales easy, convenient

Hyundai Motor strengthens communication with customers

Super car sales continue in top gear

OCI bags 50 megawatt solar power supply deal in U.S.

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