The Korea Times

Hanwha, Mecaer team up for landing gear development

By Park Jin-haiAn aircraft landing gearHanwha Corp., the defense unit of Hanwha Group, has signed a memorandum of understanding (MOU) with Mecaer Aviation Group to cooperate in the development of aircraft landing gear systems.Hanwha said Wednesday it signed the agreement during the Paris Air Show the previous day.The highly sophisticated equipment usually accounts for about 5 percent of the total aircraft price. But due to the lack of design capability and testing facilities, most landing gear is imported.Hanwha said the agreement would give it the opportunity to participate in the Italian company’s landing gear development projects for aircraft and helicopter makers.Based on its technology, Hanwha plans to enter the very light jet landing gear market, which accounts for nearly 10 percent of the aviation industry, as well as a local project to develop landing gear for the next-generation KF-X fighter jet.“With the MOU, we have secured a chance to supply landing gear systems to global aviation companies,” said Kim Youn-chul, Hanwha Corporation CEO. “We can part

Jun 17, 2015By Park Jin-hai

Hanwha, Mecaer team up for landing gear development

Companies

Daewoo International CEO steps down

By Park Jin-haiChoi Jeong-wooActing presidentDaewoo International CEO Jeon Byeong-eal, who had openly opposed its parent POSCO’s plan to dispose of its stake in Myanmar natural gas project, stepped down Tuesday.Jeon announced his decision to resign at a board of directors meeting.“I’ve decided to quit as I feel that I shouldn’t cause more trouble to the company and management,” he said in a statement.With his resignation POSCO’s internal conflict with its affiliate appears to be over.Jeon said POSCO has decided not to dispose of the stake in the Myanmar natural gas project.Vice President Choi Jeong-woo was named as acting president until he is officially appointed to the post at a shareholders’ meeting.However, the conflict between top management of the two companies is expected to tarnish POSCO Chairman Kwon Oh-joon’s leadership.Following a flurry of reports that POSCO would sell Daewoo’s stake in the natural gas business, Jeon posted a message on the company bulletin board, criticizing management for pushing ahead with the sale.

Jun 16, 2015By Park Jin-hai

Companies

Hyundai Group meets restructuring pledges

By Park Jin-haiCash-strapped Hyundai Group finished restructuring by overachieving with its self-rescue plan, generating 3.3 trillion won to relieve it from its worsening liquidity crunch.The group, which has been pushing ahead with restructuring since December 2013, will secure some 3.57 trillion won. That is 108 percent of its original target in one and a half years.  Although the audit process remains, it nearly closed the conglomerate’s restructuring plan to pay back 1.3 trillion won of debt and lower the debt ratios of its key affiliates ― Hyundai Merchant Marine, Hyundai Elevator and Hyundai Logistics.Hyundai Group units have been under growing financial pressure to support Hyundai Merchant Marine, the country’s No. 2 shipping line, which has recorded heavy losses in recent years following a slump in the global shipping industry.They have also faced increasing calls from creditors, including the state-run Korea Development Bank, to cut its debt.Its affiliate Hyundai Merchant Marine’s (HMM) sale of its liquefied natural gas transportation busines

Jun 16, 2015By Park Jin-hai

Companies

Small electric cars to hit road in 2017

By Park Jin-haiThe government will conclude its three-year development project to commercialize small electric vehicles by 2017, the Ministry of Trade, Industry and Energy said Monday.Under the plan, electric three-wheelers and micro e-cars with price tags of less than 10 million won will be running on the streets in two years.The ministry recently registered its designs for Micro-Mobility cars with the Korean Intellectual Property Office.“It’s a car of the future. In 10 years, 60 percent of the global population will reside in cities. With the emergence of mega cities, an increasing number of city dwellers will use private transport commuting short distances. This new trend calls for the development of a new form of transport,” said a ministry official.He said as with the cases of France and Japan, where micro e-mobility has been actively used in car-sharing, Korea should also prepare for the future trend.Micro electric vehicles are cheaper and offer convenient transport for short-distance travel.Also, because diverse models can be produced in small numbers, it is

Jun 15, 2015By Park Jin-hai

Companies

Hyundai, China to boost cooperation

Hyundai Motor Group Chairman Chung Mong-koo, right, shakes hands with Zhang Dejiang, chairman of the Standing Committee of the National People’sCongress, who visited the company’s headquarters in Yangjae, Seoul, Friday. / Courtesy of Hyundai MotorBy Park Jin-haiHyundai Motor Group Chairman Chung Mong-koo met with Zhang Dejiang, chairman of the Standing Committee of the National People's Congress, to discuss expanding their partnership, the company said Friday.Zhang and some 40 other Chinese government officials visited Hyundai Motor headquarters in Yangjae and exchanged opinions on Hyundai Motor’s business in China.“Hyundai Motor Group, together with our automotive parts affiliates, has grown into the third-largest carmaker in China. As the company representative of Korea-China economic cooperation, Hyundai has been contributing to the development of both countries’ economy and auto industry,” Chairman Chung said.“With the new plants we are building in China and development of next generation environmentally friendly cars, we expect to active

Jun 12, 2015By Park Jin-hai

Companies

Mercedes to expand after-sales 'My Service'

The newly refurbished Mercedes-Benz service center in Suwon, Gyeonggi Province, has offered customized after-sales service, called My Service, from March. It is comprised of an after-sales service and repair complex. / Courtesy of Mercedes-BenzBy Park Jin-haiKim Ji-yeon, a budget-minded Mercedes owner whose car warranty had expired, walks into the newly furbished Mercedes Suwon service center at 2 p.m.She reserved from Mercedes the My Service Economy after-sale option and a trained service crew, one armed with an iPad, greets her.The point person explains the maintenance process and informs her that she will get a 10 percent discount because she visited the center at one of its least-busy times.In the second-floor lounge, another woman in her late 40s, who chose the My Service Lounge option, takes her time, receiving a massage and nail care while her car is being serviced.Mercedes-Benz announced on Thursday at the Suwon service center that it will expand its customer lifestyle-tailored after-sales service, My Service, to increase customer satisfaction.“We always empha

Jun 12, 2015By Park Jin-hai

Mercedes to expand after-sales 'My Service'

Companies

Kia to sell cars in Mexican next month

By Park Jin-haiKia Motors will start selling cars in Mexico from next month, according to the company, Wednesday.Korea’s second-largest car maker said in statement that it officially launched 21 dealerships in 10 cities, during a press conference in Mexico City Tuesday.  Those dealers will start selling Kia cars from July 1, and the number of dealerships will grow to 65 by 2017, the company said.The K3 (locally called the Forte), Sportage and Sorento will be sold there. The new version of the K5 to be launched here in July will be available to customers in Mexico during the second half of this year as well.Mexico, the world’s seventh-largest market in terms of annual car production, has one of the fastest growing automotive markets as well. Mexico sold 1.14 million cars last year, from 990,000 in 2012 and 1 million in 2013.The country has remained an untapped market for Kia, due to trade barriers including a prohibitive 20-percent tariff.However, thanks to the plant the company is currently building in Mexico, the K3 will be shipped from Korea tariff-free, while the

Jun 10, 2015By Park Jin-hai

Companies

Hanwha, Tesla team up

By Park Jin-haiHanwha Q CELLS Chief Commercial Officer Kim Dong-kwanHanwha Q CELLS, the solar power unit of Hanwha Group, has joined hands with Tesla to target the solar market in Europe, the company said Tuesday.At an international solar energy fair, Intersolar Europe, which opened in Munich Germany today and continues until Friday, the world’s largest cell maker displayed Tesla’s Model S electric super car in its joint promotion.Industry insiders see that Kim Dong-kwan, the heir apparent of the Hanwha Group and chief commercial officer of Hanwha QCELLS who attended the fair with the company, have played a critical role in the joint marketing.Visitors to the company booth can see a demonstration of a Tesla car battery being quickly charged with Hanwha Q CELLS-made solar photovoltaic cells. They also have opportunities to win a weekend with the Tesla Model S by participating in a raffle.The joint promotion is expected to raise Hanwha Q CELLS’ brand value in Europe and the United States, as well as cementing Kim’s influence within the group.  “We see

Jun 9, 2015By Park Jin-hai

Companies

BMW courts young drivers with entry level 1-Series

Models pose next to the all new BMW 118d Sport hatchback during a launch event at the company’s showroom in southern Seoul, Monday. The diesel powered facelift second generation 1-Series model has high performing TwinPower Turbo engine that meets Euro 6 emission standards. Its price starts from 38.9 million won./ Courtesy of BMW KoreaBy Park Jin-haiBMW launched the latest version of its BMW 1-Series hatchback here Monday, courting young customers.The 1-Series is one of the company’s best-selling models, with 2 million sold globally over the past decade. BMW sold 2,700 1-Series last year, which accounted for nearly 7 percent of its total sales of 40,000.The facelift second generation BMW new 118d Sport is the cheapest diesel powered car under the BMW badge with a price tag of less than 40 million won.With its new sharpened exterior, the car claims to offer the best options in that segment.The rear-wheel drive hatchback mounting 4-cylinder TwinPower Turbo engine delivers agile performance and meets the Euro 6 emission standards.“The most important thing is that despit

Jun 8, 2015By Park Jin-hai

Companies

POSCO to sell stake in construction unit to Saudi fund

By Park Jin-haiPOSCO will sign a deal to sell a 38 percent stake in POSCO Engineering and Construction (E&C) to a Saudi sovereign fund this month, company officials said Tuesday.POSCO E&C held a board of directors meeting Monday and decided to issue new shares worth 400 billion won and sell them to the Public Investment Fund (PIF) of Saudi Arabia.Previously, POSCO Group, the company’s largest shareholder, said during a recent board of directors meeting that it would sell a 25 percent stake in POSCO E&C, which is worth about 800 billion won.When the deal is finalized, the Saudi sovereign fund will be the second largest shareholder of POSCO E&C, after POSCO Group which currently holds an 89.5 percent stake in the construction company.  POSCO plans to sign an agreement with PIF by mid-June.The world's fifth-largest steelmaker has pushed for the sale of the stake in the construction unit as part of restructuring efforts to improve the financial state of the group.It initially planned to sign a contract with the Saudi government by March to establish a join

Jun 2, 2015By Park Jin-hai

Park Jin-hai

Read more

Hanwha, Mecaer team up for landing gear development

Daewoo International CEO steps down

Hyundai Group meets restructuring pledges

Small electric cars to hit road in 2017

Hyundai, China to boost cooperation

Mercedes to expand after-sales 'My Service'

Kia to sell cars in Mexican next month

Hanwha, Tesla team up

BMW courts young drivers with entry level 1-Series

POSCO to sell stake in construction unit to Saudi fund

Top 5 stories