The Korea Times

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

Companies

'Sex and the City' restaurant to open here

Sarabeth Levine, award winning chief and owner of Sarabeth’s restaurant in New York City, displays baked products. Her restaurant, which earned fame after being featured in “Sex and the City,”is opening a local branch here on Aug.21./ Courtesy of Sarabeth KoreaBy Park Jin-haiSarabeth’s, the famous restaurant in New York City where the stars of “Sex and the City” had brunch, will open here on Aug. 21.The restaurant of the award-winning jam maker and acclaimed pastry chef Sarabeth Levine earned fame after being featured in the American romantic sitcom. A tourist attraction in New York, it attracts more than 1 million guests from around the world each year.It is the first Korean branch and will open inside the Hyundai Department Store in Pangyo, Gyeonggi Province.  Levine began making orange-apricot marmalade from her home kitchen from a 200-year-old family recipe and selling it to local food shops in 1981.Her orange-apricot marmalade went viral among New York gourmets, and now she owns and operates a jam factory, a wholesale-retail bakery caf&ea

Aug 4, 2015By Park Jin-hai

'Sex and the City' restaurant to open here

Companies

Hyundai Motor fares better than most

By Park Jin-haiGlobal auto giants including Hyundai Motor have reported a sales slump ― linked to the global economy downturn ― for the first six months of the year.However, local analysts say Hyundai Motor has performed comparatively well, although the weak euro and yen has reduced its price competitiveness.“Given the strong won and high demand for pickup trucks, the market was not favorable to Hyundai,” said KB Investment & Securities analyst Shin Chung-kwan.“Yet, the first-half performance has been regarded as fairly good.” Toyota Motor, which was No. 1 in global sales last year, slipped to second place, selling 5.02 million cars, down 1.5 percent, in the first half.Volkswagen moved into top place, even though its sales fell 0.5 percent to 5.04 million cars.Third-place General Motors sold 4.86 million cars, down 1.2 percent, while Renault Nissan (4.24 million vehicle sales) fell 0.7 percent.Hyundai Motor Group sold 3.95 million cars, down 2.4 percent.“With the combination of a global economic slump and an adverse exchange rate, we though

Aug 3, 2015By Park Jin-hai

Companies

FSS to start probe on troubled DSME

A Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in Okpo, Geoje, South Gyeongsang Province, is seen in this file photo, Sunday. / Korea Times fileBy Park Jin-haiThe nation’s top financial watchdog will begin a massive probe into Daewoo Shipbuilding & Marine Engineering (DSME) in a bid to find the parties allegedly responsible for committing accounting fraud by hiding billions of dollars in losses.Officials at the FSS said it found evidence of misconduct by the nation’s top-tier shipbuilder and added that a large-scale probe will make clear whether the company deliberately cooked its books as well as who exactly was in charge of any cover-up.The financial regulator will begin an audit on the company this month at the earliest as it monitors whether the current and previous management is involved.The local shipyard posted a record operating loss of 3.03 trillion won or $2.58 billion in the second quarter in its tentative financial report.“When the second quarter financial report is finalized and the ongoing audit comes to end this month, we will h

Aug 2, 2015By Park Jin-hai

Companies

KEPCO stock reaches highest in 16 years

By Park Jin-haiThe share price for Korea Electric Power Corporation (KEPCO) hit record high in 16 years to close at 50,900 won on the last trading day of July, said the company on Sunday.Its share price surpassed the previous record of 50,500 won set in June, 1999.It is a 77.7 percent rise, since current KEPCO CEO Cho Hwan-eik took office in December, 2012.Its total market value grew to 32.7 trillion won from 18.4 trillion won in 2012.Under Cho’s leadership, the once troubled state-run power company, which has been suffering losses for five years in a row since 2008, has been working to improve its financial structure.The company posted 1.03 trillion won in operating profits last year.This year, low oil prices helped the company its first quarter performance. Its first quarter operating profit reached 2.24 trillion won, up 82.5 percent from last year, while its net profit more than doubled to post at 1.22 trillion won during the cited period.The power company has been expected to report as good financial report as its first quarter in the second quarter of the year.“In th

Aug 2, 2015By Park Jin-hai

Companies

HanmiGlobal leads construction management with innovation

Lighting product manufacturer City Electric’s new complex, is built by HanmiGlobal using a “CM at Risk” form. This is where a CM company takes full responsibility for the project and guarantees the owner minimum construction costs and the best quality, in Oryu-dong, Incheon. / Korea Times photo by Park Jin-haiBy Park Jin-haiINCHEON -- Lim Hee-sang, City Electric president, says he had two surprises when his new complex was built a month ago.“One is the price that I paid for this building and the other is its quality. My friends come by and ask how I could build this wonderful complex within my budget,” he said at his office, in Incheon, west of Seoul.His complex, part warehouse and part office was constructed for his lighting product manufacturer. It stands out in the area where identical warehouses that resemble make-shift buildings stand.It is high-end even to the smallest details. It has marble stone floors with three different themes and hand-made railings. Its packaging and assembly areas are also as cozy and pleasant as office rooms. They have past

Aug 2, 2015By Park Jin-hai

Park Jin-hai

Read more

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

'Sex and the City' restaurant to open here

Hyundai Motor fares better than most

FSS to start probe on troubled DSME

KEPCO stock reaches highest in 16 years

HanmiGlobal leads construction management with innovation

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