The Korea Times

Workers at automakers earn most

By Park Jin-haiEmployees of carmakers were found to have the highest salaries among listed companies, said market research firm Chebul.com on Sunday.It said that workers at local automobile companies earned an average annual salary of 82 million won last year, up 2.4 percent from a year earlier.They have topped the list for three years in a row.Meanwhile, the employees of traditional service industries including the entertainment, retail and travel industries posted the lowest salaries.Employees for the petrochemical industry had the second largest paychecks. Their average annual salary peaked in 2013, reaching 84.5 million, but dropped to 79 million last year.Analysts at brokerage houses and bankers took third and fourth place. Analysts received an average 74 million, up 0.4 percent, while bankers pocketed 73.4 million won, up 0.2 percent.Workers of shipbuilders took next place by earning 73.3 million, followed by the gas industry that paid 71 million won.  However, the annual paycheck for the traditional service industries including education, textile, retail, furniture and en

May 10, 2015By Park Jin-hai

Companies

Mahindra, KB to set up auto financing firm

By Park Jin-haiMahindra Group, the biggest shareholder of Ssangyong Motor, will join with KB Financial Group to establish a joint auto financing firm for customers of the local car firm, according to officials from KB Financial Group.Mahindra Finance and KB Capital will invest 20 billion won in the new financing firm, with Mahindra accounting for a 51 percent stake and KB the remainder.The auto financing entity will begin services for domestic Ssangyong customers, but later plans to target the Southeast Asian market.Mahindra expects there to be synergy between the two entities because the Indian firm sells its cars in this market.Mahindra Group bought a 70 percent stake in Ssangyong Motor in 2011, investing 525.5 billion won.Since then, Ssangyong’s sales have significantly increased. Its sales have more than doubled in Korea over the past four years to nearly 70,000 last year from 32,459 in 2010.Ssangyong’s popular compact SUV Tivoli also has been increasing the company’s sales.However, the lack of its own auto financing firm has been regarded as a major weakness. &

May 7, 2015By Park Jin-hai

Companies

Hyundai Motor offers aggressive incentives

By Park Jin-haiHyundai Motor, struggling with a dwindling domestic market share against imported automakers, has come up with aggressive incentive programs to lure customers.The company will offer a 36-month installment program carrying no interest for its three popular models ― Avante, the new LF Sonata and Sonata Hybrid.The limited offer for May enables customers to pay 20 percent of the price and the rest in installments over 36 months. If customers pay in a lump sum, they are entitled to a 500,000 won discount.This is the first time in 18 years that Hyundai Motor has launched a no-interest installment program.It means the company will shoulder a greater financial burden to boost sagging domestic sales.Hyundai Motor also increased incentives for upper-tier models like the Grandeur sedan and Santa Fe SUV.  On top of that, if an import vehicle driver trades in his or her car for one of Hyundai’s luxury sedans, the Genesis or Aslan, this month, the customer will receive a 500,000 won cash payment.Hyundai has offered a variety of favorable financing programs in recent

May 7, 2015By Park Jin-hai

Companies

GM Korea to unveil EV Volt next year

General Motors’ second-generation Volt, an extended range electric vehicle, will be launched here next year. The Volt can run up to 676 kilometers combined with a single charge and full gas tank. / YonhapCEO Rocha denies report of plant relocation to IndiaBy Park Jin-haiGM Korea said Monday that it will launch the next generation Chevrolet Volt here in 2016.The car is an extended range electric vehicle that can go up to 80 kilometers using its battery and up to 676 kilometers combined with a single charge and gasoline fill up.      GM made the announcement at the Electric Vehicle Symposium and Exhibition (EVS28) at the KINTEX, Ilsan, Gyeonggi Province.The international symposium under the theme of “e-Motional Technology for Humans,” kicked off Monday at the exhibition center. Scholars and major carmakers will discuss ways to expand the sustainability of electric vehicles until Wednesday.  GM Korea chief executive Sergio Rocha said, "Our goal is not just to keep up the (electric car) trend, but to lead it and that's why I am very pleased

May 4, 2015By Park Jin-hai

Companies

Audi A3 Sportback e-tron, versatile eco-friendly car

Audi A3 Sportback e-tron, a Plug-in Hybrid Electric Vehicle/ Courtesy of Audi KoreaBy Park Jin-haiAudi held a test-drive event for Audi A3 Sportback e-tron, Audi’s first mass produced Plug-in Hybrid Electric Vehicle on Jeju Island, Thursday, ahead of its official launch scheduled for the second half of this year.Based on the five-door hatchback, the A3 Sportback e-tron is the most efficient and versatile version of the Audi A3.“For customers who want environment-friendly cars but not ready to accept EVs because of their relatively lower driving performance and long charging times, the Audi A3 Sportback e-tron will be a great choice,” said a company official during the event.Drivers can choose four EV modes ― EV, Hybrid Auto, Hybrid Hold and Hybrid Charge mode ― that can run either completely on battery or gasoline, or on a combination of both depending on their need.When driving short distances during weekdays, they can choose the EV mode and the vehicle won’t use any gasoline at all. Yet, the vehicle can run on gasoline for long distance travels on

May 3, 2015By Park Jin-hai

Economy

Traditional PR shifting toward building trustable connection

Ben Boyd, president of Edelman’s Practices, Sectors and OfferingsEdelman stresses communications marketingBy Park Jin-haiBen Boyd, Edelman’s president of Practices, Sectors and Offerings, said that he has been living through the most fascinating and challenging time in the public relations (PR) sector.Coupled with using a hoard of different media channels, the role of PR firms has been evolving fast.“The pace of change is so fast. It feels like it’s changing almost daily,” he said during a recent interview with The Korea Times at Edelman’s Seoul office during his stay.Communications marketingFor decades he said the PR was largely transactional — a company  launches a product and a PR agency creates a tactical plan to publicize the product.What stand at the center of that change is the move away from PR to “communications marketing,” he said. “If PR was transactional, communications marketing is behavioral in terms of how we work with our clients,” Boyd said.Today, PR companies create connection paths between a com

May 3, 2015By Park Jin-hai

Companies

Kolon settles dispute with DuPont

Korean firm pleads guilty to conspiring trade secretsBy Park Jin-haiKolon Industries, Korea’s leading textile maker, has settled a lawsuit with DuPont involving fiber used to make bulletproof vests, after pleading guilty to conspiring to steal the U.S. company’s trade secrets.It entered into a settlement agreement with the U.S. chemical giant in the United States District Court for the Eastern District of Virginia to pay $275 million to resolve its civil trade secrets dispute over DuPont’s para-aramid fiber, the high-tech fiber five times stronger than steel.Kolon has also entered a plea agreement with the U.S. Department of Justice, resolving all criminal charges against the company.It pleaded guilty to a count of conspiracy to convert trade secrets related to its para-aramid products and will pay an $85 million penalty, while the U.S. government has agreed to dismiss all other criminal charges filed against Kolon, including theft of trade secrets and obstruction of justice.The restitution and fine will be paid over the next five years.“Kolon is pleased to pu

May 1, 2015By Park Jin-hai

Companies

Lotte chief stresses importance of 'agile workers'

Lotte Group Chairman Shin Dong-bin, left, poses after giving the “Value Champion Awards” to Jang Chae-yoon, an employee of its retail affiliate 7-Eleven, during the 2015 Lotte Human Resource Forum at Lotte Hotel in Jamsil, Seoul, Monday./ Courtesy of Lotte GroupBy Park Jin-haiLotte Group Chairman Shin Dong-bin called for human resources (HR) officers of the group to nurture its employees into “agile human resources” at an HR forum, Monday.He said agile human resources are those who are fast to respond to change.“Despite initial failure, having continuous different trials to meet the demands of customers is what is required. Those agile decisions at each step create more business opportunities,” said Shin, during the 2015 Lotte Human Resource Forum at the Lotte Hotel in Seoul.Some 550 recruitment, labor issues and education related employees from all the group’s affiliates participated in the forum.Shin’s philosophy will be actively used in this year’s recruitment process.From this year, Lotte has removed questions from its applica

Apr 27, 2015By Park Jin-hai

Companies

Hyundai Motor to set up body for shareholder rights

By Park Jin-haiHyundai Motor said Monday that it has decided to establish an independent committee through the board of directors to promote shareholders’ rights.The Corporate Governance and Communication Committee, comprised of four outside directors, is a follow-up measure to its March 13 general shareholders’ meeting, where shareholders requested that Hyundai come up with measures to protect their rights.“The committee will represent shareholders’ rights in major business issues such as mergers and acquisitions and acquiring major assets,” the company said in a statement.The board of directors’ meeting, Thursday, gave the green light for the establishment of the independent committee.“The committee’s outside director members will operate autonomously from the internal directors who are in charge of management of the company,” a company official said.Hyundai will place one committee member in charge of overseeing shareholder rights as an additional protective measure.The committee will annually release information on its activit

Apr 27, 2015By Park Jin-hai

Companies

Mercedes-Maybach offers peerless driving experience

/ Courtesy of Mercedes-Benz KoreaBy Park Jin-haiMercedes-Benz, marching with the motto of “Best or Nothing,” is revving up to elevate the level of driving in luxury. The three-pointed star has revived the prestigious Maybach gene of its most successful S-class sedan, and the result is the Mercedes-Maybach S-class.With a longer wheelbase and an extended body than the standard S-class, the stately and modern-looking Mercedes-Maybach S-class has drawn awe with a new level of exclusivity. “Mercedes-Maybach embodies ‘the best’ in its most exclusive form. Our goal is as follows: We want to offer our S-class customers not only the best car, but also what fits best to their individual and exclusive lifestyle,” said Johannes Reifenrath, the company’s director of product strategy and planning, during a recent media event in San Francisco.“In parallel to the sporty positioning of Mercedes-AMG, we are using Mercedes-Maybach to create a new offering in the exclusive top segment. We launched the Mercedes-Maybach sub-brand in November 2014.&

Apr 26, 2015By Park Jin-hai

Mercedes-Maybach offers peerless driving experience

Luxurious comfort

Park Jin-hai

Read more

Workers at automakers earn most

Mahindra, KB to set up auto financing firm

Hyundai Motor offers aggressive incentives

GM Korea to unveil EV Volt next year

Audi A3 Sportback e-tron, versatile eco-friendly car

Traditional PR shifting toward building trustable connection

Kolon settles dispute with DuPont

Lotte chief stresses importance of 'agile workers'

Hyundai Motor to set up body for shareholder rights

Mercedes-Maybach offers peerless driving experience

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