The Korea Times

Hanwha wins additional $2.12 billion construction deal in Iraq

Hanwha Engineering & Construction CEO Lee Geun-po, left, shakes hands with Dr. Sami Al Araji, Iraq’s National Investment Commission chairman, after the two signed a $2.12 billion deal to build infrastructure in Bismayah, Iraq, Sunday. The firm bagged the deal, following the Bismayah New City Project it won in 2012./ Courtesy of Hanwha GroupBy Park Jin-haiHanwha Group, the nation’s 10th-largest conglomerate, said Monday its building affiliate has clinched a $2.12 billion order to build infrastructure for a new city in Iraq.Under the agreement with Iraq's National Investment Commission (NIC), Hanwha Engineering & Construction will build the social infrastructure ― including some 300 schools, hospitals, police stations and firehouses ― in Bismayah in southeast Baghdad.This follows from a previous deal the company made in Iraq in 2012, when Hanwha Engineering won the $8 billion Bismayah New City Project, the biggest urban development project in Iraq.  The Bismayah construction project is expected to be completed in 2019, according the company.“Han

Apr 6, 2015By Park Jin-hai

Companies

Dow Chemical to face financial setbacks in Korea

By Park Jin-haiDow Chemical is under pressure to deal with financial troubles in its Korean businesses after its strategic plans were put on hold due to issues with two major Korean clients.Hanwha Chemical and Samsung Electronics are blamed for negative impacts on Dow’s bottom line, said officials, Sunday.Dow’s bid to unload its less-profitable basic chemical division to Hanwha Chemical failed after Hanwha walked away from the discussions, last week.Analysts say that the 5-trillion won acquisition price has weighed on Hanwha which has also been on the process of a merger with four Samsung Affiliates.Dow planned to spend more to strengthen its high-yielding electro materials business with the money from the sale of its chemical division.Another blow followed after Samsung Electronics dropped using Dow’s patented cadmium-free quantum dot materials in the manufacture of TVs.The Samsung decision means that Dow will now collect lower royalties in Korea because LG Electronics also intended to renew licensing talks with the U.S.-based chemical giant.Since September last ye

Apr 5, 2015By Park Jin-hai

Companies

Hyundai Rotem breaks ground on Brazil plant

Kim Seung-tack, fifth from left, Hyundai Rotem’s CEO, sits with other senior officials during a groundbreaking ceremony for the company’s train manufacturing plant in Araraquara, Brazil, Thursday (local time). The plant to be completed in March next year will be the company’s third overseas production facility. / YonhapBy Park Jin-haiHyundai Rotem, a unit of Hyundai Motor Group, broke ground on a plant in Brazil on Thursday, expanding its railway business to Latin America.It will invest 42 billion won in the plant in Araraquara, 280 kilometers from San Paulo, to complete construction by March 2016.The factory, its third overseas plant after the U.S. and Turkey, will be able to produce 150 trains a year.  The company expects total production from the three plants to top 400 trains per year.The new plant will put the company in a good position to bid for public projects because it will meet Brazil’s public procurement act that requires 60 percent of a contract to be either made or purchased locally.  Brazil is expected to open bids to bu

Apr 3, 2015By Park Jin-hai

Companies

Automakers vie to take center stage

Renault Samsung Motors EOLAB conceptBy Park Jin-haiAutomakers will showcase new vehicles and concept cars at this year's Seoul Motor Show that begins today.Under the theme "Experience the Technology, Feel the Artistry" 32 companies are displaying 370 cars during the ten-day event that runs until April 12 at the Korea International Exhibition Center in Ilsan, Gyeonggi Province.Eleven carmakers unveiled 14 concept cars.Hyundai Motor, the country’s largest carmaker, is premiering its two-door crossover Enduro.GM Korea the new Spark mini carThe urban SUV has a front looking like a sports car but a crossover side silhouette. Using side and rear view cameras, the Enduro boasts a sleek exterior with no side mirrors. The Enduro is the “perfect partner for individuals living in the modern city with energetic, athletic lifestyles,” Hyundai said in a release.  Hyundai is also showing 29 sedans, including the Sonata plug-in hybrid electric vehicle and recently launched all-new Tucson sport utility vehicle, and 12 commercial vehicles.Kia Motors has the NOVO concep

Apr 2, 2015By Park Jin-hai

Companies

Jaguar introduces customizing service

A model poses next to the 575-horsepower Jaguar F-Type Project 7, the fastest and most powerful production Jaguar, during a launch event at the Banyan Tree Hotel, in Seoul, Wednesday. Only seven has been allocated for the Korean market out of the 250 to be distributed globally. It is priced at 250 million won. / YonhapBy Park Jin-haiJaguar Land Rover introduced its special customizing service, Special Vehicle Operations (SVO), and three new vehicles in Seoul, Wednesday.John Edward, head of Jaguar's SVO division, said SVO would create special vehicles for the most enthusiastic and discerning customers, building on Jaguar and Land Rover's core brand values.“Building on Jaguar’s sporting credentials, we will design and engineer halo vehicles to deliver ultimate sports performance ― badged SVR (Special Vehicle Racing),” he said during the launch event at the Banyan Tree Hotel in Seoul.“We will apply the SVR formula to Land Rover and Jaguar products, and they will be the fastest, most powerful and most desirable versions in the range.”The SVO e

Apr 1, 2015By Park Jin-hai

Companies

Tivoli cruising toward overseas market

Ssangyong Motor’s workers applaud on a dock in Pyeongtaek, Gyeonggi Province, Tuesday, as the automaker starts its first overseas shipments of compact Tivoli SUVs. / Courtesy of Ssangyong MotorBy Park Jin-haiSsangyong Motor has shipped its popular compact SUV Tivoli overseas, aiming to repeat its local success abroad.Some 2,000 Tivoli vehicles were shipped Tuesday from Pyeongtaek port to European and Latin American countries, including Belgium, the U.K. and Spain.It is the first overseas shipment since its January launch in Seoul, and the vehicles will hit local showrooms in June.“The Tivoli is our strategic model for the global market and the result of 40 months of research and development. It will serve as the model for the company’s mid- and long-term growth strategy,” said CEO Choi Johng-sik.Ssangyong held a ceremonymarking the model’s first shipment from Pyeongtaek, Gyeonggi Province.The Tivoli represents a fresh start for the carmaker, which almost reached the point of liquidation. Buoyed by its fashionable design that caters to the tastes of young

Mar 31, 2015By Park Jin-hai

Companies

Home shopping channels fined W14.4 billion for unfair practices

By Park Jin-haiThe Fair Trade Commission (FTC) has fined CJ O Shopping, Lotte Homeshopping and four other TV home shopping channels a combined 14.4 billion won (12.98 million) for unfair business practices.Irregularities ranged from the intentional delay of signing contracts with suppliers, non-payment or overdue payment of goods received, passing the costs of TV sales promotion to suppliers and unilaterally changing contracts on commissions.The four other companies punished are GS Homeshopping, Hyundai's Hmall, HNS Mall and NS Mall.It is the first time that home shopping channels have been slapped with fines for unfair business practices by the commission.It is the anti-trust watchdog’s first move to apply the toughened Large-Scale Retailers` Fair Trade Practices Act to penalize big companies that engage in illegal trade with their suppliers.CJ O, which has been slapped with the largest fine of 4.6 billion won, was revealed to have passed 99.8 percent of sales promotion costs or 5.6 billion won to its 146 suppliers.Lotte, fined 3.7 billion won, failed to sign contracts with su

Mar 30, 2015By Park Jin-hai

Economy

Shinhan, Kookmin plan to expand recruitments

By Park Jin-haiShinhan Bank and several other major banks announced Sunday that they will expand hiring this year, nearly doubling recruitment from the previous year.Shinhan Bank will expand the number of its new employees to 1,000 from last year’s 590. The hiring breaks down to 350 college graduates; including 70 high school graduates and 280 women, who had to quit their jobs to care for their children, plus 220 part-timers.  Calling it “warm employment,” Shinhan Bank CEO Cho Yong-byoung said, “Employment is important for banks, but it is also important in terms of corporate responsibility. We will maintain our warm employment policy in the future, extending help to diverse classes of people.”Kookmin Bank will also more than double the size of its recruitment to 800 from last year’s 355. This will include jobs for 300 women whose career has stalled as they raised children.Kookmin Bank says its employment policy will leave out specifications such as educational background to hire talents with job competency.To enforce local branches’ bus

Mar 30, 2015By Park Jin-hai

People & Events

Hanssem founder donates W440 bil. to nurture future leaders

Hanssem DBEW (Design Beyond East & West) Research FoundationCho Chang-gulBy Park Jin-haiCho Chang-gul, 76, the founder of furniture maker Hanssem, will donate 2.6 million company shares, half of his stake, worth 440 billion won to his company’s non-profit foundation for talented young people, the firm said Thursday.The founder and honorary chairman gave 600,000 of his company shares worth 105 billion won in a first batch to the Hanssem DBEW (Design Beyond East & West) Research Foundation.The foundation is a non-profit think tank Cho founded in 2012 to give guidance to young Koreans on reading and changes in geopolitics, in a bid to nurturing future global leaders.   The remaining 2 million worth of shares will be injected into the fund over the next few years.“Chairman Cho used to say that Korea should play a leading role among the super powers of the U.S., China, Russia and Japan,” said a company official. “The foundation will be run in a way that develops future strategies for Korea and incubates leaders, emulating the Brooking Institu

Mar 26, 2015By Park Jin-hai

Hanssem founder donates W440 bil. to nurture future leaders

Companies

BMW launches first plug-in EV sports car

Models showcases i8, BMW’s first plug-in hybrid electric vehicle (PHEV), during a launch event at Dongdaemun Design Plaza in Seoul, Thursday. The luxury PHEV sports car that appeared in the movie Mission Impossible 4 is priced at 199.9 million won. Over 100 people have already preordered the car. / YonhapBy Park Jin-haiBMW Korea unveiled the i8 ― a futuristic plug-in hybrid electric vehicle (PHEV) sports car that appeared in the movie “Mission Impossible 4” ― in Korea on Thursday.The i8, priced at nearly 200 million won and comes with scissor doors, is the German carmaker’s first PHEV launched here. It is also the second of the German auto group’s lineup looking to gain a foothold in the environmentally-friendly car segment here after its i3 electric vehicle.    The car was launched in advance of being displayed during the Seoul Motor Show early next month.The car, which runs either on a gasoline engine or on battery, showcases the company’s determination to lead in the burgeoning PHEV market.The i8 plug-in sports car can r

Mar 26, 2015By Park Jin-hai

BMW marks 100th anniversary

Park Jin-hai

Read more

Hanwha wins additional $2.12 billion construction deal in Iraq

Dow Chemical to face financial setbacks in Korea

Hyundai Rotem breaks ground on Brazil plant

Automakers vie to take center stage

Jaguar introduces customizing service

Tivoli cruising toward overseas market

Home shopping channels fined W14.4 billion for unfair practices

Shinhan, Kookmin plan to expand recruitments

Hanssem founder donates W440 bil. to nurture future leaders

BMW launches first plug-in EV sports car

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