The Korea Times

New compacts to heat up 2015

Audi A1By Park Jin-haiDomestic and foreign automakers will compete fiercely this year by launching a diverse range of new compacts on the market.Ssangyong Motor will open the New Year with its first-ever compact SUV Tivoli. Hyundai Motor and Kia Motors will roll out steady selling compacts such as the face-lifted Avante and K5, while GM Korea is gearing up to launch the new Chevrolet Spark.Ssangyong’s Tivoli, the company’s all new model in four years after the Korando C, will be launched on Jan. 13.Ssangyong Motor's TivoliIts stylish design and segmented-top splendid use of high strength steel plates have drawn public attention even prior to its official launch.Hyundai will launch compact the SUV Tucson during the first quarter of next year, followed by the compact Avante sedan. Kia’s new K5 sedan will be available in the second quarter and its Sportage SUV will be around the third quarter.The third-generation Tucson contains sets of new high-tech options, aimed at courting young customers. The Avante, Hyundai’s steady seller that sold more than 10 million glo

Jan 4, 2015By Park Jin-hai

Companies

Hyundai Motor to struggle in local market

By Park Jin-haiHyundai Motor and its sister firm Kia Motors will continue to struggle in the local market this year as BMW, Mercedes-Benz and other imported car brands battle for bigger shares of the market. In addition, GM Korea, Renault Samsung and Ssangyong Motor are poised to attract more customers away from Korea’s largest automotive group by introducing a series of new diesel-powered, fuel-efficient sedans and compact sports utility vehicles.After achieving global sales of 8 million vehicles last year, Hyundai Motor Group, has said that it plans to sell 8.2 million cars at home and abroad in 2015, up 4.3 percent from last year’s target of 7.86 million.Hyundai Motor’s sales target is 5.05 million, representing an increase of 3.1 percent, while the target set by Kia Motors target is 3.15 million, which would be a 6.4 percent growth if achieved.However, on the domestic market, Hyundai predicts that sales will reach 690,000 units this year, only a 1.2 percent rise from last year’s sales target of 682,000 units, while Kia’s sales target remains unchange

Jan 4, 2015By Park Jin-hai

Economy

KCCI head pleads for SK chairman's release

By Park Jin-haiPark Yong-maanKCCI chairmanPark Yong-maan, chairman of the Korea Chamber of Commerce and Industry (KCCI), called for the government to grant parole for imprisoned SK Group Chairman Chey Tae-won.Park said Chey has served most of his time and should be given a chance to reinvigorate his group, which is facing various challenges.“I’m not saying that we should give immunity to businessmen as they contribute to the national economy. What I’m saying is that the punishment should allow for a fresh start, and most of his time is now served, I plead that Chey, as head of a high-tech company, should be released to reinvigorate his company,” he said during a New Year interview held at the KCCI’s headquarter in Seoul, last week.Chey and his young brother Chey Jae-won have served more than a third of their prison sentences. The older Chey has been in jail for 23 months after he was sentenced to four years imprisonment for embezzling tens of billions of won of company money.Calling 2015 a critical time for the Korean economy, Park said the most impendin

Jan 1, 2015By Park Jin-hai

KCCI head pleads for SK chairman's release

Companies

Hyundai Motor to build skyscraper at KEPCO site

Korea Electric Power Corp.’s main office property in Samseong-dong, southern Seoul / YonhapBy Park Jin-haiHyundai Motor plans to build an over 100-story building at the site that is purchased from Korea Electric Power Corp. in southern Seoul.The company said Tuesday that Hyundai E&C, its construction affiliate, held a presentation to brief the construction project ahead of overseas architecture firms on Dec. 18.A total of 14 firms including Skidmore, Owings & Merrill LLP, a Chicago-based  architectural company that designed Tower Palace in Seoul, and Kohn Pedersen Fox, a U.S. firm that designed Lotte World Tower in Seoul.The world’s fifth largest automaker already had already expressed strong will to turn the KEPCO site into Seoul’s representative landmark.Upon the purchase of the 10.5 trillion won land in November, Hyundai Motor Group Chairman Chung Mong-koo calls it the “investment envisioning next one hundred years.”Hyundai’s new headquarters, namely “Global Business Center (GBC),” will incorporate its auto affiliates as

Dec 30, 2014By Park Jin-hai

Hyundai Motor to build skyscraper at KEPCO site

Companies

Tire makers' global output surges

By Park jin-haiThe nation’s top three tire makers are competing to expand their overseas production facilities.With Hankook Tire leading the way, Kumho Tire and Nexen Tire have also been expanding their overseas factories or establishing new ones.When the new factories are in operation, their gross annual production is expected to reach 140 million tires, surpassing the locally produced total of 110 million for the first time, officials said.Hankook Tire, which has been aiming to become a global automotive parts maker through the participation of the recent acquisition of Halla Visteon, has set “global production expansion” as its 2015 management goal.The company has four on-going projects in the United States, Hungary, Indonesia and China.The company plans to invest $800 million in building its Tennessee plant whose annual production will stand at 11 million. It broke ground for the U.S. plant in October and will be completed in the second half of 2018.The company’s three other projects will be completed by the latter half of next year as well.The 313 mi

Dec 29, 2014By Park Jin-hai

Companies

Hyundai, global production at record high

By Park Jin-haiHyundai Motor and Kia Motors’ combined global production is expected to hit a record high in December, analysts said.Lee Myung-hoon, an analyst at HMC Investment & Securities, said Monday that Hyundai and Kia Motors’ global productions have grown 18.6 and 15.6 percent year on year, to record the largest monthly output ever.“The local factories are running to the maximum capacity. Following those companies’ annual wage talks ended, weekend extra working hours have expanded,” Lee said.“Chinese factories, whose production capacity has risen at the beginning of this year, are also revving up the production since Hyundai’s ix25 compact SUVs and Kia’s K4 sedans continue to enjoy sales hikes following their launches,” he added.The ix25 was launched in October and K3 in September in China.Lee said that companies’ accumulated annual production will hit 8.1 million this year, up 5.8 percent.The number will reach 8.3 million units next year, a 3.7 percent increase year-on-year, according to the analyst.   &

Dec 29, 2014By Park Jin-hai

Companies

Ssangyong Motor to recall 110,000 cars for defective wheel

By Park Jin-haiSsangyong Motor will recall more than 110,000 cars sold here due to defective wheels, according to the Ministry of Land, Infrastructure and Transport, Friday.It will recall four models because defective ball joints may cause the wheels to separate from the axle, leading to an accident.It is the largest recall that the local automaker has done here.The ball joints are the pivot between the wheels that play a critical role in the safe operation of an automobile's steering.The defective ball joints affected 112,920 units of four models ― Rexton, Kyron, Actyon and Actyon Sports ― which were produced between June 1, 2005, and Nov. 17, 2010.Kyron is the subject of the largest recall with 37,313, followed by the Actyon with 28,724 and Actyon Sport with 27,068.  The company began repairing these vehicles’ defective parts free of charge in April.“After local automotive fan clubs for the vehicles raised the need for a recall, we have discussed the matter with the land ministry,” said a company official. “Up to today, about 50 percent of the

Dec 26, 2014By Park Jin-hai

People & Events

Maryland nominates first Korean-American secretary

Jimmy RheeBy Park Jin-haiJimmy Rhee, 58, has been proposed as Secretary of the Governor’s Office of Minority Affairs in the U.S. state of Maryland.Rhee’s appointment still requires confirmation by the state Senate, but if confirmed, he will be the first Korean-American to hold the position.The office is in charge of connecting small businesses as well as those owned by minorities and women to state contracts and procurement opportunities.“Without help and sacrifice of the first generation immigrants, I would not have had this opportunity. I will work hard to make minority- and women-owned businesses get a fair chance in the government procurement market,” he said.Republican Gov.-elect Larry Hogan, who takes office Jan. 21, named Rhee as a cabinet member nominee.Rhee, whose Korean first name is Hyung-mo, immigrated to America in 1971 and attended the University of Maryland before completing an M.B.A. at Johns Hopkins University and graduating from the law school at Georgetown University.He headed a government consulting firm, GTSC, as CEO and was appointed assi

Dec 25, 2014By Park Jin-hai

Maryland nominates first Korean-American secretary

People & Events

Firefighters take semi-nude pictures to raise money for burned children

A firefighter models for the 2015 calendar made and distributed by the Seoul Metropolitan Fire & Disaster Headquarters. He and 12 other firefighters posed for the photos to raise money for children suffering from burn injuries. / Courtesy of SMFDHBy Park Jin-haiA group of firefighters stripped off their uniforms to become semi-naked calendar models.Thirteen firefighters, who took part in a bodybuilding competition organized by Seoul Metropolitan Government to select the most physically-fit firefighters in May, decided to have their photos taken to raise money for the parents of burned children having financial difficulties for treatment.The Seoul Metropolitan Fire & Disaster Headquarters, which made and distributed the 2015 calendar, said that it adopted the idea from the United States and Japan where calendars featuring firefighters as models are hugely popular.The shooting took place over the past three months in Seoul.Two photographers, Kim Dae-hyung and Lee Jeong-bum, donated their talent for the goodwill mission.For each 10,000 won donated to the Hallym Burn Fo

Dec 25, 2014By Park Jin-hai

Firefighters take semi-nude pictures to raise money for burned children

Companies

Hyundai Motor to increase dividends

By Park Jin-haiHyundai Motor confirmed on Wednesday that it will increase dividends to boost shareholder’s profits for this year.However, the firm did not disclose the exact extent of the dividend hike.“To boost shareholder’s value, we have been buying back our own shares from last month.  In the same context, we have decided to increase dividends,” said the company in a public notice filed with the Korea Exchange.When it is approved through the board of directors and general shareholders’ meetings, dividends will be paid to shareholders early next year.The mid-term dividend payment has been positively reviewed, said the company.Hyundai Motor has been signaling several times that it will raise the dividend payments sharply, as part of its shareholder-friendly policy, after investors turned their backs upon the company’s controversial 10.5-trillion land purchase from KEPCO.To appease shareholders, Hyundai Motor and Kia Motors have been buying back shares worth a combined 670 billion won since November.After an announcement by Samsung Electronic

Dec 24, 2014By Park Jin-hai

Park Jin-hai

Read more

New compacts to heat up 2015

Hyundai Motor to struggle in local market

KCCI head pleads for SK chairman's release

Hyundai Motor to build skyscraper at KEPCO site

Tire makers' global output surges

Hyundai, global production at record high

Ssangyong Motor to recall 110,000 cars for defective wheel

Maryland nominates first Korean-American secretary

Firefighters take semi-nude pictures to raise money for burned children

Hyundai Motor to increase dividends

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