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Park Jin-hai

Korea Times K-Culture Reporter

Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.

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Companies

Hyundai Motor launches 2015 Accent

By Park Jin-haiHyundai Motor’s flagship subcompact car Accent was launched on Monday, with an upscale exterior, upgraded safety and new infotainment features.On top of its stylish looking grill and headlamp, the nations’ top carmaker said the new Accent has various safety features including a tire monitoring system as well as side airbags to better protect passengers in the event of a rollover.“The best-selling Accent model has evolved into a reinforced but reasonably priced one,” said Hyundai Motor official. “It will be a choice that meets the drivers’ need for an economical yet having a stylish compact car.”The new Accent added three new colors to its exterior and has improved connectivity for smart mobile devices, reflecting the needs of younger buyers. A new seven-inch infotainment and navigation screen are offered as extras.The company said the new Accent gives best the value for money. Despite more features and upgrades from its outgoing 2014 model, its sticker price only went up 240,000 won.For the upper trim model, with the 640,000 wo

Sep 15, 2014By Park Jin-hai
Companies

Hyundai lags behind rivals in EV market

By Park Jin-haiHyundai Motor has lagged behind its Japanese and Chinese rivals in the race to take a bigger bite of the electric vehicle market in the first half of the year.The largest local carmaker represented 0.2 percent of the total market, according to automotive industry research website Marklines on Sunday.“Hyundai-Kia Motors’ advance in the hybrid and electric car sector has been slower than its overseas rivals. It has made no marked improvement in fuel efficiency,” said Shin Dong-seok, an analyst at Samsung Securities.Hyundai-Kia Motors’ EV Ray sold a meager 139 globally in the first half. The carmaker’s electric vehicle sales contracted to 277 in 2013 from 531 in 2012.“The lack of EV lineups could explain the less-than-expected performance in the electric vehicle market,” said Shin Chung-kwan, an analyst at KB Investment and Securities.“The automaker has been rather concentrating on the development of other environmentally friendly vehicles such as hybrid and hydrogen vehicles instead,” he added.As the latecomer in the

Sep 14, 2014By Park Jin-hai
Companies

Lotte Duty Free loses Sydney Airport bid

By Park Jin-haiLee Hong-kyunCEO of Lotte Duty FreeThe world’s fourth-largest duty free chain, Lotte Duty Free, lost a bid to run an outlet at Sydney Airport.The company that operates Australia's biggest airport said in a Sept. 4 press release that it picked German firm Gebr. Heinemann as its new duty free partner to run five shops in its terminal from February 2015 - August 2022.The announcement came as a surprise, as the Lotte Duty Free officials were confident about winning the bid.Until the opening event for Kansai Airport duty free shops in Japan on Thursday, the company said that it was looking to become the third-largest global player in the duty free business by entering into the Australian airport.  Lotte Duty Free apparently lost the bid to the German firm by a small margin.Due to the market saturation, Lotte Duty Free has been expanding its overseas businesses.Following the lost bid to its local rival Shilla Duty Free over the operation at the Singapore Changi Airport, the company has focused on winning the Sydney Airport bid.  “Since Lotte Duty F

Sep 5, 2014By Park Jin-hai
Lotte Duty Free loses Sydney Airport bid
Companies

Hyundai gives up on Winia Mando

Staff examines the production line for Winia Mando’s kimchi refrigerator, at its Asan plant, South Chungcheong Province. / Korea TimesBy Park Jin-haiHyundai Group has give up its plan to acquire Winia Mando, a refrigerator and air conditioner maker, which the conglomerate sold 15 years ago.Hyundai Green Food, a subsidiary of leading domestic retailer Hyundai Department Store, announced on Friday that it cancelled a 150 billion won deal with global private equity firm CVC Capital Partners to purchase the firm.Winia Mando is renowned for its “Dimchae” refrigerator for storing kimchi.Hyundai signed a memorandum of understanding with the equity firm on Aug. 7 for the purchase of Winia Mando. It was sold to CVC Capital Partners in 1999.Following due diligence, the two parties should have signed a share purchase deal by Sept. 4. By failing to do so, the deal was declared null and void.The failure leaves the appliance manufacturer on the market again.The defaulted deal will ensure that Hyundai Department Store suffers a setback in its bid to expand its business as well.The

Sep 5, 2014By Park Jin-hai
Companies

Land Rover to offer space trip in celebration of its new SUV Discovery Sport launch

By Park Jin-haiLand Rover Korea on Tuesday released a photograph of its Discovery Sport, which will be available in Seoul during the first half of next year.The premium compact SUV, is equipped with a slick nine-speed automatic transmission, available in three engine types ― a 2.0-liter gasoline and a 2.2-liter turbo diesel engine with different capacity.The gasoline model generates a maximum 240 horsepower, while the diesel models can generate 150 and 190 horsepower.As part of its commercial launch, the British automaker is holding a world-wide “Land Rover Galactic Discovery” competition, in which four winners will be offered a space trip on Virgin Galactic. “Only Land Rover could offer this incredible opportunity: the chance to win the most spectacular group journey of a lifetime. Our heritage is rooted in adventure, exploration and a desire to go above and beyond, and nothing embodies this spirit of discovery more than a trip to space,” said Phil Popham, Jaguar Land Rover group marketing director.The announcement of the four winners will be made i

Sep 4, 2014By Park Jin-hai
Companies

Audi to hold 100-million won design competition

By Park Jin-haiAudi Korea is hosting a design competition with about 100 million won in prize money for the winners, the company announced on Wednesday.The “Audi Design Challenge 2014,” the second in its kind, is open to works in music, motion graphics, products and furniture under the theme of the Audi lifestyle and driving experience.Entries will be open from Oct. 13-19. Four finalists, either individuals or teams, will then be chosen for each category.The 16 finalists will develop their designs with help from expert mentors.Four winners will receive 20 million won and trophies, while the other 12 individuals or teams will take home 2 million won.“Audi has always been one step ahead of the other competitors setting a new standard with its innovative technology and design under the corporate slogan of ‘progress through technology,’” said Audi Korea marketing manager Jorg Dietzel.“The Audi Design Challenge, first held last year, has been the talk of the town presenting highly sophisticated artworks, and we expect many talented young desi

Sep 3, 2014By Park Jin-hai
Companies

KEPCO land buy may prove losing venture

This July 17 file photo shows an aerial view of KEPCO’s headquarters in Samseong-dong, Gangnam-gu, southern Seoul. Hyundai Motor Group and Samsung Group have expressed interest in acquiring the land. / Korea TimesBy Park Jin-haiWhoever obtains ownership of a prime tract of land to be vacated by the Korea Electric Power Corp. in southern Seoul is destined to incur losses of about 2 trillion won, according to a consulting firm quoted by Yonhap News Agency.Total development costs for the land are estimated at around 10 trillion won. Potential revenue from rent and other means is projected at 8 trillion won after new owners purchase the land. This would create the estimated shortfall of approximately 2 trillion wonThe 79,342 square meters of land in Samseong-dong, owned by the state-owned electricity provider, will attract a minimum bidding price of 3.3 trillion won, its survey said, adding that more than 10 trillion won will be needed over 10 years to finance development.In order to change the land’s status from residential to commercial, the final bidder needs to register t

Sep 3, 2014By Park Jin-hai
Companies

Samsung Heavy, Samsung Engineering to merge

Samsung Engineering workers are seen walking pass the window of the firm’s headquarters in southwestern Seoul, Monday. The company will be merged with Samsung Heavy Industries by the end of the year, giving the latter a competitive edge in the international scene. / YonhapBy Park Jin-haiSamsung Heavy Industries and Samsung Engineering have agreed to merge by undertaking a share swap, their boards announced Monday.The move is part of Samsung Group’s restructuring efforts after the conglomerate’s chairman, Lee Kun-hee 72, suffered a heart attack.“The merger is intended to create a world-class total-solution company, encompassing both land and ocean,” the companies said in a statement.Both companies will hold shareholders’ meetings on Oct. 27, with the aim of finalizing the merger by Dec. 1.“The two companies’ core businesses involve building plants, although the areas of business don’t overlap,” the companies’ statement said. “Samsung Heavy Industries specializes in offshore plant construction based on shipbuilding

Sep 1, 2014By Park Jin-hai
Companies

Chinese gobbling up Jeju Island

43% of land bought by foreigners owned by investors from ChinaBy Park Jin-haiChina has overtaken the United States in land procurement in Jeju Island for the first time in five years.The annual land registration data that the nation’s largest island has submitted to the ruling Senuri Party lawmaker Kim Hee-kuk showed that Chinese now account for 43 percent of its total lot bought by foreigners. Chinese accounted for less than 1 percent in 2009.Chinese land procurement as of June this year stood at 5.92 million square meters, or 0.19 percent of the land, from less than 20,000 square meters in 2009.“In the first half, Chinese have already bought 2.77 million square meters, double the total land they procured a year earlier. At this pace, we will see the amount reach 7 million by the end of this year,” said Kim in a statement, Sunday.  The rapid growth of Chinese property investment lowered U.S. investors’ portion to 27 percent as of July 2014, from 49 percent in 2009.    “Chinese investment in Jeju real estate has surged since 2010 when

Aug 31, 2014By Park Jin-hai
Companies

Moody's upgrades KEPCO ratings

By  Park Jin-hai Moody's Investors Service has upgraded the issuer and senior unsecured ratings of Korea Electric Power Corp. (KEPCO) and its six wholly-owned power generation subsidiaries to “Aa3” from “A1.”"The rating upgrade reflects KEPCO's improving operating performance and the Korean government's strengthened oversight of the company's financial health, as evidenced by its mid-to-long-term public institution financial management plans," says Mic Kang, a Moody's vice president and senior analyst.These positive developments mean that KEPCO is appropriately positioned at the Aa3 rating, when compared with global and regional government-related issuers (GRI) with similar baseline credit assessments (BCA) and levels of government support under Moody's joint default analysis approach.The rating upgrade for the six units follows KEPCO's upgrade, given their 100 percent ownership by and operational integration with KEPCO.“Moody's expects that KEPCO on a consolidated basis will record solid profits and operating cash flows over the next 12-18 mon

Aug 29, 2014By Park Jin-hai
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