The Korea Times

Hanwha Chairman's eldest son promoted

By Lee Hyo-sikKim Dong-kwan, COO ofHanwha Q CellsKim Dong-kwan, eldest son of Hanwha Group Chairman Kim Seung-youn, has been promoted to senior managing director for Hanwha Q Cells, the country’s ninth-largest family controlled conglomerate said Sunday.But the chairman’s two other sons, who each work at Hanwha Life Insurance and Hanwha Engineering & Construction, were not part of the year-end personnel reshuffle.Dong-kwan, who has been acting as chief commercial officer (CCO) of Hanwha Q Cells, the group’s solar business unit, since January 2015, is widely credited for the company’s successful bids for solar panel supply deals over the past year.The junior Kim also successfully led the firm’s restructuring, helping to turn it into a profitable entity, the group said.After acquiring Germany-based Q Cells in 2012, Hanwha merged it with Hanwha SolarOne and renamed the new entity as Hanwha Q Cells early this year.“Kim was promoted to senior managing director for his contribution to creating the world’s largest solar cell manufacturer,”

Dec 6, 2015By Lee Hyo-sik

Companies

KCCI holds business forum in Czech Republic

Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, speaks during a business forum held at the presidential palace in Prague, the Czech Republic. / YonhapBy Lee Hyo-sikThe Korea Chamber of Commerce and Industry (KCCI) said Thursday that it held a business forum in the Czech Republic, attracting more than 300 high-profile business leaders from both countries.In line with President Park Geun-hye’s state visit to the Eastern European nation, the business association organized the event in Prague, Wednesday (local time), in a bid to bolster business ties.Present at the gathering were KCCI Chairman Park Yong-maan, KOTRA CEO Kim Jae-hong, Korea Electric Power Corp. CEO Cho Hwan-eik and CJ Group Vice Chairman Lee Chae-wook.In an opening speech, KCCI Chairman Park said that Korea and the Czech Republic have been ideal business partners for many years. “Following the Korea-EU Free Trade Agreement, both countries have established a strong partnership. The prospects of further mutual economic cooperation are brighter than ever.”Park said that business leade

Dec 3, 2015By Lee Hyo-sik

KCCI holds business forum in Czech Republic

Companies

Hyundai Rotem urged to undergo drastic restructuring

By Lee Hyo-sikKim Seung-tackHyundai Rotem CEOHyundai Rotem, the rolling stock manufacturing arm of Hyundai Motor Group, is facing growing criticism for not doing enough to revive its faltering business at home and abroad, according to industry analysts, Thursday.Instead of subjecting itself to drastic restructuring in order to enhance its competitiveness and improve its bottom line, the company has been asking the government for finance and other forms of support, analysts say.They are urging Rotem, headed by CEO Kim Seung-tack, to downsize its workforce and slash employee salaries and other benefits, as well as increase spending on research and development to strengthen its core competence.Over the past two years, the railway car manufacturer has seen its sales plunge in key overseas markets, such as the United States, Brazil and India.They used to win many orders to produce subway carriages and other types of rolling stock abroad. However, it has begun losing its global market share to rapidly growing Chinese competitors, including the CRRC, which have posted explosive growth

Dec 3, 2015By Lee Hyo-sik

Hyundai Rotem urged to undergo drastic restructuring

Companies

Mercedes-Benz bets high on SUVs in 2016

By Lee Hyo-sikMercedes-Benz will mobilize more resources to double its sales of sport utility vehicles (SUVs) in 2016 from this year to capitalize on this rapidly-growing segment, the head of the firm’s Korean unit said Tuesday.Mercedes-Benz Korea CEO Dimitris Psillakis said the German automaker will continue to invest a substantial amount of money to open more showrooms and customer service centers, as well as hire more workers.“SUVs account for about 7 percent of our sales here. We would like to double the share to 14 percent in 2016,” Psillakis said during a media event at the Muju Resort, North Jeolla Province, Tuesday. “The SUV segment is an important contributor to our growth and can play a larger role in bolstering our presence in Korea. Our SUV offensive is in full swing and we will keep our SUV story rolling for 2016.”The CEO said the automaker will introduce the new GLC and the new GLE SUVs in January.“There are many off-road or sport utility vehicles in the world, but Mercedes-Benz first defined the truly iconic ones,” he said. &ld

Dec 2, 2015By Lee Hyo-sik

Mercedes-Benz caught selling unregistered cars in Korea

Companies

'Hyundai Motor can learn from Mercedes-Benz'

By Lee Hyo-sikMercedes-Benz Korea CEO Dimitris Psillakis speaks during a media event to showcase the automaker's SUV lineup at the Muju Resort, North Jeolla Province, Tuesday./ Courtesy of Mercedes-BenzHyundai Motor can learn from Mercedes-Benz on how to produce and market premium vehicles as Korea’s largest automaker is set to roll out its first luxury brand model, the EQ900 (globally named the G90), the head of the German carmaker’s Korean unit said Tuesday.Mercedes-Benz Korea CEO Dimitris Psillakis said it is not easy to establish a globally-recognized premium brand, stressing that Hyundai will have to make significant investments to woo high-end motorists.“We are the leader in the global premium luxury vehicle market over the years. In this respect, Hyundai can learn many things from us,” Psillakis said during a media event at the Muju Resort in North Jeolla Province. “Among others, Hyundai can learn how we created a luxury brand and how we treat our customers.”The Greek-born CEO, who came to Korea in September, said he welcomes Hyundai’s

Dec 2, 2015By Lee Hyo-sik

'Hyundai Motor can learn from Mercedes-Benz'

Companies

Plain cigarette packaging 'does not reduce smoking'

Australia’s controversial Plain Packaging Act, which requires cigarette makers to use uniform packaging with no brand names and ads, has failed to reduce the nation’s smoking rate, Japan Tobacco International (JTI) said Wednesday.The company argues that Australia’s smoking rate has not decreased since December 2012 when Australia’s Department of Health enacted the act. This is why the department has been intentionally delaying the post-implementation review (PIR) on the effectiveness of the plain packaging.“Anti-tobacco lobbyists have misrepresented the data to hide the fact that the ban on brands has failed,” says Michiel Reerink, JTI’s regulatory strategy vice president. “Australia ― the only country where the measure has been introduced ― cannot be held up as a model for other countries to follow.”Citing government guidelines, the tobacco company said Australia should conduct the PIR on major policies such as the Plain Packaging Act within two years of introduction, and the review should be completed within six months

Dec 2, 2015By Lee Hyo-sik

Companies

Liquor firms rushing to hike prices of soju, beer

By Lee Hyo-sikHite-Jinro and other liquor companies are rushing to hike the prices of soju and beer ahead of a government plan to raise bottle deposits in January.This will likely displease policymakers, who have asked the distillers and brewers to refrain from raising prices, as it places an additional financial burden particularly on low-income households struggling with soaring debts.Hite-Jinro said Monday that it increased the wholesale price of soju by 5.62 percent to 1,015.70 won for its 360 milliliter bottle last Friday, the first hike since December 2012. The company said it needs to charge consumers more, citing growing marketing and manufacturing expenses.Lotte Chilsung and other soju makers are widely expected to follow suit this month.Brewers have also hinted that they could increase prices, saying they will have to pay a higher deposit to consumers who return empty glass bottles next year. They also said the cost for brewing beer has risen due to rising raw material and labor costs.“The costs of making soju have increased sharply since the last price hike three yea

Nov 30, 2015By Lee Hyo-sik

Companies

POSCO Energy to operate coal power plant in Botswana

By Lee Hyo-sikPOSCO Energy, Korea’s leading private electricity generator affiliated with steelmaker POSCO, said Monday that it was selected as the preferred bidder to operate an $800 million coal power plant in Botswana.The company formed a consortium with Marubeni, one of Japan’s largest trading firms, and took part in a bid commissioned by the South African nation.When both entities sign a binding contract with Botswana’s Ministry of Minerals, Energy and Water Resources, GS Engineering and Construction will begin the plant construction.When the plant is completed by May 2020, POSCO and Marubeni will jointly operate and maintain the 300 megawatt plant for 30 years. In Botswana, which holds abundant coal reserves, it will be cheaper for POSCO to generate electricity.The company will raise about $600 million in project financing from the Export-Import Bank of Korea, Japan Bank for International Cooperation and other financial institutions.“Given that European and Chinese companies have dominated the power plant construction market in Africa, it is meaningful f

Nov 30, 2015By Lee Hyo-sik

Companies

Liberalize duty free industry, exports chief urges

By Lee Hyo-sik Korea’s family-controlled conglomerates should be stopped from monopolizing duty free stores here, and instead compete with multinational companies overseas, says the head of the national export promotion body.Korea International Trade Association (KITA), Chairman Kim In-ho also says the government should liberalize the duty free industry so anyone seeking to set up shop could do so.“Korea’s large business groups shouldn’t compete with one another to open duty free shops here,” Kim told reporters on Friday. "They must not get themselves involved in any area of business which the government controls. They should not be able to make such easy money on the domestic market.”The chairman urged large Korean companies to do more to find business opportunities overseas, rather than remain complacent with their status quo in the domestic.“Businesses should be judged by the market, not by the government ― they cannot just rely on government-issued licenses for survival,” he said.Kim called on the government to liberalize

Nov 29, 2015By Lee Hyo-sik

Companies

Motorists furious with Volkswagen

By Lee Hyo-sikMany Korean customers are furious over Volkswagen’s treatment of them since September when the automaker was found to have installed emissions cheating devices in its cars with diesel engines.They say they feel betrayed by the German carmaker which they feel has been mistreating and discriminating against customers here compared to customers in other countries.A 33-year-old office worker in Seoul, surnamed Park, who bought Volkswagen’s popular compact SUV Tiguan in November 2014, is one such angry customer. “I spent nearly 40 million won to buy the SUV, but it is now on a recall list for removal of the emissions cheating device,” he said. “I am really irritated by the whole thing.”He said he is really angry with Volkswagen over how it is treating him and other Korean customers.“They immediately offered a $1,000 voucher and other compensation schemes to their American and Canadian customers, but they have done nothing for us,” he said.The office worker said he would never buy another car produced by Volkswagen or any o

Nov 27, 2015By Lee Hyo-sik

Lee Hyo-sik

Read more

Hanwha Chairman's eldest son promoted

KCCI holds business forum in Czech Republic

Hyundai Rotem urged to undergo drastic restructuring

Mercedes-Benz bets high on SUVs in 2016

'Hyundai Motor can learn from Mercedes-Benz'

Plain cigarette packaging 'does not reduce smoking'

Liquor firms rushing to hike prices of soju, beer

POSCO Energy to operate coal power plant in Botswana

Liberalize duty free industry, exports chief urges

Motorists furious with Volkswagen

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