The Korea Times

Hyundai, Kia offer lifetime warranties on cars with Theta 2GDi engine

By Kwak Yeon-sooHyundai Motor's Theta 2.4 GDi engine. / Courtesy of Hyundai MotorHyundai Motor and its affiliate Kia Motors will provide lifetime warranties to owners of vehicles equipped with Theta 2 gasoline direct injection (GDi) engines, the companies said Friday. Car owners here and in the United States, who have experienced engine failure, will be able to receive various cash compensation options and lifetime warranties.Korea's two largest automakers said they would extend the installment of the Knock Sensor Detection System (KSDS) for the early detection of engine failure.Their engine warranties will affect nearly 520,000 models equipped with Theta 2GDi and Theta 2 turbocharged GDi engines, including the 2010-19 Hyundai Sonata, Grandeur, Santa Fe, Veloster N, and Kia K5, K7, Sorento and Sportage vehicles.“Hyundai and Kia will continue to focus on improving customer satisfaction by offering customer-oriented, high-quality technologies and services,” a Hyundai Motor official said. In addition, Hyundai Motor America and Kia Motors America have entered into an agreemen

Oct 11, 2019By Kwak Yeon-soo

Hyundai, Kia offer lifetime warranties on cars with Theta 2GDi engine

Companies

Business leaders lobby US on trade, alliance

By Kwak Yeon-sooThe leaders of Korea's business lobby groups are heading to or already in the United States to meet politicians and corporate leaders there to call for greater interest in issues concerning the two countries, according to industry officials Friday.The leaders are lobbying for Korea's exemption from the Trump administration's planned tariffs on car imports and for stronger security cooperation, among other issues, they said. The U.S. decision on car tariffs set to be made in November, the escalation of the U.S.-China trade war and Korea's withdrawal from the General Security of Military Information Agreement (GSOMIA) with Japan are weighing on Korea's economy.Federation of Korean Industries (FKI) Chairman Huh Chang-soo is already in the U.S. to attend the 31st annual Korea-U.S. Business Council Meeting in Washington, D.C., on Friday, where he demanded a stronger alliance amid growing regional tensions and economic risks. The FKI delegation called for an exemption from tariffs on imported vehicles based on Section 232 of the Trade Expansion Act as well as discussing wor

Oct 11, 2019By Kwak Yeon-soo

Companies

Will bidders pay right price for Woongjin Coway?

By Kwak Yeon-sooWoongjin Coway has been attracting keen attention from investors and analysts over who will take over Korea's largest household appliance rental company. With the bid scheduled to close Thursday, Woongjin Group, which is desperate to secure fresh funds to resolve its worsening liquidity problems, is reportedly asking for 1.9 trillion won for its 25.08 percent stake in Coway, according to analysts.However, potential buyers are in no big rush as they expect Woongjin to lower the price as time drags on. In fact, the bid has been delayed two times due to requests by bidders for more time to conduct preliminary due diligence. In June, Coway's major shareholder Woongjin Group expressed its intention to resell its stake to reduce leverage, just three months after the 1.9 trillion won acquisition by a consortium led by its education unit Woongjin Thinkbig. After the group had sold off Coway to a private equity firm MBK Partners in 2013 due to a financial crisis, the company bought the water purifier rental firm back in March. In August, the deal's lead manager Korea Investmen

Oct 7, 2019By Kwak Yeon-soo

Will bidders pay right price for Woongjin Coway?

Companies

Toyota, Nissan log biggest sales drop amid trade spat

By Kwak Yeon-sooToyota, Honda and Nissan suffered the biggest monthly sales drops in September due to a consumer boycott of Japanese products, data showed Friday. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), Toyota vehicle sales plunged 61.9 percent to 374 in September from 981 the same period last year. Sales of Honda plummeted 82.2 percent to 166 from 934 and Nissan sales dropped 87.2 percent to 46 from 360.Sales of Lexus, Toyota's independent luxury brand, were down 22 percent to 469 from the previous month, although that was still up 49.8 percent from the previous year.Sales of Infiniti, Nissan's independent luxury brand, were down 69.2 percent to 48, data showed. Sales of Japanese vehicles moved in the opposite direction of the overall sales of imported vehicles, which rose 17 percent in September buoyed by increased supply of new models. German carmaker Mercedes-Benz topped the sales of imported vehicles, selling 7,707 last month. It was then followed by BMW at 4,249 and Audi at 1,996.The number of newly registered imported vehic

Oct 4, 2019By Kwak Yeon-soo

Toyota, Nissan log biggest sales drop amid trade spat

Companies

SK hynix Q3 profit likely to plunge

By Kwak Yeon-sooSK hynix, the world's second-largest memory chipmaker, is likely to report a 94.2 percent plunge in its third quarter operating profit amid sluggish demand, an industry report showed Friday.According to the report by financial market tracker FnGuide, SK hynix is expected to post a 378.2 billion won ($316 million) third-quarter operating profit, compared with 6.47 trillion won a year ago.Since late last year, SK Hynix has been hit by a continuing downturn in chip prices and demand. Analysts cite the recent trade row between Seoul and Tokyo, and the long-running U.S.-China trade war, as key reasons for tumbling profits.A DRAM DDR4 8 gigabyte memory chip cost $2.94 in September, down from $7.25 at the end of last year.The price of NAND Flash chips, another flagship product, has also continued to decline. About 80 percent of the chipmaker's sales come from DRAM and the remaining 20 percent from NAND Flash.The company said that demand for DRAM chips used in computers and mobile devices has started to fall as a result of the U.S.-China trade war, adding that production woul

Oct 4, 2019By Kwak Yeon-soo

Companies

Whisky at film festival

A bartender serves whisky to a visitor at a Johnnie Walker booth set up at the 24th Busan International Film Festival (BIFF), Friday. The whisky brand sponsors the film festival, which will run until Oct. 12. / Courtesy of Diageo Korea

Oct 4, 2019By Kwak Yeon-soo

Companies

Lotte Liquor struggles with 'Japanese firm' rumor

Lotte Liquor's promotional banner reads that Chum-churum is a Korean soju brand. / Courtesy of Lotte LiquorBy Kwak Yeon-sooLotte Liquor is scrambling to cope with the rumor that it is a Japanese company amid a national boycott movement against Japanese products sparked by a bitter trade dispute.The rumor has been spreading over various websites that Lotte Liquor is a Japanese firm whose major shareholder is Japan's Asahi Group Holdings.Responding to this, Lotte Liquor asserted that Lotte Liquor is a separate company from Lotte Asahi Liquor, which offers a diverse range of imported beers from Japan including Asahi Super Dry. The liquor unit of Lotte Chilsung Beverage said its soju brand Chum-churum and beers Kloud and Fitz Super Clear are Korean brands, manufactured and sold in the country. Its shares are owned by Lotte Holdings (27 percent), the National Pension Service (9 percent), Lotte Aluminum (9 percent), Lotte Scholarship Foundation (6percent) and other private investors.The company added it will seek legal action against anyone spreading rumors. “Lotte Liquor is a Korean

Oct 3, 2019By Kwak Yeon-soo

Lotte Liquor struggles with 'Japanese firm' rumor

Companies

Late night snacks for autumn

Models display late-night snacks for autumn at a Home plus outlet in Seoul, Thursday. The discount store chain said it will offer discounts on beer and chicken for customers to enjoy the weekend and upcoming Hangeul Day on Oct. 9. Yonhap

Oct 3, 2019By Kwak Yeon-soo

Trends

'Korea's dermatology devices well-received abroad'

By Kwak Yeon-sooIn Sung-il, the dermatologist at Charm Skin Clinic / Courtesy of Charm Skin ClinicDermatologist In Sung-il not only treats patients but also develops medical devices by partnering with technology companies.Recently, In has been testing prototype of newly developed augmented reality (AR) glasses at his clinic. The dermatologist believes there are many benefits of AR when he sees patients.“The AR glasses allow more accuracy because I no longer have to stare back and forth between the screen and the patient. It's more efficient,” he said. In said that as a dermatologist, he has found the need to develop new technological devices that can be used to increase efficiency and improve patient care. “Of course, there are many advanced medical devices, including domestically developed ones, already available on the market,” In said. “However, I also want to contribute to developing more precise and accurate devices for dermatological treatments.”According to In, he first asks medical device companies if they have the device he is thinking of,

Oct 3, 2019By Kwak Yeon-soo

'Korea's dermatology devices well-received abroad'

Companies

Uniqlo's F/W collection wears 'new minimalism'

The Uniqlo U F/W 2019 collection / Courtesy of UniqloBy Kwak Yeon-sooUniqlo has rolled out a new collection of “Uniqlo U” in collaboration with former Hermes designer Christopher Lemaire for this year's fall/winter season, the company said Thursday.Lemaire, former fashion director for Hermes and Lacoste joined Uniqlo R&D in Paris as an art director and conducted a series of collaborations with Uniqlo since 2015. Fitting with the season, the brand's latest line follows a theme which is inspired by “new minimalism.” New minimalism, which was a popular fashion trend in the early '90s, promotes essentialism and longevity. Its latest collection focuses on sensual design motifs that are simple and sophisticated. The apparel brand said that the latest Uniqlo U collection is packed with neutral shades, including beige, green, brown and sand, in order to deliver muted tones and relaxed silhouettes. The collection brought out a set of U curve pants, 3D knitwear and fleece jackets with designs inspired by new minimalism, Uniqlo said.The U curve pants are wide fit, de

Oct 3, 2019By Kwak Yeon-soo

Kwak Yeon-soo

Read more

Hyundai, Kia offer lifetime warranties on cars with Theta 2GDi engine

Business leaders lobby US on trade, alliance

Will bidders pay right price for Woongjin Coway?

Toyota, Nissan log biggest sales drop amid trade spat

SK hynix Q3 profit likely to plunge

Whisky at film festival

Lotte Liquor struggles with 'Japanese firm' rumor

Late night snacks for autumn

'Korea's dermatology devices well-received abroad'

Uniqlo's F/W collection wears 'new minimalism'

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