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GM Daewoo Vice President Sohn Dongyoun, left with a ...

Models for Philips Korea wearing traditional costumes ...

FAU Chairman A.H. Schock, second from right in the left ...

Shinhan Bank CEO Lee Baek-soon, second from left, ...

Kyobo Life Insurance financial planner Ji Youn-suk poses ...

Red Devils created global culture of street cheering

By Florence Lowe-Lee Red is a strong color. It is a color of passion, energy, power, and confidence. According to some studies, it can actually produce physical results, such as increasing the rate of respiration and blood pressure. Red also captures people's attention and incites them to take action. In some cultures, red signifies celebration, happiness, and prosperity. In Korea, however, the color red is linked more closely with violence and warfare. Koreans do not write names in red ink because it signifies death. The color has long been associated with communist North Korea. But the 2002 World Cup transformed the meaning of red to establish a new paradigm in social, political, and cultural realms. South Korea's soccer team traditionally plays in red and white uniforms, and their fans often fill the stadium wearing the team colors. During the 2002 World Cup, however, millions of Koreans wearing red T-shirts came out of their homes to cheer collectively on the streets for the national soccer team. According to estimates, 800,000 people flooded the streets for South K

Shipbuilding companies face tough future

This is the 11th in a 12-part series of “The Korea Times ? the Boston Consulting Group (BCG) Joint Project” designed to identify new realities in the post-crisis world and provide winning strategies for leading Korean firms in 11 key industries. In cooperation with BCG, The Korea Times will look into a wide variety of issues both in the global economy and major indstries. ― ED. By Kim Tae-gyu Staff reporter In the 2000s, the shipbuilding business was a cash cow for Korea Inc., which accommodates many of the world's foremost players ― Samsung Heavy Industries, Hyundai Heavy Industries, STX Heavy Industries and Daewoo Shipbuilding & Marine Engineering. However, the flourishing segment was hit hard by the global financial distress, which dented the economy in unprecedented ways ― yearly orders of new ships shrank to about 600 in 2009 from 5,000 in 2007. Although the aforementioned shipyards have recovered this year in line with the stabilizing economy both at home and abroad, observers point out that they will face difficult times down the road. ``The shipbuildi

STX aims to raise revenue 5-fold in 10 years

By Kim Tae-gyu Staff Reporter In a country where giant business conglomerates dubbed chaebol dominate the economy, it is hard for new entrepreneurs to take a firm root in a rivalry with the established players. Observers point out that there were only two groups, which have successfully emerged as notable newcomers to the chaebol system during the first decade of the new millennium ― STX Group and Mirae Asset Group. Since its inception midway through 2001, the former has chalked up strong growth to become one of best shipyards in the world ― STX racked up about $20 billion in revenue last year. But STX is not content with its success over the past decade and it aims to crank up its revenue five-fold to $100 billion by 2020 under the stewardship of its founder and Chairman Kang Duk-soo. ``In order to survive the ups and downs of the business cycle, we need to set up an integrated system across our subsidiaries,'' Kang said on May 1 on the ninth anniversary of the group. ``In addition to further strengthening our existing main operations including shipbuild

Samsung Heavy attacks high-end market

By Kim Tae-gyu Staff reporter Samsung Heavy Industries is going all-out to further sharpen its competitive edge in high-end ships, a lucrative field which few shipbuilders are allowed in due to high technological entry barriers. The Seoul-based corporation has already made headway in the top-tier markets via building new-concept floating production storage and offloading (FPOS) systems that let the extraction of natural gases and the liquefying of them for easy storage at sea. All six global orders for the liquefied natural gas (LNG)-FPSO have been won by Samsung since 2008. The company also signed a long-term contract with Royal Dutch Shell under which several LNG-FPSO will be delivered. Other top-of-the-line products such as drill ships, icebreakers or cruise liners are targets for Samsung, which have chalked up substantial results in its endeavor in the potential-laden areas. This initiative is spearheaded by Samsung's charismatic Chief Executive Roh In-sik, who took the reins of the firm in January last year. ``We need to focus more on technology dev

Hyundai expands business horizon

By Kim Tae-gyu Staff reporter Ever since surging to the global top spot in the early 1980s, Hyundai Heavy Industries has remained ahead of the curve as the indisputable leader in the shipbuilding business. Understandably, all eyes were on the Ulsan-based company last year when shipyards struggled to find their feet in the midst of the financial crisis. The answer that Hyundai has come up with to deal with the downturn is to expand its business horizon to such enterprises as the generation of renewable energies or storage of them. ``We are an international top player in a total of 14 segments including shipbuilding, large-sized engines for vessels and mobility-specific power generation systems to name a few,'' a Hyundai spokesman said. ``However, we will not rest on our past laurels. Lest we continue to forge ahead, we will lag behind. Hence, we look to further diversify our business portfolios beyond the current ones.'' Already, Hyundai Heavy operates a total of six divisions of shipbuilding, offshore and engineering, industrial plant and engineering, engi