Hanwha capitalizes on Davos forum for solar marketing

Hanwha Group, a family-owned Korean conglomerate, has spurred its drive to market its fledgling engine-solar power business, starting with the 2014 World Economic Forum as the first international venue for promoting its goods. Hanwha, together with other firms, sponsored the annual meeting ― better known as the Davos forum in Korea. The forum is a global gathering of world business and government leaders who meet in Davos, Switzerland, to discuss pressing global agenda and build worldwide networ

Jan. 28, 2014

KAI confident of winning U.S. deal

Ha Sung-yong, CEO of Korea Aerospace Industries, the country’s sole aircraft manufacturer, expressed his confidence in winning the upcoming U.S. Air Force T-X project that involves replacing outdated trainers. “The project will be one of the key overseas orders that KAI has set its sights on. I am confident about winning the deal if the competition is launched, as KAI’s T-50 Golden Eagle supersonic trainer is the model most similar to the U.S. Air Force’s F-16 and F-35 fighters,’’ Ha said. Durin

Jan. 23, 2014

Department stores reshuffle cosmetic counters to woo VIPs

One of the key marketing strategies for department stores is to catch customers’ eyes as soon as they enter the edifice. This is precisely the reason why most of the flashy cosmetics are located on the ground floor of most department stores. But to move in tandem with growing market demands that call for diversifying the customer base, the stores are now attempting different sales strategies.Some of these strategies involve cheaper prices and better availability, while others mean becoming more

Jan. 21, 2014

Starbucks’ formula for harmony, satisfaction

If you visit the Starbucks in Sogong-dong in central Seoul, you may see a sign asking people to try sign language when ordering, to communicate with a barista who has a hearing disability. The customers are more than willing to try a hand at this silent but powerful language to order their lattes and cappuccinos. A total of 166 disabled baristas currently work for Starbucks nationwide. These baristas, given the same kind of training as their non-disabled colleagues, are able to produce quality c

Jan. 21, 2014

[Newsmaker] Businesses brace for New Year challenges

Chairmen of Korea’s top conglomerates started off the year on Thursday by urging executives and employees to brace for crisis. Samsung Group chairman Lee Kun-hee emphasized that the business behemoth should keep trying to shed old things in running business in order to embrace a new global management system. “To be a leader in an environment that lacks certainty and visibility, we must go beyond the boundaries of current markets and technologies,” Lee said at an opening event for the New Year he

Jan. 2, 2014

Three issues concerning the world’s carbon markets and their prospects

The Kyoto Protocol adopted at the Framework Convention on Climate Change in 1997 went into effect in 2005. The protocol required advanced nations to reduce their greenhouse gas emissions by an average of 5.2 percent below 1990 levels between 2008 and 2012. To meet the targets, 25 EU states created the Emissions Trading System in 2005, allowing 1,963 companies to trade part of their emissions quota.Along with the ETS, the EU opened the world’s first carbon market, and Asia-Pacific and North Ameri

Dec. 24, 2013

‘Energy management market next big thing in Korea’

With a shift in the nation’s energy policy from supply-driven to demand management, the energy management market in Korea will be bullish within the next five years, said the head of the Korean unit of Schneider Electric.“Interest in saving energy and improving energy efficiency is growing among all types of energy consumers ― from companies to home owners ― as the power rate continues to rise,” CEO Kim Kyung-rog told The Korea Herald. Schneider Electric is a France-based energy management solut

Dec. 17, 2013

Korea launches world’s first mobile power ship project

The world’s first project to build a large-scale power generation ship was launched on Tuesday in Seoul as three Korean industrial giants and German-based Siemens signed a memorandum of understanding at Coex InterContinental Hotel, companies said. Three Korean the companies joining the project are Korea Midland Power Co., Hyundai Heavy Industries and Polaris Shipping.The four companies formed the consortium to install an 880-megawatt power-generating facility on a floating storage regasification

Dec. 10, 2013

KEPCO to build power plant with Hanjin Heavy in Philippines

MANILA ― The state-run Korea Electric Power Corp. is developing a project to build a 300-megawatt coal-fueled power plant with Hanjin Heavy Industries and Construction, Korea’s oldest shipbuilder, in the Philippines, KEPCO officials said. “The Hanjin Group affiliate will make an equity investment in the project based on the build-operate-own contract, while it will be responsible for the plant construction,” said Hwang Kyu-byeng, president and CEO of KEPCO Philippines. Industry sources expect th

Dec. 3, 2013

Gangnam sees real estate outflow, but outlook positive for tourist areas

In 2013, the central business district office market saw its vacancy rate rise due to new supply. In the first half of the year, three projects totaling an approximate gross floor area of 161,323 square meters were introduced into the CBD market. Looking forward, although new supply in 2014 are much less than seen in 2013, various Cheongjin office development plans are scheduled to becoming available in 2014. However, some new completions will be occupied by owners in the CBD area. Market condit

Dec. 3, 2013

Mercedes-Benz names new sales VP

Mercedes-Benz Korea on Tuesday said it named Choi Duk-jun from its Chinese operations as the new vice president of sales.Choi, 49, is currently head of network development at Mercedes-Benz China and will start his new job on Jan. 1.Choi joined Mercedes-Benz China in 1999 to become regional manager handling Korea for passenger car sales and marketing. During his seven-year term in China, the number of dealerships rose from an initial 60 to more than 300. The number has made the dealership network

Dec. 3, 2013

MS Korea chief to lead AMCHAM

A Korean-American has been elected as the new leader of the American Chamber of Commerce in Korea for the first time in the organization’s 60-year history.James Kim, the general manager and CEO of Microsoft Korea, is to replace the incumbent chairperson, Pat Gaines, in January for a one-year term.Kim was picked to lead the influential group in a one-month election process in November. Kim ran as the sole candidate. Observers expressed hopes that along with U.S. Ambassador to Seoul Sung Kim of Ko

Dec. 2, 2013

Samsung braces for annual reshuffle

Korea’s largest conglomerate Samsung Group is expected to conduct its year-end personnel reshuffle starting Monday, a move that is widely expected to have huge repercussions as the Samsung Electronics chairman prepares to delegate more authority to his children.Much of the scrutiny is on Seo-hyun and Boo-jin, chairman Lee Kun-hee’s two daughters, who reportedly will receive promotions in the upcoming reshuffle, industry sources said. The sources predicted that Lee’s eldest daughter Boo-jin, curr

Dec. 1, 2013