Articles by Kim Yon-se
Kim Yon-se
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Competition heated in luxury sedan segment
Hyundai Motor bolsters marketing to battle BMW, Mercedes in GangnamKorean automakers are set to reinforce marketing of large sedans at home, as their sales in the lucrative premium segment continued to be eroded by import brands.Though Hyundai Motor is posting record-breaking sales of the Equus, Genesis and Grandeur sedans in major overseas markets including the U.S., the company had to suffer a heavy drop in share of the local upscale market.In the case of the Equus sedan, Hyundai posted 6,449
Mobility Aug. 26, 2012
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Shares sink 1.17 percent on economic woes
South Korea stocks dropped 1.17 percent on Friday on renewed concerns over a global economic slowdown and dashed hopes for imminent stimulus measures from European and U.S. central banks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 22.73 points to close at 1,919.81. Trading volume was moderate at 615.9 million shares worth 4.3 trillion won ($3.8 billion), with losers outstripping gainers 542 to 278.“There still remains wides
Aug. 24, 2012
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Car sales to plummet amid labor strikes
Local major carmakers are expected to post a steep sales drop this month in the aftermath of labor strikes, automotive industry insiders said Friday.Hyundai Motor has revised down its August sales target by about 20 percent from its earlier goal, as production of popular models such as the Avante, Sonata and Santa Fe has declined sharply.“August is normally the month that records the fewest vehicle sales due to seasonal factors. This year, the labor dispute has aggravated the situation,” a compa
Industry Aug. 24, 2012
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Shares inch up 0.38% on bargain hunting
South Korean stocks edged up 0.38 percent Thursday as investors scooped up local shares for bargain hunting following a recent fall, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 7.35 points to close at 1,942.54, snapping a four-session bearish run. Trading volume was heavy at 594.7 million shares worth 4.15 trillion won ($3.67 billion), with gainers outpacing losers 460 to 335.“Foreign investors picked up large-cap shares t
Aug. 23, 2012
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Business lobby group opposes move to raise corporate taxes
KCCI tenders wish list to ruling and opposition parties ahead of presidential electionFour months ahead of the Dec. 19 presidential election, a major business lobby group submitted their wish list to political parties urging them not to raise corporate taxes.In the recommendation letter handed over to ruling and opposition parties on Thursday, the Korea Chamber of Commerce & Industry said it hopes, above all, the next administration will not raise corporate taxes.The KCCI claimed that the recent
Industry Aug. 23, 2012
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Seoul-Tokyo tension affects bilateral investments little
Japanese purchase more Korean stocks since Lee’s visit to DokdoThe heightened diplomatic tension between Korea and Japan had little negative impact on bilateral investment and trade so far, data showed.Moreover, Japanese investors were net buyers on Korea’s main bourse for the four trading sessions after President Lee Myung-bak visited Dokdo islets on Aug. 10.“Japanese investors’ purchase of stocks and bonds surpassed selling over the sessions last week,” said an official of the Financial Superv
Industry Aug. 22, 2012
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Seoul shares slip 0.41% on lack of momentum
South Korean stocks edged down 0.41 percent Wednesday ahead of major events in Europe and the United States in the coming weeks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 8.03 point to close at 1,935.19. Trading volume was moderate at 418.4 million shares worth 4.04 trillion won ($3.56 billion), with losers outpacing winners 475 to 332.“There will be no big liquidity supply, corporate earnings or political events in the ne
Aug. 22, 2012
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Toyota strives to placate angry consumers
Consumers preparing to file class action suit over fuel efficiencyToyota Motor Corp.’s Korean unit is grappling to block a possible class action suit by a group of consumers arguing that the automaker fabricated the fuel-efficiency figures of some hybrid cars.This comes as some local owners of eco-friendly vehicles from Toyota and Lexus, the premium brand of the Japanese company, are inviting similar complaints on a website for a joint litigation.The angry consumers claim that the “high fuel-ef
Industry Aug. 21, 2012
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Firms face global patent disputes
Korea’s business sector has faced a growing number of patent disputes with foreign enterprises as many local big players are increasing their shares in overseas markets.According to the Korean Intellectual Property Office, the business sector saw the number of international patent lawsuits surge by 80.5 percent over the past two years. In particular, Korean firms are increasingly becoming the target of patent offensives from foreign technology powerhouses.“A growing number of foreign firms have
Industry Aug. 20, 2012
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Lackluster sales prompt Chung’s visit to U.S.
Hyundai Motor Group chairman Chung Mong-koo is expected to call on the automotive group’s U.S. operation to map out measures against Toyota Motor’s rapid sales growth in North America.Chung has left for Los Angeles where Hyundai’s U.S. sales corporation is located. “The chairman will also visit the Alabama plant of Hyundai Motor and the Georgia plant of (affiliate) Kia Motors,” a group spokesman said Monday.“The U.S. auto market was also hit by the eurozone debt crisis. The chairman’s visit is a
Industry Aug. 20, 2012
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Gasoline prices approach 2,000 won
Gasoline prices continued to climb over the past month in the local market, marking an average figure of nearly 2,000 won ($1.76) per liter, with international crude oil prices spiking.According to the Korea National Oil Corp., retail gasoline prices surged to 1,980.05 won per liter on average as of Aug. 19, compared with 1,891.86 won on July 16.The nation’s gasoline prices on average had risen at a moderate pace, but accelerated from mid-July. After surpassing 1,900 won on July 24, they reached
Industry Aug. 19, 2012
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Korean firms up stake in global TV market
South Korean TV makers raised their stakes in the global market in the second quarter on the back of their strong brand awareness and product lineups, a report said Sunday.According to the report compiled by market research firm DisplaySearch, South Korean TV makers such as Samsung Electronics Co. and LG Electronics Inc. sold a combined 19.82 million units in the second quarter of the year, up 2.3 percent from a year earlier.Their combined market share stood at 38.4 percent in the April-June per
Aug. 19, 2012
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Corporate failures fall to 4-month low in July
The number of South Korean corporate bankruptcies declined to a four-month low in July due to falls in failures of manufacturers and builders, the central bank said Sunday.The number of companies that went belly-up totaled 95 in July, compared with 103 tallied in the previous month, according to the Bank of Korea.The July data marked the lowest level since the number of corporate failures hit a record low of 90 in March.Meanwhile, the number of newly established companies came in at record 7,127
Industry Aug. 19, 2012
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China rapidly narrows industrial gap with Korea
This is the fifth in a series of articles to mark the 20th anniversary of diplomatic ties between South Korea and China. ― Ed.The technology gap between Korea and China has narrowed over the past decade in the manufacturing industry.According to data from the Korea Institute for Industrial Economics & Trade, the technology gap in the manufacturing industry between the two countries narrowed to 3.7 years in 2011 on average, from 4.7 years in 2002.In terms of the countries’ technological levels as
Industry Aug. 16, 2012
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Luxury goods sales surge 190% in 5 years
Global luxury brands such as Louis Vuitton and Prada saw their sales and net profit here surge over the past five years, buoyed by brisk sales irrespective of economic conditions.Ten major luxury brands posted 1.85 trillion ($1.6 billion) in sales overall in Korea in 2011, marking 190 percent growth from 648.9 billion won in 2006, according to Chaebul.com, a website tracking Korean conglomerate owners.Further, their net profit increased by more than 300 percent from 45.7 billion won in 2006 to 1
Industry Aug. 15, 2012
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