Articles by Kim Yon-se
Kim Yon-se
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Hyundai-Kia’s sales hit record high point in Europe in March
Hyundai Motor and Kia Motors posted all-time high monthly sales in the European market in March, despite the worsening business environment in the wake of the eurozone debt crisis.The affiliated companies’ combined sales came to 85,393 units in Europe in March, up 15.3 percent from 74,107 units a year before.According to the European Automobile Manufactures’ Association, also known as ACEA, Hyundai reported a 13.8 percent growth with sales of 50,131 units and Kia, 17.3 percent with 35,262 units.
Mobility April 18, 2012
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BEXCO has high hopes for Busan Motor Show
CEO Kim says May show will focus on low-emission vehiclesThe Busan Exhibition & Convention Center is striving to upgrade the Busan Motor Show through this year’s event, which may be the largest ever.The Busan International Motor Show 2012 is projected to mark “58 percent growth” compared to the previous event in 2010, BEXCO president & CEO Kim Soo-ik told a press conference in Seoul on Wednesday.The auto show ― which will emphasize low-emission vehicles ― will be held for 11 days from May 24 to
Mobility April 18, 2012
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First forum on the new AEO trade standards kicks off
The first international conference on the new trade paradigm, mainly refering to the Authorized Economic Operator, kicked off in Korea on Tuesday.About 800 senior public officials, business leaders and professors from around the world are attending the three-day forum co-hosted by the Korea Customs Service and the World Customs Organization.The conference is drawing interest as this marks the first global gathering since a group of customs authorities officially introduced the so-called AEO conc
April 17, 2012
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KT&G market share grows 4.8% in Q1
KT&G Corp. posted growth of 4.8 percent in its market share during the first quarter, a record-high over the past decade.The local company captured 62.1 percent of the nation’s tobacco market in the first quarter, compared to 57.3 percent in the fourth quarter of last year.The figure of 4.8 percent is the highest in 14 years since KT&G posted 6.4 percent growth during the first quarter of 1998, when Korea was hit by the Asian financial crisis.The company sold about 633.2 million packs in the fir
Industry April 16, 2012
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Lexus sedan to battle BMW 520d, Benz E300
Toyota-Lexus may overtake Volkswagen, Audi to become Korea’s third-largest car importerLexus, the premium brand of Toyota Motor, has launched all-out efforts to regain its once-high share in Korea’s import automobile market.Though Lexus was vying for the No. 1 spot in the import car industry with BMW seven or eight years ago, it yielded its position to other competitors in the wake of the record recall incident in the U.S.The Japanese brand recently slashed the price of the New GS350 sedan by ab
Mobility April 15, 2012
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China car sales beat estimates, easing demand concerns
China’s passenger-car sales rose 4.5 percent in March, beating analyst estimates, as dealerships increased discounts to attract buyers amid record fuel prices. Deliveries of passenger automobiles, including multipurpose and sport-utility vehicles, climbed to 1.4 million units last month, the China Association of Automobile Manufacturers said today in a statement. Sales were projected to increase 3.9 percent, according to the average estimate of a Bloomberg News survey of eight analysts. The rebo
Mobility April 15, 2012
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BOK rate-setting committee seat to be filled after 2-year vacancy
President Lee Myung-bak plans to soon appoint a new member of the Bank of Korea’s monetary policy committee that decides the nation’s key interest rate.The appointment will fill a panel seat that has been left empty for nearly two years. Under the law governing the central bank, the interest rate-setting panel is composed of seven members. But since April 2010, the committee has been led by six members, inviting criticism that the presidential office has been dragging its feet on filling the vac
April 13, 2012
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Rate-freezing may continue for more months
Central bank keeps interest rate at 3.25 percent for 10 consecutive monthsThe Bank of Korea hinted Friday that it would neither hike nor slash the benchmark interest rate over the next few months unless there are unexpected factors.Remarks by BOK Gov. Kim Choong-soo seemingly raised the possibility that the central bank could keep the key rate untouched for at least several months.On the day, the BOK’s monetary policy committee kept the rate unchanged at 3.25 percent for the 10th consecutive mon
April 13, 2012
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Saenuri’s win likely to speed up Woori sale
Election results could also be boon to KDB privatization, secondary banking sectorThe ruling Saenuri Party’s winning of a majority in the National Assembly is expected to accelerate economic policymakers’ project for sale of public funds-injected Woori Financial Group.There had been predictions that the stalled plan for Woori Financial privatization would not be feasible during the incumbent Lee Myung-bak administration.Financial regulators seemingly welcomed the results of the April 11 parliame
April 12, 2012
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Ex-economic policymakers turn lawmakers
A group of former top policymakers in economy-related ministries added seats for the ruling Saenuri Party in the April 11 parliamentary elections, according to results based on the exit polls.They included former Trade Minister Kim Jong-hoon, former Vice Finance Minister Ryu Sung-gul and former Vice Land Minister Kim Hee-kuk.Kim in particular is seen as a face-saver for the conservative party, beating veteran politician Chung Dong-young of the opposition Democratic United Party in Seoul’s Gangna
April 11, 2012
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Card firms sanctioned for irregularities
FSS warns Shinhan, Samsung, Hana-SK, Lotte against reckless expansionThe Financial Supervisory Service has issued a warning against four credit card firms over irregular business practices.The financial regulator said Wednesday that it has uncovered reckless credit card issuance to consumers of Shinhan Card, Samsung Card, Hana-SK Card and Lotte Card.“Due to the companies’ negligent screening of consumers’ financial status, they incurred bad loans,” an FSS official said.He said the companies fail
April 11, 2012
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Hyundai Motor strives to become premium brand
Hyundai Motor will prioritize upgrading its brand image across the globe, shifting from its earlier business focus of expanding market share overseas.On Tuesday, the world’s fifth-largest automaker revealed its ambition to cultivate brand power approaching the level of top global brands such as BMW and Mercedes-Benz.“Hyundai Motor has been successful in selling many cars. But the performance in brand power is lagging behind in the overseas markets,” company executive director Cho Won-hong said i
Mobility April 10, 2012
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Hyundai-Kia to hold job fair for suppliers
Hyundai Motors and its affiliate Kia Motors are stepping up their efforts to support subcontractors’ recruiting.The two companies said Monday that they will hold a series of job fairs to hire jobseekers for subcontractors, including auto parts manufacturers, between April 25 and May 10.The automotive job fairs will start at the COEX in Samseong-dong in southern Seoul on April 25. The event in Seoul will run though April 26.The same events are scheduled for provincial cities such as Gwangju and D
Mobility April 9, 2012
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Banks slashing number of branches
Lenders seek to open ‘smart-banking’ branches and tap overseas marketsMore and more Korean banks are withdrawing from their hot competition to increase their number of branches nationwide.While the number of branches had been a barometer for a commercial bank’s market dominance and competitiveness, they have been increasingly skeptical over tapping as many regional markets as possible. KB Kookmin Bank reduced the number of its branches to 1,165 at the end of 2011 from 1,174 a year earlier. The
April 9, 2012
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Rumor resurfaces on GM Korea’s relocation
Shanghai being mentioned as new Asian production base for GMObservers in the automobile industry are reviving the rumor that GM Korea will relocate its automobile manufacturing base in Incheon to a foreign country.The rumor has resurfaced as the Korean unit of U.S. General Motors has failed to post noteworthy sales performances despite changing the company name from GM Daewoo to GM Korea and introducing the Chevrolet brand in 2011.Following earlier speculation that GM Korea’s core production fac
Mobility April 8, 2012
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