Daewoo Shipbuilding & Marine Engineering is being hit by growing uncertainty about its new leadership, sapping staff morale. “Although the three-year term of current CEO Ko Jae-ho ends this month, the corporate board hasn’t even started discussions on his successor for the next three years,” Kim Sang-soo, a DSME union member, told The Korea Herald. The situation is unusual for the company. Previously, the board started the process for the next CEO appointment at least two months before the incum

Industry March 10, 2015

SEOGWIPO, Jejudo Island ― Nissan Korea, which debuted Leaf, the world’s best-selling electric vehicle, last December in Jejudo Island, has set a goal of becoming the top foreign EV brand within three years. For now, Nissan is one of the two foreign EV brands doing business in Korea along with BMW. Industry watchers forecast more foreign electric cars will soon enter the local market. “Despite growing competition, we think it is an achievable goal, considering Leaf’s credibility, safety and techn

Mobility March 8, 2015

SEOGWIPO, Jejudo Island ― Renault Samsung Motor, the Korean unit of French automaker Renault S.A., will enter the electric taxi market with the SM3 Z.E., its sedan-type EV, ahead of its rivals, in an effort to retake its market leadership in the local zero-emission car market. SM3 Z.E. was the best-selling EV model in Korea in 2013, but was pushed into the second spot last year by Kia Motors’ Soul EV.“The company plans to sell 1,000 units of the SM3 Z.E. nationwide this year,’’ said Park Dong-ho

Mobility March 8, 2015

SEOGWIPO, Jejudo Island ― Electric automakers are vying to showcase their products at an international EV expo which kicked off for a two-week run here on Friday.Not only EV makers but also related-business players, including battery and charging station makers, joined the second International Electric Vehicle Expo at the International Convention Center of this resort island.Among international participants, China’s electric carmaker BYD and U.S.-based EV maker Detroit Electric joined the second

Industry March 6, 2015

The nation’s job market has been in a slump for the past few years, affected by the prolonged economic slowdown. In contrast to this trend, demand for part-time or “arbeit”’ jobs has been growing across age groups at a steady pace. “Arbeit,” which means “worker” in German, has long been used to mean part-time job in Korea. “First of all, demographic and lifestyle changes in Korea have increased demand for part-time jobs,’’ said Choe In-young, CEO of Arbeit-Chunkook, the nation’s biggest open-mar

Industry March 5, 2015

Spotting small-sized foreign cars in the Korean streets will be more common this year as foreign car manufacturers are competing to debut their smaller models in different segments, targeting young Korean customers. “Going smaller in every segment will be the buzzword in the foreign auto community this year,’’ an industry insider said. BMW debuted the New Active Tourer,its minivan brand, in Korea last week. Audi launched a high-performance version of the A3, its smallest and cheapest sedan brand

Mobility March 3, 2015

South Korean conglomerates are on high alert as the National Pension Service, the nation’s largest investor, is forecast to actively exercise its voting rights at their annual shareholders’ meeting this month.“We are expanding our analysis of corporate proposals this year with the help of outside advisory firms for the first time,’’ an NPS official said on condition of anonymity.The Korea Corporate Governance Service and Sustinvest are offering advisory services to the NPS for voting on proposal

Industry March 2, 2015

The 2015 Chevrolet Trax, General Motors’ small sport utility vehicle, won the top safety award by the Insurance Institute for Highway Safety in the United States on Feb. 24, GM Korea said in a press release. “The Trax received a good rating in all test categories, including the small-overlap test,” the company said.  The small-overlap test is a stringent test that replicates what happens when the front corner of a vehicle collides with another vehicle or an object. The IIHS also has reaffirmed t

Mobility March 1, 2015

As Korea started applying tighter emission standards, Euro 6, to new diesel-powered commercial vehicles weighing more than 3.5 metric tons, from January this year, foreign truck makers are seeking to capitalize and grab a bigger market share. At present, the domestic truck makers continue to dominate with around 70 percent market share. Daimler Trucks, a commercial vehicle unit of Daimler AG, is one such global truck maker that considers the Korean market as high-growth potential. The company de

Mobility March 1, 2015

The Nuclear Safety and Security Commission approved the life span extension of Wolsong unit 1 reactor until November 2022. The 30-year operating license of the reactor in Gyeongju, North Gyeongsang Province, ended in November 2012. The commission made the decision in a vote early Friday despite strong opposition from some panel members, civic groups and residents.Wolsong unit 1 reactor (Yonhap)Government-appointed seven members of the state-run nuclear safety agency voted for the extension of th

Feb. 27, 2015

The heated race to take a 57.48 percent stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group, started Wednesday among private equity funds, Shinsegae Group, and a domestic builder.Four domestic private equity funds, retail giant Shinsegae, and Hoban Construction, a mid-tier local builder, have joined the bid by submitting a letter of intent to underwriters.According to sources, the confirmed PEF bidders are MBK Partners, IMM Investment Corp., IBK Securities-Keistone Part

Industry Feb. 25, 2015

 Major supercar brands will join the 2015 Seoul Motor Show to be held at KINTEX in Ilsan, Gyeonggi Province, from April 3-12, the exhibition’s organizing committee said Tuesday. The committee said during a news conference that Italian supercar brand Lamborghini will join the nation’s largest auto exhibition for the first time, with three models. Bentley Motors, a U.K.-based supercar manufacturer, will make a comeback to the biannual auto expo after eight years.Luxury sports car brand Maserati, w

Mobility Feb. 24, 2015

LS Cable & System, the nation’s top power cable-maker, said Tuesday it had signed a 25 billion won ($23 million) power cable supply contact with Energinet Fredericia, Denmark’s national power transmission system operator.Under the deal signed Monday, the company will supply a 300-kilometer-long high-voltage underground cable for the Danish project to modernize and improve the transmission system of the greater Copenhagen area by the latter half of 2016. “Through the deal, the company will furthe

Industry Feb. 24, 2015

A Korean company is helping develop infrastructure for the rising tourism industry on Myanmar as it plans to build and operate the first cable car in Mount Kyaiktiyo in Mon State next year.“The cable car will give easier access to Kyaiktiyo Pagoda, better known as the golden rock, located at the summit of the 1,100-meter high mountain,’’ Sky Asia CEO Yoo Sun-ha said in a recent interview with The Korea Herald. Sky Asia CEO Yoo Sun-ha. (Chung Hee-cho/The Korea Herald)Currently, visitors can reach

Industry Feb. 23, 2015