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Tuesday, January 23, 2018

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SsangYong G4 Rexton has been selected as the 4WD Car of the Year in Britain by the 4X4 magazine.

4WD Car of the Year

23 January 2018 - 12:00pm
Jung Min-hee

SsangYong Motor Company announced on January 22 that its G4 Rexton has been selected as the 4WD Car of the Year in Britain by the 4X4 magazine.

The British magazine, which has a history of 25 years, releases the list of the best AWD vehicles in seven categories each year. The categories are divided into crossover wagon, crossover, small SUV, midsize SUV, large SUV, high performance and luxury SUV, and off-roader. The 4WD Car of the Year is selected among the seven.

The magazine picked out the G4 Rexton as the best off-roader and the most valuable...

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Hyosung President Jo Hyun-sang (right in the middle) and Korea Bobsleigh & Skeleton Federation Chairman Kang Shin-sung (left in the middle) signed a sponsorship agreement on January 19.

Sponsorship for Winter Games

23 January 2018 - 11:45am
Jung Min-hee

Hyosung Corporation and the Korea Bobsleigh & Skeleton Federation concluded a sponsorship agreement in Seoul on January 19. The signing ceremony was attended by Hyosung President Jo Hyun-sang, Korea Bobsleigh & Skeleton Federation Chairman Kang Shin-sung, etc.

Members of the national bobsleigh and skeleton teams of South Korea have risen to the top in the world rankings in spite of poor training conditions in their home country. Yoon Sung-bin, who is the male skeleton athlete currently second to none in the International Bobsleigh and Skeleton Federation (IBSF) ranking, came...

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Daewoo Shipbuilding & Marine Engineering (DSME) bought DeWind for 140 billion won (US$131.16 million) in 2009 but now it is able to retrieve only one hundredth of the investment.

Just Retrieving One Hundredth of investment

23 January 2018 - 11:30am
Jung Min-hee

Daewoo Shipbuilding & Marine Engineering Co. (DSME) will completely withdraw from wind power business after selling its wind power subsidiary DeWind. The company’s dreams to turn into a global leading company in not only shipbuilding but also wind power sectors are to go up in smoke leaving a loss of some hundreds of billions of won behind.

According to shipbuilding industry sources on January 21, DSME has decided to sell a wind farm in its wind power subsidiary DeWind to a U.S.-based private fund company for 1.5 billion won (US$1.4 million) early this month. The...

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The ratio of Hyundai Motor’s labor costs, which totaled 6.34 trillion won (US$5.94 billion), to revenue, which amounted to 41.71 trillion won (US$39.06 billion), stood at 15.2 percent in 2016.

Deteriorating Competitiveness

23 January 2018 - 10:45am
Jung Min-hee

The ratio of labor costs to revenue at Hyundai Motor Co. exceeded 15 percent for the first time in history. This is because its sales are on the decrease while its labor costs are on the increase by labor strikes every year. The polarization of labor costs between Hyundai Motor and its smaller affiliate Kia Motors Corp. and other companies is also getting worse.

According to market research firm Korea CXO Institute on January 22, reaching an all-time high. The company’s labor cost ratio slightly dropped from 14.6 percent in 2014 to 14.3 percent in 2015 but it rebounded for the first...

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South Korean nuclear power plant builders are expressing concerns over the future of their business in Saudi Arabia as the US President Donald Trump proposed a new nuclear power plant construction project.

Deal between US and Saudi Arabia?

23 January 2018 - 9:30am
Jung Min-hee

According to foreign news outlets, U.S. President Donald Trump proposed a new nuclear power plant construction project led by American companies such as Westinghouse Electric Company in return for allowing Saudi Arabia to enrich uranium. Earlier, the U.S. President promised to rebuild the value chain-collapsed U.S. nuclear power industry. Westinghouse Electric Company, one of the leaders in the industry, was acquired by Toshiba in 2006 due to its financial difficulties. The company is trying to rebuild itself after being sold to a Canadian PEF this month.

Under the circumstances,...

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Automakers are currently rather passive in adopting connected car platforms of Google and Apple.

Reasons for Slowness

22 January 2018 - 9:30am
Jung Min-hee

Google and Apple have focused on the development of connected car platforms for no less than four years. However, automakers are currently rather passive in adopting their platforms, using the platforms of both at the same time or that of either Apple or Google only in a small number of their cars.

According to industry sources, this is because the tug of war between the smartphone platform companies and the automakers is continuing amid the emergence of the Amazon Alexa, Tesla’s counterattack, opposition to the spending of money, the era of 5G that is around the corner, etc.

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The secondary battery industry is strengthening its efforts to brace for a hike in core raw material prices, such as cobalt, lithium and nickel.

Preparation for Core Raw Material

22 January 2018 - 9:15am
Jung Min-hee

The secondary battery industry is accelerating vertical integration ranging from supply and demand of raw materials to processing of intermediary materials as its efforts to brace for a hike in core raw material prices, such as cobalt, lithium and nickel.

According to industry sources on January 18, LG Chem Ltd. aims to more than triple its cathode material production facilities based on its cathode material business division acquired from GS Energy Corp.’s subsidiary GS EM in 2016. Cathode material is a core secondary battery intermediary material made from the...

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Hoban Construction made a proposal to purchase 40% of the 50.75% stake of Daewoo E&C first and buy the rest of the stake in two to three years after securing a put option.

Sustainability Questioned

19 January 2018 - 11:00pm
Jung Min-hee

A local smaller constructor Hoban Construction solely took part in the acquisition of Daewoo Engineering & Construction Co (Daewoo E&C).

According to an official of the Korea Development Bank on January 19, only Hoban Construction submitted a proposal in the main bid for the sale of a 50.75% stake in Daewoo E&C held by the bank.

No bid proposal was handed in by Elien Holdings, a China-based investor, and the Pacific Private Alliance Group, a Chinese private equity fund.

It is said that Hoban Construction made a proposal to purchase 40% of the 50.75% stake...

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LG Innotek will mass-produce the Advanced Flip Chip LED Package with light efficiency of 220 lm per watt.

World’s Highest Light Efficiency

19 January 2018 - 11:30am
Jung Min-hee

LG Innotek succeeded in developing a light emitting diode (LED) for illumination that can withstand temperature up to 300 degrees, and will begin to roll out the product at the end of this month.

LG Innotek announced on January 18 that the company would mass-produce the Advanced Flip Chip LED Package with light efficiency of 220 lm per watt. The flip chip LED package is a light source directly attached to a PCB substrate without a connection line between chips. The new product’s light efficiency reaches the world's highest level.

The flip chip LED package has attracted...

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Deputy Prime Minister Kim visited Hyundai Motor Group’s Mabuk Environmental Technology on January 17 to meet group officials including vice chairman Chung Eui-sun.

Deputy PM’s First Visit to Conglomerate

18 January 2018 - 10:15am
Jung Min-hee

In a meeting with Deputy Prime Minister and Finance Minister Kim Dong-yeon on January 17, Hyundai Motor Group pleged to invest 23 trillion won (US$21.49 billion) in new businesses and hire 45,000 employees over the next five years.

Deputy Prime Minister Kim visited Hyundai Motor Group’s Mabuk Environmental Technology Center in Yongin, Gyeonggi Province, on the same day to meet group officials, including vice chairman Chung Eui-sun. After that, he told reporters, “Hyundai Motor said it is planning to make a 23 trillion won (US$21.49 billion) investment and hire 45,000...

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