Hyundai chairwoman under siege

Hyundai Group Chairwoman Hyun Jung-eun

Hyundai Group’s worst fear appears to be coming true. 

Hyundai Motor is now openly saying that its takeover of Hyundai Engineering and Construction shouldn’t be ruled out. 

Hyundai Group’s main creditor, the Korea Exchange Bank (KEB), is showing no signs of backing off from its demand that the conglomerate should pay off all its debts. 

The picture is complicated. The group, led by Hyun Jung-eun, the widow of Chung Mong-hun, the fifth son of the later founder Chung Ju-yung, is engaged in a standoff with KEB over the lender’s demand that the conglomerate should follow up on its recommended debt restructuring. 

Jung So-ra crowned Miss Korea 2010

Jung So-ra was crowned Miss Korea 2010 at the Sejong Center for the Performing Arts, downtown Seoul, Sunday night. The 19-year-old will compete in next year’s Miss Universe competition and afterward hopes to become a diplomat ― a career well within reach of the young scholar who already speaks four languages. / Korea Times photo by Kim Ji-gon

After another warm and bright weekend, Korea awoke to a fresh new face Monday morning. Jung So-ra was crowned Miss Korea 2010 Sunday night at the Sejong Center for the Performing Arts, downtown Seoul.

Jung valiantly fought back her tears while being crowned by last year’s winner Kim Joo-ri. Dressed in a rich, navy blue dress, the doe-eyed beauty’s surprise and excitement was evident. 

It was only moments before the announcement came that the humble 19-year-old ― originally representing Seoul ― was asked who she would, in all honesty, like to see be crowned the winner. 

``I can be greedy,’’ Jung started sincerely. ``But my heart also knows how to yield. I would like for all of us to win.’’ 

She will be the representative national face for the coming year, a responsibility she already has an affinity and skill for. Jung, who wants to be a diplomat, already speaks four languages (including English, Chinese and Japanese along with her mother tongue), and is enrolled at the University of California, Riverside.

Can StarCraft duplicate success?

American game developer, Blizzard Entertainment, prepares to release StarCraft II, the sequel to Korea’s most popular computer game ever that provided the key fan base for the now immense online gaming segment. / Korea Times

StarCraft, the military science-fiction game that permanently reshaped Korean leisure habits and helped the country become the planet’s most wired nation, again garners rapt attention upon the much-anticipated arrival of its new version on Tuesday. 

‘Korea is more global than Koreans think

Merck Korea CEO Juergen Koenig is an energetic entrepreneur who puts family first

Juergen Koenig, CEO of Merck Korea, is everything Brazil stands for. He is vibrant, energetic, pleasant, and exotically cultured. Most of all, he exudes optimism and carries an attitude of gratitude. 　

“I appreciate every part of life,” says Koenig, who came to Korea in 2008 to head the Korea operation of Merck KGaA, one of the world’s oldest corporations whose businesses range from pharmaceuticals to chemicals, food, plastics and bioscience. 

Koenig was born in Brazil to German parents, a fact that explains much of his attitude toward life. His exposure to different cultures probably helped him cultivate compassion and an ability to understand even the tricky parts of life, which people often find challenging to appreciate. 

He credits his family for his successful career. “I have been really blessed,” said Koenig. Prior to his arrival in Korea two years ago, he had served as the head of Merck’s operation in Pakistan for eight years. Before that, Koenig had worked for a BASF company in Pakistan. Merck approached him in recognition of his leadership skills. 

KOFIA plans to launch credit-default swaps index

Korea’s financial investment association plans to introduce a benchmark for credit-default swaps on the nation’s corporate bonds, according to two officials at the group.

Swaps on notes sold by companies, banks, card issuers and finance leasing firms may be tracked by the index, which the Korea Financial Investment Association plans to start in the fourth quarter of this year, said one of the officials, who asked not to be identified as details are still being determined. The association, also known as KOFIA, is a non- profit organization that promotes the nation’s capital markets.

Choi Na-yeon wins LPGA title in playoff

South Korea's Choi Na-yeon claimed her third LPGA victory at the $1 million Jami Farr Owens Corning Classic in Sylvania, Ohio, on Monday, a news report said.

[Photo News] Park Ji-sung opens youth football center

Park Ji-sung, a renowned soccer player who scored for the Korean squad during the 2010 World Cup finals in South Africa, has opened a youth football center bearing his name in Suwon, Gyeonggi Province, on Saturday. 

After an opening ceremony of the center named "JSFC," Park joined Korean youngsters in the soccer center, giving them a hope for becoming a world famous soccer player. 

(Photos by Yonhap News)

N.Z. Embassy moves to new location

The New Zealand Embassy has enjoyed a long relationship with the Kyobo building in Gwanghwamun but, that relationship will end when they move into their new digs later this week.

“With an expansion of our diplomatic presence in Seoul, the time had come to look for a slightly larger embassy that would better suit our needs in the coming years,” explained New Zealand Ambassador Richard Mann to The Korea Herald.

The ambassador is delighted to be moving to the historical diplomatic quarter of Jeong-dong, he said, adding, “We hope that our move there will add to the diplomatic character of this traditional neighborhood.”

Currently, the residence of the United States ambassador and the embassies of the United Kingdom, Canada, Russia and the Netherlands call the historic district their home. 

The new New Zealand Embassy will look out over the old Russian legation park and Deoksu Palace. 

Besides being very green, the area’s main attribute is its central location.

As for a representational office of his government in Seoul, the chancery is still within walking distance of the Blue House, the Foreign Ministry and other government ministries, as well as having good access to subway and bus routes. 

“The other important thing about an embassy is that it is fit for purpose,” Mann said. “We will achieve this in Jeong-dong with better conference and meeting facilities, as well as the ability to provide a good service to the Korean public and New Zealand citizens.”

The big move starts at noon on Thursday and the embassy will reopen at 9 a.m. on Aug. 2.

Another big plus for everyone is a larger consular section.

To make the embassy feel more like home, Mann plans to feature New Zealand designs including artwork, fittings and carpets. 

The official address of the chancery, which will house all the branches of its diplomatic mission such as education, trade and military -- except for tourism -- is the Jeong-dong Building, Level 8 (West Tower), 15-5 Jeong-dong, Jung-gu.

G20 to discuss safety net and development

Senior officials from the Group of 20 nations recently moved forward in setting the agenda for their leaders’ summit in November, including a proposed global financial safety net and development assistance. 

The sherpas from the advanced and emerging economies met in Seoul over the past week to plan for the Seoul Summit scheduled for Nov. 11-12.

During the four-day meeting, they discussed previous commitments regarding the framework for sustainable and balanced growth, financial industry regulations and the overhaul of international financial institutions. They also tried to advance new agenda items including the global financial safety net and development.

The meeting, co-chaired by Korean sherpa Rhee Chang-yong and South African sherpa Mandisi Mpahlwa, gathered about 100 senior representatives from the member countries and international organizations.

“The meeting of the sherpas went well in the sense that we were clear about what the agendas are for the Seoul Summit,” Mpahlwa told The Korea Herald after the meeting.

[Photo News] Kim Yu-na's ice show

World's figure skating queen Kim Yu-na debuted a new exhibition program to "Bulletproof" by La Roux at her ice show in South Korea on Sunday, according to news reports.

The show titled, "2010 All That Skate Summer," is the first produced by the management company she recently created, All That Sports. 

During the ice show, she performed with her idol, five-time world champion Michelle Kwan, in a duet to Mariah Carey's "Hero," according to the reports.

The management agency, in the meantime, offered apology to news media organizations for failing to hold Yu-na's press conference as scheduled on Friday due to communication problems. 

Photos: Yonhap

Hyundai-Kia tops China’s SUV market

Hyundai Kia Automotive Group was rated as the top sellers of sport utility vehicles in China during the second quarter of the year, industry sources said.

Hyundai Motor Co. and its affiliate Kia Motors Corp. sold a combined 51,908 SUVs in the Chinese market in the April-June period, outpacing Japan’s Toyota Motor Corp., which sold 42,196 SUV units, according to the sources.

In the first half of the year, Hyundai and Kia sold a total of 90,534 SUV units in China, accounting for 15.7 percent of the Chinese SUV market. 

However, they came in second to Toyota, which sold 92,489 SUV units in the January-June period, accounting for 16.1 percent, the sources said.

Hyundai and Kia sell four compact SUV models, including the Tuscon and Sportage, in the world‘s largest car market.

The Korean auto manufacturers are planning to add a new SUV model to their lineup later this year to compete with other foreign rivals in China. 

Meanwhile, union workers at Hyundai Motor Co., voted Saturday to approve a new wage agreement, avoiding a strike over annual salary negotiations for the second straight year, the company and the union said. 

U.S. teens learn Korean in program

U.S. teenagers are taking part in an intensive Korean language course in a classroom. 

This is not out of the norm at Sogang University’s Korean Language Education Center, but these students, all of whom are 15-18 years old, are here as part of a special program sponsored by the U.S. State Department.

Each student had their own unique reason for coming to Korea and joining the National Security Language Initiative for Youth.

“I started watching Korean dramas and listening to Korean music and I got tired of watching them with subtitles,” said Zaneh Williams from Maryland.

“This is a chance to see the world on my own and have a bit more independence,” said Gabrielle Hanley from Virginia.

The students study Korean for four hours in the afternoon, with a strict “no English” policy.

Learning Korean is “fun, but really intensive. We learned reading and writing in about a week,” said Gabrielle.

But she said understanding Korean vocabulary and sentences is the hardest part. 

Even students in the beginner classes have already mastered Hangeul, the Korean alphabet.

These students are not only here for Korean, but also to learn the culture.

“We’re partnered up with university students around Seoul to take a group of us out to different places,” said Gabrielle.
 

FIFA praises Korea’s 2022 World Cup bid

Harold Mayne-Nicholls (right), head of the FIFA inspection team, holds up a Korean soccer team jersey imprinted with his name that was presented to him Sunday by the Bidding Committee for the 2022 World Cup Korea. Lee Sang-sup/The Korea Herald

A FIFA team inspecting Korea’s bid for the 2022 World Cup on Sunday praised the country’s preparation efforts and passion to hold the global event after completing their four-day evaluation trip. 

The five-member team, led by Chilean Football president Harold Mayne-Nicholls, arrived in Seoul on Thursday as part of their two-month tour of all the nine bidders vying to host the 2018 and 2022 World Cup.

“I was here for the 2002 World Cup. After eight years, I was able to see the legacy is not only the stadiums but seems to be on every body in this country,” said the head of the FIFA team.

Joint military exercise begins in East Sea

North Korea warns of 'revengeful holy war'
South Korea and the United States kicked off a four-day joint military exercise in the East Sea on Sunday in a display of force against North Korea accused of launching a torpedo attack on the corvette Cheonan in March.

The two allies have mobilized some of their key military assets, including the 97,000-ton aircraft carrier USS George Washington and four F-22 stealth fighter jets, for the maritime and air exercise, codenamed “Invincible Spirit.”

Apparently unnerved by the drill intended to send a clear warning message to the communist state, North Korea threatened Saturday to begin a “revengeful holy war.”