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)