Will FTA boost U.S. car sales here?

GM, Ford, Chrysler seek to attract consumers by lowering price tagsChrysler was the biggest-selling U.S. auto brand in Korea last month excluding Chevrolet of GM Korea. But Chrysler’s sales ranking among all import brands, including the likes of BMW and Mercedes-Benz, was just eighth.Further, its February sales of 301 units included Jeep and Dodge vehicles as well as Chrysler sedans. Ford, including the Lincoln brand, ranked 10th with 230 units while Cadillac of General Motors was 18th with 59 u

MobilityMarch 11, 2012

Will new iPad run on Korea’s LTE networks?

Questions are arising not only about the new iPad’s launch date but also about its fourth generation network compatibility in Korea after Apple introduced it during an event in San Francisco on Thursday.The latest iPad, which boasts “ultra-fast wireless speeds,”is customized to run not on the 4G Long Term Evolution network, but on the 700 megahertz and 2.1 gigahertz wireless broadband spectrums used by U.S. mobile carriers Verizon and AT&T.The finding not only impacts Korea, a country currently

IndustryMarch 9, 2012

POSCO develops car body frame

POSCO on Friday announced the results of its development of a steel body frame for electric cars that is 25 percent lighter than existing chassis.The use of ultra high strength steel was increased by 40 percent in the new chassis, but it does not require changes in the existing auto production lines, allowing minimized cost increases for mass production of electric cars, POSCO said in a press release.The POSCO Body Concept-Electric Vehicle meets international safety standards for 2015, and reduc

IndustryMarch 9, 2012

Top regulator promises transparency under FTAs

The chief financial regulator pledged to improve Korea’s supervisory systems to promote a level playing field for local and foreign players.At a forum for foreign financial firms in Seoul, Friday, Financial Supervisory Service Gov. Kwon Hyouk-se stressed the necessity of bolstering regulatory transparency in “the era of free trade pacts.”His promise came during his speech at the 4th annual event, dubbed “FSS Speaks,” on the nation’s regulatory policy directions.“One (policy) is steps we are taki

March 9, 2012

Solo households change economy

One in four households has just one occupant; companies shiftattention to their potentialThe number of Korean households with only one occupant is on the rise, and local companies are taking increasing notice of their significant purchasing power. Compared with married people, those who live alone tend to eat out in restaurants, enjoy time at cafes, take various hobbyist classes and go to the gym. The demographic’s distinctive preferences for certain goods and services is now generating interest

March 9, 2012

Producer price gain accelerates...in February

South Korea’s producer price growth accelerated in February from the previous month because of a rise in oil prices and public service charges, the central bank said Friday.The producer price index, a barometer of future consumer inflation, gained 3.5 percent in February from a year ago, accelerating from a 3.4 percent on-year growth in the previous month, according to the Bank of Korea. The January figure marked the slowest growth pace in 17 months.The on-year gain was largely attributed to an

March 9, 2012

Space weather storm fizzles on arrival

A picture taken late on March 7, 2012 of northern lights in Abisko, Swedish Lapland. (AFP)A space weather storm that was forecast to be the strongest in five years has fizzled out and ended up causing no impact to power grids or modern navigation systems, US experts said on Thursday.A series of erup

TechnologyMarch 9, 2012

Seoul to promote safety of its nuclear plants

Korean reactor models demonstrate upgraded safety featuresThe Seoul Nuclear Security Summit on March 26 and 27, which will be preceded by a nuclear industry conference three days earlier, is expected to be an opportunity to show off the technological excellence and safety of Korean atomic power plants.The Korean standard nuclear power plant, which is 95 percent technologically self-sufficient, has risen as a major export item in the country after semiconductors, cars, mobile phones and ships.Sta

IndustryMarch 8, 2012

LG Uplus to offer service for LTE voice calls in October

LG Uplus Co., South Korea’s smallest mobile carrier, said Thursday that it plans to start voice over long-term evolution service late this year that will enable smartphone users to access better data and voice services.The LTE service, or the fourth-generation wireless technology, enables customers to access a stream of data faster than the current 3G network and download and watch movies more quickly. The VoLTE technology allows users to enjoy high quality voice services as well. “We are aiming

IndustryMarch 8, 2012

LG chairman orders faster roll-out of OLED TVs

LG Group chairman Koo Bon-moo urged its flagship electronics arm to secure the lead in the organic light-emitting diode television market by rolling out the TV sets earlier than scheduled.During his visit with its affiliates’ chief executives to the group’s research and development conference in Daejeon on Wednesday, he requested an early release of the 55-inch OLED TV, which is currently set to be launched in the latter half of this year.He also asked LG Display to speed up the development of p

IndustryMarch 8, 2012