The Korea Herald

SKT to break KT’s iPhone monopoly

SK Telecom will begin selling Apple Inc.’s iPhone on March 16, it announced Sunday, ending the exclusive distribution here by its rival KT Corp. The country’s largest mobile carrier said it will take pre-orders starting Wednesday at its T World branches and online. “We at SK Telecom are glad that we can introduce the iPhone 4 through Korea’s best network,” said Seo Jin-woo, chief of SK’s platform

IndustryMarch 6, 2011

LGE raises LCD TV production in China

LG Electronics, the world’s second-largest TV manufacturer, has installed a liquid-crystal display production line at its flat-screen plant in China targeting a rapidly expanding Chinese middle class, the company said Sunday.The new facility in Shenyang, the capital of northeastern Liaoning province, began operation recently to produce about 65,000 LCD televisions per month.“It follows our strateg

IndustryMarch 6, 2011

Hanwha SolarOne gets new start on NASDAQ

Hanwha SolarOne Co., a solar-products maker formerly known as Solarfun Power Holdings Co., formerly announced the change of its name and NASDAQ ticker symbol in a ceremony in New York City on Friday. Peter Xie, president and CEO of the company affiliated with Hanwha Chemical Corp., rang the closing bell to mark the completion of the company’s rebranding. The Shanghai-based company changed its name

IndustryMarch 6, 2011

Hanwha SolarOne gets new start on NASDAQ

Big businesses come up with ‘shared growth’ plans

Major companies are devising plans to support their suppliers in line with a government-led campaign for “shared growth” between large and small firms.A range of companies are coming up with plans to help their smaller partners with financing, research and materials procurement despite a recent feud with the government over the profit sharing scheme. The push on big businesses to extend their prof

March 6, 2011

Hyundai wins $615m drillship order

Noble Corp., which has ordered construction of two of the industry’s most expensive drilling rigs this year, will buy a third ultra-deepwater vessel as contractors take advantage of higher crude prices and low shipyard costs.The rig, which will be able to drill in water as deep as 12,000 feet (3,700 meters), will cost $615 million, the Geneva- based drilling contractor said. Noble ordered all thre

March 6, 2011

Food spending hits record in 2010

Korean families’ spending on food rose to a record high last year due to surging prices of agricultural goods, government data showed Sunday. According to Statistics Korea, households’ average monthly expenditure on food came in at 602,604 won per month ($539) last year.Last year was the first time that the figure, which includes expenditure on groceries, beverages and eating out, rose above the 6

IndustryMarch 6, 2011

Revised savings bank rules to hit shareholders

New regulations mean major stakeholders face fines if banks take too many lending risksThe financial regulator plans to add new clauses to regulations on savings banks to enhance supervision and punish large shareholders for risky behavior, sources said Sunday.The Financial Supervisory Commission is rewriting rules governing the country’s embattled savings banks suffering the result of their inves

March 6, 2011

Revised savings bank rules to hit shareholders

Pre-launch orders for Toyota Corolla

Toyota Korea is receiving pre-launch orders for the compact car Corolla from Monday. The Corolla, which holds the world sales record with more than 37 million units sold since the first generation Corolla was launched in 1966, will be introduced to the local market later in the month. CorollaAs part of the promotion event, the company opened a Facebook page for the vehicle, and is holding a prize

MobilityMarch 6, 2011

Volkswagen service campaign

Volkswagen Korea is operating a free checkup campaign for the Phaeton and Passat sedans and the sport utility vehicle Touareg until March 25.During the period, owners of the three models registered before March 2008 can have their vehicles checked free of charge, and receive 10 percent discount on charges arising from any repairs that may be required.For more information, call Volkswagen customer

MobilityMarch 6, 2011

Hyundai adds hatchback and diesel Accents

Hyundai Motor Co. launched the hatchback version of its subcompact Accent and added a diesel engine to the subcompact lineup on Wednesday.The new diesel engine, available in both Accent Wit and the original Accent, is a 1.6-liter engine that puts out 128 brake horsepower and manages 20 kilometers per liter of fuel with automatic transmission. With manual transmission, the vehicle manages 23.5 kilo

MobilityMarch 6, 2011

Hyundai adds hatchback and diesel Accents

SK Networks launches car black box app

SK Network launched a black box application for smartphones Wednesday.The application allows smartphones to act as a black box, recording the surroundings of a vehicle. According to the company, the application allows more drivers to benefit from the functions of a black box without the additional cost of buying and installing such equipment.The application also provides the locations of SK gas st

MobilityMarch 6, 2011

Nissan deals for March

Nissan Korea is offering a range of special deals, and holding a special test drive event until the end of the month.During the period, the company is offering lease financing programs with the Rogue crossover utility vehicle and the Altima sedan. RogueThe program requires 35 percent of the price to be paid up front, and monthly payments of 139,000 won ($124) for the Rogue, and 149,000 won for the

MobilityMarch 6, 2011

Discounts and special deals for Honda

Honda Korea is offering a range of discount and free equipment packages with its vehicles until the end of the month.With the Accord, the company is offering a navigation system and rear-view camera, 1 million won ($895) discount and coverage for the 2 percent acquisition tax. AccordThose purchasing the Civic are given a choice between 4 million won discount, 36-month interest free installment pro

MobilityMarch 6, 2011

Renault plans online sales to fight Peugeot low-cost offers

Renault SA will begin selling low- cost cars online to defend its leadership of Europe’s surging budget-vehicle market against rival offerings including a new brand being developed by PSA Peugeot Citroen.Dacia, Renault’s no-frills badge, will experiment with an Internet sales program in Europe to prepare a wider rollout in the region next year, Gerard Detourbet, head of the company’s low-cost Entr

MobilityMarch 6, 2011

Audi aims to steal BMW 5-Series fans

The A6 from VW’s luxury brand undercuts prices of rivals in high-end sedan segmentVolkswagen AG’s Audi luxury brand will target executives with a revamped A6 sedan to increase sales and lure customers from BMW and Daimler AGat the more expensive end of the product range.“The A6 is the epitome of the top-of-the-range sedan,” development chief Michael Dick said in an interview. “I’m convinced it wil

MobilityMarch 6, 2011

The new Noah’s Ark to be built in Netherlands

Hector Casanova color illustration of Noah's Ark being tossed in high waves during a lightening storm. (MCT)A Dutchman is building a life sized Noah’s Ark on the Maas River, and is expected finish in 2012. He built a 1:5 scale replica of the ship in 2007, but this time, he is planning to build a full sized one.If the boat is completed on time, it will go on a “world tour,” starting from London at

TechnologyMarch 6, 2011

The new Noah’s Ark to be built in Netherlands

40 websites bombarded by cyber attacks

Cheong Wa Dae, USFK sites hit but no damage reportedWebsites of about 40 key South Korean institutions, including the presidential office and the Ministry of Foreign Affairs and Trade, came under cyber attack on Friday.Although there was no serious damage caused by the attack, the websites were hit bydistributed denial-of-service attacks around 10 a.m.The attacked websites included a number of gov

March 4, 2011

BOK under growing pressure to hike rate

The Bank of Korea is under intense pressure to raise the benchmark interest rate for March after keeping the rate unchanged last month despite spiraling consumer prices.Analysts have widely criticized the Monetary Policy Committee of the central bank, accusing it of missing the opportunity to make timely increases in the interest rate since the latter half of 2010.Woori Futures research analyst Ch

March 4, 2011

Korean firms favored to win UAE rail project

Two Korean-led consortia satisfy bid qualifications for $20b railroad planTwo consortia including Korean enterprises passed the pre-qualification criteria for a $20 billion railway project in the United Arab Emirates, raising hopes for the country’s first-ever railway construction export, state-run Korea Trade-Investment Promotion Agency said Friday.The list of firms involved in the bid includes b

IndustryMarch 4, 2011

Sales of imported vehicles rise 5.2 pct in Feb.

Foreign vehicle brands in South Korea saw a steady rise in their sales last month from a year earlier, flashing a green light for their goal of selling over 100,000 cars in the local market for the first time, a trade association said Friday. A total of 6,770 imported vehicles were sold here in February, up 5.2 percent from the same month last year, according to the Korea Automobile Importers

MobilityMarch 4, 2011