Hyundai unveils new Grandeur

Hyundai Motor Co., Korea’s top automaker, unveiled Thursday the long-awaited new version of its upper-end passenger vehicle, the Grandeur.The fifth-generation Grandeur, sold as the Azera in overseas markets including the United States, is the first version out in nearly five years since May 2005.“We are confident the new Grandeur will add to the class and pride of its customers as it comes with a

IndustryJan. 13, 2011

Portugal claims success in bond sale

Demand strong for bond, but bailout worries lingerLISBON (AFP) ― Portugal said it passed a key test on Wednesday with a successful bond sale but analysts were cautious, arguing that a bailout remains a real possibility to ease its debt problems ― and those of the eurozone.The government raised 1.25 billion euros ($1.6 billion), the maximum it sought, attracting strong interest and slightly lower r

Jan. 13, 2011

POSCO looks to buy Korea Express

Steelmaker posts record sales in 2010POSCO chief executive Chung Joon-yang said Thursday the nation’s top steelmaker is considering acquiring the country’s largest delivery service provider Korea Express Co.Kumho Asiana Group plans to sell Korea Express, which it acquired in March 2008, to stabilize the group’s financial structure.“With regards to the logistics needs arising at overseas steelworks

IndustryJan. 13, 2011

Samsung opens official global blog

Samsung Group, Korea’s top conglomerate, said Thursday it has launched an English blog to boost communications with users around the world. The Samsung Village (www.samsungvillage.com) is designed to introduce the group’s history and business, and offer open forums where local and foreign visitors can share their views and opinions about news and human interest stories, the group said.“Digital med

IndustryJan. 13, 2011

SK Group to invest W10.5tr in 2011

Telecom, energy giant to focus on green energy, overseas resources, new mobile technologiesSK Group said Thursday it would increase investment 30 percent this year to a record high 10.5 trillion won ($9.4 billion) to power future growth in clean energy, overseas resources and advanced mobile technologies.Korea’s third-largest conglomerate also plans to hire about 3,000 new employees, 25 percent mo

IndustryJan. 13, 2011

Seoul strives to fight hikes in home rental costs

A package of government measures unveiled Thursday to curb rising consumer prices includes a policy to stabilize the property market amid soaring housing rent prices.The government has focused on active supply of small-sized houses and funding for the mid- and lower-income households which generally resort to “jeonse,” the Korean rent system under which tenants pay a lump-sum deposit to rent a hou

Jan. 13, 2011

Renault-Nissan ups cooperation with Korean parts makers

Renault-Nissan Alliance held its annual purchasing conference in Seoul this week, opening new opportunities for local parts makers, Renault Samsung Motors Co. said Thursday.The conference, held Monday and Tuesday by Renault-Nissan Purchasing Organization that oversees purchasing and quality control of parts for Renault and Nissan operations, is customarily held at the headquarters of Renault or Ni

IndustryJan. 13, 2011

Major retailers gear up for online shopping boom

Lotte, Shinsegae, Hyundai speed up expansion of Internet, mobile businessesKorea’s large retailers are gearing up for intensifying competition online as virtual marketplaces grow on the back of popular mobile computing and social media.Lotte Shopping, Shinsegae Group and Hyundai Department Store are strengthening their Internet and mobile business operations with plans to open new shops, broaden p

IndustryJan. 13, 2011

SK Telecom chief to spur network evolution

Ha focuses on speed, openness and collaborationSK Telecom Co., the nation’s top mobile carrier, will speed up its transition to the next-generation network and boost cooperation with application developers and suppliers, its new chief executive said on Wednesday.In his first news conference since taking office on Jan. 1, Ha Sung-min, 54, unveiled a new management strategy focused on speed, opennes

IndustryJan. 13, 2011

BOK unexpectedly hikes key rate to 2.75 pct

SEOUL, Jan. 13 (Yonhap) -- South Korea's central bank unexpectedly raised the key interest rate by a quarter percentage point on Thursday in an apparent bid to contain growing inflationary pressure.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 2.75 percent. It marked the third rate increase since the onset of t

Jan. 13, 2011

LG Uplus launches social networking services

LG Uplus Corp., South Korea's smallest mobile carrier, said Thursday that it has made inroads into the fast-growing mobile social networking market in South Korea in an effort to find new revenue sources.   The wireless and fixed-line operator introduced beta versions of two mobile-based social networking services last month that are available to all mobile phone users, it said in a statement.   

TechnologyJan. 13, 2011

‘Korea, Japan research demands different’

Shin Eun-hee has a unique duty in her role as a top executive. She not only supervises Korean operations of the Nielsen Company, a global information and media firm, but also Japanese operations, assuming the role of managing director for the two crucial markets in East Asia simultaneously. What’s more unusual is that Shin does most of her business here in Seoul. The convention is that regional CE

CompaniesJan. 13, 2011

Real estate market may be better off in 2011

Expectations are rising that the domestic real estate market hit bottom last year and began to recover in the last quarter.The Land & Housing Institute said Wednesday home transaction volume and prices rose for the sixth consecutive week during the fourth quarter of last year after seeing minus 0.1 percent growth in July.“In particular, it is noteworthy that the pace of growth has been accelerated

Jan. 12, 2011

Hyundai Oilbank union renounces strikes

Workers entrust wage decision to management in return for job securityThe trade union of Hyundai Oilbank Co., the nation’s smallest oil refiner, pledged to refrain from labor strife this year to concentrate on boosting the firm’s competitiveness, the firm said Wednesday. In a ceremony held in Seoul, the refiner’s union members voluntarily entrusted the management with a full right to decide on the

IndustryJan. 12, 2011

Korea economy posts strong jobs growth

Korea’s economy added jobs in December at the fastest rate for seven months as manufacturers boosted hiring amid strong exports, official figures showed Wednesday.The number of employed people stood at 23.68 million last month, up 455,000 from a year earlier. It was the largest year-on-year increase in jobs since 586,000 in May.The unemployment rate of 3.5 percent last month was unchanged from Dec

Jan. 12, 2011