Lexus holds off BMW to retain top U.S. luxury spot

Toyota Motor Corp.’s Lexus outsold Bayerische Motoren Werke AG’s BMW and Daimler AG’s Mercedes-Benz last month, helping the Japanese brand secure the top spot in U.S. luxury auto sales for the 11th straight year. Lexus sold 27,560 cars and sport-utility vehicles in December in the U.S. and 229,329 for 2010, the Toyota City, Japan-based automaker said Tuesday in a statement. The brand’s sales fell

IndustryJan. 5, 2011

HMA posts record sales amid recovering auto market

WASHINGTON (Yonhap) -- South Korea's Hyundai Motor Co. notched record sales in the United States last year amid a surging auto market in the world's biggest economy after the worst recession in decades.Hyundai Motor America (HMA) sold 538,228 vehicles in 2010, up 24 percent from a year earlier and an all-time sales and market share record, HMA said in a statement.Hyundai's affiliate Kia Motor Co.

IndustryJan. 5, 2011

Economic gap between two Koreas remains wide: data

The economic gap between South and North Korea remained wide across the board with differences in income level and trade more apparent than in other areas, data showed Wednesday.According to the data by Statistics Korea, South Korea's per-capita gross national income (GNI) amounted to US$17,175 at the end of 2009, about 18 times larger than the $960 tallied for the North.During the cited year, the

Jan. 5, 2011

Samsung to invest a record 43 tln won in 2011

Samsung Group, South Korea's top family-owned conglomerate, said Wednesday that it will spend a record 43 trillion won (US$38.3 billion) in capital expenditures this year to cement its market dominance and speed up a search for new growth engines.The figure represents an 18 percent increase from the 36.5 trillion won invested in new plants and equipment last year, according to the group. (Yonhap N

IndustryJan. 5, 2011

Daewoo signs $30m order for CNG buses

Daewoo International Corp., a Korean trading firm, said Tuesday that it has signed a $30 million deal to supply buses powered by compressed natural gas to Bangladesh.Under the deal with the Bangladesh Road Transport Corporation, Daewoo International will ship 255 CNG buses and necessary spare parts by July.The deal was partly financed by Korea’s Economic Development Cooperation Fund, the trading c

IndustryJan. 4, 2011

Prosecutors probe former top Woori executives

Woori Bank filed complaints against several former executives with the prosecution last month to investigate allegations that they issued illegal loans and took kickbacks, sources said Tuesday.Among them were two former deputy CEOs of the nation’s second-largest bank in charge of loan business and trust business. The two executives resigned before the bank referred them and several staffers to the

Jan. 4, 2011

Apple’s absence to be felt at CES

NEW YORK (AP) ― What do you call it when you have 120,000 people and an elephant in the room?The International Consumer Electronics Show, which kicks off this week in Las Vegas.The elephant is Apple Inc. It won’t be at the show this year, but its tablet computer, the iPad, is the most important new product for an industry that needs to once again excite consumers. Sales of the iPad have been stron

TechnologyJan. 4, 2011

Korea Pension may form fund for resources

National Pension Service, Korea’s biggest investor, may set up a private equity fund with the nation’s business groups, including Samsung Group and Hyundai Motor Group, to invest in overseas resource development. SK Group, GS Group and KT Corp. may also join the plan, Kim Seok-joo, a spokesman for the pension fund, said by phone Tuesday. The timing and size of the fund have yet to be decided, he s

Jan. 4, 2011

Korea seeks to secure more rare earths

Korea will seek to secure more rights to rare earth element deposits in the new year to counter moves by China to reduce its export quota for the vital resource, the government said Tuesday.The Ministry of Knowledge Economy said action must be taken to deal with potential shortfalls in supply that could have a serious industrial impact.Rare earth elements, deposits of which are centered in only a

Jan. 4, 2011

$1.8b set aside to expand airports

Five-year plan seeks to meet increased demand for international flightsThe government is to invest 2.1 trillion won ($1.8 billion) to upgrade airport facilities over the next five years, the Ministry of Land, Transportation and Maritime Affairs said Tuesday. The plan includes further expanding Incheon International Airport to help cope with rising flight demand and consolidate its status as a Nort

Jan. 4, 2011

China to slow yuan gain in 2011: top forecasters

The yuan’s appreciation may slow this year after the currency strengthened beyond 6.6 per dollar for the first time in 17 years, as China seeks to stem inflows that may fuel inflation, the most-accurate forecasters for 2010 said.The yuan will advance 4.6 percent to 6.3 per dollar, after climbing 3.6 percent in just over six months, said Yen Ping Ho, the head of Asian foreign-exchange strategy for

Jan. 4, 2011