Hyundai Motor beats Toyota in Germany

Korea’s top carmaker Hyundai Motor Co. became the best-selling Asian car brand in the competitive German market last year, edging out Japan’s Toyota Motor Corp., industry data showed Wednesday.Hyundai Motor sold 86,866 vehicles in Germany in 2011, while Toyota sold 83,204 cars, according to the German international manufacturing group VDIK.The sale of Hyundai Motor jumped 16.9 percent last year from 74,287 vehicles a year ago to surpass Toyota for the first time since it made inroads into the Ge

MobilityJan. 25, 2012

Iranian oil cheapest of Korea’s imports

Iranian oil was the cheapest of all crude oil Korea imports from abroad, except for Colombia, Oman and the Saudi-Kuwait neutral zone from where only small volumes are bought. Korea imported 846.59 million barrels of crude oil in the 11 months leading up to November from 23 countries including Saudi Arabia, Kuwait, Qatar, Iran and Oman, according to Petronet, an oil information provider run by the Korea National Oil Corporation. “Iran accounted for 9.76 percent of Korea’s crude oil imports and is

Jan. 25, 2012

Ministry opposes introducing fat tax

Korea remains opposed to introducing the so-called fat tax, the Finance Ministry said Wednesday, saying that such a move is “not desirable” as it could ramp up food prices and aggravate overall inflation.“It is not desirable to introduce a new tax on foods given our own situations,” the ministry said in a report that analyzes policies of major countries in connection with obesity problems.Korea has a relatively low level of obesity among its citizens and an additional tax on foods could hurt low

IndustryJan. 25, 2012

Korean exports to Mexico surge in 50 years: report

Korea’s exports to Mexico have skyrocketed since the establishment of bilateral diplomatic ties, thanks to a strong economic relationship, a report showed Wednesday.According to the report by the Korea International Trade Association, Korea’s shipments to Mexico came to $9.1 billion in the first 11 months of 2011, compared with a mere $55,000 in 1967.Korea and Mexico set up diplomatic relations in 1962, while Seoul began tracking bilateral trade five years later.Korea’s imports from Mexico surge

Jan. 25, 2012

Businesses expect hard times in H2: report

Korean businesses are bracing for difficult times in the second half of this year, showed a report on the world’s high income, leading market economies on Tuesday.The business confidence index by the Organization for Economic Cooperation and Development showed Korea’s numbers standing at 96.2, the fourth lowest among the 23 countries checked.An index reading below the benchmark 100 mark means pessimists outnumber optimists.The BSI tallied in December by the Paris-based organization also showed T

Jan. 25, 2012

ADB backs Korean consortium building plant in Uzbekistan

The Asian Development Bank said Wednesday it will help a Korean consortium build the largest petrochemical plant in Uzbekistan that could meet the country’s commercial and industrial need for gas.A consortium composed of three Korean companies, Honam Petrochemical Corp., Korea Gas Corp. and STX Energy Co., established a joint venture company called Uz-Kor Gas Chemical LLC with Uzbekistan’s state-controlled oil and gas company National Holding Company Uzbekneftegaz. The ADB said it will provide a

IndustryJan. 25, 2012

Shares up on foreign buying

Korean stocks finished 0.12 percent higher Wednesday as foreign investors snapped up tech and auto exporters, but gains were trimmed by institutional selling, analysts said. The local currency rose against the U.S. dollar.After rising as much as 1.2 percent, the benchmark KOSPI gained 2.34 points to 1,952.23.Trading volume was moderate at 372 million shares worth 6.07 trillion won ($5.39 billion) with gainers leading losers 421 to 401. “Apple’s earnings surprise was a positive impact on the loca

Jan. 25, 2012

Korea ranked 29th in globalization: report

Korea has been ranked the 29th most globalized country in the world, up four spots from last year, a study by consulting firm Ernst & Young said Wednesday.The latest ranking places Korea ahead of China (39th) and Japan (40th). Korea is now the fourth most globalized nation in Asia, after top-ranking Hong Kong, third-place Singapore and 12th-ranked Taiwan.“The process of globalization paused a little with the 2008 financial recession, but it is accelerating again with the sharing of technological

Jan. 25, 2012

Ministry creates bureau on low birth rate, aging

The Finance Ministry created a new bureau tasked to tackle demographic challenges related to the aging population and low fertility rates, it said on Monday.Dubbed the Bureau of Future Strategy, the new team will be at Seoul’s central tower developing policy responses for the country’s long-term challenges threatening the sustainability of public finances.“Long-pending questions about the aging society and other demographic issues haven’t been getting proper attention. The new team will organize

Jan. 25, 2012

Korean firms’ direct financing soars in 2011

Companies raise record 143 trillion won with stock and bond issuancesKorea’s direct financing surged last year as local firms rushed to secure extra capital in the face of the worsening eurozone fiscal crisis, data showed Wednesday. According to the Financial Supervisory Service, Korean companies raised a record 143.39 trillion won ($126.31 billion) in 2011 through stock and bond issuances, up 16.3 percent from 123.26 trillion won tallied the previous year. The sharp increase came as Korean comp

Jan. 25, 2012

Carriers race to grab LTE market

Korea’s top mobile carrier SK Telecom Co. and other industry players are ramping up efforts to claim a bigger share of the fast growing long-term evolution market deemed a future money spinner, market watchers say.The LTE service, or the fourth-generation of wireless technology, enables smartphone users to access a stream of data faster than the current 3G network and download and watch movies more quickly.In a country where four out of 10 people use smartphones, SK Telecom and two other carrier

TechnologyJan. 25, 2012

‘Magnetic’ soap could clean oil spills

British researchers say a new magnetic soap could be used to help clean up oil spills by applying a magnetic field to areas containing the soap.The new formulation is similar to ordinary soap but contains iron atoms which can help form tiny particles that are easily removed magnetically, they said.“

TechnologyJan. 25, 2012

LG Electronics wins fridge patent dispute with Whirlpool

LG Electronics Inc., South Korea's leading consumer electronics maker, said Wednesday that it won a patent dispute with Whirlpool Corp. over technology used in refrigerators.In 2009, Whirlpool, a major American producer of home appliances, filed complaints against LG Electronics with the U.S.Patent

IndustryJan. 25, 2012