Fiat to up its Chrysler stake to 35 percent

TURIN, Italy (DPA) ― Fiat intends to increase by 10 percent its current 25 percent controlling interest in U.S. carmaker Chrysler, the chief executive of both companies, Sergio Marchionne, said Wednesday.“We will soon bring our stake in Chrysler to 35 percent, Marchionne said during a Fiat shareholders’ meeting at the Italian company’s Turin headquarters, indicating the move would happen soon.Figu

MobilityApril 3, 2011

Hyundai tops Asian car brands’ U.S. gains as quake impact looms

Hyundai Motor Co., Korea’s largest carmaker, posted a 32 percent gain in U.S. sales in March to lead Asia-based manufacturers while Toyota Motor Corp. reported a monthly decline. Deliveries dropped 5.7 percent for Toyota. Nissan Motor Co. said Friday it had a 27 percent gain and Honda Motor Co.’s sales rose 23 percent as the three biggest Japan-based brands braced for the full effect of the countr

MobilityApril 3, 2011

Korean carmakers record 10.8% sales rise in March

Sales of five automakers in Korea rose 10.8 percent in March from a year earlier on strong demands for new vehicles in both domestic and overseas markets, the companies said Friday.The combined sales of the automakers came to 649,994 units, compared with 586,561 units sold in March 2010. Domestic sales rose 8.1 percent on-year to 133,273 units in March with overseas sales also soaring 11.5 percent

MobilityApril 3, 2011

Yeosu Expo to hold preliminary meeting of participants

   YEOSU -- The organizing committee for the 2012 Yeosu Expo will hold a meeting with representatives from the participating countries to explain details on its preparation for the international exhibition, it said Sunday.    The meeting is expected to bring together Vicente Gonzalez Loscertales, secretary general of the Paris-based Bureau of International Exhibitions (BIE), and some 250 represent

April 3, 2011

S. Korea firms urged to prepare for increased competition in India

  South Korean companies should be prepared for fierce competition with Japanese rivals in India following New Delhi's signing of a free trade agreement with Tokyo, a local trade body said Sunday.   Japan and India signed a comprehensive economic partnership agreement (CEPA) in February, which, once implemented, will remove around 94 percent of import tariffs on both sides, according to a report b

IndustryApril 3, 2011

S. Korean exporters get $7.14 mln in orders at fisheries expo

   South Korean seafood exporters have won $7.14 million worth of export orders at North America's largest seafood event in the U.S. city of Boston, the government said Sunday.   The Ministry for Food, Agriculture, Forestry and Fisheries said eight companies attended the 2011 International Boston Seafood Show to highlight locally produced fresh, canned and ready-made products, and hold tasting eve

April 3, 2011

Debts owed by gov't, individuals, companies hit record high in 2010

   Debts owed by the government, individuals and companies in South Korea reached a record high last year, data showed on Sunday, raising concerns that the high level of debts could derail the economy off the recovery track.   According to data compiled by the Bank of Korea, their interest-bearing debts reached 2,586 trillion won ($2.37 trillion) at the end of last year, up 7.4 percent from 2,408

April 3, 2011

S. Korean inflation expected to hover above 4 percent

   South Korea's inflation is expected to remain above the 4 percent range in April due to higher oil prices and other external shocks such as the fallout from Japan's nuclear crisis, experts said Sunday.   The country's consumer prices rose to a 29-month high last month and were far above the central bank's target, stoking expectation that the nation's central bank may raise its key rate soon.  

April 3, 2011

Yoga calms heart pace, cuts anxiety: study

   NEW ORLEANS (AFP) -- People who suffer from irregular heartbeat could see their episodes cut in half if they do yoga regularly, according to a study released Saturday in the United States.   Doing yoga three times a week also reduced depression and anxiety while boosting people's opinion of their own social and mental well-being, said the research presented at a New Orleans cardiology conferenc

TechnologyApril 3, 2011

Minuscule traces of radioactive silver detected in S. Korea

  Minuscule traces of radioactive silver were found in South Korean atmosphere for the first time Saturday since Japan's nuclear accident, the Korea Institute of Nuclear Safety said.   The substance was detected in air samples taken from the central city of Daejeon and the southeastern city of Daegu, the agency said. Radioactive iodine and cesium had been found in South Korean air before, but it w

TechnologyApril 3, 2011

Regulator to determine Lone Star's eligibility as KEB owner in April

South Korea's top financial regulator has said the watchdog will push to make a final decision this month over whether Lone Star Funds has the legal right to be the top shareholder of Korea Exchange Bank (KEB).Financial Services Commission (FSC) Chairman Kim Seok-dong said in a meeting with reporters, "We are working to make a final decision on Lone Star's eligibility in April."The regulator is ex

April 2, 2011

KOSPI hits new high on foreign buying

South Korean stocks rose on the seventh-straight day to set a new record of 2,121.01 points on Friday, buoyed mainly by foreign buying. The benchmark KOSPI jumped 14.31 points or 0.68 percent from the previous day to break the previous record it set in January when the KOSPI closed at 2,115.69. Trading volume was moderate at 328.2 million shares worth 7.12 trillion won ($6.5 billion), with gainers

April 1, 2011

$48 million set to boost Jeju’s corporate edge

South Korea will invest a record amount of 53.8 billion won ($48 million) in Jeju Island this year to boost regional businesses in industries such as water and energy management, the Ministry of Knowledge Economy said Friday. The government will be spending about half of the funds on developing renewable energy facilities such as offshore wind turbines, while another 23 billion won will be used to

April 1, 2011

SK Group spins off its life science unit

SK Group, the nation’s third-largest conglomerate, said Friday that it had spun off its life science unit in a bid to develop the business into a new driver of growth. SK Biopharm’s total assets will reach 300 billion won ($260 million), and will be wholly owned by SK Holdings Co. The new unit’s main goal will be developing globally competitive new medicines and active pharmaceutical ingredients,

IndustryApril 1, 2011

Microsoft, LG promote Kinect on 3-D TV

Korean game-lovers will have a chance to experience Kinect on 3-D television at experience zones and Kinect tournaments operated as a joint effort between Microsoft Korea and LG Electronics, Microsoft said this week. Kinect is new game device launched by Microsoft last year that requires no controllers, as an embedded sensor picks up the movements of the players. Customers also can buy special Kin

IndustryApril 1, 2011