The Korea Herald

Seoul Motor Show to be largest ever

Annual event draws 12 Korean and 23 foreign carmakersThe upcoming Seoul Motor Show is set to be the biggest yet, with new offerings from domestic and foreign carmakers.This year’s Seoul Motor Show, to open with a media preview on March 31, will be packed with 12 domestic carmakers and 23 foreign brands.In comparison, last year’s Busan International Motor Show had only two foreign carmakers ― Lotus

MobilityMarch 14, 2011

Fans line up for new iPad

SAN FRANCISCO (AP) ― The updated version of Apple Inc.’s iPad tablet computer went on sale Friday afternoon, and was greeted by the now-familiar lines of buyers outside Apple stores.The Cupertino company opened online sales of the iPad 2 at 4 a.m. Eastern time, well before they became available in East Coast stores at 5 p.m. They were set to go on sale nationwide at the same hour, local time.Apple

IndustryMarch 14, 2011

Quake clouds Seoul market with uncertainty

Financial authorities foresee limited impact on stocks and foreign exchangesThe worst earthquake in Japanese history has increased fears of a dip in the South Korean market, which is already fragile because of Middle Eastern unrest and price volatility.A 9.0-magnitude quake slammed the country’s northeast coast on Friday, killing more than 10,000 people, sending tsunami fears across the Pacific, a

March 13, 2011

Korea wins major UAE oil deal

South Korea clinched a landmark oil field development deal in Abu Dhabi, in the United Arab Emirates on Sunday during President Lee Myung-bak’s visit to the Arab nation, raising hopes for the nation bolstering its energy security. The set of agreements includes a memorandum of understanding which guarantees Korea to participate in the production of at least 1 billion barrels of crude oil from the

March 13, 2011

FSC pressured to veto Hana-KEB deal

The nation’s financial authority has been under mounting pressure to reject the takeover deal between Hana Financial Group and U.S. Lone Star Funds on the latter’s planned sale of Korea Exchange Bank.Amid several unfavorable factors for Lone Star, including the Supreme Court’s recent ruling, the possibility that the Financial Services Commission will scrap its alleged decision to endorse the deal

March 13, 2011

S. Korea offers LNG to Japanese power companies

South Korea will provide liquefied natural gas (LNG) to Japanese power companies that have been forced to turn off nuclear power plants due to last week's massive earthquake, the government said Sunday. The Ministry of Knowledge Economy said the state-run Korea Gas Corp. (KOGAS) has decided to divert some LNG shipments that it planned to receive from abroad so they can go to Japan. The shi

IndustryMarch 13, 2011

Investor expects China to dominate 21st century

Rogers expects unification to make Korea a greater forceChina will dominate the 21st century. The economic policies, particularly monetary policies, pursued by the U.S. are hastening its decline. Commodities, not stocks or bonds, are the smart investments now. This is what American investor and author Jim Rogers has been saying for several years now, and it was the message he brought with him Thur

March 13, 2011

Investor expects China to dominate 21st century

GM awards LG Chem

LG Chem said Sunday that it has been named “corporation of the year” at the 19th annual Supplier of the Year celebration, held at the GM World headquarters in Detroit, Michigan.Company officials said the win was attributable to its lithium-ion battery supplied for GM’s electric vehicle, Volt.To receive the most prestigious award among 82 global suppliers to GM who were also in presence at the awar

March 13, 2011

Subaru deals for March

Subaru Korea is offering special deals including tax coverage and financing programs until the end of the month.During the period, the company is offering acquisition tax coverage and 1 million won ($888) discount with the Legacy sedan and the Outback crossover utility vehicle.OutbackOutbackThose buying the Forester will also receive acquisition tax coverage, and those who are required to wait fo

MobilityMarch 13, 2011

New Jeep Compass hits local market

Chrysler Korea launched the new Jeep Compass on the local market on Sunday.According to the company, the latest version of the Compass comes with a host of convenience and safety features, including a nine-speaker sound system, cruise control and anti-theft systems.The vehicle also comes with a voice-activated multimedia system with MP3 and DVD player and 30 gigabit hard disk, the company said. Th

MobilityMarch 13, 2011

Free Ssangyong checkup to mark Korando C

Ssangyong Motor Co. is operating a free checkup campaign until March 19 to mark the launch of its new crossover utility vehicle Korando C.During the period, free checkup services are available at 326 service centers across the country. All Ssangyong vehicles excluding large commercial vehicles are eligible to receive services.The checkup will go over 10 items including the air conditioning system,

MobilityMarch 13, 2011

Free Ssangyong checkup to mark Korando C

Veloster prize in Hyundai music video contest

Hyundai Motor Co. is holding a music video producing contest offering the new Veloster coupe as the top prize.The contest, which runs from Monday until April 25, is open to those over the age of 18.To enter, applicants need to produce an 80-seond-long music video for Mason Bates’ Mothership Remix to the theme of the carmaker’s new slogan “New Thinking. New Possibilities.”Applications can be filed

MobilityMarch 13, 2011

Win Chevrolet cars with GM Korea

GM Korea Co. is holding an online promotion event for Chevrolet vehicles offering one each of the six Chevrolet models ― Aveo, Camaro, Cruze, Captiva, Orlando and Spark.The event, which will run from Tuesday until April 30, requires contestants to write short notes about the six Chevrolet vehicles at the event’s website at www.event.chevrolet.co.kr in the first stage.In the second stage, contestan

MobilityMarch 13, 2011

Audi to focus on emerging markets to push BMW out of top spot

Volkswagen AG (VOW)’s Audi will add models and expand production in emerging markets as the luxury brand aims to topple Bayerische Motoren Werke AG (BMW) as the largest premium-car maker.“We expect further growth in the long term,” Chief Executive Officer Rupert Stadler said on March 8 at Audi’s annual press conference in Ingolstadt, Germany. “This gives us the confidence to extend our product ran

MobilityMarch 13, 2011

Toyota pushes U.S. image boost, emerging-market gains

Toyota Motor Corp. president Akio Toyoda set the world’s largest carmaker on a course seeking sales growth in emerging markets and an improved image in the U.S., in a bid to rebound from record recalls and a recession.Toyoda laid out a “Global Vision” focused as much on boosting emotional ties to customers as on financial targets. His plan also shrinks Toyota’s board to 11 members from 27, the aut

MobilityMarch 13, 2011

4 financial groups vie for ailing savings banks

Major financial groups have been in keen competition to take over debt-saddled savings banks whose operations were suspended by regulators for liquidity woes.The Financial Services Commission has halted operations of seven savings banks since January. Among the potential buyers targeting them are KB Financial, Woori Financial, Shinhan Financial and Hana Financial.Woori Financial has become the pre

March 13, 2011

BASF seeks sustainable growth

Chemical firm also aims to boost presence in Asian construction marketLUDWIGSHAFEN, Germany ― Chemical plants have been associated with toxic materials harming the air, water and ecosystem, a major hurdle to the industry’s sustainable growth. BASF, a leading global chemical firm, shows how technology, strategy and devotion to the community can tackle these challenges. The company based in Ludwigsh

IndustryMarch 13, 2011

Supportive messages flood Web after Japan earthquake

Reports of Japan's devastation by a strong earthquake sent many South Koreans online to deliver messages of goodwill, condolences and offers of aid for a third day on Sunday. An urban area devastated by tsunami is seen in Minami Sanriku, Miyagi, northern Japan Sunday, March 13, 2011 after Friday's catastrophic earthquake and tsunami. (AP-Yonhap)The 8.9-magnitude earthquake, the strongest ever in J

TechnologyMarch 13, 2011

Supportive messages flood Web after Japan earthquake

Takeover moves may flare up in S. Korea's banking sector: analysts

The comeback of former Finance Minister Kang Man-soo as the new chief of a state bank is likely to rekindle debate over creating so-called mega financial firms and swirl the banking sector in a wave of takeovers, market watchers said Sunday.South Korea's financial watchdog last week recommended Kang Man-soo, a close confidant of President Lee Myung-bak, as new chairman of the state-run KDB Financi

March 13, 2011

US experts fear 'Chernobyl-like' crisis for Japan

WASHINGTON, March 12, 2011 (AFP) - US nuclear experts warned Saturday that pumping sea water to cool a quake-hit Japanese nuclear reactor was an "act of desperation" that may foreshadow a Chernobyl-like disaster. (Yonhap News) Several experts, in a conference call with reporters, also predicted that regardless of the outcome at the Fukushima No. 1 atomic plant crisis, the accident will serious

TechnologyMarch 13, 2011

US experts fear 'Chernobyl-like' crisis for Japan