S. Korea's trade surplus reaches $2.8 bln in Feb.

South Korea's trade surplus reached $2.84 billion in February mainly due to solid export gains in the face of unfavorable global developments, a government report showed Tuesday.   The February trade surplus marked a slight dip from the $2.92 billion tallied for January, although on a daily basis exports reached a record 2.05 billion, the report by the Ministry of Knowledge Economy said, This mark

March 1, 2011

Hyundai, Kia form partnership with Vodafone for automobile IT

Hyundai Motor Co. and Kia Motors Corp. formed a partnership with the mobile telecom service provider Vodafone to collaborate in telematics and related fields, the South Korean carmakers announced on Monday.Based in London, Vodafone is the world’s largest mobile telecom service provider in terms of revenue.Telematics, which combines telecommunications with informatics, is applied to a range of onbo

IndustryMarch 1, 2011

U.S. working hard to ratify Korea FTA this spring: USTR

   WASHINGTON -- The Obama administration is working hard to clear the pending free trade deal with South Korea through Congress this spring so as not to lag behind the European Union, which ratified a similar deal with Seoul set to take effect in July, the chief U.S. trade official has said.   "The EU-Korea trade agreement is scheduled to take effect on July 1 of this year," U.S. Trade Representa

March 1, 2011

LGE to step into energy consulting business

LG Electronics, Korea’s leading consumer electronics manufacturer, said Sunday that it plans to start a business-to-business energy consulting service next month as a new source of income.The business will involve analyzing energy flows, including heating and air conditioning in office buildings and providing solutions for energy saving. LG’s initiative reflects the group’s efforts to secure futur

IndustryFeb. 28, 2011

China’s 5-year plan promises big changes

BEIJING (AP) ― China’s leadership is promising to steer the economy in a new direction in its blueprint for the next five years that would empower consumers and narrow a yawning wealth gap but require politically contentious reforms.The latest Five-Year Plan ― a throwback to central planning but a useful roadmap of party goals ― calls for creating self-sustaining growth based on domestic consumpti

IndustryFeb. 28, 2011

Korea to expand tariff quota on powdered milk, pork belly

Korea will expand the amount of powdered milk and frozen pork belly subject to no import taxes as part of efforts to ease price hikes sparked by the massive slaughter of livestock amid the spreading foot-and-mouth disease, the finance ministry said Monday.The measure, finalized during a Cabinet meeting held earlier in the day, will go into effect from early March under the government’s quota tarif

Feb. 28, 2011

[News Focus] Legislation stall hinders access to Islamic money

Korea’s recent failure to legislate tax benefits for sukuk, or Islamic bonds, is seen to begin taking a toll on the country’s access to one of the world’s fastest growing financial sources. The Malaysian government is said to have declined requests by Korean companies to grant issuance of corporate bonds in the country, spurring concerns that it may be the first reaction to Korea’s reluctance to g

Feb. 28, 2011

FSC may approve Hana’s takeover of KEB in March

The Financial Services Commission is expected to approve Hana Financial Group’s takeover of Korea Exchange Bank in March, an official said on Monday. “There seems to be no major problem with its funding plans,” said an FSC official.He said the regulatory body is likely to approve Hana’s request at a meeting on March 16. His remark came after several securities firms raised the possibility that Han

Feb. 28, 2011

LGE to hire 1,100 workers in first half of this year

LG Electronics said Monday it will hire 1,100 new employees for the first half of this year, up 83 percent from the number recruited during the same period last year.The world’s No. 3 handset maker said that 80 percent of its newly hired workforce in four different business units will be involved in research and development activities.The company will also employ more software developers so that t

IndustryFeb. 28, 2011

Ssangyong Motors returns to profit

Ssangyong Motors Co. on Friday posted net profits of 8.1 billion won ($7.2 million) for 2010, marking a return to profit after two years in the red.The company, which recorded net loss of 346 billion won in 2009 and 710 billion won in 2008, said that rising sales and cost-cutting efforts allowed it to return to profit.Last year, the company’s domestic and overseas sales increased by 131.6 percent

IndustryFeb. 28, 2011

Fujifilm to buy Merck unit for biotech supplies

Fujifilm Holdings Corp. agreed to buy Merck & Co.’s BioManufacturing Network for making supplies used in clinical studies of biological drugs, a Merck spokesman said in an interview.The network Fujifilm is acquiring is made up of Merck subsidiaries Diosynth RTP LLC in Research Triangle Park, North Carolina, and MSD Biologics (U.K.) Ltd. in Billingham, England, Ian McConnell, a spokesman for Whiteh

IndustryFeb. 28, 2011

Low fat or low carb? Which is the better way to lose weight?

A low-fat diet will help you lose weight. Or is it a low-carbohydrate diet? Pore over decades of research and dozens of studies over this debate and you’re likely to be confused about the best way to go about reducing your waistline.“I think lowering carbs is what you should do,” says Heather Straight, a Pleasant Hill, California, mom of three who says she’s tried several diets. “At least, I think

TechnologyFeb. 28, 2011

Korea raises energy alert over oil prices

Measures in force to reduce energy useSouth Korea raised its energy alert level on Sunday and will launch a set of emergency conservation measures on Monday to counter surging crude oil prices, the Ministry of Knowledge Economy said. The government upgraded the country’s energy alert level from “blue” to “yellow,” the third-highest in the country’s four-tiered system. The country issued the “blue”

Feb. 27, 2011

Disgraced clone scientist Hwang wins research project from Libya

  A disgraced South Korean clone scientist has won a research project from Libya amid growing unrest in the North African nation, colleagues at his research lab here said Sunday.   Under the 150-billion won ($133 million) project with the Libyan government, Hwang Woo-suk will conduct stem cell-related research activities for incurable diseases, according to Hwang's Sooam Bioengineering Research In

TechnologyFeb. 27, 2011