Volkswagen, Porsche, BMW feel pinch of tight supplies

Volkswagen AG, Porsche SE and Bayerische Motoren Werke AG are feeling the pinch of tight component supplies as parts-makers struggle to keep pace with resurgent vehicle demand.Volkswagen, Europe’s biggest automaker, will halt production at its main factory in Wolfsburg, Germany, on Jan. 31, because of a shortage of engines and other parts. BMW, the world’s biggest luxury-car maker, Porsche and Dai

MobilityJan. 30, 2011

Test drive Kia Morning for Valentine’s

Kia Motors Corp. is offering a chance to test drive the city car Morning for four days from Feb. 12 to 15.The event is open to anyone with a valid driver’s license over the age of 21, and applications can be submitted on the company’s website at www.kia.co.kr.The company will announce 50 successful applicants on the website from Feb. 10. Those selected for the event will also be given mobile coupo

MobilityJan. 30, 2011

Renault Samsung offers discount on service

Renault Samsung Motors Co. is offering a 20 percent discount on mechanics fees and selected parts until Feb. 18.During the period, those replacing engine oils, batteries, anti-freeze fluid and brake pads will be able to receive services at the discount rates at the 448 directly-operated and associated service centers across the country. The offer is available for all Renault Samsung vehicles. For

MobilityJan. 30, 2011

Ferrari likely to unveil station wagon

GENEVA (DPA) ― Ferrari is apparently planning to unveil at the Geneva Motor Show in March a Shooting Brake station wagon concept car based on the 612 Scaglietti, after spy shots of a car were revealed recently.The Italians could be testing the market for cars that could compete against the likes of the Porsche Panamera or other luxury sports utility vehicles, fitted with a V12 engine of some 540 h

MobilityJan. 30, 2011

Volkswagen revives plan for fuel-thrifty car

BERLIN (DPA) ― Volkswagen, Europe’s biggest carmaker, has brought plans for a fuel-thrifty car out of abeyance and will display an ultra-light hybrid car at the Qatar Motor Show at the end of this month, according to a German magazine.Volkswagen has spoken for years of making a car that can travel 100 kilometers on just 1 litre of fuel, but has never put one on sale. The magazine Wirtschaftswoche

MobilityJan. 30, 2011

Facebook’s value exceeds Amazon.com

Facebook Inc.’s valuation topped Amazon.com Inc., leaving the social-networking company behind only Google Inc. among U.S. Internet companies. Facebook is valued at $82.9 billion on secondary exchange SharesPost Inc. and has jumped by more than 40 percent since mid-December. Amazon shares dropped 7.2 percent Friday after a disappointing sales forecast, pushing its stock market value down to $77.2

IndustryJan. 30, 2011

Eximbank raises 40b yen via bond issuance

The state-run Export-Import Bank of Korea said Friday it has raised 40 billion Japanese yen ($484 million) by selling bonds in Japan to provide trade finance.The so-called “Uridashi” bonds mature in four years and carry a fixed interest rate of 1.05 percent, the bank said in a statement.Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investo

Jan. 28, 2011

SM5 sedan taps European market

Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Friday it has introduced its mid-size passenger vehicle, the SM5, to the European market.The vehicle, known as the Latitude in overseas markets, is currently sold in some 30 countries throughout the world.“Through these SM5 exports, Renault Samsung Motors will fulfill its role as the Asian hub of the Renault-Nis

Jan. 28, 2011

Overseas money transfer reaches almost $10b in 2010

Money remittances to foreign countries, including foreign workers’ income transfers, jumped last year to nearly $10 billion (11.2 trillion won) amid the economic recovery, central bank data showed Friday.Total money flowing to foreign countries reached $9.97 billion last year, up 31 percent from the previous year, according to the Bank of Korea.Among total remittances, payment of income to foreign

Jan. 28, 2011

Woori, Shinhan in search of new chairmen

Two of the nation’s three major financial groups are to choose their next chairmen in about a month.Woori Financial Group’s incumbent chairman Lee Pal-seung will see his term end in March and Shinhan Financial Group currently maintains an interim chairman system due to the recent internal feud among executives.Woori Financial launched a committee Friday, which will recommend the list of several ca

Jan. 28, 2011

Kia posts record revenue, profit on sales

Kia Motors Corp. saw its sales and profits reach an all-time high in 2010, fueled by massive improvements in sales seen both at home and abroad.The carmaker Friday reported yearly sales of 23.26 trillion won ($20.88 billion) and operating profit of 1.68 trillion won, up respectively 26.3 percent and 46.8 percent from a year earlier.Over the corresponding period, the company’s net profits jumped 55

IndustryJan. 28, 2011

Verizon buys cloud provider Terremark

Verizon Communications Inc., the second-largest U.S. phone carrier, has agreed to buy cloud-provider Terremark Worldwide Inc. for $1.4 billion as it expands services that allow corporate customers store data and programs offsite. The cash deal, which values Terremark at $19 a share, represents a 35 percent premium over the company’s closing share price. Verizon plans to complete its offer later th

BusinessJan. 28, 2011

Seoul shares end 0.34 pct lower on Japan rating cut

  South Korean stocks closed 0.34 percent lower on Friday as investor sentiment was dampened by the downgrade of Japan's credit rating by Standard & Poor's, analysts said. The local currency rose against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) declined 7.14 points to 2,107.87, snapping a four-day run of gains.Trading volume was moderate at 347.8 million shares wo

Jan. 28, 2011