A nationwide milk shortage caused by the severest foot-and-mouth disease outbreak in Korea’s history is affecting local confectionery and dairy industries, corporate sources said Sunday.Sources from Seoul Milk, Namyang Dairy Product Co. and the Korea Bakers Association said that as of December, the reserves of powdered skim milk stood at just 938 tons or a 77.3 percent drop from 4,137 tons reporte

Industry Feb. 13, 2011

The size of the so-called underground economy in Korea has been shrinking steadily since the early 1990s due to increased transparency of financial transactions, a report showed.According to the report by the Korea Institute of Public Finance, the size of the untaxed portion of the Korean economy was estimated at 17.1 percent of the gross domestic product in 2008, lower than 28.7 percent in the 19

Feb. 13, 2011

BARCELONA, Spain (Yonhap News) ― Larger, faster and smarter smartphones and tablets are expected to steal the show this week at the wireless industry’s biggest trade show in Spain, signaling a new round of competition among vendors in the sector’s fastest growing and the most vibrant segments. Among the mobile devices and wireless technologies that will be on display by some 1,360 companies at thi

Technology Feb. 13, 2011

Korea’s household debt, a major economic risk factor, rose sharply last year, raising concerns about an increase in defaults, a private credit appraiser reported Sunday.At the end of December, financial institutions had 722.8 trillion won ($642 billion) in outstanding loans to the household sector, up 6.9 percent from a year earlier, according to the Korea Credit Bureau.Of the total, unsecured hou

Feb. 13, 2011

Hyundai Motor Group’s overseas recruitment drive will begin Monday, the company announced Sunday. The group’s three main automotive businesses ― Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. ― will receive applications from overseas-educated individuals with master’s or Ph.D. degrees with two or more years of work experience.The selection process will be conducted from Feb. 14 through

Mobility Feb. 13, 2011

The Bank of Korea may raise borrowing costs again as early as March to counter inflation pressures after unexpectedly leaving policy unchanged Friday. Governor Kim Choong-soo and his officials held the seven- day repurchase rate at 2.75 percent in a split decision, after economists had forecast a quarter-point increase. Goldman Sachs Group Inc. and HSBC Holdings Plc say the next move will be next

Feb. 13, 2011

After spearheading last year’s bull run of the Korean market, foreigners have shifted to big net sellers of local shares this year due to concern over global inflation and other negative factors, industry sources said Sunday.As of Friday, foreign investors sold a net 2.06 trillion won ($1.83 billion) worth of Korean stocks, according to the Korea Financial Investment Association and Hana Daetoo Se

Feb. 13, 2011

INGOLSTADT, Germany (DPA) ― Audi’s new baby sports utility vehicle, the Q3, is expected to debut at the Frankfurt Motor Show in September, adding spice to the small compact SUV sector in competing against the BMW X1 and the upcoming Mercedes BLK.Spy shots reveal design details from the A1 and Q5 with the technical platform coming from the VW Golf and VW Tiguan.The engine range is also likely to co

Mobility Feb. 13, 2011

GENEVA (DPA) ― The new Lamborghini Aventador, which is set to make its debut at next month’s Geneva Motor Show, will feature a Formula 1 race car-inspired push rod suspension system with superior handling characteristics.Lamborghini says the new suspension system transversely connects the spring and damper components to the body shell structure instead of the wheel mounts. Located under the windsc

World Business Feb. 13, 2011

Hyundai Motor Co. announced Wednesday that it was ranked top among carmakers in a U.S. survey for customer loyalty for the second consecutive year in a survey conducted by the market research firm Brand Keys Inc.According to the carmaker, Brand Keys survey results carry significant weighting with U.S. consumers and can contribute to retaining and expanding the customer base. In addition, Hyundai a

Mobility Feb. 13, 2011

Stuttgart Sports Cars, the official importer of Porsche vehicles, is offering free checkup services and discounts on maintenance fees for Porsche vehicles with expired warranties until March 19.The offer is limited to vehicles purchased through the company before January 2007. During the period, those with vehicles meeting the requirements will be offered a 15 percent discount on parts, and 10 per

Mobility Feb. 13, 2011

Chrysler Group LLC, the U.S. automaker operated by Fiat SpA, is exploring the possibility of adding compressed natural-gas powered engines to its Ram truck brand, a top executive said.“I’m eager and very interested to see what we can do with CNG in our truck applications,” Fred Diaz, head of the Ram brand, said Thursday in an interview at the Chicago Auto Show.Fiat, which holds a 25 percent stake

Mobility Feb. 13, 2011