Kia expands U.S. production by 20 percent

Kia Motors Corp., Korea’s second-largest automaker, announced plans last week to raise output at its Georgia plant by 20 percent, underscoring the U.S. industry’s biggest market-share gain this year.Kia, an affiliate of Hyundai Motor Co., raised its U.S. share 0.8 percentage points to 3.8 percent through May, topping gains of 0.7 point for General Motors Co. and 0.6 point for Hyundai, according to

MobilityJune 5, 2011

Toyota pledges to overtake BMW in Korea

Toyota Motor president Akio Toyoda vowed to become the champion of sales among foreign automakers in Korea by 2014, promising tough competition with German players.During his visit to Seoul over the weekend, Toyoda said, “Though we may not able to restore our brand image all at once, we will make efforts to top the list of Korea’s import car market within three years.”The CEO’s commitment came dur

MobilityJune 5, 2011

Two-seater thrills lure uptown drivers

High-end vehicles lead foreign carmakers’ charge in Korean marketBuoyed by a growing love for sports cars by the well-to-do, foreign luxury car brands are upping their share of the domestic car market.Auto analysts say more are turning to exotic options accompanying fast, topless thrills often with luxury amenities like rain-sensing windshield wipers and automatic climate control with pollen filte

MobilityJune 5, 2011

Greek workers in new protest against cuts

ATHENS (AFP) ― Hundreds of people from Greece’s two main private and public sector unions protested in central Athens Saturday to condemn the government’s new bailout deal with international lenders.Around 1,500 people marched to the capital’s main Syntagma Square, in front of the Greek parliament, with banners proclaiming: “No to the new memorandum” and “Resist!”Protesters from a communist-backed

IndustryJune 5, 2011

IMF frees up $225m for Iceland

WASHINGTON (AFP) ― The International Monetary Fund said Friday it had okayed a sixth tranche of $225 million in financing for Iceland, citing Reykjavik’s “impressive progress” in post-crisis restructuring.The IMF said Iceland’s economy would likely return to growth this year, but still faced risks from inflationary pressures, delays in investment projects, joblessness and slow private sector debt

IndustryJune 5, 2011

Kumho Petrochem chief grilled in slush fund case

Kumho Petrochemical Chairman Park Chan-koo was on Friday summoned by prosecutors over allegations that he created slush funds and gained illegal profit on the back of exclusive, internal information.The prosecution believes the slush funds may amount to up to 30 billion won ($27.7 million).Park, however, denied any wrongdoing, saying he would “clear everything” during the questioning session. Park

IndustryJune 3, 2011

Lax origin oversight hurts exporters to EU

Korea launches task force to enforce strict origin managementLack of strict origin management by the government is making it difficult for local exporters to take advantage of preferential tax treatment they are entitled to once the Korea-EU free trade agreement goes into effect on July 1.Only one-quarter of local companies eligible for tax benefits from the trade deal have attained certificates p

June 3, 2011

Life found 1.3 km beneath the Earth’s crust

(MCT)Scientists discovered tiny worms in deep earth where it was thought creatures could not survive, Science News reported. The discovery of the worm “Halicephalobus mephisto,” and “Plectus aquatilis,” found 1.3 kilometers deep in South African mines, hints that habitable environments may exist on other planets, such as Mars, according to the report. They are the deepest-living known “multi-cellu

TechnologyJune 3, 2011

Outbreak in Europe blamed on `super-toxic' strain

Chief of the laboratory in research into the Escherichia Coli bacterium at the Brno research institute Pavel Alexa, left, and his assistant Gabriela Glocknerova, right, take samples from a pepper for a molecular biological test in Brno, Czech Republic, Wednesday, June 1, 2011. The ongoing outbreak of E. coli has claimed 16 people and around 1500 infected across Europe. The laboratory is testing th

TechnologyJune 3, 2011

Under pressure, SKT leads phone fee cut

The government announced its telecom fees discount plan on Thursday, which included a 1,000 won cut in SK Telecom’s basic service fees and 50 free text messages every month.The Korea Communications Commission, the state telecom regulator, said it agreed with SKT, the country’s top mobile carrier, to provide a 1,000 won discount for all customers, along with more text messages, both beginning in Se

June 2, 2011

Hyundai-Kia grabs 10% of U.S. market

Hyundai Motor Co. and its affiliate Kia Motors Corp. saw their U.S. market share exceed 10 percent for the first time in May, mainly thanks to robust demand for new models.The automakers under the wing of Hyundai Motor Group sold 107,426 vehicles in the United States last month, up 21 percent from a year earlier.They captured 10.1 percent of the American market, where the total sales of global aut

MobilityJune 2, 2011

CJ Group to bid for Japan’s Hayashibara

CJ Group, the country’s largest food company, is bidding to take over Japan’s biggest food-additive maker, Hayashibara, reportedly in consortium with Japanese private equity firm Unison Capital.CJ confirmed the bidding scheduled for July but declined to comment on its consortium with Unison capital.Acquiring Hayashibara is part of CJ Group’s plan to expand into amino acids and other biochemical fo

IndustryJune 2, 2011