The Korea Herald

Ministry to hike fuel surcharges for long-haul flights

Jun 5, 2011

Air travelers will likely pay more fuel surcharges for long-haul flights and less for short-haul flights starting July at the earliest as the government looks to better adjust the rates to fluctuations in jet fuel prices, officials said Sunday.　Fuel surcharges are an extra charge added to the ticket price of air flights, to cover the cost of fuel rates. The Ministry of Land, Transport and Maritime
Korea to launch W100 billion fund for foreign investors

Jun 5, 2011

Korea plans to launch a fund to help foreign investors bring in skilled labor and technology from overseas in target sectors. The Global Win-Win Fund will be created in August or September with 100 billion won ($92.6 million) and expanded to 300 billion won ($278 million) over the next two years, the Ministry of Knowledge Economy said Sunday. Of the total, the state-run Korea Finance Corporation p
[Herald Interview] ‘Yeosu Expo will be a catalyst for south coast development’

Jun 5, 2011

YEOSU, South Jeolla Province ― Facilities and social overhead capital investments made for the Yeosu Expo will form the basis for south coast development, chairman of Organizing Committee for Expo 2012 Yeosu Korea Kang Dong-suk said.“The social overhead capital investments are not solely for the Expo, they were timed to coincide with the event to increase accessibility to the southern coast,” Kang
Two Credit Suisse staff indicted for stock fraud

Jun 5, 2011

Prosecution charges foreign brokerage workers for the first time; Kyobo Securities brokers also face trialThe prosecution said Sunday it had indicted two former employees of the Hong Kong branch of Credit Suisse Group AG on charges of manipulating Korean stocks.It is the first time staff of a foreign investment bank have been indicted in Korea on such charges, though there was a similar case invol
Audi launches next generation A6 Avant

TransportJun 5, 2011

INGOLSTADT, Germany (DPA) ― Audi is launching the next generation A6 Avant with a choice of six engines, lightweight components and such features as a rear hatch opening in response to a sensor signal.Fuel consumption has been reduced by as much as 18 percent compared with the previous model, according to Audi. Topping the engine lineup is the new 3.0 TDI with twin-turbo technology and 230kW/313 h
BMW pays tribute to 1930s sports car

TransportJun 5, 2011

MUNICH (DPA) ― BMW is paying tribute to a 1930s sports car with an exciting new show car called the BMW 328 Hommage which is fitted with all that modern technology has on offer and design cues reminiscent of the classic built 75 years ago.“With the BMW 328 Hommage, we wish to pay homage to the passion and inventiveness of the fathers of the BMW 328”, said Karl Baeumer,CEO of BMW Group Classic, at
U.S. to sell remaining Chrysler stake to Fiat

TransportJun 5, 2011

WASHINGTON (DPA) ― The U.S. government is selling its remaining 6-percent equity in carmaker Chrysler to Italy’s Fiat SpA for $500 million, the U.S. Treasury Department announced last week.“After the completion of this transaction, Treasury will have fully exited its TARP investment in Chrysler Group LLC,” the department said in a statement.TARP refers to the Troubled Asset Relief Programme launch
Volvo P1800 celebrate 50th anniversary

TransportJun 5, 2011

The Volvo P1800 has turned 50. The eye candy of classic style lovers debuted in 1961, and shaped the image of Volvo as a maker of vehicles with style and diamond-hard durability. The design by Peitro Frua later morphed the sports car into a Grand Turismo Estate that inspired the Volvo 30 ― the modern equivalent of the P1800. The 1800 model boasts world famous durability, with the 1800S headed for
Mercedes-Benz offers free check-ups

TransportJun 5, 2011

Mercedes-Benz Korea is offering check-ups and coolant replacement free of charge until June 25, the company said. Available at 23 services across the country, the promotional offer celebrates 125 years of its business operation. The local office of German carmaker is also offering 16 percent discount on selected components as part of the offer. “The check-ups are to help drivers prepare their summ
Renault Samsung opens supply support center

TransportJun 5, 2011

Renault Samsung Motors began operating the global supply support center for Korea-made components, expanding opportunities for parts suppliers in the overseas market. The company opened a consultation desk for part suppliers within its Purchasing Division located in its technical center in Giheung, south of Seoul, to answer their inquiries about exports. “Through the operation of the Global Supply
Kia expands U.S. production by 20 percent

TransportJun 5, 2011

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
Toyota pledges to overtake BMW in Korea

TransportJun 5, 2011

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
Two-seater thrills lure uptown drivers

TransportJun 5, 2011

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
Chrysler under control of Fiat

IndustryJun 5, 2011

NEW YORK (AFP) ― Iconic American carmaker Chrysler has officially come under the Italian flag with Fiat announcing it had obtained a majority share after buying out the U.S. government’s stake.The takeover comes two years after Fiat took a 20 percent stake in exchange for sharing its technology and providing trusted leadership as Chrysler emerged from a government-backed bankruptcy.President Barac
Greek workers in new protest against cuts

IndustryJun 5, 2011

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