The Korea Herald

Obama jolt unlikely to spark peace talks

World NewsMay 22, 2011

WASHINGTON (AP) ― President Barack Obama is trying to shock the moribund Israeli-Palestinian peace process to life, but there is little chance the patient can be resuscitated anytime soon.The two sides are more dug in, further apart and less trustful of each other than at any point since Obama brought Israeli Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas together at the
Resources development rush boosts revenue, fund investment

IndustryMay 22, 2011

Korean firms’ aggressive drive to explore overseas resources is shoring up their revenue and helping them secure a stable supply while boosting public demand for commodity investment products. Natural resources such as oil, gas and rare metals have been deemed a promising revenue source by companies including POSCO, STX and Hyundai Heavy Industries amid energy price surges. The developers are sett
TV makers take third of global market

IndustryMay 22, 2011

About a third of televisions sold across the world during the first quarter of the year were produced by South Korean firms, a report showed Sunday.According to a report by the display market research firm DisplaySearch, Samsung Electronics sold 8.87 million flat panel televisions during the period taking 18.5 percent of the 47.9 million-unit global market. During the same period, LG Electronics s
Volvo Cars back in black for full-year 2010

TransportMay 22, 2011

China-owned Volvo Cars on Thursday said it was back in the black in 2010 following an 11.6 percent rise in sales over the previous year.“During 2010, we witnessed a turn-around in the car market and we have now returned to profitability,” chief executive Stefan Jacoby said in a statement.Volvo Cars said its operating EBIT (earnings before interest and taxes) was $361 million.It added it sold about
Audi Korea launches app for iPad

TransportMay 22, 2011

Audi Korea, the local importer of luxury German car brand Audi, said it launched an iPad application for customers to view Audi magazine. The free application allows iPad users to keep up with the latest news about the German cars and promotional offers.Audi magazine, sent to its customers on a quarterly basis, not only covers Audi products but also contains exclusive interviews with sports stars
Toyota starts gearing up U.S. production

TransportMay 22, 2011

Toyota released a bit of good news Wednesday as its U.S. operation announced it would return to 70 percent production capacity by June.As Japan’s infrastructure recovers from the mammoth March earthquake and tsunami, parts were flowing again into the important U.S. market. U.S. production had fallen to 30 percent of capacity in May, with most factories closed for much of each week.Toyota said it p
Jaguar Land Rover offers wedding cars

TransportMay 22, 2011

Jaguar Land Rover said it is offering wedding cars for couples who have their marriage ceremony at the Shilla Hotel in Seoul. An all new XJ, the British carmaker’s flagship model, will be offered to Shilla customers on their way to their honeymoon, the company said.“Young couples nowadays are looking for unique wedding experiences and their taste for wedding cars has been changing fast too. We hop
BMW offers discount on repairs

TransportMay 22, 2011

The local unit of German carmaker BMW Group said it will offer a 20 percent discount on repairs for its older sedans and convertibles, including the M3, X3, Z3 and Z4.The “refresh” campaign will be available for BMW customers whose cars have been registered before April 30, 2006. The offer will be available until June 3 at the company’s official service centers across the country. BMW Korea launch
Renault targets 100,000 car sales in return to India

TransportMay 22, 2011

Renault SA aims to sell 100,000 cars a year in India by the end of 2013, as the French automaker introduces its first model in the Asian country since exiting a joint venture with Mahindra & Mahindra Ltd. last year.The carmaker will introduce the Fluence sedan May 23 in New Delhi and plans to sell as many as five models by December 2012, when it expects to have 100 dealers across the country, Marc
Two-wheelers gain amid soaring gas prices

TransportMay 22, 2011

Rising gas prices may be inconvenient but they make scooters and motorbikes better options, especially with summer just around the corner. Compact motorbikes have been gaining popularity among riders, particularly those in their 20s and 30s looking to add style to their riding experience. Scooters and motorbikes come with fuel efficiency of at least 30km per liter, making them especially attractiv
IMF approves $36.8b loan to Portugal

IndustryMay 22, 2011

WASHINGTON (AFP) ― The International Monetary Fund on Friday approved a 26-billion-euro ($36.8 billion) three-year loan to Portugal as part of a European Union bailout of the struggling eurozone country.The “front-loaded” program makes about 6.1 billion euros “immediately available to Portugal” from the IMF, the Washington-based institution said in a statement.“The financing package is designed to
Spanish economy protests shake up local vote

World NewsMay 22, 2011

MADRID (AFP) ― A wave of nationwide protests against soaring unemployment and the economic crisis overshadowed local elections in Spain on Sunday in which the ruling Socialist Party faced the prospect of a humiliating defeat.The predicted rout would be a bad omen for the party ahead of general elections scheduled for March 2012, when the conservative Popular Party is expected to romp back into off
Germany backs Lagarde for IMF job

IndustryMay 22, 2011

BERLIN (AP) ― Germany’s finance minister on Saturday added to a chorus of calls for France’s Christine Lagarde to become a new leader of the International Monetary Fund.Lagarde has emerged as a front-runner to replace Dominique Strauss-Kahn, also of France, who resigned this week to face charges in New York that he tried to rape a hotel maid. He denies the charges. French Finance minister Christin
Yemeni leader says he’ll leave, warns of al-Qaida

World NewsMay 22, 2011

SANAA (AP) ― Under pressure from protesters and regional allies, Yemen’s president said Saturday he will sign a deal to step down after 32 years in power. Still, he condemned the proposal as “a coup” and warned the U.S. and Europe that his departure will open the door for al-Qaida to seize control of the fragile nation on the edge of Arabia.The mixed signals from Yemen’s embattled president, Ali A
Obama tends to old allies, new challenges

World NewsMay 22, 2011

Europe visit seeks to define West's role in Arab world, global economyWASHINGTON (AP) ― Weaving together strands of pomp, policy and summitry, President Barack Obama’s weeklong European tour is all about tending to old friends in the Western alliance and securing their help with daunting challenges, from the political upheaval in the Mideast and North Africa to the protracted war in Afghanistan.Ob