Budget carrier to run cheap flights between Incheon and OsakaKorea’s low-cost airlines are girding for fierce competition in the skies as Peach Aviation is racing to launch a new route to Seoul, seeking a slice of a budget travel boom in Asia’s fourth-largest economy. With the number of cost-conscious tourists surging, budget carriers are increasingly steering abroad in a bid to offset high jet oil prices and prop up their balance sheets. Osaka-based Peach is the latest in a string of no-frills

The chief of the National Federation of Fisheries Cooperatives said fisheries should be excluded from the free trade agreement negotiations to cut tariffs between Korea and China.The duties on fish must be retained to protect the troubled local fishing industry, Lee Jong-koo said in an interview with Yonhap news agency.Whereas Korea imports frozen fish from the United States and Chile, large amounts of fresh fish can be brought in from China due to its proximity, possibly dealing a blow to the d

Honda Motor Co., seeking a 46 percent jump in U.S. Acura brand sales this year, priced a new “near premium” compact sedan to attract car buyers in their 30s and keep them out of competing BMW and Audi models. The 2013 ILX, which goes on sale in May, starts at about $27,000. It’s aimed at older “Generation-Y” customers who aspire to own a luxury vehicle and have limited income, Jeff Conrad, vice president of Honda’s Acura unit, said this month. Honda’s U.S. sales target is 40,000 annually of the

Hyundai, Kia struggle to catch up with Toyota’s PriusHybrid cars of Hyundai Motor and its affiliate Kia Motors have yet to gain popularity among domestic consumers.The affiliated automakers saw lethargic sales of the fuel-efficient vehicles, such as the Sonata hybrid and K5 hybrid, last year. Yearly sales of Hyundai’s Sonata hybrid and Kia’s K5 hybrid stood at 7,193 and 5,279 units, respectively.The figures indicate that the companies’ daily sales of the two eco-friendly sedans in Korea average

CJ Foodville has named the current chief operating officer Heo Min-heoi as a new chief executive officer of the franchise unit of CJ Group. The former vice president at CJ Group has served as acting president for CJ Foodville since December. “We have named him for his experience and expertise in the food industry and related services as well as his business mentality and leadership,” the company said. “I’ll help CJ Foodville realize CJ’s dream and vision of globalization of Korean dining based o

South Korea’s exports were less than analysts forecast in March, sliding 1.4 percent from a year earlier on weakness in global demand.Imports fell 1.2 percent, leaving a trade surplus of $2.3 billion, the Ministry of Knowledge Economy said in an e-mailed statement today. The median estimate in a Bloomberg News survey of 13 economists was for a 1.3 percent gain in exports.Signs that Europe’s debt c

Google is teaming with Asia-based hardware makers on a low-priced, 7-inch tablet computer to challenge offerings by Amazon.com and Apple, reports said Thursday. The Sony’sTablet P, which runs on Google Inc.`s Android operating system. (Bloomberg-Yonhap News)Android software backed by the California Internet giant will power hardware built by partners including Samsung and Asustek to compete with i

LG Display’s mass produced plastic e-paper could boost the global e-book market.On Thursday, LG Display said it began mass production of a plastic e-paper that is half the weight and one-third the thickness of existing glass-based displays.This makes it possible for more portable e-books, as it can be bent up to 40 degrees. The displays also do not break easily, and can be safely dropped from 1.5 meters, according to LG Display officials.Maintaining a thickness of 0.7 millimeters and a weight of

Doosan Corp. chairman Park Yong-maan was elected as chairman of Doosan Group at a shareholders’ meeting Friday.The 57-year-old businessman is the fourth son of first group chairman Park Too-pyung. He will replace Park Yong-hyun, the current group chief and the founder’s third son. “Chairman Park Yong-maan will preside over the overall group strategy as the new chief, taking over the responsibilities of Park Yong-hyun,” the group said in a statement. The decision came as chairman Park Yong-hyun r

Hyundai Motor Co.’s Solaris sub-compact was named the 2012 Annual National Prize Car of the Year by Russian consumers, South Korea’s largest carmaker said Friday.The vehicle, which is the local name for Hyundai’s popular Accent, was picked as both car of the year and best model in the small vehicle segment by 1.5 million consumers who took part in a nationwide vote.The award ceremony hosted by the country’s automotive media including Automir was held on Thursday in Moscow.Hyundai said its Solari