The Korea Herald

Hyundai Heavy to ship packaged power stations to Japan

IndustryMar 20, 2011

Hyundai Heavy Industries Co. will provide four packaged power stations for areas affected by the earthquake and the tsunami in Japan, the Ministry of Foreign Affairs and Trade announced Sunday.Packaged power stations are transportable electricity-generating equipment packaged into 40-feet shipping containers. The packaged power stations will be used to supply power to the cooling system at the dam
Samsung sending additonal relief aid

Mar 20, 2011

Samsung Group said Sunday it will make an additional donation of supplies to Japan amid a near rush by businesses here to help people in the neighboring country hit by the powerful earthquake and tsunami.The nation’s largest business group earlier gave 100 million yen ($1.23 million) and 2,000 sets of emergency relief supplies, worth about 30 million yen, to Japan’s Red Cross Society.The group wil
Extended Japan crisis could inflict damage on Korean companies

Mar 20, 2011

Damages to South Korean businesses from the quake in Japan are still limited, but they may become more visible and serious if the problems facing Japanese firms become prolonged, market observers said Sunday.The most direct damage to South Korean companies came from the loss of containers containing products awaiting delivery in Japan.The Korea Maritime Institute estimated the country’s shipping c
N.K. sends floral wreath for late Hyundai founder

Mar 20, 2011

North Korea has sent a wreath to Hyundai Group to commemorate the 10th anniversary of the death of Hyundai founder Chung Ju-yung, the conglomerate said Sunday, amid efforts by Pyongyang to improve ties with Seoul that quickly deteriorated following the North’s sinking of a South Korean warship and attack on a border island last year.The wreath from the North’s Korea Asia-Pacific Peace Committee wa
Seoul shares face downward pressure

Mar 20, 2011

South Korean stocks will trade in negative territory this week as uncertainties in Japan and the Middle East are likely to dampen investors’ appetite for risks, analysts said.After moving with great volatility, the benchmark Korea Composite Stock Price Index closed at 1,981.13 on Friday, up 25.59 points, or 1.31 percent, from one week ago.The Seoul bourse was the sole stock market in Asia that fin
Business failures hit record low

Mar 20, 2011

The number of South Korean corporate bankruptcies fell to a record-low level in February on the back of the country’s continued economic recovery, the central bank said Sunday.The number of companies that went bankrupt totaled 99 last month, down from 102 in the previous month, according to the Bank of Korea. The latest figure marked the smallest monthly number of business failures since the centr
Hana Daetoo Securities, Wise Asset face sanctions

Mar 20, 2011

The Financial Supervisory Service is set to reprimand a local asset management firm and a brokerage house for incurring huge losses by conducting allegedly reckless investments in stocks last November.The companies which faced regulatory punishment are Wise Asset and Hana Daetoo Securities. They were reportedly negligent in internal controlling, according to the FSS.Though the FSS had planned to f
G20 to discuss Japan impact on economy

Mar 20, 2011

Finance ministers from the Group of 20 member nations will hold a meeting in Washington, D.C. next month to discuss the economic impacts of the Japanese crisis and measures to curb volatility in global financial and commodity markets, government officials said Sunday. The meeting, slated for April 14-15, is mainly aimed at gauging the aftereffects on the energy sector amid the nuclear crisis follo
KCCI offers relief aid to Japanese quake victims

Mar 20, 2011

Chairman of the Korea Chamber of Commerce and Industry, Sohn Kyung-shik, has sent letters to his Japanese counterparts expressing sympathy for Japan’s earthquake victims.The organization also plans to send the relief funds raised from 71 of its regional chambers to Japan this week, chamber officials said Sunday.In separate letters to the Japanese chamber and the chamber of commerce representing Se
S-Oil donates W500 million for Japan

IndustryMar 20, 2011

S-Oil Corp., the nation’s third-largest refiner, entrusted the Community Chest of Korea with a relief fund totaling 500 million won ($440,000) to support Japan, company officials said Sunday.“As Japan is now undergoing an unimaginable difficulty due to last week’s massive earthquake, we decided to provide humanitarian aid for the country,” S-Oil CEO Ahmed A. Subaey said. S-Oil CEO Ahmed A. Subaey
KEPCO denies rumors of importing UAE nuke waste

IndustryMar 20, 2011

Utility firm seeks court order banning magazine report on possible import of fuelThe state-run Korea Electric Power Corp. said on Saturday that it has filed for injunction in a Seoul court calling for the banning of the distribution of the monthly Shindonga magazine. They argue that its news report that Korea may be responsible for the disposal of nuclear waste from the planned nuclear power plant
Honda suspends orders for Japan-Built car

TransportMar 20, 2011

Honda Motor Co., the Japanese carmaker that builds most of the autos it sells in the U.S. at North American plants, is temporarily halting orders from U.S. dealers of Japan-built models after a suspension of production there following last week’s earthquake.Honda informed U.S. Honda and Acura dealers, who typically order vehicles six weeks in advance, of the suspension yesterday in a memo, said Ch
New BMW R1200R hits local market

TransportMar 20, 2011

BMW Korea launched the new R1200R roadster motorcycle on the local market on Tuesday. The bike is fitted with a 1,170 cubic centimeter engine that puts out 110-brake horsepower, and manages 24 kilometers per liter when traveling at 90 kilometers per hour. BMW R1200RThe vehicle also comes with a number of safety features including automatic stability control and anti-lock braking systems as standa
Harley-Davidson to fix faulty oil tank

TransportMar 20, 2011

Harley-Davidson Korea announced on Wednesday that oil tanks fitted in 833 XL Sportster and XR1200 vehicles sold in Korea will be replaced due to faults that may develop in cold conditions.According to the company, oil tanks fitted in model year 2004 to 2009 XL Sportster motorcycles and 2009 XR1200 could become damaged when condensation within the tank freezes in low temperatures. The company will
Hyundai adds diesel engine to i30 lineup

TransportMar 20, 2011

Hyundai Motor Co. added the new U2 diesel engine to the i30 and i30CW compact car lineup on Wednesday. The new 1.6-liter U2 diesel engine puts out 128-brake horsepower, and manages 18.1 kilometers per liter with automatic transmission, and 22 kilometers per liter with manual transmission, which according to the company is about 10 percent more efficient than the older diesel engine. i30The engine