The Korea Herald

Korea to spend W60b to reshape industrial complexes

Feb 20, 2011

The government and private sector will organize a 60 billion won ($53 million) fund this year to be used for reshaping the country’s lagging industrial complexes, the Ministry of Knowledge Economy said Sunday.The investment is part of the Quality of Working Life Valley project launched by the government in October, which is aimed at reinvigorating old industrial sites to attract more young workers
POSCO looks to turn byproduct gas into fuel

IndustryFeb 20, 2011

The world’s fourth-largest steelmaker POSCO announced Sunday that it has signed a memorandum of understanding with the U.S.-based bio-fuel manufacturer LanzaTech to produce ethanol using waste gases generated in blast furnaces.Under the agreement, POSCO will use LanzaTech’s technology to produce ethanol from the carbon-rich waste gases using microbes. The steelmaker plans to build necessary facili
Honda sweetens deal for Civic

TransportFeb 20, 2011

Honda Korea is offering a larger discount and longer installment period for the compact car Civic until the end of the month. Until the end of the month, those purchasing the Civic ― either the 1.8 and 2.0 ― can choose between a 4 million won ($3,600) discount, and two special rate financing programs. Honda CivicThe financing schemes are a 36-month zero interest installment program and a low inter
BMW refreshes 5-Series, X5 and M5 campaign

TransportFeb 20, 2011

BMW Korea is offering free checkup and discounts on maintenance fees for 5-Series, X5 and M5 vehicles registered before Jan. 31, 2006 until March 4.During the period, owners of vehicles that qualify will be given comprehensive checkup services using BMW’s latest maintenance equipment. Fees arising from any repairs will also be cut by 20 percent during the period.The offer excludes repairs on damag
Range Rover Vogue hits local market

TransportFeb 20, 2011

The new Range Rover TDV8 Vogue was launched on the local market on Feb. 14.The vehicle is fitted with a LR-TDV8 4.4-liter engine that puts out 313 brake horsepower and 8-speed automatic transmission. Range Rover TDV8 VogueThe vehicle manages 9.6 kilometers per liter, which according to the company is 18.5 percent more efficient than the previous engine. The new engine also emits 14 percent less gr
Kia launches Forte with fuel-saving technology

TransportFeb 20, 2011

Kia Motors Corp.’s Forte Eco Plus, the country’s first vehicle fitted with an idle stop-and-go-system for automatic transmission, will go on sale today.The idle stop-and-go-system automatically shuts down the engine when the vehicle comes to a halt and restarts the engine when the car is back on the move to reduce fuel consumption and greenhouse gas emissions. Forte Eco Plus. (Kia Motors Corp)Acco
Tesla targets 50% revenue growth

TransportFeb 20, 2011

Tesla Motors Inc., the U.S. electric carmaker backed by Daimler AG and Toyota Motor Corp., said its revenue this year may rise as much as 50 percent because of higher demand for its rechargeable vehicles and battery packs.“We project revenue to increase about 40 to 50 percent in 2011, to $160 million to $175 million,” Deepak Ahuja, Tesla’s chief financial officer, said in a conference call on Feb.
Camaro to lead GM’s Korean expansion

TransportFeb 20, 2011

Muscle car measures up to competition, but stiffer price may dampen enthusiasmChevrolet’s iconic muscle car Camaro was unveiled in South Korea on Friday.The Camaro is the third model of the eight Chevrolet vehicles GM Daewoo Auto and Technology Co. plans to introduce to the local market this year as part of its strategy for pushing up domestic market share and to leave behind the less-than-flatter
Smartphone top electronics buy in 2011: survey

IndustryFeb 20, 2011

WASHINGTON (AFP) ― U.S. consumers are more likely to buy a smartphone than any other electronic gadget this year, according to a new survey.Technology research company Gartner said consumers in the United States are more likely to buy a smartphone in 2011 than a personal computer, a basic mobile phone, an electronic book reader, a tablet computer or gaming products.Gartner said the next most popul
Berlusconi girl describes 'bunga bunga' parties: report

IndustryFeb 19, 2011

ROME (AFP) - Dozens of naked women surround the Italian primeminister vying with each other to arouse him -- Silvio Berlusconi's "bungabunga" parties as reportedly described to prosecutors by a key participant. "After dinner we went into a hall in the basement where the bunga bunga washeld," Karima El Mahroug, a pole dancer nicknamed "Ruby the Heart Stealer", was quoted as saying to investiga
Obama talks jobs with Jobs, other tech leaders

TechnologyFeb 19, 2011

Obama talks jobs with Jobs, other tech leaders WOODSIDE, California (AP) _ President Barack Obama assembled someof the biggest names in Silicon Valley to confer on jobs and innovation, trying to get leaders from companies like Google and Apple behind his push to keep spending on high-tech initiatives even as Republicans push to slash the budget. Facebook creator Mark Zuckerberg, Google chief e
Four savings banks suspended

Feb 19, 2011

The Financial Services Commission suspended operations of four savings banks on Saturday, following its similar sanction against three debt-saddled players since January.The regulator announced that it halted businesses of Busan II Savings Bank, Jungang Busan Savings Bank, Jeonju Savings Bank and Bohae Savings Bank for six months until Aug. 18.The series of measures against distressed savings bank
New EU envoy hails trade pact

Feb 18, 2011

Kozlowski calls Korea-Europe FTA a win-win deal benefiting businesses, consumersThe Korea-EU free trade agreement expected to come into force in July will benefit businesses, workers and consumers of both economies, Thomas Kozlowski, the new EU ambassador to Seoul, said Friday. The European Parliament approved the landmark accord on Thursday. Korea seeks a parliamentary ratification during an extr
TV license fee increases to 3,500 won per month

Feb 18, 2011

The state media regulator, Korea Communications Commission, on Friday approved public broadcaster KBS’s request to increase the monthly viewing fee by 40 percent to 3,500 won ($3).The decision was made during its general meeting from which two of the five commissioners walked out in protest.Households with television sets are all currently obliged to pay a fixed fee of 2,500 won under the Broadcas
Watchdog OKs 40-pct rise in KBS subscription fee

Feb 18, 2011

South Korea's communications regulator approved on Friday a 40-percent increase in the subscription fee for public broadcaster Korea Broadcasting System (KBS). The rise in the KBS subscription fee by the Korea Communications Commission is subject to approval by the National Assembly. Should the proposal win parliamentary approval, KBS's subscription fee will increase to 3,500 won (US$3.14) from