Financial groups may see reputation undermined by acquiring distressed institutionsThe Financial Services Commission has come under criticism for apparently pressuring major financial groups to take over distressed savings banks.Bankers expressed skepticism over the financial watchdog’s move after it unveiled plans last week to put ailing savings banks up for auction and suspend operations at some

Automobile recalls in South Korea spiked in 2010 because of tighter safety-related regulatory control and monitoring, a government report showed Monday.   According to the report by the Ministry of Land, Transport and Maritime Affairs, 270,000 vehicles of 87 locally made and imported models were recalled last year, up 110,000 units from a year earlier.   The total number of vehicle models recalled

Hyundai Motor Co. aims to boost its domestic market share to 47 percent this year with its upgraded vehicles lineup, the company said Sunday. The country’s top automaker took 45.2 percent of the Korean market in 2010, falling short of its 52 percent target for the year and the 50.7 percent it secured in 2009. In contrast to a strong overseas performance, Hyundai’s domestic sales in 2010 fell 6.1 p

Volkswagen AG’s Audi unit defended its top spot in luxury-car sales in Europe last year while Bayerische Motoren Werke AG’s main brand captured second place from Daimler AG’s Mercedes-Benz as demand for premium cars revived. New registrations for BMWs rose 6.5 percent last year to 609,196, the fastest pace among the three brands, exceeding Mercedes’s 586,146, while Audi stayed on top with sales of

Toyota Motor Corp., the world’s largest seller of hybrid autos, is developing an alternative motor for future hybrid and electric cars that doesn’t need rare-earth minerals at risk of supply disruptions.Toyota engineers in Japan and the U.S. are working on a so- called induction motor that’s lighter and more efficient than the magnet-type motor now used in its Prius, said John Hanson, a company sp

Financial authorities are quickening their moves to restructure savings banks struggling with growing bad debts to prevent their troubles from destabilizing the broader financial system.The state-run Korea Asset Management Corp. said on Saturday it will conduct a sweeping investigation into all construction-related project financing schemes involving domestic savings banks. Sources said the Financ

Mercedes-Benz Korea launched the new S350 BlueTEC on the local market on Wednesday.According to the company, the new vehicle is 6.8 percent more fuel efficient and has 10 percent more power output than the previous version of the car. The vehicle is fitted with a 3-liter, V6 engine and seven-speed automatic transmission. The car’s engine puts out 258 brake horsepower, and can reach 100 kilometers

Hansung Motor, the official Mercedes-Benz dear, is offering gifts including 25 Apple iPad table PCs during January.As part of its 25th anniversary celebrations, the company will provide iPads to 25 randomly selected customers who buy Mercedes-Benz vehicles during the month,In addition, the company will be giving away gifts to all those who visit showrooms and receive consultations during the month