Chunwoo Motors, Toyota Korea’s Lexus dealer for the Yongsan area of Seoul, opened a Lexus showroom in Ilsan-gu, Goyang in Gyeonggi Province on Thursday.The company said that the new showroom will strengthen its sales network in northern Gyeonggi Province including Ilsan and Paju. The showroom is located on the ground floor of a three-story building that includes office space, and a service stall t

Hyundai Motors Co. will shuffle production of two models between its Czech factory and a plant operated in neighboring Slovakia by the carmaker’s affiliate, Kia Motors Corp.The factory near Zilina, Northern Slovakia, will take over production of Kia Venga compact cars, which are currently assembled in the Czech Republic, according to Dusan Dvorak, spokesman for the unit. Similarly, production of H

Renault Samsung Motors Co. will be operating vehicle checkup points at 14 rest stops on expressways from Feb. 1 to 6 between 9 a.m. and 5 p.m. for those traveling during the Seolnal, Lunar New Year, holiday.The checkup points offer general checkups free of charge, and replacements for various parts and components. Mechanics stationed at the checkup points will also provide tips on vehicle maintena

South Korea is expected to become the world's seventh-largest economy in 2032 if it continues to propel its growth engines, the country's top financial regulator has said.   "In 2020, South Korea is likely to become the world's 10th-largest economy. In 2032, it is projected to surpass Germany to join the ranks of the world's seven largest economies," Kim Seok-dong, the head of the Financial Servic

The International Monetary Fund approved a two-year contingent credit line to the Republic of Macedonia in the first use of newly launched insurance program guided by the Group of 20 last year. The former Yugoslavian republic became the IMF’s first recipient of the Precautionary Credit Line, securing 476 million euros ($642 million) for this year and next.The measure is part of the international l

GM Daewoo Auto & Technology, the South Korean unit of U.S. automaker General Motors Co., said Friday it began producing its new compact multi-purpose vehicle (MPV), the Chevrolet Orlando.   The vehicle will be produced at the GM Daewoo plant in Gunsan, 270 kilometers southwest of Seoul. The Orlando is scheduled to be launched here next month as the first of seven Chevrolet vehicles set to be intro

The state media regulator Korea Communications Commission said Thursday that the U.S.-based social networking site Facebook agreed to improve its individual information protection measures for Korean users.The KCC said that Facebook stated that it will devise separate measures which follow the country’s information and telecommunications law by the end of March.The event takes place after the stat

Move prompted by Lee’s comments on oil pricesThe antitrust regulator is investigating four major oil refiners for possible price rigging and cartel activities, sources said Thursday.The probe comes amid growing government pressure on them over surging fuel prices. The Fair Trade Commission this week conducted on-site investigations of GS Caltex, S-Oil, Hyundai Oil Bank and SK Energy to see if ther

Financial groups may avoid taking on bad assets of savings banksThe government-led restructuring of savings banks may end up injecting a sizable amount of taxpayers’ money into troubled secondary financial institutions, industry watchers said. The Financial Supervisory Commission is in talks with potential investors including Woori Financial Group to arrange a sweeping rescue scheme for distressed