The Korea Herald

3-D LCD panel sales surge in first quarter

Jun 6, 2011

Sales of locally made three-dimensional liquid crystal displays surged 104 percent in the first quarter compared to the last three months of 2010, mainly fueled by a rise in global demand, an industry report showed Monday.According to the report by market research firm DisplaySearch, Korean-made 3-D LCD shipments reached 1.90 million units in the three-month period. It said the size of the market
Volvo recalls trucks with faulty steering

Jun 6, 2011

Volvo Group Korea is recalling 49 FH and FM truck models due to a fault in the steering system, the Ministry of Land, Transport and Maritime Affairs announced Monday. According to the ministry, the bolt keeping the steering arm in place in FH 6X4, FH 6X2 and FM 6X2 trucks produced between Dec. 13 and Jan. 14 may come loose. The recall applies to 39 FH 6X2 trucks, and five each of FH 6X4 and FM 6X2
Koreans still favor instant coffee fix

Jun 6, 2011

Although the country’s thriving coffee market has stoked demand for espresso and drip coffee in recent years, instant coffee remains Korea’s preferred drink, a recent survey showed. Last year, Koreans consumed 22.8 billion cups of coffee collectively, according to the survey by Nielson Korea and Dongsuh Foods Corp., the top local instant coffee maker. That translates as 452 cups for every Korean o
POSCO to begin work on magnesium smelting plant

Jun 6, 2011

POSCO will begin work on its first magnesium smelting plant on Friday.The plant, to be located within an industrial complex in Gangneung, Gangwon Province, is scheduled for completion in June 2012. Once complete, the plant will be capable of producing 10,000 metric tons of magnesium ingots on an annual basis, reducing imports by an estimated 35 billion won ($32 million) each year.According to indu
More firms plow money into solar energy

Jun 6, 2011

Samsung SDI, LG Chem, Hanwha participate in solar power projectsAn increasing number of firms are betting on solar energy projects as solar power is figured to be one of the fastest-rising new growth engines in the country.Large businesses, such as Samsung SDI, LG Chemical, Hanwha and SK subsidiary SKC, are gearing up to increase production to prepare for the rising demand for solar energy.Accordi
Nexon, Bluehole Studio set up at L.A. game trade show

Jun 6, 2011

The Electronic Entertainment Expo 2011, the world’s largest game trade show participated in by local players Nexon and Bluehole Studio, will take place at the Los Angeles Convention Center from June 7-9.Nexon and Bluehole Studio will set up their own booths throughout the exhibition to make public their line-up of online games.Nexon, which took part in the show for the first time last year, will f
China shops for Latin American oil, food, minerals

Jun 6, 2011

CARACAS, Venezuela (AP) ― Latin America is blessed with a wealth of natural resources such as oil, copper and soy, and seeks investment and loans to capitalize on them. China needs the commodities to keep its economy growing and has about $3 trillion in reserves to burn.Those interests have come together in a burgeoning and unorthodox partnership, as China lends and invests tens of billions of dol
FBI partner attacked by hackers, passwords taken

Jun 6, 2011

People walk by Sony Building in Tokyo's Ginza shopping district in Tokyo. Another massive data breach at Sony has left hackers exulting, customers steaming and security experts questioning why basic fixes haven't been made to the company's stricken cybersecurity program. (AP-Yonhap News)LONDON (AP) _ Nearly 180 passwords belonging to members of an Atlanta-based FBI partner organization have been s
Chrysler under control of Fiat

Jun 5, 2011

NEW YORK (AFP) ― Iconic American carmaker Chrysler has officially come under the Italian flag with Fiat announcing it had obtained a majority share after buying out the U.S. government’s stake.The takeover comes two years after Fiat took a 20 percent stake in exchange for sharing its technology and providing trusted leadership as Chrysler emerged from a government-backed bankruptcy.President Barac
Greek workers in new protest against cuts

Jun 5, 2011

ATHENS (AFP) ― Hundreds of people from Greece’s two main private and public sector unions protested in central Athens Saturday to condemn the government’s new bailout deal with international lenders.Around 1,500 people marched to the capital’s main Syntagma Square, in front of the Greek parliament, with banners proclaiming: “No to the new memorandum” and “Resist!”Protesters from a communist-backed
IMF frees up $225m for Iceland

Jun 5, 2011

WASHINGTON (AFP) ― The International Monetary Fund said Friday it had okayed a sixth tranche of $225 million in financing for Iceland, citing Reykjavik’s “impressive progress” in post-crisis restructuring.The IMF said Iceland’s economy would likely return to growth this year, but still faced risks from inflationary pressures, delays in investment projects, joblessness and slow private sector debt
Kia pushes U.S. expansion as market-share gain leads industry

Jun 4, 2011

Kia Motors Corp., South Korea’s second-largest automaker, announced plans this week to raise output at its Georgia plant by 20 percent, underscoring the U.S. industry’s biggest market-share gain this year.Kia, an affiliate of Hyundai Motor Co., raised its U.S. share 0.8 percentage point to 3.8 percent through May, topping gains of 0.7 point for General Motors Co. and 0.6 point for Hyundai, accordi
Kumho Petrochem chief grilled in slush fund case

Jun 3, 2011

Kumho Petrochemical Chairman Park Chan-koo was on Friday summoned by prosecutors over allegations that he created slush funds and gained illegal profit on the back of exclusive, internal information.The prosecution believes the slush funds may amount to up to 30 billion won ($27.7 million).Park, however, denied any wrongdoing, saying he would “clear everything” during the questioning session. Park
Cabinet submits corrected U.S. FTA bill to parliament

Jun 3, 2011

The government approved an updated ratification bill for the Korea-U.S. free trade agreement after fixing translation errors and submitted it to the National Assembly to seek parliamentary approval.The agreement had been retracted in April over multiple translation errors in the Korean version. Prime Minister Kim Hwang-sik urged the early parliamentary approval of the deal.“The KORUS FTA is an ine
Samsung's new Galaxy Tab to go on sale in U.S. next week

Jun 2, 2011

Samsung Electronics Co., the world's second-largest mobile phone maker, said Thursday that its new Galaxy Tab tablet computer will hit U.S. shelves next week, mounting a challenge on Apple Inc.'s iPad 2.The wireless-fidelity (Wi-Fi) version of the Galaxy Tab 10.1 will be launched on June 8 through the U.S. retailer Best Buy Co., Samsung said in a statement.The upcoming Android-based tablet, which