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Refiners wary of political pressure to cut oil prices

IndustryJan 14, 2011

Following Lee comments, officials move to rein in petroleum pricesThe presidential office and the antitrust regulatory body are poised to turn up the heat on major oil refiners in a drive to tame inflationary pressures.President Lee Myung-bak said Thursday that the prices of petroleum products need to be “carefully analyzed” to determine whether they are at “reasonable levels.”In addition, the Fai
Hyundai Motor signs deal on Hyundai E&C

IndustryJan 14, 2011

Hyundai Motor Group signed a memorandum of understanding with creditors of Hyundai Engineering and Construction to take over the nation’s largest builder Friday.The MOU between the creditors, including Korea Exchange Bank, and the automobile giant is said to carry all the conditions found in that with Hyundai Group, which has been deprived of preferred bidder status due to its dubious funding plan
BOK hikes rate to 2.75%

Jan 13, 2011

South Korea’s central bank unexpectedly raised the key interest rate by a quarter percentage point on Thursday as economic growth and rising raw material prices are exerting mounting inflationary pressure.Bank of Korea Governor Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 2.75 percent. It marked the third rate increase since the onset
POSCO looks to buy Korea Express

IndustryJan 13, 2011

Steelmaker posts record sales in 2010POSCO chief executive Chung Joon-yang said Thursday the nation’s top steelmaker is considering acquiring the country’s largest delivery service provider Korea Express Co.Kumho Asiana Group plans to sell Korea Express, which it acquired in March 2008, to stabilize the group’s financial structure.“With regards to the logistics needs arising at overseas steelworks
Renault-Nissan ups cooperation with Korean parts makers

IndustryJan 13, 2011

Renault-Nissan Alliance held its annual purchasing conference in Seoul this week, opening new opportunities for local parts makers, Renault Samsung Motors Co. said Thursday.The conference, held Monday and Tuesday by Renault-Nissan Purchasing Organization that oversees purchasing and quality control of parts for Renault and Nissan operations, is customarily held at the headquarters of Renault or Ni
Kia hits the spot as first choice of new Samsung executives

IndustryJan 12, 2011

Kia Motors Corp.’s sedans proved once again to be the most popular among Samsung Group’s executives this year.Among the 318 newly appointed executives, 78.6 percent picked Kia’s K7 and Opirus as their company cars. They joined the executive ranks for the first time in the latest reshuffle on Dec. 8.The Opirus held sway with nearly half, with 155 choosing the model. It maintained its status as the
GM Daewoo aims to export 1.8 million units this year

IndustryJan 11, 2011

GM Daewoo Auto and Technology Co. aims to export more than 1.8 million vehicles and knockdown kits under the Chevrolet brand this year, its president Mike Arcamone said Monday.The Korean unit of GM will also launch eight new vehicles to Korea, instead of the originally planned seven, this year. Four of the eight models will be those in segments the company does not currently compete in, he added.H
Hyundai prioritizes quality, image

IndustryJan 11, 2011

Top Korean carmaker confident of raising U.S. market share to 5 percentHyundai Motor Co. will focus on boosting quality and brand image as it steps up its challenge for global automobile leadership, vice chairman Chung Eui-sun said Monday. “Hyundai’s biggest challenge is to secure competitiveness in terms of quality in order to improve the brand image,” Chung said at the North American Internation
Eco-friendly crude ship built by Hyundai

IndustryJan 10, 2011

Hyundai Heavy Industries has delivered the world’s first crude oil carrier fitted with equipment for treating ballast water, the firm announced Monday. Empty vessels are balanced by ballast water, which is then emptied out when cargo is loaded at ports. This practice can transport non-indigenous organisms to waters across the world, damaging foreign ecosystems.With the International Maritime Organ
Multinational drug makers bet on young CEOs

IndustryJan 10, 2011

Multinational drug companies are installing young and aggressive leaders to head their Korean operations in an increasingly competitive local market. Ranga Welaratne, 38, was appointed on Jan. 3 as the new head of the Korean branch of Sanofi-Pasteur, Sanofi-Aventis group’s vaccine division, becoming the latest CEO in their 30s to 40s to lead a multinational pharmaceutical firms’ Korean branch. Hav
New Year deals for Cadillac

TransportJan 9, 2011

GM Korea is offering a number of special deals with the CTS, SRX and STS until the end of the month.For the CTS 3.0, the company is offering a choice between a 2 percent discount and a lease financing program that allows the buyer to pay 65 percent of the vehicle’s price at the end of a 36 month period with 30 percent paid up front. Cadillac SRXFor SRX models, buyers can pick between a zero-intere
Harley Davidson’s ‘Hot Winter’ promotion

TransportJan 9, 2011

Harley Davidson Korea is holding the “Hot Winter” promotion event that offers credits for Harley Davidson accessories, free checkup service and winter clothing until the end of the month.As part of the promotion, the company is offering credits that can be used to buy Harley Davidson parts and accessories to those buying new vehicles before the end of the month.The company is also holding a mileag
Chrysler Korea celebrates 19 years

TransportJan 9, 2011

Chrysler Korea is cutting the price of 300C vehicles by 19 percent during January to mark the brand’s launch here 19 years ago.Chrysler vehicles were first imported to Korea through official channels in 1992, and Chrysler Korea was established in 1996.As part of the celebrations, the company is offering a 19 percent discount on 300C vehicles to those making the purchase in cash.The 300C models ran
Honda lease sales of EV-neo electric scooter

TransportJan 9, 2011

TOKYO (DPA) ― Honda has started delivery of its EV-neo electric scooter to customers in Japan prior to the start of lease sales to businesses in April next year, the carmaker has announced.These first 100 vehicles, which qualify as a first-class motor-driven cycle in Japan for engine displacements of 50cc or less, will be used to collect data and other information for the future development of zer
BMW introduces new car exchange program

TransportJan 9, 2011

BMW Korea is offering a chance to exchange 528i and Gran Tourismo vehicles for other BMW models until the end of the month.The offer is limited to vehicles registered less than 30 days before the date of exchange or to those having traveled less than 3,000 kilometers since their initial purchase.The offer is also limited to vehicles registered during January, and to those purchased on BMW Financia