CEO Kim says May show will focus on low-emission vehiclesThe Busan Exhibition & Convention Center is striving to upgrade the Busan Motor Show through this year’s event, which may be the largest ever.The Busan International Motor Show 2012 is projected to mark “58 percent growth” compared to the previous event in 2010, BEXCO president & CEO Kim Soo-ik told a press conference in Seoul on Wednesday.The auto show ― which will emphasize low-emission vehicles ― will be held for 11 days from May 24 to

The first international conference on the new trade paradigm, mainly refering to the Authorized Economic Operator, kicked off in Korea on Tuesday.About 800 senior public officials, business leaders and professors from around the world are attending the three-day forum co-hosted by the Korea Customs Service and the World Customs Organization.The conference is drawing interest as this marks the first global gathering since a group of customs authorities officially introduced the so-called AEO conc

Toyota-Lexus may overtake Volkswagen, Audi to become Korea’s third-largest car importerLexus, the premium brand of Toyota Motor, has launched all-out efforts to regain its once-high share in Korea’s import automobile market.Though Lexus was vying for the No. 1 spot in the import car industry with BMW seven or eight years ago, it yielded its position to other competitors in the wake of the record recall incident in the U.S.The Japanese brand recently slashed the price of the New GS350 sedan by ab

Central bank keeps interest rate at 3.25 percent for 10 consecutive monthsThe Bank of Korea hinted Friday that it would neither hike nor slash the benchmark interest rate over the next few months unless there are unexpected factors.Remarks by BOK Gov. Kim Choong-soo seemingly raised the possibility that the central bank could keep the key rate untouched for at least several months.On the day, the BOK’s monetary policy committee kept the rate unchanged at 3.25 percent for the 10th consecutive mon

Hyundai Motor will prioritize upgrading its brand image across the globe, shifting from its earlier business focus of expanding market share overseas.On Tuesday, the world’s fifth-largest automaker revealed its ambition to cultivate brand power approaching the level of top global brands such as BMW and Mercedes-Benz.“Hyundai Motor has been successful in selling many cars. But the performance in brand power is lagging behind in the overseas markets,” company executive director Cho Won-hong said i

Lenders seek to open ‘smart-banking’ branches and tap overseas marketsMore and more Korean banks are withdrawing from their hot competition to increase their number of branches nationwide.While the number of branches had been a barometer for a commercial bank’s market dominance and competitiveness, they have been increasingly skeptical over tapping as many regional markets as possible. KB Kookmin Bank reduced the number of its branches to 1,165 at the end of 2011 from 1,174 a year earlier. The