Hyundai Motor Co.’s Sonata has been named the best car of the year by two Chinese car publications, industry sources here said Wednesday.The Sonata, Hyundai Motor’s flagship mid-size sedan, was selected as 2011 car of the year by Auto Sohu, one of the most influential automobile Web sites in China with 70 million daily visitors, according to the sources.Based on Internet polls and expert advice, the Chinese media picked the Sonata as last year’s best car, citing the sedan’s stylish exterior desi

Losses blamed on KIC’s purchase of Merrill Lynch stakeKorea Investment Corporation, Korea’s sovereign wealth fund, suffered a net loss of 3.3 percent in terms of average yield last year, hurt by the turmoil in the global financial market and a massive loss linked to its investment in Merrill Lynch, industry sources said Wednesday. The main culprit for the deeper loss is KIC’s poor stock investment, particularly concerning its holdings in Merrill Lynch. In early 2008, KIC bought $2 billion worth

Korea’s exports of steel products rose to a record high last year, buoyed by rising overseas demand and increased production capacity, a local steel association said Wednesday. Local steelmakers, led by leader POSCO, exported 28.48 million tons last year, up 9.3 percent from a year earlier, according to the Korea Iron and Steel Association.Exports accounted for 39.7 percent of total steel output. On the other hand, domestic firms imported some 22.96 million tons of steel products last year, fall

SK Group on Tuesday announced that it has promoted 125 managerial employees, including 69 to new executive posts, as part of its regular reshuffle.Korea’s third-largest conglomerate by assets appointed new presidents for three affiliates. The appointees include Moon Jong-hoon at SK Marketing & Company, Kim Se-dae at Sheraton Walkerhill Hotel and Lee Moon-seok at SK Chemical’s green chemical business unit. The executive shake-up was aimed at accelerating the group’s overseas operations and making

Union members at the nation’s largest carmaker said Wednesday that they will stop a walk-out and resume production, as many of their requests have been accepted by the management. The union at Hyundai Motor’s largest plant in Ulsan on Tuesday afternoon halted engine production after one of its members set himself on fire, alleging he was bullied by his superior, who told him not to leave work to participate in union activities.The walk-out on Tuesday afternoon broke three straight years of no st

Korea’s mixed double Badminton champion Lee Yong-dae donated 10 million Korean Won ($8,700) to help children in Thailand and Brazil. The Solibad – Badminton without Borders – charity is running projects to help disadvantaged kids around the world improve their lives through sport.Lee presented the check to Solibad global ambassador Pi Hongyan and the charity’s special ambassador Peter Gade in Seoul last week before the start of the second day of the Korea Badminton Open.“I am glad I could help S

BEIJING (AFP) -- China began preparing for a power transition in North Korea several years before Kim Jong-il’s death and will do its utmost to consolidate his inexperienced son’s hold on power, analysts say.North Korea’s closest ally has long sought to bolster its unpredictable, nuclear-armed neighbor, and is particularly keen to avoid instability on its borders as it prepares for its own transition of power this year and its economy loses steam.Analysts said the speed with which Beijing recogn

Activist says food aid to Pyongyang almost never reaches N. Korean residentsRobert Park, a Korean-American human rights activist and missionary imprisoned by Pyongyang from late 2009 to early 2010, said the South Korean government should provide diplomatic protection to North Korean refugees who have defected to China.“These refugees are citizens of Korea and if they’re sent back to North Korea, they are going to be tortured and executed,” Park told The Korea Herald on the phone.He declined to m

North Korean state TV mentioned the late mother of new leader Kim Jong-un for the first time since he was publicly designated successor to Kim Jong-il in September 2010.Korea Central TV on Sunday aired a documentary film about the young Kim, and his mother Ko Yong-hui was mentioned when the narrator underscored his loyalty to his late father.“The Vice Chairman (Kim Jong-un) said he had once waited with his mother all night for the General (Kim Jong-il) to come home from a faraway field inspectio

A volunteer day will be held at Daejeon Paws animal shelter on Jan. 14. The group will meet at Daejeon KTX station at 12 p.m. for the trip expected to run until about 3:30 p.m. Those attending are advised to bring hand sanitizer, water and snacks for the animals. Donations of items such as dog food, toilet paper, raw eggs, grooming supplies are also welcome at the shelter. Anyone interested in attending should first e-mail deborahfallon@hotmail.com.