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Finance ministers agree ...on policy coordination

Jul 3, 2011

Finance ministers of South Korea and Japan agreed to step up policy coordination in pushing for “a strong, sustainable and balanced growth,” both sides said. During their meeting in Tokyo on Friday, South Korea’s Finance Minister Bahk Jae-wan and his Japanese counterpart Yoshihiko Noda shared the view that the economy in East Asia still faces risk factors, despite its steady rebound from the glo...
KB’s ATM network frozen for three hours

Jul 3, 2011

Some automated teller machine services of Kookmin Bank, South Korea’s largest lender, were paralyzed for around three hours on Saturday morning, bank officials said, rekindling concerns over banking security in the country. Customers had difficulties depositing and withdrawing money through ATMs across the nation between 7:30 a.m. and 10:20 a.m., according to the officials. Kookmin Bank said it...
Honda Accord on promotional offer

TransportJul 3, 2011

Honda Korea is offering special deals for the Accord mid-sized sedan until the end of the month in celebration of selling more than 40,000 units here, the company said. The company is offering a complimentary DVD-navigation system and free check-ups for up to five years, all on top of 1 million won ($939) cash coupons. The company will cover vehicle registration fees for buyers of the Insight a...
New Hyundai Motor Santa Fe SUV on market

TransportJul 3, 2011

Hyundai Motor Co., Korea’s largest carmaker, said Friday that it started selling the 2012 model Santa Fe sport utility vehicle on the local market. The updated model of the popular SUV has a restyled radiator grille, new headlights and positioning lamps that improve the overall attractiveness of the vehicle, the company said. It also said the new Santa Fe will have 18-inch aluminum wheels, a bl...
Toyota recalls 114,000 hybrid vehicles worldwide

TransportJul 3, 2011

Toyota Motor Corp said it would recall about 114,000 hybrid cars in Japan, Europe and the United States because of faulty transistors in control boards. Toyota said it would conduct a voluntary safety recall in the U.S. involving about 45,500 Highlander hybrid sports utility vehicles and 36,700 Lexus RX 400h sports utility vehicles. Some transistors in the recalled cars were “inadequately solde...
Korean carmakers fly high on exports

TransportJul 3, 2011

Toyota and other Japanese car sales down more than a fifth in June Local automakers led by Hyundai, Kia and SsangYong reported all-time high sales with double-digit growth in the first half, benefiting from the demand-drop for Japanese vehicles after the March earthquake. Domestic sales at Hyundai Motor Co., the industry leader, jumped 7.2 percent on-year to 344,422 units in the January-June pe...
Porsche Cayenne surging in China

TransportJul 3, 2011

China surpassed the U.S. as the world’s largest car market on sales of sedans. Future growth lies with sport-utility vehicles. SUV deliveries rose 30 percent this year through May, compared with a 6 percent gain for total passenger-car sales, according to the China Association of Automobile Manufacturers. Sales of SUVs in the world’s second-largest economy will increase 33 percent in the two ye...
Audi’s convertible supercar targets Ferrari

TransportJul 3, 2011

Audi AG is taking aim at Ferrari SpA with a convertible version of the R8 GT supercar, as the Volkswagen AG unit hones a high-end sporty image in its quest to overtake Bayerische Motoren Werke AG as the luxury-car leader. The R8 GT Spyder, Audi’s most expensive series production car, boasts carbon-fiber in the front and rear spoilers to reduce weight and help the car accelerate to 100 kilometers...
BMW widens sales of luxury cars in U.S.

TransportJul 3, 2011

Bayerische Motoren Werke AG’s BMW brand outsold Daimler AG’s Mercedes-Benz last month, expanding its lead as the top-selling luxury auto brand in the U.S. so far this year. BMW’s U.S. sales, helped by deliveries of the new 5 Series sedan and sport-utility vehicles, rose 13 percent last month to 21,637 compared with a year earlier, the Munich-based automaker said yesterday in a statement. Merced...
Google in talks to buy Hulu: report

World BusinessJul 3, 2011

NEW YORK (AFP) ― Google is in preliminary talks to acquire the online video site Hulu, the Los Angeles Times reported on its website Friday, citing anonymous sources familiar with the discussions. Hulu’s owners have met with Google and other prospective buyers including Yahoo! and Microsoft, the newspaper reported. The site, which broadcasts television shows through on-demand streaming, is owne...
HP targets iPad with new tablet

IndustryJul 3, 2011

NEW YORK (AFP) ― U.S. technology giant Hewlett-Packard rolled out its new TouchPad tablet computer on Friday, seeking to dethrone the dominant Apple iPad and revive its slumping fortunes. The TouchPad went on sale in major U.S. retailers such as Best Buy and Wal-Mart as well as on Amazon.com, HP said in a statement. It is expected to go on sale shortly in Britain, Ireland, France, Germany and C...
Obama: ‘Nothing can be off-limits’ in budget

World BusinessJul 3, 2011

WASHINGTON (AP) ― President Barack Obama said Saturday that “nothing can be off-limits” in the budget debate ― even though Republicans have said tax increases are. The president said every tax break and federal program must come under scrutiny. With an Aug. 2 deadline looming to raise the government borrowing limit, the president used his weekly radio and Internet address to call on Congress to ...
Goldman’s central bank connections deepen

World BusinessJul 3, 2011

The revolving door between Goldman Sachs Group Inc. and central banks is spinning again. The fifth-biggest U.S. bank by assets said Saturday it hired Bank of England economist Andrew Benito after recruiting Huw Pill from the European Central Bank in May and Naohiko Baba from the Bank of Japan in January. Moving in the other direction, Ben Broadbent, Goldman Sachs’s ex-chief U.K. economist, start...
Teenager wins literature award

PeopleJul 3, 2011

A high school student from Daegu has made a name for herself by winning a literature award, outperforming adult competitors. Lee Bong-hwa, 18, was selected as the winner of this year’s new novelist award by Writer’s Perspective, a quarterly literature journal. Her story, “Views Down from the Sky,” is about a girl desiring to become an artist, consistently failing to capture the scenery of her d...
Military academy appoints first female civilian professor

PeopleJul 3, 2011

South Korea’s military academy has appointed a female civilian as a professor for the first time in its history, an academy official said Saturday. The development comes as the male-dominated military is seeking to give more opportunities to women. Jung Sung-im, a former research fellow of Ewha Womans University, became the first woman and civilian professor to have a full-time teaching positio...

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