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Obama warns on debt at Merkel talks

IndustryJun 8, 2011

WASHINGTON (AFP) ― U.S. President Barack Obama warned Europe’s debt crisis must not destabilize the global economy, as he laid on an effusive White House welcome for German Chancellor Angela Merkel. Obama and Merkel had extensive talks about the plight of debt-stricken Greece, which needs a second huge financial bailout, despite some reluctance from some eurozone members to stump up fresh funds....
Diamond Jubilee blended scotch whisky

IndustryJun 8, 2011

To mark the Queen's diamond jubilee in 2012, the world's biggest drinks company said it plans to produce a limited edition scotch whisky costing £100,000 ($152,465) a bottle. John Walker & Sons said the limited edition of 60 crystal decanters of `Diamond Jubilee Blended Scotch Whisky by John Walker & Sons` is a unique blend of whiskies distilled in 1952 and finished in a marrying cask of English...
German girl accidently throws biggest birthday party

TechnologyJun 8, 2011

A 16-years-old German girl had the biggest birthday party ever in Hamburg with some 1,500 guests after she posted the invitation on Facebook. About 11 people had to be detained by the police, while one officer was injured due to the sheer size of the unexpected crowd. The birthday girl, known only by her given name Thessa, posted the invitation for her party on her Facebook page. However, she a...
Korean economy grows 1.3% on-quarter in Q1

Jun 8, 2011

The South Korean economy grew at a slower pace than previously estimated in the first quarter as weaker domestic demand and sluggish facility investment offset robust exports, the central bank said Wednesday. The country's gross domestic product, the broadest measure of economic performance, grew a revised 1.3 percent in the January-March period from three months earlier, down from an earlier es...
POSCO begins works on synthetic gas plant

IndustryJun 7, 2011

Works on the country’s first plant for producing synthetic natural gas got underway at POSCO’s steelworks in Gwangyang, South Jeolla Province on Tuesday. Synthetic natural gas is a synthetic fuel with an identical composition to natural gas. It is produced by gasifying coal under high pressure and temperature. The plant is scheduled for completion at the end of 2013, and will be capable of prod...
S&P ups outlook for Hyundai Motor

IndustryJun 7, 2011

Standard & Poor’s revised its rating outlook for Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. to positive from stable, the ratings company said in a statement Tuesday. “The positive outlooks reflect our view that the four companies will continue to enhance their financial profiles, through stronger market positions and improved profitability.” The outlook revision came as Hyundai a...
KT chief receives IT award

IndustryJun 7, 2011

KT chairman Lee Suk-chae (center) receives the IEEE Distinguished Industry Leader Award in Kyoto on Tuesday. At right is IEEE fellow Lee Byung-ki and at left is head judge Vincent Poor. (KT Corp.) KT chairman Lee Suk-chae received the IEEE Distinguished Industry Leader Award on Tuesday, which is considered to be one of the most prestigious awards in the field of information and technology. Give...
Groupon CEO still looking to expand overseas

IndustryJun 7, 2011

The head of Groupon Inc. said Tuesday that the operator of the world’s largest daily discount website is seeking to enter overseas markets to further grow its business outside the United States. Groupon has expanded its business into 46 countries less than three years after its launch as the business model of linking local merchants with customers through half-priced deals turned out to be popul...
Korea’s IT exports gain 4.7% in May

IndustryJun 7, 2011

Korea’s exports of information technology products gained 4.7 percent on-year in May on steady global demand for mobile phones and rechargeable batteries, the government said Tuesday. The country shipped $13.38 billion worth of IT products abroad last month, despite stiff foreign competition and a general drop in demand caused by fewer people buying electronic products in springtime, the Ministr...
LGE aims at 40% of Middle East, African markets

IndustryJun 7, 2011

LG Electronic launched its Cinema 3-D televisions at Ferrari World, the world’s largest theme park in Abu Dhabi on Monday to mark its foray into the Middle East and Africa, the Seoul-based company said Tuesday. The electronics maker is now aiming for a 40 percent market share of the 3-D industry in the region. “We believe that our products will be able to offer distinguished, next generation 3-...
Seoul eyes 18% of global green energy market

IndustryJun 7, 2011

Knowledge Ministry reveals road map for developing eco-friendly energy resources The Ministry of Knowledge Economy on Tuesday revealed a roadmap for developing eco-friendly energy resources aiming to create 1.5 million jobs and cut carbon dioxide emissions by 210 million metric tons by 2030. The roadmap also lays out plans to create a 94 trillion won ($87 billion) domestic market and exports of...
Seoul stocks fall 0.65% on economic woes

Jun 7, 2011

Korean stocks closed 0.65 percent lower on Tuesday as oil refiners and auto companies tumbled on economic slowdown fears and concerns over oil price falls, analysts said. The local currency lost ground against the U.S. dollar. The benchmark KOSPI skidded 13.76 points to 2,099.71, extending its losing run to a fourth straight session. Trading volume was light at 243.8 million shares, worth 6.1 tr...
BOK looks tilted toward rate freeze

Jun 7, 2011

Korea’s central bank may leave the key rate unchanged for the third straight month for June in the face of lingering economic uncertainty, including the eurozone debt woes, a poll showed Tuesday. Nine out of 15 economists forecast that the Bank of Korea will freeze the benchmark seven-day repo rate at 3 percent on Friday, according to the survey by Yonhap Infomax, the financial news arm of Yonha...
Experts emphasize R&D for growth, integration

IndustryJun 7, 2011

Academics and leaders in the industrial and public sectors around the world underscored Tuesday the significance of research and development in securing sustainable, mutual growth. Around 500 officials and experts in science and technology from more than 10 countries took part in the Global R&D Forum 2011 hosted by the Ministry of Knowledge Economy in Seoul. International scholars and experts a...
Credit card firms face weekly monitoring

Jun 7, 2011

Regulators mull business suspension, warning CEOs on violators Credit card companies which will fail to meet new regulatory standards will face tougher sanctions such as business suspension, financial regulators said Tuesday. In addition, regulators are expected to turn up the heat on card company CEOs as they are poised to issue a censure-level warning against rule-violators. As credit card i...

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