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Hana Daetoo Securities, Wise Asset face sanctions

Mar 20, 2011

The Financial Supervisory Service is set to reprimand a local asset management firm and a brokerage house for incurring huge losses by conducting allegedly reckless investments in stocks last November. The companies which faced regulatory punishment are Wise Asset and Hana Daetoo Securities. They were reportedly negligent in internal controlling, according to the FSS. Though the FSS had planned...
G20 to discuss Japan impact on economy

Mar 20, 2011

Finance ministers from the Group of 20 member nations will hold a meeting in Washington, D.C. next month to discuss the economic impacts of the Japanese crisis and measures to curb volatility in global financial and commodity markets, government officials said Sunday. The meeting, slated for April 14-15, is mainly aimed at gauging the aftereffects on the energy sector amid the nuclear crisis fol...
KCCI offers relief aid to Japanese quake victims

Mar 20, 2011

Chairman of the Korea Chamber of Commerce and Industry, Sohn Kyung-shik, has sent letters to his Japanese counterparts expressing sympathy for Japan’s earthquake victims. The organization also plans to send the relief funds raised from 71 of its regional chambers to Japan this week, chamber officials said Sunday. In separate letters to the Japanese chamber and the chamber of commerce representi...
S-Oil donates W500 million for Japan

IndustryMar 20, 2011

S-Oil Corp., the nation’s third-largest refiner, entrusted the Community Chest of Korea with a relief fund totaling 500 million won ($440,000) to support Japan, company officials said Sunday. “As Japan is now undergoing an unimaginable difficulty due to last week’s massive earthquake, we decided to provide humanitarian aid for the country,” S-Oil CEO Ahmed A. Subaey said. “I hope that the small...
KEPCO denies rumors of importing UAE nuke waste

IndustryMar 20, 2011

Utility firm seeks court order banning magazine report on possible import of fuel The state-run Korea Electric Power Corp. said on Saturday that it has filed for injunction in a Seoul court calling for the banning of the distribution of the monthly Shindonga magazine. They argue that its news report that Korea may be responsible for the disposal of nuclear waste from the planned nuclear power p...
Honda suspends orders for Japan-Built car

TransportMar 20, 2011

Honda Motor Co., the Japanese carmaker that builds most of the autos it sells in the U.S. at North American plants, is temporarily halting orders from U.S. dealers of Japan-built models after a suspension of production there following last week’s earthquake. Honda informed U.S. Honda and Acura dealers, who typically order vehicles six weeks in advance, of the suspension yesterday in a memo, said...
New BMW R1200R hits local market

TransportMar 20, 2011

BMW Korea launched the new R1200R roadster motorcycle on the local market on Tuesday. The bike is fitted with a 1,170 cubic centimeter engine that puts out 110-brake horsepower, and manages 24 kilometers per liter when traveling at 90 kilometers per hour. The vehicle also comes with a number of safety features including automatic stability control and anti-lock braking systems as standards. Th...
Harley-Davidson to fix faulty oil tank

TransportMar 20, 2011

Harley-Davidson Korea announced on Wednesday that oil tanks fitted in 833 XL Sportster and XR1200 vehicles sold in Korea will be replaced due to faults that may develop in cold conditions. According to the company, oil tanks fitted in model year 2004 to 2009 XL Sportster motorcycles and 2009 XR1200 could become damaged when condensation within the tank freezes in low temperatures. The company w...
Hyundai adds diesel engine to i30 lineup

TransportMar 20, 2011

Hyundai Motor Co. added the new U2 diesel engine to the i30 and i30CW compact car lineup on Wednesday. The new 1.6-liter U2 diesel engine puts out 128-brake horsepower, and manages 18.1 kilometers per liter with automatic transmission, and 22 kilometers per liter with manual transmission, which according to the company is about 10 percent more efficient than the older diesel engine. The engine ...
Small vehicles shine amid oil hikes

TransportMar 20, 2011

City car sales jump 45% in Feb. on low costs, convenience, numerous incentives Yoon So-ra had been dreaming of a sleek, smooth-driving sedan for her first car. After three years on her first job, the 27-year-old office worker is now more budget-conscious and leaning toward cheaper, energy-saving small cars. “I first thought of buying a mid-size used car,” Yoon said while looking around a Kia Mo...
Jumbo size burger introduced at GS Supermarkets

Mar 20, 2011

A jumbo burger four times bigger than the McDonald’s bulgogi burger has hit the market. Named “The Greatest Burger,” it is has been available for sale since Friday at GS Supermarkets nationwide. The super-sized burger, which is 25 centimeters in diameter and weighs about 600 grams, is served in a cardboard box, not wrapped in a paper, as it is about the size of a regular-sized pizza. Although ...
More Korean businesses join campaign to support Japan

IndustryMar 20, 2011

Korean businesses including Hyundai Motor Group, SK Group and S-Oil have forged financial support for Japan in the aftermath of the massive earthquake and an ensuing tsunami it suffered last week, they said Thursday. Hyundai Motors Group will donate $1.3 million to Korean Red Cross which will be delivered to the Japanese Red Cross and be spent on buying blankets and food, it said. “We express o...
Toyota recalls Lexus vehicles in S. Korea on faulty floor mats

TransportMar 20, 2011

Toyota is voluntarily recalling its Lexus vehicles in South Korea to address problems with removable floor mats that could cause accelerators to get stuck, the country's transportation ministry said Sunday. Toyota Korea, the local distributor of the Japanese automaker, will recall 2,571 Lexus vehicles sold between February 2003 and July 2006. They include 2,292 Lexus RX330 crossover vehicles and...
Warren Buffett due in S. Korea

IndustryMar 20, 2011

U.S. investor Warren Buffett will arrive in South Korea Sunday on a trip that includes a meeting with President Lee Myung-bak. The chairman and CEO of U.S. conglomerate Berkshire Hathaway will arrive in Daegu, a city located some 300 kilometers southeast of Seoul, to attend the groundbreaking ceremony on Monday of a company owned and directed by Berkshire Hathaway. Daegu-Tech, a metal-cutter ma...
DuPont faces antitrust claims filed by Kolon

IndustryMar 20, 2011

WASHINGTON -- South Korea's Kolon Industries Inc. has won a U.S. appeals court decision obliging a lower court to examine DuPont's alleged monopolization of the U.S. market for para-aramid fibers used for high temperature-resisting goods. "Whether Kolon's proffered relevant geographic market definition will hold up upon a fact-intensive inquiry remains to be seen," the U.S. Court of Appeals for ...

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