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Obama warns on debt at Merkel talks

Jun 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

Jun 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...
POSCO begins works on synthetic gas plant

Jun 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

Jun 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

Jun 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

Jun 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

Jun 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

Jun 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

Jun 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...
Experts emphasize R&D for growth, integration

Jun 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...
Lunch with guru Buffett: $2 million and counting

Jun 7, 2011

Alert: if you want to have lunch with the Oracle of Omaha, it's going to cost you more than $2 million. The annual charity auction of a lunch with investment guru Warren Buffett got underway Monday, and just hours into the five-day bidding battle, the price was already at $2,000,111. The founder and wizard of investment house Berkshire Hathaway has put a meal with him on the auction block every...
Three-way ties can create level playing field

Jun 6, 2011

A tripartite tie-up between multinational companies, conglomerates and small- and mid-sized firms is one way the Korean government can attempt to cope with the daunting task of leveling the corporate playfield, says the head of the Korean CEO’s Association of Multinational Corporations. “We may have the drive and means for helping these small- and mid-sized companies, but it can’t be done withou...
3-D LCD panel sales surge in first quarter

Jun 6, 2011

Sales of locally made three-dimensional liquid crystal displays surged 104 percent in the first quarter compared to the last three months of 2010, mainly fueled by a rise in global demand, an industry report showed Monday. According to the report by market research firm DisplaySearch, Korean-made 3-D LCD shipments reached 1.90 million units in the three-month period. It said the size of the mark...
Volvo recalls trucks with faulty steering

Jun 6, 2011

Volvo Group Korea is recalling 49 FH and FM truck models due to a fault in the steering system, the Ministry of Land, Transport and Maritime Affairs announced Monday. According to the ministry, the bolt keeping the steering arm in place in FH 6X4, FH 6X2 and FM 6X2 trucks produced between Dec. 13 and Jan. 14 may come loose. The recall applies to 39 FH 6X2 trucks, and five each of FH 6X4 and FM ...
Koreans still favor instant coffee fix

Jun 6, 2011

Although the country’s thriving coffee market has stoked demand for espresso and drip coffee in recent years, instant coffee remains Korea’s preferred drink, a recent survey showed. Last year, Koreans consumed 22.8 billion cups of coffee collectively, according to the survey by Nielson Korea and Dongsuh Foods Corp., the top local instant coffee maker. That translates as 452 cups for every Korean...

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