Korean firms strive to tackle shortages of trained workers due to demographic changeA rapidly aging population poses a grave challenge to Korean manufacturers, which have seen a large number of skilled workers retire. Hyundai Heavy Industries, the world’s largest shipyard, is suffering most from the trend. A record number of 950 reached retirement age last year. The numbers are estimated to be 800

Consumption soars to record amid deep chill, fueling power shortage concernsThe government is introducing a series of contingency measures to cut power consumption as the cold spell drives up electricity demand to record levels.With the cold snap gripping the nation, even in the warmer southern regions, electricity demand has shot up, setting new records three times already this month.On Monday, t

Stalled works on POSCO’s new plant at Pohang Steelworks are set to resume, with the Prime Minister’s Office deciding to ease regulations that had brought the works to a halt in July.The Pohang municipal government had approved plans for the plant without consulting military bases in the area about height restrictions on buildings in the area due to military flights.The steelmaker was informed of t

Hwang Chang-gyu, head of Ministry of Knowledge Economy’s Strategic R&D Planning office, has been chosen as one of the three speakers for a conference to be held during German IT exhibition CeBIT from March 1 to 5, the organizers of the event said Monday. Hwang Chang-gyuThe former Samsung Electronics chief, who was appointed to the government post early last year, is the first Korean to give a spee

Hyundai Mobis Co. plans to invest 1.15 trillion won ($1.02 billion) this year aiming to become one of the world’s 10 largest auto parts makers, the company said on Monday.The company affiliated with Hyundai Motor Group will earmark 360 billion won for research and development for high-tech systems this year.It will diversify its R&D personnel to include more engineers specializing in information t

By Choi He-suk The latest version of Hyundai Motor Co.’s perennial bestseller Grandeur was unveiled on Thursday, completing the revamping of domestic firms’ upper-midsized sedans.In line with the company’s recent policy of listing imported vehicles as the main competition, Hyundai is eying a number of the world’s best-known models in the segment, including the Mercedes Benz E Class, BMW 5 Series a

Volkswagen AG’s Audi unit defended its top spot in luxury-car sales in Europe last year while Bayerische Motoren Werke AG’s main brand captured second place from Daimler AG’s Mercedes-Benz as demand for premium cars revived. New registrations for BMWs rose 6.5 percent last year to 609,196, the fastest pace among the three brands, exceeding Mercedes’s 586,146, while Audi stayed on top with sales of

Toyota Motor Corp., the world’s largest seller of hybrid autos, is developing an alternative motor for future hybrid and electric cars that doesn’t need rare-earth minerals at risk of supply disruptions.Toyota engineers in Japan and the U.S. are working on a so- called induction motor that’s lighter and more efficient than the magnet-type motor now used in its Prius, said John Hanson, a company sp

Chrysler Group LLC, the U.S. automaker run by Fiat SpA, said the next Dodge Viper sports car is going to be “drop-dead beautiful” so it can take buyers from Porsche SE’s cars and General Motors Co.’s Corvette.The new Viper’s look was inspired by “a naked woman on the beach,” Ralph Gilles, the head of Chrysler’s design, said at an event on Jan. 12 in Detroit. The car will be released next year as a

Mercedes-Benz Korea launched the new S350 BlueTEC on the local market on Wednesday.According to the company, the new vehicle is 6.8 percent more fuel efficient and has 10 percent more power output than the previous version of the car. The vehicle is fitted with a 3-liter, V6 engine and seven-speed automatic transmission. The car’s engine puts out 258 brake horsepower, and can reach 100 kilometers

Hansung Motor, the official Mercedes-Benz dear, is offering gifts including 25 Apple iPad table PCs during January.As part of its 25th anniversary celebrations, the company will provide iPads to 25 randomly selected customers who buy Mercedes-Benz vehicles during the month,In addition, the company will be giving away gifts to all those who visit showrooms and receive consultations during the month

TOKYO (DPA) ― Japanese carmaker Daihatsu Motor Co. said Friday it had decided to withdraw from Europe from January 2013 due to sluggish sales and a decline in profits. Daihatsu, a subsidiary of Toyota Motor Corp., said it would end the sale of new vehicles in the European market. Worsening profitability was partly responsible as the yen rose against the euro.A stronger yen makes Japanese-made prod

Mini is offering special lease financing program on all models until the end of the month. Those purchasing Mini vehicles before the end of the month will be offered the choice of using a lease program that allows 40 percent of the vehicle’s price to be paid in installments over 36 months, and return the vehicle at the end of the period. Using the program, the Mini Cooper SE can be financed for 27

PARIS (DPA) ― With the launch of its first electric vehicle, the iOn, Peugeot is also offering a collection of three electrically driven bicycles featuring a light aluminum frame and a Panasonic electric engine with a range of between 75 and 95 kilometers. A special comfort feature is a high-quality Selle Royal saddle designed for longer trips and a sturdy luggage rack. In addition the lighting in

Toyota Motor Corp. introduced its cheapest Lexus yet in Japan as the automaker struggles to replicate the luxury brand’s U.S. success in its home market.The Lexus CT200h went on sale today priced from 3.55 million yen ($43,000), Toyota said in a statement, making it less expensive than the 3.95 million yen HS250h hybrid and 3.98 million yen IS250 sedan. The automaker, the world’s largest, plans to

Following Lee comments, officials move to rein in petroleum pricesThe presidential office and the antitrust regulatory body are poised to turn up the heat on major oil refiners in a drive to tame inflationary pressures.President Lee Myung-bak said Thursday that the prices of petroleum products need to be “carefully analyzed” to determine whether they are at “reasonable levels.”In addition, the Fai

Hyundai Motor Group signed a memorandum of understanding with creditors of Hyundai Engineering and Construction to take over the nation’s largest builder Friday.The MOU between the creditors, including Korea Exchange Bank, and the automobile giant is said to carry all the conditions found in that with Hyundai Group, which has been deprived of preferred bidder status due to its dubious funding plan

South Korea’s central bank unexpectedly raised the key interest rate by a quarter percentage point on Thursday as economic growth and rising raw material prices are exerting mounting inflationary pressure.Bank of Korea Governor Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 2.75 percent. It marked the third rate increase since the onset

Steelmaker posts record sales in 2010POSCO chief executive Chung Joon-yang said Thursday the nation’s top steelmaker is considering acquiring the country’s largest delivery service provider Korea Express Co.Kumho Asiana Group plans to sell Korea Express, which it acquired in March 2008, to stabilize the group’s financial structure.“With regards to the logistics needs arising at overseas steelworks

Renault-Nissan Alliance held its annual purchasing conference in Seoul this week, opening new opportunities for local parts makers, Renault Samsung Motors Co. said Thursday.The conference, held Monday and Tuesday by Renault-Nissan Purchasing Organization that oversees purchasing and quality control of parts for Renault and Nissan operations, is customarily held at the headquarters of Renault or Ni