POSCO TJ Park Foundation announced Monday that this year’s TJ Park Prize will be awarded to a Korea Advanced Institute of Science and Technology scientist, educator and two philanthropists.The foundation, named after POSCO founder Park Tae-joon, has awarded the annual prize for outstanding achievement in the fields of science, education and social services since 2006. KAIST professor Lee Sang-yubT

Hyundai Motor Group and the creditors of Hyundai Engineering and Construction have begun final negotiations over the price of stakes in the builder, with the carmaker expected to push for a reduction.According to industry sources, Hyundai Motor Group is seeking to reduce the amount paid for the 34.88 percent stake in Hyundai E&C due to additional debts the builder was belatedly found to be holding

Bayerische Motoren Werke AG’s Rolls- Royce Motor Cars unit said it’s developing a single vehicle from its Phantom model series that’s fully powered by electricity.The car will debut at the Geneva Motor Show on March 1 and will tour this year as the company collects data that “will be crucial in informing future decisions on alternative drive- trains for Rolls-Royce Motor cars,” BMW said in an e-ma

The world’s fourth-largest steelmaker POSCO announced Sunday that it has signed a memorandum of understanding with the U.S.-based bio-fuel manufacturer LanzaTech to produce ethanol using waste gases generated in blast furnaces.Under the agreement, POSCO will use LanzaTech’s technology to produce ethanol from the carbon-rich waste gases using microbes. The steelmaker plans to build necessary facili

Honda Korea is offering a larger discount and longer installment period for the compact car Civic until the end of the month. Until the end of the month, those purchasing the Civic ― either the 1.8 and 2.0 ― can choose between a 4 million won ($3,600) discount, and two special rate financing programs. Honda CivicThe financing schemes are a 36-month zero interest installment program and a low inter

BMW Korea is offering free checkup and discounts on maintenance fees for 5-Series, X5 and M5 vehicles registered before Jan. 31, 2006 until March 4.During the period, owners of vehicles that qualify will be given comprehensive checkup services using BMW’s latest maintenance equipment. Fees arising from any repairs will also be cut by 20 percent during the period.The offer excludes repairs on damag

The new Range Rover TDV8 Vogue was launched on the local market on Feb. 14.The vehicle is fitted with a LR-TDV8 4.4-liter engine that puts out 313 brake horsepower and 8-speed automatic transmission. Range Rover TDV8 VogueThe vehicle manages 9.6 kilometers per liter, which according to the company is 18.5 percent more efficient than the previous engine. The new engine also emits 14 percent less gr

Kia Motors Corp.’s Forte Eco Plus, the country’s first vehicle fitted with an idle stop-and-go-system for automatic transmission, will go on sale today.The idle stop-and-go-system automatically shuts down the engine when the vehicle comes to a halt and restarts the engine when the car is back on the move to reduce fuel consumption and greenhouse gas emissions. Forte Eco Plus. (Kia Motors Corp)Acco

Tesla Motors Inc., the U.S. electric carmaker backed by Daimler AG and Toyota Motor Corp., said its revenue this year may rise as much as 50 percent because of higher demand for its rechargeable vehicles and battery packs.“We project revenue to increase about 40 to 50 percent in 2011, to $160 million to $175 million,” Deepak Ahuja, Tesla’s chief financial officer, said in a conference call on Feb.

Muscle car measures up to competition, but stiffer price may dampen enthusiasmChevrolet’s iconic muscle car Camaro was unveiled in South Korea on Friday.The Camaro is the third model of the eight Chevrolet vehicles GM Daewoo Auto and Technology Co. plans to introduce to the local market this year as part of its strategy for pushing up domestic market share and to leave behind the less-than-flatter

New workers learn teamwork and living as part of the firm at induction programsLike many who join large companies in South Korea, Cho Duk-hyun’s career at Daeyang Shipping began with a two-month induction program.While such programs are often associated with tight schedules that begin at the crack of dawn and continue late into the night, and sometimes include activities with little relation to wo

Warren Buffett will visit South Korea in March to attend the groundbreaking ceremony for TaeguTec Ltd.’s second plant, which will double its production capacity.According to TaeguTec, a Daegu-based firm that specializes in producing tungsten and industrial cutting tools, Buffett will visit the company for the ceremony on March 21. Warren Buffett. BloombergAs he did during his first visit to Korea

Carmaker, electronics company nearing deal to develop ‘smart car’Hyundai Motor Co. and Samsung Electronics seek to collaborate in developing an automobile-smartphone link-up, sources said Tuesday. The largest automobile and electronics firms of Korea may sign a memorandum of understanding as early as next week, they said.The project will enable the built-in table computer on board Hyundai vehicles

The world’s largest shipbuilder Hyundai Heavy Industries announced on Tuesday that it would set up a 30 billion won ($27 million) fund for supporting small and medium sized enterprises’ research and development efforts in collaboration with the Small and Medium Business Administration.The shipbuilder and the Small and Medium Business Administration will each be responsible for raising 15 billion w

Hyundai Motor Co. will begin receiving pre-launch orders for the Veloster from Monday. The vehicle will be launched on the local market later this month. The vehicle, which the company has termed PUV (premium unique vehicle) has three doors ― one on the driver’s side and two on the passenger side ― and comes with a 1.6-liter gasoline direct injection engine that puts out 140 brake horsepower.The c

A nationwide milk shortage caused by the severest foot-and-mouth disease outbreak in Korea’s history is affecting local confectionery and dairy industries, corporate sources said Sunday.Sources from Seoul Milk, Namyang Dairy Product Co. and the Korea Bakers Association said that as of December, the reserves of powdered skim milk stood at just 938 tons or a 77.3 percent drop from 4,137 tons reporte

The size of the so-called underground economy in Korea has been shrinking steadily since the early 1990s due to increased transparency of financial transactions, a report showed.According to the report by the Korea Institute of Public Finance, the size of the untaxed portion of the Korean economy was estimated at 17.1 percent of the gross domestic product in 2008, lower than 28.7 percent in the 19

BARCELONA, Spain (Yonhap News) ― Larger, faster and smarter smartphones and tablets are expected to steal the show this week at the wireless industry’s biggest trade show in Spain, signaling a new round of competition among vendors in the sector’s fastest growing and the most vibrant segments. Among the mobile devices and wireless technologies that will be on display by some 1,360 companies at thi

Korea’s household debt, a major economic risk factor, rose sharply last year, raising concerns about an increase in defaults, a private credit appraiser reported Sunday.At the end of December, financial institutions had 722.8 trillion won ($642 billion) in outstanding loans to the household sector, up 6.9 percent from a year earlier, according to the Korea Credit Bureau.Of the total, unsecured hou

Hyundai Motor Group’s overseas recruitment drive will begin Monday, the company announced Sunday. The group’s three main automotive businesses ― Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. ― will receive applications from overseas-educated individuals with master’s or Ph.D. degrees with two or more years of work experience.The selection process will be conducted from Feb. 14 through