New looks change image of auto firms

Hyundai and Kia seek boost from improved design and engineering 
Hyundai Kia Automotive Group’s two carmakers are carving out new images for themselves with new design principles and advanced technologies. 

New design philosophy of Hyundai Motor Co., the larger of the group’s two carmakers, began to show in its vehicles with the latest version of the mid-sized sedan Sonata and the compact sport utility vehicle Tucson ix that were launched during the third quarter of last year. 

“The underlying theme of Hyundai’s design concept is ‘fluidic sculpture,’ which combines smoothness with strength in organic designs,” a Hyundai official said.

The change in the company’s approach to design first became evident in the Tucson ix that was launched in August last year. 

“The Tucson ix reflects the dynamic design of the concept car ix-onic, and by combining the sporty image and modern aesthetics, the design features of the Tucson ix were developed to appeal to young urbanites,” a Hyundai official said.

Hyundai Tucson ix

Korea faces inflation risk: Fitch economist

A senior economist of Fitch Ratings raised concerns Tuesday that Korea may face the risk of price inflation as the country is recovering fast through stimulus measures.

Brian Coulton, head of the company’s global economics, said accommodative measures taken by emerging economies could be over-stimulating the market.

“Emerging markets, for the past year or two, introduced aggressive stimulus measures. But outside Russia and Eastern Europe, the financial crisis was less severe and concerns for inflation could emerge,” Coulton told reporters.

“If you have that aggressive monetary policy easing when your economy doesn’t slow so much, then obviously the risk turns in the other direction.”

Brian Coulton

Fitch’s sovereign rating of Korea currently stands at A plus, its fifth highest investment grade. The rating is a level below the AA minus it gave just before the 1997-98 Asian financial crisis. 

Fitch will send a delegation to Seoul next week for an annual meeting with the country’s policymakers, the Finance Ministry said. 

Analyst James McCormack is expected to have talks with officials from the Finance Ministry, Foreign Affairs Ministry and the Bank of Korea next Tuesday.

Chang Hea-kyu, director of the company’s Korean arm overseeing banks, said the recent tightening of foreign banks’ usage of currency derivatives is likely to bring minimal benefit to the market.

Lee, Kan discuss FTA, North Korea and G20

TORONTO, Canada -- President Lee Myung-bak and Japanese Prime Minister Naoto Kan on Saturday agreed to continue efforts to resume talks for a bilateral free trade deal, which have been stalled since 2004, during a summit here.

In the first Korea-Japan summit since Kan took office early this month, the Japanese premier reaffirmed Tokyo’s support for Seoul’s stance on the sinking of the Cheonan and vowed to make efforts for a “new future” for the two countries without overlooking Japan’s past wrongdoings, Lee’s aides said.

The two leaders also discussed issues of mutual concern including the North Korean nuclear problem and agreed to cooperate for the successful hosting of the G20 summit in Seoul and the APEC summit in Yokohama in November.

Lee’s talks with Kan came after the Korean president’s summit with U.S. President Barack Obama, who also supports Seoul’s push for a U.N. Security Council action against the North. 

Lee also met with U.N. Secretary General Ban Ki-moon before attending a welcoming ceremony of the G20 summit Saturday evening.

President Lee Myung-bak visits the Meadowvale Cemetery in Brampton near Toronto on Saturday to pay tribute to the Canadian soldiers who gave their lives in the 1950-53 Korean War. Yonhap News

Cheollian enters orbit after liftoff

Korea’s first geostationary satellite was successfully put on its planned initial orbit after its launch from Guiana Space Center in Kourou, French Guinea, said officials Sunday.

The Ariane 5-ECA rocket carrying Korea’s first geostationary satellite Cheollian lifts off the Guiana Space Center in Kourou, French Guiana, Sunday. Yonhap News

The Cheollian satellite opened communication with the Dongara Ground Station in Australia at 7:19 a.m. on Sunday, 38 minutes after liftoff, according to the Ministry of Education, Science and Technology.

The satellite is then to make another contact with the KARI center in around 10 days in order to confirm its complete success.

It is also to contact other ground centers in Hawaii, Italy and Chile in between in order to confirm its proper position.

The Ariane 5-ECA, the joint projectile carrying Cheollian and the Saudi Arabian satellite Arabsat 5A, left ground at 6:41 a.m. Sunday, after two consecutive delays on Thursday and Friday.

Prior delays were due to pressure abnormalities found in the second-stage rocket by officials of Arianespace, the French company in charge of the launch, shortly before its initial launch hour.

Cheollian separated from the second-stage rocket 32 minutes after takeoff and successfully reached its geostationary transfer orbit, said officials.

Lee, Obama agree to delay wartime control transfer

TORONTO -- Seoul and Washington agreed Saturday to postpone the U.S. transfer of wartime operational control to South Korea until 2015, given the volatile security situation on the Korean Peninsula with North Korea’s continued military provocations.

President Lee Myung-bak and U.S. President Barack Obama agreed in a summit here to reschedule the OPCON handover to Dec. 1, 2015, three years later than previously planned. The two are in Toronto to attend the G20summit.

Obama also promised to submit the Korea-U.S. free trade agreement to the U.S. Congress in “a few months” from December after discussing necessary “adjustments,” stating that it will not be a “renegotiation.”

The decision to delay the OPCON transition “reflects the current security conditions on the Korean Peninsula and will strengthen the alliance of the two nations,” Lee told reporters after the summit.

President Lee Myung-bak and U.S. President Barack Obama hold a summit in Toronto on Saturday. Yonhap News

Taeguk Warriors exit cup with heads held high

They might have stopped short of progressing further into the tournament, but the South Korean national football team can take solace in having reached the final 16 of the World Cup for the first time away from home.

With the hallmarks of another spectacular run in place, mirroring their exploits in 2002, Huh Jung-moo’s men were unlucky to face unbeaten Uruguay -- a match which the Taeguk Warriors controlled and ultimately should have come out victors had luck gone their way.

With the team’s original goal of advancing from the group stages achieved, the team should hold their heads high despite the exit from the world’s most watched sporting event.

It was a rollercoaster ride for Huh’s men who had fought tooth and nail to clinch a spot to the next round.

The team began their campaign off to a flyer when they comfortably dispatched 2004 European champion Greece 2-0 on June 12.

It marked the tournament’s first victory since kick-off with many experts showering the team with praise for playing positive, attack-minded football.

Until then, all five matches had ended with other teams notching up unspectacular stalemates caused by overly cautious tactics that have become synonymous with modern football.

South Korea striker Park Chu-young gestures during the game against Uruguay at the Port Elizabeth Stadium on Saturday. Yonhap News

G-20 agrees to cut deficits once recoveries cemented

Group of 20 leaders endorsed targets to cut deficits and agreed to pursue higher capital requirements for banks once their economic recoveries take root.

Advanced economies will aim to at least halve deficits by 2013 and stabilize their debt-to-output ratios by 2016, according to a statement released as leaders finished meeting in Toronto on Monday. The G-20 said banks need to raise capital "significantly" and countries will be allowed to phase in new rules, with a goal of meeting new standards by the end of 2012.

"Honestly, this is more than I expected, because it is quite specific," German Chancellor Angela Merkel said, referring to the fiscal targets. "It's a success that industrialized countries as a group accepted this."

Stephen Harper, Canada's prime minister, left to right, U.S. President Barack Obama and King Abdullah of Saudi Arabia pose during the Group of 20 family photo in Toronto, Ontario, Canada, on Sunday, June 27, 2010. G20 leaders are poised to endorse targets to tackle deficits, while giving nations flexibility to carry out their stimulus plans, according to excerpts of a draft of the statement sent to reporters. (Bloomberg)

The G-20 also pledged to maintain existing stimulus plans and take "concerted actions" to sustain the recovery. Recent events highlight the need to establish "properly phased" plans to rein in deficits. Emerging market economies pledged to take measures to strengthen social safety nets, raise infrastructure spending and enhance exchange rate flexibility.

Home > News > National > News G-20 protests turn violent amid march through Toronto 2010-06-28 14:04 Text ETS offers college scholarshipLee condemns police torture caseAssembly panel rejects revised Sejong City planSeoul hopes G20 will support action on N.K.Humanitarian group calls for defusing of tensionInspiration comes from the body: pianistKorea faces inflation risk: Fitch economist‘Better to be big fish in small pond’Wage talks make little progressBusan New Port opens major facilities Anti-Group of 20 protests smashed windows of a police car and set it ablaze after thousands of demonstrators began a march through central Toronto in the biggest rally yet amid a meeting of global leaders. The police car was burning at the corner of Bay and Wellington streets. Protesters also threw rocks at windows at First Canadian Place, headquarters of Bank of Montreal, while others spray painted slogans including "bomb the banks" on the building. Demonstrators who met at Queen's Park, site of the Ontario provincial legislature, began a march heading south toward the downtown security zone that encircles the G-20 venue and then west along Queen St. West and north along Spadina Ave. Police estimated the crowd at 4,000, CP24 TV news reported. Police set up two lines to block the crowd, first with a group of officers on bicycles turning the demonstrators away from the security zone. A block further south, police in riot gear and on horseback blocked an intersection. The Toronto Transit Commission closed subway service and regional train service into downtown was halted. A 12-block section of the central core is surrounded by concrete barriers and three-meter (10-foot) high metal fencing, part of Canada's largest-ever security operation with 20,000 police and security guards. Canada is spending as much as C$1.2 billion ($1.16 billion) for the meetings to host world leaders, including C$930 million on security. (Bloomberg)

G-20 protests turn violent amid march through Toronto

Anti-Group of 20 protests smashed windows of a police car and set it ablaze after thousands of demonstrators began a march through central Toronto in the biggest rally yet amid a meeting of global leaders.

The police car was burning at the corner of Bay and Wellington streets. Protesters also threw rocks at windows at First Canadian Place, headquarters of Bank of Montreal, while others spray painted slogans including "bomb the banks" on the building.

Demonstrators who met at Queen's Park, site of the Ontario provincial legislature, began a march heading south toward the downtown security zone that encircles the G-20 venue and then west along Queen St. West and north along Spadina Ave. Police estimated the crowd at 4,000, CP24 TV news reported.

Police set up two lines to block the crowd, first with a group of officers on bicycles turning the demonstrators away from the security zone. A block further south, police in riot gear and on horseback blocked an intersection. The Toronto Transit Commission closed subway service and regional train service into downtown was halted.

 A 12-block section of the central core is surrounded by concrete barriers and three-meter (10-foot) high metal fencing, part of Canada's largest-ever security operation with 20,000 police and security guards. Canada is spending as much as C$1.2 billion ($1.16 billion) for the meetings to host world leaders, including C$930 million on security.