The FSS has sent investigators to Hyundai Capital, the consumer financing arm of auto maker Hyundai Motor Group and GE Capital, after the company admitted that hackers gained access to its customer database and stole personal information and passwords of its customers, theKorea Herald reported.
The data breach occurred over a two-month period. The company was contacted by one of the hackers who asked for money in return for not releasing the customers’ information. However, the data breach was only made public after the company contacted the police to investigate the blackmail.
Hyundai Capital said its internal investigation revealed names, residential registration numbers, mobile phone numbers, and email addresses, as well as passwords to loan services were obtained by the hacker.
Police said the hackers gained access to the database using servers located in the Philippines and Brazil.
The FSS is considering punitive actions against the company if violations of the country’s financial information security laws are found. The agency also plans to form a task force in coordination with other agencies to investigate information security practices throughout the financial sector, the newspaper said.
Tuesday, April 19, 2011
Fisher Capital Management Latest News: South Korean A&P Financial to become Takefuji’s sponsor
TOKYO (Kyodo) — The court-appointed administrator of ailing consumer lender Takefuji Corp. said Monday it has decided to give South Korea’s A&P Financial Co. preferential negotiating rights in becoming the sponsor for its rehabilitation.
The South Korean consumer lender will be formally designated as the sponsor around the end of April after gaining approval from the Tokyo District Court.
The announcement signifies a step forward for Takefuji, which is keen on restarting its lending business as soon as possible, while A&P Financial appears eager to enter Japan’s consumer loan market.
On Sept. 28 last year, Takefuji, burdened by massive claims by customers for reimbursement of excessive interest charges, filed for bankruptcy protection with the court.
Takefuji has since been trying to find a sponsor to finance its court-backed rehabilitation in line with the Corporate Rehabilitation Law.
The Tokyo-based company was once Japan’s biggest lender with outstanding loans of around 1.77 trillion yen as of March 2002.
The South Korean consumer lender will be formally designated as the sponsor around the end of April after gaining approval from the Tokyo District Court.
The announcement signifies a step forward for Takefuji, which is keen on restarting its lending business as soon as possible, while A&P Financial appears eager to enter Japan’s consumer loan market.
On Sept. 28 last year, Takefuji, burdened by massive claims by customers for reimbursement of excessive interest charges, filed for bankruptcy protection with the court.
Takefuji has since been trying to find a sponsor to finance its court-backed rehabilitation in line with the Corporate Rehabilitation Law.
The Tokyo-based company was once Japan’s biggest lender with outstanding loans of around 1.77 trillion yen as of March 2002.
Fisher Capital Management Latest News: S. Korea’s finance minister to attend G-20 meeting
SEOUL, April 12 (Yonhap) — South Korea’s Finance Minister Yoon Jeung-hyun will leave for the United States this week to attend a Group of 20 (G-20) meeting, which will focus on pending global economic and financial issues, officials said Tuesday.
The G-20 finance ministers’ meeting will kick off in Washington on Thursday for a two-day run, according to the Ministry of Strategy and Finance. Yoon will leave for the meeting on Wednesday.
The meeting is the second G-20 meeting this year among finance ministers following one held in Paris in February. It is mostly aimed at setting the direction for discussions and decisions to be made during G-20 summit talks scheduled for November in France, the ministry said.
“The Washington meeting is expected to be a watershed in determining major issues and the direction of discussions for this year’s G-20 gatherings ahead of the November summit in Cannes,” the ministry said in a press release.
“With several new global issues emerging in the wake of the unrest in the Middle East and North Africa and the deadly earthquake in Japan, the G-20 meeting will also be a chance to test the global coordination ability.”
The two-day meeting will be comprised of five sessions that include discussions on how to attain strong, sustainable and balanced growth; reform the international monetary system; and better cope with fluctuations in commodity prices.
The G-20 finance ministers’ meeting will kick off in Washington on Thursday for a two-day run, according to the Ministry of Strategy and Finance. Yoon will leave for the meeting on Wednesday.
The meeting is the second G-20 meeting this year among finance ministers following one held in Paris in February. It is mostly aimed at setting the direction for discussions and decisions to be made during G-20 summit talks scheduled for November in France, the ministry said.
“The Washington meeting is expected to be a watershed in determining major issues and the direction of discussions for this year’s G-20 gatherings ahead of the November summit in Cannes,” the ministry said in a press release.
“With several new global issues emerging in the wake of the unrest in the Middle East and North Africa and the deadly earthquake in Japan, the G-20 meeting will also be a chance to test the global coordination ability.”
The two-day meeting will be comprised of five sessions that include discussions on how to attain strong, sustainable and balanced growth; reform the international monetary system; and better cope with fluctuations in commodity prices.
Fisher Capital Management Latest NewsFraudsters target tech suppliers
Fraudsters using municipal letterheads and fraudulent cheques have swindled goods to the value of R2 million, specifically targeting businesses dealing in technology.
A statement by the Sekhukhune District Municipality, in Limpopo, warns businesses against scammers who have been using a municipal letterhead and fake cheques.
The Government Communication and Information System (GCIS) said acting municipal manager Maureen Ntshudisane issued the warning, after companies in Mpumalanga and Gauteng complained that the municipality’s cheques had bounced.
“Council would like to warn the public to be on the alert for these miscreants that go around besmirching the name of the Sekhukhune District Municipality and, therefore, tarnishing its image.”
Millions lost
Ntshudisane said the fraudsters had been targeting businesses dealing in technology and motor vehicle parts.
Municipal spokesperson Willy Mosoma says ACC Technologies was swindled out 700 hard drives, worth R397 803, in January. In February, Mpumalanga Digital Solutions lost 30 Samsung TVs, worth R418 915, to the scammers.
Imperial Toyota, in Nelspruit, was robbed of brake sets worth R306 201, and iBurst in Sandton was swindled out of 87 laptops, worth R109 255, in March.
A statement by the Sekhukhune District Municipality, in Limpopo, warns businesses against scammers who have been using a municipal letterhead and fake cheques.
The Government Communication and Information System (GCIS) said acting municipal manager Maureen Ntshudisane issued the warning, after companies in Mpumalanga and Gauteng complained that the municipality’s cheques had bounced.
“Council would like to warn the public to be on the alert for these miscreants that go around besmirching the name of the Sekhukhune District Municipality and, therefore, tarnishing its image.”
Millions lost
Ntshudisane said the fraudsters had been targeting businesses dealing in technology and motor vehicle parts.
Municipal spokesperson Willy Mosoma says ACC Technologies was swindled out 700 hard drives, worth R397 803, in January. In February, Mpumalanga Digital Solutions lost 30 Samsung TVs, worth R418 915, to the scammers.
Imperial Toyota, in Nelspruit, was robbed of brake sets worth R306 201, and iBurst in Sandton was swindled out of 87 laptops, worth R109 255, in March.
Fisher Capital Management Latest News: Small-cap investors pay too much for risk
That’s the latest warning from legendary fund manager Jeremy Grantham, chairman of fund shop GMO and one of the few people who successfully called the 2008 crash in advance.
His firm’s latest calculations predict that investors in U.S. small-cap stocks will actually lose about a fifth of their money in real terms over the next seven or so years. That’s an annualized loss of about 2.8% after inflation.
As always when it comes to predictions, there are no guarantees. But GMO’s forecasts have a good track record.
Risky assets are supposed to make you money over the medium term, as compensation for owning them. Actually paying money to take risk makes no financial sense whatsoever.
The last time Grantham’s firm warned that people were actually paying for the privilege of owning risky assets was back in 2007, just before the wheels started to come off. Grantham himself, on a recent trip to London, warned about the valuations of U.S. small-cap stocks.
You can see something similar if you just take a step back from the day-to-day action of the market and take a longer view. The Russell 2000 Index RUT +0.91% of small cap stocks has recently skyrocketed against the broader market. According to FactSet, it is now by far the highest it has been against the Standard & Poor’s 500 Index SPX +0.39% in at least a quarter century.
His firm’s latest calculations predict that investors in U.S. small-cap stocks will actually lose about a fifth of their money in real terms over the next seven or so years. That’s an annualized loss of about 2.8% after inflation.
As always when it comes to predictions, there are no guarantees. But GMO’s forecasts have a good track record.
Risky assets are supposed to make you money over the medium term, as compensation for owning them. Actually paying money to take risk makes no financial sense whatsoever.
The last time Grantham’s firm warned that people were actually paying for the privilege of owning risky assets was back in 2007, just before the wheels started to come off. Grantham himself, on a recent trip to London, warned about the valuations of U.S. small-cap stocks.
You can see something similar if you just take a step back from the day-to-day action of the market and take a longer view. The Russell 2000 Index RUT +0.91% of small cap stocks has recently skyrocketed against the broader market. According to FactSet, it is now by far the highest it has been against the Standard & Poor’s 500 Index SPX +0.39% in at least a quarter century.
Fisher Capital Management Latest News: Hana Financial Q1 profit falls slightly
Hana Financial Group Inc., Korea’s fourth-largest financial company, said its first-quarter profit fell 2.6 percent from a year earlier after it changed accounting standards.
Net income was 389.5 billion won ($357 million) in the three months to March 31, compared with a revised 400 billion won a year earlier, the company said in a regulatory filing yesterday.
Hana Financial switched to Korea International Financial Reporting Standards this year from Korean GAAP, or generally accepted accounting principles.
Loan margins for Korean banks have widened after the central bank raised interest rates four times since July to tackle inflation. Hana’s planned takeover of Korea Exchange Bank will further improve the company’s profitability, analysts including Shim Hyun Soo at KB Investment & Securities Co. said.
“First-quarter earnings slightly beat my estimate of around 350 billion won. Acquiring Korea Exchange Bank will boost its growth potential,” said Shim.
Hana is awaiting Korean regulatory approval on its 4.7 trillion won takeover of KEB.
Net income was 389.5 billion won ($357 million) in the three months to March 31, compared with a revised 400 billion won a year earlier, the company said in a regulatory filing yesterday.
Hana Financial switched to Korea International Financial Reporting Standards this year from Korean GAAP, or generally accepted accounting principles.
Loan margins for Korean banks have widened after the central bank raised interest rates four times since July to tackle inflation. Hana’s planned takeover of Korea Exchange Bank will further improve the company’s profitability, analysts including Shim Hyun Soo at KB Investment & Securities Co. said.
“First-quarter earnings slightly beat my estimate of around 350 billion won. Acquiring Korea Exchange Bank will boost its growth potential,” said Shim.
Hana is awaiting Korean regulatory approval on its 4.7 trillion won takeover of KEB.
Company’s rising costs worry investors, and antitrust probes are mounting, with the latest coming from Korea
Google talked up its huge mobile potential even as it delivered first quarter results that disappointed because of the firm’s galloping costs. CFO Patrick Pichette said the company “tripped” into a $1bn mobile business without massive effort, leaving the audience to imagine what could be achieved once Google really started to try.
However, success in the mobile world is putting Google in the sights of new competitors and antitrust authorities, and the latest complaints come from Korea, where Android handsets are gaining ground rapidly. Korea’s web and wireless activities always have an influence disproportionate to the country’s size because of its advanced usage and major influence on the mobile industry. Adding to antitrust probes underway in the US and Europe, Korea’ s largest homegrown internet search providers, NHN and Daum Communications, have filed complaints against their US rival.
Their filings with the Korean Fair Trade Commission allege that Google has blocked local cellcos and manufacturers from embedding third party search applications in Android devices.
“Android is an open platform, and carriers and partners are free to decide which applications and services to include,” said Google spokesperson Lois Kim. “We’re looking forward to working with the FTC to address any questions they may have.” In some countries, non-Google search engines have appeared as the default homescreen option on Android devices – Baidu is the usual choice in China, but AT&T has some Android smartphones running Yahoo.
However, success in the mobile world is putting Google in the sights of new competitors and antitrust authorities, and the latest complaints come from Korea, where Android handsets are gaining ground rapidly. Korea’s web and wireless activities always have an influence disproportionate to the country’s size because of its advanced usage and major influence on the mobile industry. Adding to antitrust probes underway in the US and Europe, Korea’ s largest homegrown internet search providers, NHN and Daum Communications, have filed complaints against their US rival.
Their filings with the Korean Fair Trade Commission allege that Google has blocked local cellcos and manufacturers from embedding third party search applications in Android devices.
“Android is an open platform, and carriers and partners are free to decide which applications and services to include,” said Google spokesperson Lois Kim. “We’re looking forward to working with the FTC to address any questions they may have.” In some countries, non-Google search engines have appeared as the default homescreen option on Android devices – Baidu is the usual choice in China, but AT&T has some Android smartphones running Yahoo.
Fisher Capital Management Latest News: Korean cars in U.S. cited for interior design
Korean carmakers have come a long way since the days of the Hyundai Pony, the first locally developed automobile to be exported.
The days of being widely perceived as makers of cheap but unreliable vehicles are long gone with overseas surveys and consumer research showing vast improvements in their quality rankings.
Despite such developments, local carmakers’ design capabilities appeared to be lagging behind their technological prowess.
However, local carmakers including the two leaders Hyundai Motor Co. and Kia Motors Corp. began to pick up the slack in recent years, with Kia going on to win a number of international design awards.
Now it appears that local carmakers’ design efforts are beginning to show on the inside as well as the outside.
On April 7, the U.S.-based automotive industry publication Ward’s Auto announced this year’s Ward’s 10 Best Interior list, three of which were developed by or had a significant contribution from a Korea-based carmaker.
The publication’s editors drove 51 models whose interiors had undergone full overhauls or had significant improvements to decide the winners.
The Korean models included in the list are the compact car Hyundai Elantra, known locally as the Avante, and Kia’s midsized sedan K5.
The days of being widely perceived as makers of cheap but unreliable vehicles are long gone with overseas surveys and consumer research showing vast improvements in their quality rankings.
Despite such developments, local carmakers’ design capabilities appeared to be lagging behind their technological prowess.
However, local carmakers including the two leaders Hyundai Motor Co. and Kia Motors Corp. began to pick up the slack in recent years, with Kia going on to win a number of international design awards.
Now it appears that local carmakers’ design efforts are beginning to show on the inside as well as the outside.
On April 7, the U.S.-based automotive industry publication Ward’s Auto announced this year’s Ward’s 10 Best Interior list, three of which were developed by or had a significant contribution from a Korea-based carmaker.
The publication’s editors drove 51 models whose interiors had undergone full overhauls or had significant improvements to decide the winners.
The Korean models included in the list are the compact car Hyundai Elantra, known locally as the Avante, and Kia’s midsized sedan K5.
Fisher Capital Management Latest News: Japan Says Currently Importing 4.2 Million Barrels Per Day Of Oil
KUWAIT CITY, April 17, (Agencies): Japan is currently importing 4.2 million barrels per day of oil but demand should pick up as it works to restore its economy after last month’s devastating earthquake and tsunami, a deputy minister said on Sunday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Deputy oil ministers of Vietnam and South Korea, Energy Minister of Sultanate Brunei Pehin Yasmin and a senior official at Philippines Energy Ministry arrived earlier in the day.
Qatari and Iranian oil ministers are also expected to arrive in the coming hours to participate in the meeting.
The meeting will kick off Monday with the participation of 30 bodies, including a number of international organizations concerned with oil, gas and energy, such as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Forum, to consider formulating a united vision on the future of the oil industry.
Delegations would also discuss the trajectory of oil prices, ways of cooperation, problems and challenges facing the industry.
The round-table meeting is held once every two years in one of the Asian oil countries. It was hosted first time in India 2005 then by Saudi Arabia in 2007 and then was held in Japan in 2009.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Deputy oil ministers of Vietnam and South Korea, Energy Minister of Sultanate Brunei Pehin Yasmin and a senior official at Philippines Energy Ministry arrived earlier in the day.
Qatari and Iranian oil ministers are also expected to arrive in the coming hours to participate in the meeting.
The meeting will kick off Monday with the participation of 30 bodies, including a number of international organizations concerned with oil, gas and energy, such as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Forum, to consider formulating a united vision on the future of the oil industry.
Delegations would also discuss the trajectory of oil prices, ways of cooperation, problems and challenges facing the industry.
The round-table meeting is held once every two years in one of the Asian oil countries. It was hosted first time in India 2005 then by Saudi Arabia in 2007 and then was held in Japan in 2009.
Google's only just started in mobile, but Q1 disappoints
Google talked up its huge mobile potential even as it delivered first quarter results that disappointed because of the firm's galloping costs. CFO Patrick Pichette said the company "tripped" into a $1bn mobile business without massive effort, leaving the audience to imagine what could be achieved once Google really started to try.
However, success in the mobile world is putting Google in the sights of new competitors and antitrust authorities, and the latest complaints come from Korea, where Android handsets are gaining ground rapidly. Korea's web and wireless activities always have an influence disproportionate to the country's size because of its advanced usage and major influence on the mobile industry. Adding to antitrust probes underway in the US and Europe, Korea' s largest homegrown internet search providers, NHN and Daum Communications, have filed complaints against their US rival.
Their filings with the Korean Fair Trade Commission allege that Google has blocked local cellcos and manufacturers from embedding third party search applications in Android devices.
Company’s rising costs worry investors, and antitrust probes are mounting, with the latest coming from Korea
Google talked up its huge mobile potential even as it delivered first quarter results that disappointed because of the firm’s galloping costs. CFO Patrick Pichette said the company “tripped” into a $1bn mobile business without massive effort, leaving the audience to imagine what could be achieved once Google really started to try.
However, success in the mobile world is putting Google in the sights of new competitors and antitrust authorities, and the latest complaints come from Korea, where Android handsets are gaining ground rapidly. Korea’s web and wireless activities always have an influence disproportionate to the country’s size because of its advanced usage and major influence on the mobile industry. Adding to antitrust probes underway in the US and Europe, Korea’ s largest homegrown internet search providers, NHN and Daum Communications, have filed complaints against their US rival.
Their filings with the Korean Fair Trade Commission allege that Google has blocked local cellcos and manufacturers from embedding third party search applications in Android devices.
“Android is an open platform, and carriers and partners are free to decide which applications and services to include,” said Google spokesperson Lois Kim. “We’re looking forward to working with the FTC to address any questions they may have.” In some countries, non-Google search engines have appeared as the default homescreen option on Android devices – Baidu is the usual choice in China, but AT&T has some Android smartphones running Yahoo.
However, success in the mobile world is putting Google in the sights of new competitors and antitrust authorities, and the latest complaints come from Korea, where Android handsets are gaining ground rapidly. Korea’s web and wireless activities always have an influence disproportionate to the country’s size because of its advanced usage and major influence on the mobile industry. Adding to antitrust probes underway in the US and Europe, Korea’ s largest homegrown internet search providers, NHN and Daum Communications, have filed complaints against their US rival.
Their filings with the Korean Fair Trade Commission allege that Google has blocked local cellcos and manufacturers from embedding third party search applications in Android devices.
“Android is an open platform, and carriers and partners are free to decide which applications and services to include,” said Google spokesperson Lois Kim. “We’re looking forward to working with the FTC to address any questions they may have.” In some countries, non-Google search engines have appeared as the default homescreen option on Android devices – Baidu is the usual choice in China, but AT&T has some Android smartphones running Yahoo.
Korean cars in U.S. cited for interior design
Korean carmakers have come a long way since the days of the Hyundai Pony, the first locally developed automobile to be exported.
The days of being widely perceived as makers of cheap but unreliable vehicles are long gone with overseas surveys and consumer research showing vast improvements in their quality rankings.
Despite such developments, local carmakers' design capabilities appeared to be lagging behind their technological prowess. However, local carmakers including the two leaders Hyundai Motor Co. and Kia Motors Corp. began to pick up the slack in recent years, with Kia going on to win a number of international design awards.
Now it appears that local carmakers' design efforts are beginning to show on the inside as well as the outside.
On April 7, the U.S.-based automotive industry publication Ward's Auto announced this year's Ward's 10 Best Interior list, three of which were developed by or had a significant contribution from a Korea-based carmaker.
The publication's editors drove 51 models whose interiors had undergone full overhauls or had significant improvements to decide the winners.
The Korean models included in the list are the compact car Hyundai Elantra, known locally as the Avante, and Kia's midsized sedan K5.
The other top 10 qualifier with Korean connections was the Chevy Cruze.
The Chevrolet Cruze was developed as part of GM's global small car project, in which GM Korea Co. played the lead role as the U.S. auto giant's home room for mini and small cars.
For Kia, the interior design award is only the latest in its growing list of international design awards it has won since it began to place increasing emphasis on design, beginning with the creation of the post of the chief design officer, which is filled by Peter Schreyer, in 2006.
As a result, Kia vehicles have been among the winners in the Red Dot design awards for three consecutive years with the latest honors having been won by the K5 and the sport utility vehicle Sportage R.
According to Kia, the K5 was selected as the Best of the Best award winner in the automobiles, transport and caravans category, while the Sportage R was a winner in the same category.
Among the others, three spots were taken by European models ? Audi A8, BMW X3 xDrive35i and the Volvo S60 ? while an equal number of U.S. models, excluding the Chevrolet Cruze, were chosen for the award.
The three U.S. models were the Dodge Charger Rallye Plus, Ford Focus Titanium and the Jeep Grand Cherokee Overland Summit.
The days of being widely perceived as makers of cheap but unreliable vehicles are long gone with overseas surveys and consumer research showing vast improvements in their quality rankings.
Now it appears that local carmakers' design efforts are beginning to show on the inside as well as the outside.
On April 7, the U.S.-based automotive industry publication Ward's Auto announced this year's Ward's 10 Best Interior list, three of which were developed by or had a significant contribution from a Korea-based carmaker.
The publication's editors drove 51 models whose interiors had undergone full overhauls or had significant improvements to decide the winners.
The Korean models included in the list are the compact car Hyundai Elantra, known locally as the Avante, and Kia's midsized sedan K5.
The other top 10 qualifier with Korean connections was the Chevy Cruze.
The Chevrolet Cruze was developed as part of GM's global small car project, in which GM Korea Co. played the lead role as the U.S. auto giant's home room for mini and small cars.
For Kia, the interior design award is only the latest in its growing list of international design awards it has won since it began to place increasing emphasis on design, beginning with the creation of the post of the chief design officer, which is filled by Peter Schreyer, in 2006.
As a result, Kia vehicles have been among the winners in the Red Dot design awards for three consecutive years with the latest honors having been won by the K5 and the sport utility vehicle Sportage R.
According to Kia, the K5 was selected as the Best of the Best award winner in the automobiles, transport and caravans category, while the Sportage R was a winner in the same category.
Among the others, three spots were taken by European models ? Audi A8, BMW X3 xDrive35i and the Volvo S60 ? while an equal number of U.S. models, excluding the Chevrolet Cruze, were chosen for the award.
The three U.S. models were the Dodge Charger Rallye Plus, Ford Focus Titanium and the Jeep Grand Cherokee Overland Summit.
Fisher Capital Management Latest News: Korean cars in U.S. cited for interior design
Korean carmakers have come a long way since the days of the Hyundai Pony, the first locally developed automobile to be exported.
The days of being widely perceived as makers of cheap but unreliable vehicles are long gone with overseas surveys and consumer research showing vast improvements in their quality rankings.
Despite such developments, local carmakers’ design capabilities appeared to be lagging behind their technological prowess.
However, local carmakers including the two leaders Hyundai Motor Co. and Kia Motors Corp. began to pick up the slack in recent years, with Kia going on to win a number of international design awards.
Now it appears that local carmakers’ design efforts are beginning to show on the inside as well as the outside.
On April 7, the U.S.-based automotive industry publication Ward’s Auto announced this year’s Ward’s 10 Best Interior list, three of which were developed by or had a significant contribution from a Korea-based carmaker.
The publication’s editors drove 51 models whose interiors had undergone full overhauls or had significant improvements to decide the winners.
The Korean models included in the list are the compact car Hyundai Elantra, known locally as the Avante, and Kia’s midsized sedan K5.
The other top 10 qualifier with Korean connections was the Chevy Cruze.
The Chevrolet Cruze was developed as part of GM’s global small car project, in which GM Korea Co. played the lead role as the U.S. auto giant’s home room for mini and small cars.
For Kia, the interior design award is only the latest in its growing list of international design awards it has won since it began to place increasing emphasis on design, beginning with the creation of the post of the chief design officer, which is filled by Peter Schreyer, in 2006.
As a result, Kia vehicles have been among the winners in the Red Dot design awards for three consecutive years with the latest honors having been won by the K5 and the sport utility vehicle Sportage R.
The days of being widely perceived as makers of cheap but unreliable vehicles are long gone with overseas surveys and consumer research showing vast improvements in their quality rankings.
Despite such developments, local carmakers’ design capabilities appeared to be lagging behind their technological prowess.
However, local carmakers including the two leaders Hyundai Motor Co. and Kia Motors Corp. began to pick up the slack in recent years, with Kia going on to win a number of international design awards.
Now it appears that local carmakers’ design efforts are beginning to show on the inside as well as the outside.
On April 7, the U.S.-based automotive industry publication Ward’s Auto announced this year’s Ward’s 10 Best Interior list, three of which were developed by or had a significant contribution from a Korea-based carmaker.
The publication’s editors drove 51 models whose interiors had undergone full overhauls or had significant improvements to decide the winners.
The Korean models included in the list are the compact car Hyundai Elantra, known locally as the Avante, and Kia’s midsized sedan K5.
The other top 10 qualifier with Korean connections was the Chevy Cruze.
The Chevrolet Cruze was developed as part of GM’s global small car project, in which GM Korea Co. played the lead role as the U.S. auto giant’s home room for mini and small cars.
For Kia, the interior design award is only the latest in its growing list of international design awards it has won since it began to place increasing emphasis on design, beginning with the creation of the post of the chief design officer, which is filled by Peter Schreyer, in 2006.
As a result, Kia vehicles have been among the winners in the Red Dot design awards for three consecutive years with the latest honors having been won by the K5 and the sport utility vehicle Sportage R.
Japan says currently importing 4.2 million barrels per day of oil Okada, Asian oil officials in Kuwait for meeting
KUWAIT CITY, April 17, (Agencies): Japan is currently importing 4.2 million barrels per day of oil but demand should pick up as it works to restore its economy after last month’s devastating earthquake and tsunami, a deputy minister said on Sunday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Fisher Capital Management Latest News: Japan Says Currently Importing 4.2 Million Barrels Per Day Of Oil
KUWAIT CITY, April 17, (Agencies): Japan is currently importing 4.2 million barrels per day of oil but demand should pick up as it works to restore its economy after last month’s devastating earthquake and tsunami, a deputy minister said on Sunday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Fisher Capital Management Latest News: Japan Says Currently Importing 4.2 Million Barrels Per Day Of Oil By Fisher Capital Management Korea – April 19, 2011
KUWAIT CITY, April 17, (Agencies): Japan is currently importing 4.2 million barrels per day of oil but demand should pick up as it works to restore its economy after last month’s devastating earthquake and tsunami, a deputy minister said on Sunday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Deputy oil ministers of Vietnam and South Korea, Energy Minister of Sultanate Brunei Pehin Yasmin and a senior official at Philippines Energy Ministry arrived earlier in the day.
Qatari and Iranian oil ministers are also expected to arrive in the coming hours to participate in the meeting.
The meeting will kick off Monday with the participation of 30 bodies, including a number of international organizations concerned with oil, gas and energy, such as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Forum, to consider formulating a united vision on the future of the oil industry.
Delegations would also discuss the trajectory of oil prices, ways of cooperation, problems and challenges facing the industry.
The round-table meeting is held once every two years in one of the Asian oil countries. It was hosted first time in India 2005 then by Saudi Arabia in 2007 and then was held in Japan in 2009.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Deputy oil ministers of Vietnam and South Korea, Energy Minister of Sultanate Brunei Pehin Yasmin and a senior official at Philippines Energy Ministry arrived earlier in the day.
Qatari and Iranian oil ministers are also expected to arrive in the coming hours to participate in the meeting.
The meeting will kick off Monday with the participation of 30 bodies, including a number of international organizations concerned with oil, gas and energy, such as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Forum, to consider formulating a united vision on the future of the oil industry.
Delegations would also discuss the trajectory of oil prices, ways of cooperation, problems and challenges facing the industry.
The round-table meeting is held once every two years in one of the Asian oil countries. It was hosted first time in India 2005 then by Saudi Arabia in 2007 and then was held in Japan in 2009.
Fisher Capital Management Latest News: Japan Says Currently Importing 4.2 Million Barrels Per Day Of Oil
KUWAIT CITY, April 17, (Agencies): Japan is currently importing 4.2 million barrels per day of oil but demand should pick up as it works to restore its economy after last month’s devastating earthquake and tsunami, a deputy minister said on Sunday.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Deputy oil ministers of Vietnam and South Korea, Energy Minister of Sultanate Brunei Pehin Yasmin and a senior official at Philippines Energy Ministry arrived earlier in the day.
Qatari and Iranian oil ministers are also expected to arrive in the coming hours to participate in the meeting.
The meeting will kick off Monday with the participation of 30 bodies, including a number of international organizations concerned with oil, gas and energy, such as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Forum, to consider formulating a united vision on the future of the oil industry.
Delegations would also discuss the trajectory of oil prices, ways of cooperation, problems and challenges facing the industry.
The round-table meeting is held once every two years in one of the Asian oil countries. It was hosted first time in India 2005 then by Saudi Arabia in 2007 and then was held in Japan in 2009.
“I think so, because we lost a lot of electricity supply capacity but at the same time Japan needs a lot of energy in order to restore our economy,” said Hideichi Okada, vice minister for international affairs at Japan’s economy, trade and industry ministry.
“Japan’s economic growth rate will decrease to some extent, which means out (oil) demand will slow down for a a certain period then demand will go up again.”
Okada told reporters Tokyo had received a number of offers of additional supplies of liquefied natural gas (LNG) from producers in the Gulf region to help the country cope with the loss of power supplies from its stricken Fukushima Daiichi nuclear plant.
Okada was in Kuwait for a biennual meeting of Asian countries and Middle Eastern energy producers.
Asian oil ministers and officials started arriving in Kuwait to take part in the 4th Asian Ministerial Energy Roundtable Meeting, scheduled to kick off Monday.
Deputy oil ministers of Vietnam and South Korea, Energy Minister of Sultanate Brunei Pehin Yasmin and a senior official at Philippines Energy Ministry arrived earlier in the day.
Qatari and Iranian oil ministers are also expected to arrive in the coming hours to participate in the meeting.
The meeting will kick off Monday with the participation of 30 bodies, including a number of international organizations concerned with oil, gas and energy, such as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Forum, to consider formulating a united vision on the future of the oil industry.
Delegations would also discuss the trajectory of oil prices, ways of cooperation, problems and challenges facing the industry.
The round-table meeting is held once every two years in one of the Asian oil countries. It was hosted first time in India 2005 then by Saudi Arabia in 2007 and then was held in Japan in 2009.
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