South Korean oil refiners reaped record profits in 2011 on the back of strong exports and improved business performances at their non-refining units, data showed Monday.SK Innovation Co., South Korea’s leading refiner, saw its net income jump nearly three-fold to 3.18 trillion won ($2.83 billion) last year. Sales surged 27.3 percent on-year to 68.37 trillion won last year, with operating income shooting up 50.6 percent to 2.85 trillion won.The annual increase was fueled by the good showings of i

Asiana Airlines, Korea’s second-largest carrier, said it won Air Transport World’s “Ad of the Year” award Monday.The renowned U.S. trade magazine, published by Penton Media Inc., also granted Asiana the Gold Award in the corporate category for a second consecutive year. Some 1,400 industry experts assessed all commercials printed in the magazine throughout last year to select the best advertiser. The media group also gives the Gold and Silver Awards based on a poll of subscribers by Signet Resea

Sheppard Mullin ambitious about Seoul openingKicker: Law firm chief says advance into Korea is part of its greater Asia practice　By Cynthia J. KimSheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor Co., will set up a Seoul office within the next few months as it joins a rush of U.S. law firms advancing into Korea, chairman Guy Halgren said.“We hope to be able to apply for a license within the next few weeks and then be approved in the next month or two after that. We wil

South Korea's tax agency will likely order Samsung Electronics Co. to pay at least 100 billion won (US$89.04 million) in unreported tax and related penalties, sources said Monday.The order will be made soon as the National Tax Service (NTS) is wrapping up its regular tax audit this week into the nat

Hana Financial Group Inc. said Sunday that it has signed a deal to buy majority stakes in a U.S.-based lender in a bid to expand its presence in the United States.Under the memorandum of understanding with Saehan Bancorp, the South Korean banking group will purchase newly issued shares to secure a 5

Nearly 1,000 companies from 30 countries will showcase their latest medical equipment and health care technologies at a trade show in Seoul starting Thursday.The Korea International Medical Hospital Equipment Show 2012 is the country’s largest exhibition for the burgeoning industry, co-hosted by Korea E & EX, the Korea Medical Devices Industrial Cooperative Association and the Korea Medical Devices Industry Association at COEX in southern Seoul.During the four-day event, about 60,000 local profe

Apple is estimated to have sold more than 1 million iPad tablet computers in the Korean market, outpacing its local rival Samsung Electronics’ Galaxy Tab by a wide margin. Apple’s iPad debuted here on Nov. 30, 2010 and its sequel iPad 2 was introduced on April 29 last year. About 700,000 units were sold last year alone, dominating the nascent tablet computer market here.Given that many early adopters bought iPad even before the product was formally available on the local market, the actual numbe

The corporate credit ratings for Korean conglomerates and their affiliates have gone up amid growing worries over the neutrality and credibility of local credit ratings agencies, data showed Sunday. Korea’s three major ratings agencies ― NICE Investors Service, Korea Investors Service and Korea Ratings ― have issued more upgrades than downgrades, boosting the up/down ratio for corporate credit ratings to 3.4, according to the Korea Capital Market Institute. A ratio above 1 means upgrades outnumb