Samsung on Wednesday rushed to once again water down Samsung Electronics Chairman Lee Kun-hee’s recent remarks that appeared to be critical of government policies, saying that his comments did not reflect his true intentions. Kim Soon-taek, chief of Samsung’s strategic planning unit, told a weekly CEO meeting that the chairman was “disturbed because what he said was not what he meant.” Kim also sa

Local builders focus on safety standards as Japan quake may dampen export marketsRenewed nuclear safety concerns arising from blasts and radiation leak in Japan will likely pose both a threat and an opportunity for the South Korean nuclear energy industry, experts said Wednesday.The local nuclear industry may carry on the upbeat trend in Asian markets should it be able to prove its safety and tech

FSC also puts off ruling on whether Lone Star eligible to own KEBThe financial authorities Wednesday delayed its decision on whether to approve Hana Financial Group’s plan to acquire Korea Exchange Bank from U.S. Lone Star Funds.The Financial Services Commission also declined to make a clear ruling on whether the U.S. buyout fund was eligible to control Korea Exchange Bank when it acquired the len

Hanwha Engineering and Construction Co. has won a $220 million refinery facility contract in Kuwait.Under the deal signed Monday, the company will update fire detection and alarm systems at three refinery facilities near Kuwait City, and two office buildings, the company said.The project, issued by the state-run Kuwait National Petroleum Co., is to be completed in 30 months, the builder said.“The

 SK Telecom Co. began to ship pre-ordered iPhone 4 smartphones to its customers on Wednesday, creating a rare scene as South Korea's top mobile carrier lavishly promoted a foreign brand's handset.    As SK Telecom belatedly joined the race to woo potential iPhone buyers and steal customers from its rival KT Corp., the iPhone is enjoying special treatment from the usually snooty mobile operator tha

Kia Motors Corp.’s midsized sedan K5 and the compact SUV Sportage R are to receive the top prizes in this year’s Red Dot Design Award, the carmaker announced Tuesday.According to Kia, this is the first time Korean automobiles have been selected to receive the top honors in the German design award. K5 (top) and Sportage RThe K5 has been selected as the Best of the Best award winner in the automobil

State-run natural gas developer Korea Gas Corp. said it will further boost its efforts for achieving mutual growth with its contractors and other philanthropic activities, the firm said. KOGAS’ service was recognized last year when it was made Fortune Magazine’s list of the World’s Most Admired Companies. The firm ranked the fourth in the energy firm category. It received good marks for its excell

KOSPI plummets below 1,900 during trading session, shedding 2.4% at closeKorean stocks tumbled 2.4 percent to a 15-week low on Tuesday hit by rising worries over radiation leaks from Japan’s quake-stricken power plant.The benchmark KOSPI fluctuated during the day, plunging to 1,882.45 at one point though it later managed to contain falls to close at 1,923.92.A day before the index stood at 1,971.2

Korea is drawing up measures to induce price cuts by oil refineries, the nation’s top economic policymaker said Tuesday, expressing suspicion that they are not setting prices for domestic consumers in a transparent manner.The remarks by Finance Minister Yoon Jeung-hyun are the latest in his series of strong words against the nation’s oil refinery industry. He has been accusing the industry of keep

Mahindra and Mahindra completes acquisition of Korean automakerSsangyong Motor Co. will invest 240 billion won ($212 million) in developing new products and building its brand, new CEO Lee Yoo-il said at the press conference announcing the completion of Mahindra and Mahindra Ltd. on Tuesday.The Indian company was chosen as the preferred bidder for Ssangyong in August 2010, about 18 months after th