Sales at the nation's major discount outlets fell sharply in February mainly due to a drop in consumer demand following the Lunar New Year's holiday, a government report showed Thursday.E-Mart (The Korea Herald)   Total sales at the three leading discount outlets contracted 10.9 percent on-year last month, compared with a 21.4 percent surge reported in the previous month, the Ministry of Knowledg

After return to profit in 2010, carmaker hopes new models bring growth and stabilityWith its takeover by Mahindra and Mahindra Ltd. now complete, troubled carmaker Ssangyong Motor Co. is hoping to strengthen its product lineup, expand into new markets and rebuild its reputation. “Ssangyong caused much trouble for Korea, and to do this (revive the company) creditors and others involved had to make

LG Group will beef up its research and development efforts focusing on energy, displays, home electronics and health care, the country’s fourth largest business group said Wednesday.LG will increase its researchers and R&D budget by about 25 percent to about 3,100 and to 4.7 trillion won ($4.1 billion) this year, it said. About 5,000 of 9,000 new recruits would be allocated to R&D sections.“We wil

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