Italian luxury fashion brand Fendi’s chandelier-concept Christmas tree is lit up in front of the Galleria Department Store’s eastern Luxury Hall in Apgujeong-dong, southern Seoul. (Yonhap) (khnews@heraldcorp.com)

GS Engineering & Construction has opened a new highway that connects Goyang, Gyeonggi Province, a satellite city just northwest of Seoul, and Munsan, a town within the border city of Paju, Gyeonggi Province, the company said Sunday. A total of 2.1 trillion won ($1.87 billion) was poured into the Seoul-Munsan Expressway, after it broke ground in November 2015. The highway is 35.2 kilometers long, ranging from two to six lanes. The Seoul-Munsan highway is expected to reduce traffic in th

Industries are guaging the prospects of their US businesses under US President-elect Joe Biden, and South Korean refineries and petrochemical companies are among them. The sticking points are whether Biden’s anti-fracking policy and renewable energy push will actually impact the global price of oil and their businesses. “Biden’s limit on fracking will curb the production and supply of shale oil and gas. But regardless of Biden’s anti-fracking policy, demand on oil w

Tivoli back after discontinuation as pandemic drives demand for low-risk outdoor activities

Vung Ang 2 coal power plant project to carry on

South Korea budget air carriers are anticipated to post grim earnings for the third quarter of 2020, as the virus pandemic has continued to virtually suspend air travel, with the resurgence of infections around the globe set to further delay the recovery. Last week, Korean Air Lines Co., South Korea‘s biggest carrier, said its net losses widened in the third quarter to 385.93 billion won ($343 million) from a year earlier amid the pandemic. However, it managed to post an operating profi

South Korean exporters are expected to suffer from sky-high freight rates throughout next year, as global trade is set to rise down the road amid the pandemic, industry watchers said Sunday. The Shanghai Containerized Freight Index, a barometer of global freight rates, came to a new high of 1,664.56 on Friday, according to industry sources. The previous record was 1,583.18 posted in July 2010. Industry watchers say exporters are anticipated to face heavy shipping costs throughout next year, as

Naver Corp. and Kakao Corp., the two major South Korean tech companies, are expected to continue their upward trajectory in earnings projections amid the coronavirus pandemic, market watchers said Saturday. Quarterly sales of Naver -- South Korea's top internet portal operator -- and Kakao -- the operator of the country's top mobile messenger KakaoTalk -- both jumped twofold in just four and three years, respectively. Naver said its sales for the July-September period reached the highes

Lotte Shopping Co. said Friday it swung to a net profit in the third quarter on robust performance in its non-department store business amid the new coronavirus outbreak.   Net income reached 3 billion won ($2.7 million) in the July-September period, a turnaround from a net loss of 23.3 billion won a year earlier, the key unit of retail giant Lotte Group said in a regulatory filing. From three months earlier, it swung to the black from a net loss of 199 billion won. Operating prof

The prosecution said on Friday it has raided Kumho Asiana Group and Asiana Airlines’ offices to secure documents for its probe into alleged unfair internal transactions. The group, a large Korean chaebol known for its leisure and construction business, currently stands accused of conducting suspicious internal trading to support its subsidiary Kumho Buslines, of which the owner family has the highest stake.　 According to the authorities, Asiana Airlines signed a 30-year contract to sell

Budget airlines Jeju Air and T’way Air said on Friday they will be resuming flights between Incheon and Narita following the easing of travel restrictions between the two countries. From Nov. 21, Jeju Air will fly once a week on a Saturday from Incheon to Narita International Airport, nearly three months after the flight was suspended after a spike in the number of COVID-19 cases. The Incheon-Osaka route, which had previously operated two times a day on weekdays, will also change to Frid

Renault Samsung Motors said Friday it launched a revamped model of its bestselling sports utility vehicle QM6. The updated QM6 is the second face-lift for the SUV since June 2019, when it was first upgraded as the QM6 LPe, the country’s first LPG-powered SUV, and the premium trim Premiere. This time, major changes were made to the appearance, with a new chrome radiator grille, Quantum Wing, the automaker said.  “Since the first launch in 2016, QM6 has numerous records in

Celltrion reaffirmed positive findings from the phase 1 clinical trial of its COVID-19 antibody treatment CT-P59 at the annual autumn conference of Korean societies of infectious diseases and antimicrobial therapy, the company said Friday. Celltrion saw antiviral efficacy of CT-P59 and its safety in human body through the phase 1 trial targeting 18 COVID-19 patients displaying light symptoms. These patients were recruited in Korea and Europe, Celltrion said. Kim Jin-yong, doctor of infecti

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With Democratic candidate Joe Biden likely to win the US presidential election, shares related to eco-friendly and bio companies rose in the local stock market Thursday. The market had predicted that companies related to electric vehicle batteries and renewable energy would benefit if Biden is elected. Earlier, he pledged a $2 trillion plan to invest in eco-friendly infrastructure. He also promised to rejoin the Paris Agreement on Climate Change, which Trump withdrew from, and to push for carb