[THE INVESTOR] Electronic payment company KG Inicis has signed a partnership agreement with PayEase, a Chinese company that provides payment platform for international enterprises, it announced on July 22. Through the partnership, KG Inicis will let local customers pay with credit cards or bank transfer in Korean won at PayEase’s Chinese or global clients. PayEase customers can pay in Chinese yuan at KG’s clients in Korea.  (123rf)PayEase is a state-owned company whose estimated transactions las

[THE INVESTOR] Petroleum and refinery company S-Oil said on July 22 that it has named Othman Al-Ghamdi, representative director of Aramco Asia Korea, as its new chief executive officer.The appointment will be put up for approval in a planned shareholders meeting on Sept. 5.  Saudi Aramco's chief executive officer Khalid al-Falih (Bloomberg)The new CEO served as operations director at Ras Tanura oil refinery of the state-owned Saudi Arabian energy company, SaudiAramco, and led the company’s Korea

[THE INVESTOR] Kia Motors’ union is joining in the umbrella union’s nationwide strike on July 22, amid accusations that its participation is illegal and politically motivated. The strike is led by the Korean Metal Workers’ Union, a subgroup within the hard-line Korean Confederation of Trade Unions, which counts unions of carmakers and shipbuilders among its members. Hyundai Motor Group`s headquarters buildings in Yanjae-dong, southern SeoulLabor unions belonging to the Metal Workers’ Union will

[THE INVESTOR] Taihan Electric Wire has taken over a joint venture in Vietnam and launched it as a new entity in the country, the company said on July 22.The firm said the move reflected its efforts to expand its global reach. In 2005, Taihan Electric Wire had established Taihan Sacom Cable as a JV. It has now acquired the remaining 30 percent owned by another investor. Taihan said it plans to turn the new entity -- renamed as Taihan Cable Vina -- into a global firm. “We plan to increase annual

[THE INVESTOR] US is to levy antidumping tariffs on South Korean corrosion-resistant steel products, the Korea International Trade Association said on July 22. According to KITA, the United States International Trade Commission ruled that South Korean corrosion-resistant steel was damaging to the US steel industry, and decided to levy the antidumping tariffs. The ITC ruled that Hyundai Steel’s products will be subjected to 47.8 percent, and that produced by Dongkuk Steel Mill to 8.75 percent ant

[THE INVESTOR] POSCO’s project with Saudi Arabia for developing cars for mass consumption could be overhauled, an executive with the South Korean steelmaker said on July 21. “Many of Saudi Arabia’s high level officials in charge of the project have been changed, so many areas are being reviewed,” POSCO’s Lim Seung-kyu said at an investor relations event. He said that the company is conducting a study to determine the project’s viability three to four years, and more down the line. “We expect a d