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Fuel prices rise again

IndustryMay 6, 2011

A month of 100 won-price cut has little impact and consumer complaints riseRetail fuel prices in Korea are rebounding on high international oil prices, despite refiners’ price cut of 100 won ($0.09) per liter a month ago.The state-run Korea National Oil Corp. attributed this to the rising price of petroleum in the country, predicting that the trend would continue in coming months. The price cut by
Korea to step up R&D support for small firms

IndustryMay 5, 2011

Competitive parts suppliers to receive funding for up to three yearsSouth Korea is poised to offer funding for research and development at a total of 50 prospective small-sized local parts and materials makers in order to bolster the nation’s industrial competitiveness, the Ministry of Knowledge Economy said Thursday.The ministry will provide selected firms that are posting average annual sales of
[Meet the CEO] Head hunter bolsters global network

IndustryMay 4, 2011

Honors Career is Korea’s first member of prominent global allianceLocal executive search firm Honors Career International is seeking to further bolster its presence in the market through a fresh global network and profound local expertise, its chief executive Chris Kim said. The firm became a member of IRC Global Executive Search Partners, a prominent international alliance of independent retained
KT&G launches ‘2nd generation’ This Plus

IndustryMay 2, 2011

KT&G Corp., the nation’s largest tobacco producer, said Monday that it has extended the product line of its steady-selling brand This Plus.The firm is to start selling This Real and This Wild, which has higher tar content with 6.5 milligrams and 8 milligrams, respectively, on Tuesday. The original This Plus contains 5.5 milligram of tar. This WildKT&G, meanwhile, has changed the packaging of This
[News Focus] LH Corp. relocation move spurs controversy

IndustryMay 2, 2011

Reports on the alleged selection of Jinju as site for head office anger Jeolla politicians, residentsAllegations that state-run land developer Korea Land & Housing Corp. headquarters in Gyeonggi Province would be relocated to Jinju, South Gyeongsang Province are prompting uproar from its rival region of North Jeolla Province.The news came on Sunday from a high-ranking ruling Grand National Party o
‘Greentech’ to drive KEPCO’s growth

IndustryMay 2, 2011

Energy company to invest 3 trillion won, aiming to reach global top fiveState-run Korea Electric Power Corp. said it is to spend 3.1 trillion won ($2.8 billion) to foster environmental technologies including carbon capture storage and smart grids as its fresh growth drivers. “Should KEPCO win in the global ‘green race’ with its challenges and aspirations for green growth, it would be able to lead
Korea posts $5.82b trade surplus in April

May 1, 2011

South Korea’s trade surplus surged to $5.8 billion in April, up sharply from $2.8 billion the previous month on brisk exports of petroleum products and ships, the Ministry of Knowledge Economy said Sunday. Exports rose 27 percent on-year to $49.77 billion last month, with imports rising 24 percent to $43.95 billion, according to the ministry.“The record-high export numbers were the result of local
3-D firm posts record earnings in Q1

IndustryApr 28, 2011

Red Rover Co., a local 3-D services provider, said Thursday that it has posted record earnings of 2.4 billion won ($2.2 million) in the first quarter, up 298 percent from the same period last year.The firm’s sales reached 9.2 billion won, up 203 percent from the January-March period last year, though it was little lower than that of the year’s fourth quarter, it said. “The record performance was p
Tycoon families prefer to live in Gangnam: report

IndustryApr 27, 2011

By Koh Young-aahSeoul’s Gangnam area, on the southern side of the Han River, has emerged as a popular residential area for families of the country’s top 30 tycoons over the years, a research firm said in a report Wednesday.Seongbuk-dong and Hannam-dong, located in Gangbuk, north of the river, have historically been considered wealthy areas where most local conglomerate owners reside.The trend, how
‘Knowing market key for foreign retailers’ entry here

IndustryApr 27, 2011

By Koh Young-aahForeign retailers seeking to enter the Korean market should consider its unique traits and cultural differences to succeed, according to Richard Hwang, managing director of global commercial real estate services firm Cushman & Wakefield’s Korean unit. “A lot of global retailers have experienced failure here because they had little understanding of the market before entering it. As
Korea to boost energy ties with Latin America

IndustryApr 25, 2011

A Korean delegation team led by Second Vice Minister of Knowledge Economy Park Young-june will visit South America from April 26 to May 5 in an effort to boost energy ties with the region, the ministry said Monday. The delegation, which includes officials and local developers, will tour Mexico, Colombia, Venezuela and Peru, the ministry said. Officials from state-run firms Korea Electric Power Cor
POSCO Q1 sales reach W9.1 trillion

IndustryApr 22, 2011

POSCO, Korea’s largest steelmaker, posted operating profit of 921 billion won (about $900 million) in the first quarter, a 36 percent decrease from the same period last year, amid continuing high raw material prices. In its earnings report released Friday, the company said it recorded sales of 9.1 trillion won, up 31 percent from the same period last year.The steelmaker attributed the sluggish ear
Korea, China to collaborate on rare earths processing

IndustryApr 21, 2011

State-run Korea Resources Corp. said Thursday that it is to jointly develop technologies for processing rare earths with a Chinese think tank.The local developer said it will share equipment, facilities, human resources and technological information with Baotou Research Institute of Rare Earths, the largest of its kind in the communist state. KORES chief executive Kim Shin-jong and the institute’s
BAT Korea raises cigarette prices

IndustryApr 21, 2011

British American Tobacco Korea said Thursday it has raised the price of its cigarette products by 200 won ($0.20) to 2,700 won per pack on rising raw material prices.The price increase of 8 percent is the first in six years for the firm which holds an 18 percent-market share in the country. It is widely known for popular brands such as Dunhill, Kent and Vogue.“BAT Korea has been making every effor
Korea to halt old reactor for security check

IndustryApr 20, 2011

Nuclear reactor stoppages raise controversy over life extension of aged power plantsState-run Korea Hydro & Nuclear Power Co. said Wednesday that it had decided to temporarily halt the operation of a nuclear reactor in Busan which experienced a power failure last week.“We decided to carry out a thorough safety check on the Gori-1 unit and resume its operation after its safety has been confirmed,”