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BAT Korea launches Kent Boost

IndustryFeb 7, 2011

British American Tobacco Korea said Monday it has launched Kent Boost, which offers two levels of menthol in one cigarette.The product is first of this kind in the country, according to the tobacco producer. It gives consumers an extra burst of menthol when they press the capsule in the filter, the firm said. “Kent is the second-largest premium brand globally (outside of U.S. and China) sold in ov
Korea Ginseng Corp. to open 11 overseas branches

IndustryFeb 7, 2011

Korea Ginseng Corp. said Monday it will establish 11 new branches outside Korea this year as it aims to more than double its overseas sales.The firm is well-known for its 6-year-old red ginseng brand Cheong Kwan Jang, which has been increasing in popularity overseas, particularly in China, over the past few years.The firm said it will establish new branches in China, Japan, North America, Singapor
Foreign firms’ entertainment costs almost triple Korean firms’ bill

IndustryFeb 6, 2011

Foreign firms operating in Korea spent an average of three times more on client entertainment than local firms in 2009, while their donations to good causes were just 30 percent of the latter, a report by the national tax watchdog showed on Sunday.According to the National Tax Service report, 1,406 foreign companies in Korea spent a total of over 62 billion won ($51 million) on entertainment expen
Hyundai E&C posts record sales in 2010

IndustryFeb 1, 2011

Hyundai Engineering & Construction Co., Korea’s largest builder, said Tuesday that it has posted record high sales last year of over 10 trillion won ($ 8.6 billion), up 7.8 percent from 2009, on strong overseas orders.Earnings rose 19 percent on-year to 544.8 billion won in 2010, the firm said, thanks to gains from equity investments. Operating profit surged 39.5 percent to 584.3 billion won.“Hyun
KORES bids for Mongolia coal mine

IndustryFeb 1, 2011

An international consortium led by Korea Resources Corp. recently submitted a bid to develop a coal mine lot in Mongolia, the state-run resources developer said Monday.The consortium of nine Korean, two Russian and four Japanese companies seeks to obtain the right to develop the Tavan Tolgoi mine. The region has one of the world’s largest untapped deposits of coal for making steel with around 1.2
Korea looks to investment from emerging countries

Jan 31, 2011

The government is looking to China and other cash-rich emerging countries to invest in Korea’s fast-growing energy, technology and service sectors.The Ministry of Knowledge Economy said Monday that Korea aims to draw more than $15 billion in foreign direct investment this year. It marks a 15 percent increase from a record-high $13 billion that arrived last year.To achieve the goal, the government
S-Oil assists scientific research

IndustryJan 31, 2011

S-Oil Corp., Korea’s third-largest oil refiner, established a scholarship foundation Monday to support science studies and research, the firm said. The S-Oil Science Prodigy and Culture Foundation will offer scholarships to outstanding science or engineering university students and fund research institutes’ projects. The firm will invest 2.1 billion won ($1.8 million) in the foundation this year,
S. Korean duo defends men's doubles title at Korea Open badminton

코리아 헤럴드Jan 30, 2011

The South Korean men's doubles badminton team of Lee Yong-dae and Jung Jae-sung defended their Korea Open title on Sunday.Lee and Jung defeated Mathias Boe and Carsten Mogensen of Denmark in straight sets in a matter of just 33 minutes. The South Koreans took home US$94,800 with the victory.After easily taking the first set 21-6, Lee and Jung fell behind 8-5 in the second set. But they pulled even
Korean Air alters flight schedules to Cairo amid Egypt protests

코리아 헤럴드Jan 30, 2011

South Korea's flag carrier Korean Air said Sunday it has altered schedules for its flights to Egypt amid raging anti-government protests there.Currently, Korean Air flies to Cairo via Tashkent, Uzbekistan, on Monday, Wednesday and Saturday, landing in the Egyptian capital at night. But it has adjusted the schedule so that the flight will arrive at Cairo in the morning to avoid curfew there."The fl
Blame games rising over oil price increases

Jan 30, 2011

Government and industry in dispute over whether to cut margins or fuel taxesThe government and oil refiners are at loggerheads over how to stabilize fuel prices as the nation is fighting an uphill battle to curb inflation driven by international commodities prices.Oil companies have been the key target of the government’s campaign against inflation since early January. Officials have been calling
SK chairman spurs overseas resources development

IndustryJan 30, 2011

SK Group chairman Chey Tae-won will visit Brazil and Australia this week to speed up the group’s overseas resources development, SK officials said Sunday. The trip follows Chey’s participation in the Energy Summit session at the World Economic Forum in Davos, Switzerland, from Jan. 26-30. Chey will first visit Brazil to meet with Eike Batista, CEO of Brazil’s largest resources firm EBX. They will
Ministry considers panic rooms as anti-piracy step

Jan 27, 2011

South Korea will require all Korean vessels which go through piracy-prone regions to establish a safety zone inside, and double escorting capacity for its vessels at the Gulf of Aden, the government said Thursday.The Ministry of Land, Transportation and Maritime Affairs revealed strengthened anti-piracy measures to counter the rising number of its ships being attacked and hijacked by pirates over
Korea to spend $7 bil for overseas resources

Jan 27, 2011

South Korea will more than triple its investment in overseas resources development to $7 billion this year as it strives for a stable supply of key materials including rare earth metals, the government said Thursday.Of the total, $2.6 billion, or 37 percent, will come from state-run firms and the rest from the private sector, the Ministry of Knowledge Economy said. State-run developers Korea Elect
Korea’s productivity lags behind OECD

Jan 26, 2011

South Korea’s workforce productivity in 2009 was lower than that of most Organization of Economic Cooperation and Development-member nations, a government report showed Wednesday.The country’s per-capita labor productivity marked $56,374, which ranked 23rd among the 31-member OECD, according to research jointly carried out by the Ministry of Knowledge Economy and Korea Productivity Center. The two
KEPCO completes first offshore weather tower

IndustryJan 26, 2011

Korea Electric Power Corp. has established the country’s first meteorological tower at sea as part of its offshore wind power generation. The 115-meter Herald of Meteorological and Oceanographic Special Unit-1 was built on the South Sea near the Busan-Yeonggwang area, the company said Wednesday.Its primary purpose is to obtain meteorological and oceanographic data for an offshore wind farm planned