Hanwha Engineering and Construction said Sunday it had received a 240-billion won ($203 million) advance payment for its ongoing new-town building project in Iraq. In April this year, the construction unit of Hanwha Group won a 2.4-trillion won contract to build social infrastructure, including water management systems and roads, in Bismayah, a new satellite city of Baghdad.  The company said the advance payment shows the Iraqi government’s strong commitment to its postwar reconstruction despite

After reigning through the decline of the British empire and some of the worst scandals in royal history, Queen Elizabeth II is set to become Britain‘s longest-serving monarch Wednesday.With over 63 years on the throne, the queen is one of the most famous and respected women in the world and “embodies the history of the 20th Century,” according to historian Kate Williams.Britain`s Queen Elizabeth waves as she arrives at Edinburgh Waverley Station before boarding a train drawn by a steam locomoti

BERLIN -- The IFA, Europe’s largest electronics show, ended Wednesday in Berlin. Even though there were no big announcements, it was enough for visitors to get a hint of future home appliances. Korea’s Samsung and LG prevailed with pioneering products such as organic light-emitting diode, or OLED, TVs and smart home solutions. LG’s exhibition hall, painted in black for the dramatic expression of OLED’s perfect blackness, was one of the most crowded booths.  Chinese firms further strengthened the

BERLIN -- LG Electronics said Saturday it would be expanding its presence in the European premium built-in appliances market after its success story in the U.S. over the past years. “We will enter the Russian market first. Even though the economy is struggling now, the market still has the full potential to explode,” said Cho Seong-jin, head of LG’s home appliance and air solution business division, at a news conference held on the sidelines of the IFA electronics trade show in Berlin. “We aim t

Samsung Electronics on Tuesday unveiled its new smartwatch with a rotating bezel -- the first of its kind within the industry -- before its official debut at the upcoming IFA electronics trade show in Berlin on Sept. 3. The Korean tech giant was the first to open up the global smartwatch market back in 2013. But during a yearlong hiatus, its archrival Apple has gobbled up the market over the past year.  In a renewed push for its smartwatches, Samsung has come up with the Gear S2, the company’s f

The “new” Samsung C&T kicked off on Sept. 1 as the de facto holding company of Samsung Group, the nation’s largest conglomerate. The group’s construction, trading, fashion, food and bio businesses are now reorganized under the new umbrella company, while Samsung Electronics and Samsung Life Insurance are responsible for tech and finance pillars, respectively. Head office buildings of Samsung C&T (left) and Samsung Electronics (right)          YonhapThe merger between Samsung C&T and Cheil Indust

A group of high-profile financial officials from Korea flied to the Middle East on Sunday to check foreign demand for a stake in Woori Bank, a state-run lender that has been put up for sale. The delegate, led by Financial Services Commission vice chairman Jeong Chan-woo, left the country two days after Woori Bank received a letter of intent from the Abu Dhabi Investment Council.  ADIC, launched in 2007, is one of several sovereign wealth funds managed by the United Arab Emirates with assets of a

Lotte Group chairman Shin Dong-binMore big business leaders than ever are expected to appear at the annual parliamentary audit session that starts Sept. 4, with lawmakers from both ruling and opposition parties calling for chaebol reform. It has become an annual ritual to see business tycoons subpoenaed at the National Assembly, but more high-profile business leaders are facing calls to appear this year, amid negative public sentiment toward chaebol. At the top of the list is Lotte Group chairma

U.S. software giant Oracle on Thursday pinned high hopes on Korea for the growth of its human capital management software Oracle HCM, which is widely being adopted by global companies. “Companies share similar human resources planning systems globally these days. But two countries -- Korea and Japan -- are still slow to adopt the standardized systems possibly due to their rigid corporate cultures,” said Pyun Chong-hwan, vice president of applications business at Oracle Korea during a media event

South Korean coupon app YAP said Wednesday it would expand its presence globally following launches in China and Vietnam. Launched in June 2014, the location-based app allows users to download coupons or discount information when they are within range of Bluetooth-enabled devices, or beacons. The app also works as a mobile wallet. Currently, more than 3 million people use the app and some 100,000 retailers have signed up for the service. The company aims to increase its business partners to 500,