The country’s second largest refiner GS Caltex Co. announced Tuesday that it will raise the retirement age by two years and apply peak salary system from next year.Under the agreement GS Caltex reached with its labor union last month, the retirement age will be raised from 58 to 60 years of age from Jan. 1, 2012. With the peak salary system taking effect on the same date, the base pay for workers

The number of people working at small- and medium-sized enterprises increased by 3.47 million between 1999 and 2009, industry data showed Sunday.Under local regulations, SMEs are defined as companies with less than 1,000 employees and total assets less than 500 billion won ($458 million), and companies that meet the requirements but are affiliated to large companies are excluded from the category.

Samsung Heavy Industries Co. applied for 1,099 patents last year, industry sources said Friday.The company is the first in the industry to have applied for more than 1,000 patents in one year.During the same period, the world’s largest shipbuilder Hyundai Heavy Industries Co. applied for 844 patents, while Daewoo Shipbuilding and Marine Engineering Co. made 665 patent applications. According to in

Korean Air announced Friday that it received the top prize for in-flight meals in the 2011 World Traveller Awards.Organized by China’s largest travel magazine World Traveller, the annual event awards carriers that operate routes to China in 10 categories including in-flight meals.Korean Air said that it was selected for the award for its efforts in raising the quality and diversity of in-flight me

The Bank of Korea should be given rights to supervise financial institutions independent of other financial authorities, BOK Governor Kim Choong-soo said Friday.Speaking after the monthly rate review meeting, Kim said that the central bank should be able to conduct independent supervision under “special circumstances.”“(The BOK) means to conduct (independent investigations) when a particular finan

One of the 19 KTX-Sancheon high-speed trains has been pulled off line as the system is now under examination by the manufacturer due to a serious structural fault, sources said Wednesday. KTX-Sancheon, or KTX-II, is the first high-speed train produced with locally developed technology that went into service early last year. The train has been in the spotlight in recent months due to frequent break

The Ministry of Land, Transport and Maritime Affairs on Wednesday designated 2.43 square kilometers of the land currently occupied by the U.S. Army’s Yongsan Garrison to be converted into a park.Central government agencies and the Seoul city government have been reviewing plans to convert the land occupied by the Yongsan Garrison into a park since 2008 once control of the land is returned to the K

Samsung C&T Corp.’s executive vice president Park Pil was appointed as the head of Samsung Electronics chairman Lee Kun-hee’s assistant team on May 1.Operating under the chief of Samsung’s corporate strategy office, the head of the chairman’s assistance team is widely considered to be an important step on the way to key posts within Samsung Group.Although the team acts as the chairman’s assistance

PyeongChang, a South Korean town bidding to host the 2018 Winter Olympics, received a largely positive assessment from the International Olympic Committee (IOC)Tuesday, with a little less than two months before the host city is to be decided.In a report published by its Evaluation Commission, the IOC said PyeongChang, located about 180 kilometers east of Seoul, could leave a new legacy in Asian sp

Investment focuses on renewable energy and material industriesFive EU-based companies pledged to invest $510 million in Korea, the Ministry of Knowledge Economy announced Tuesday.The pledges ― two memoranda of understanding and three notifications of investment ― were made at an event held in Berlin attended by Minister of Knowledge Economy Choi Joong-kyung.The two memoranda of understanding were