SK Engineering & Construction has acquired a stake in a $1.44 billion project to build a 545-megawatt hydropower plant in Pakistan, the company said Monday.On Friday, SK E&C signed a contract with Associated Technologies Private Limited to gain an 89 percent stake in the Kaigah Hydropower Project. SK E&C will construct a 545-megawatt hydropower plant on Kandiah River in the Kohistan district of Khyber Pakhtunkhw in Pakistan.  Location of the 545-megawatt hydropower plant in Pakistan (SK E&C)Cons

SACHEON, South Gyeongsang Province -- As part of efforts to secure a multibillion dollar trainer jet project in the United States, South Korea’s sole aircraft manufacturer is considering ways to cut expenses including labor costs, said the new chief of Korea Aerospace Industries on Friday.At a press conference held at KAI’s headquarters in Sacheon, South Gyeongsang Province, the company’s new President and CEO Kim Jo-won said KAI is seeking ways to adjust the unit price of the T-50 advanced trai

(Yonhap)Kia’s Stinger sports sedan has been shortlisted as one of three finalists for the 2018 North American Car of the Year, the company said Thursday. The other two finalists are Honda Motor’s Accord sedan and Toyota Motor’s Camry sedan.The final result will be announced at the Detroit motor show in January. Kia Motors’ Stinger is the sixth model of Hyundai Motor Group to be listed as a finalist for the award. The group’s luxury sedan Genesis was its first model to be among the finalists, fol

50TH ANNIVERSARY -- Mercedes-Benz Korea CEO Dimitris Psillakis introduces the latest Mercedes-Benz AMG models and services at the event held to celebrate the 50th anniversary of the German luxury automaker‘s iconic performance division AMG in Seoul on Thursday. (Mercedes-Benz Korea)

Kia Motors on Thursday began sales of the gasoline-powered Stonic in the Korean market in an attempt to counter its sales decline here and abroad. The price of the gasoline Stonic has been set at between 17 million won ($16,000) and 20 million won, 2.4 million won lower than the 1.6-liter diesel Stonic launched in July, according to the company. The gasoline version of the Stonic is also around 1.5 million won cheaper than other small SUV models here.  Kia Motors' gasoline-powered Stonic /Kia Mo

South Korean construction firm GS Engineering and Construction is moving to jump back into the Iranian construction market after eight years. GS E&C is currently in talks with Entekhab Investment Development Group to lead the construction design of a petrochemicals project in the Middle Eastern country. The design contract is reportedly expected to be worth some $6 million. (Yonhap)“GS E&C in October signed a head of agreement with the Iranian firm with regards to the design of the project,” GS

Countries in Southeast Asia are rising as popular holiday spots for South Korean travelers, with the destinations being the most searched online, market data showed Tuesday.According to travel metasearch engine Kayak, Bangkok and Da Nang came in first and second on a list of most frequently searched destinations by Korean travelers who are preparing trips for next year.  (Kayak)Da Nang was the seventh most popular destination searched in 2017. Bangkok came in fifth on the same list. Osaka, the m

S-Oil on Tuesday held the 2017 Hero Neighbors Award ceremony at its headquarters in Seoul. The oil refiner recognized 18 citizens who had carried out extraordinary acts to help others, and awarded them a total of 145 million won ($133,247), the company said. S-Oil CEO Othman Al-Ghamdi (center, back row) takes pictures with award recipients at the S-Oil headquarters in Seoul on Tuesday. (S-Oil)The ceremony was attended by S-Oil CEO Othman Al-Ghamdi, Korea National Council on Social Welfare Chairm

Carmaker Renault Samsung’s Busan-based manufacturing plant ranked high in productivity in the 2016 Harbour Report, the company said Tuesday.Harbour Report is an annual report provided by global consulting firm Oliver Wyman, which measures the productivity of automobile manufacturing plants worldwide. A total of 148 car manufacturing plants were included in the latest report.  SM6 vehicles are assembled at Renault Samsung’s plant in Busan. (Renault Samsung)Of the 148 plants, Renault Samsung’s pla

Lotte Duty Free, a South Korean duty-free operator, said Monday that it will open its second airport outlet in Vietnam’s southeastern city of Nha Trang.The company secured exclusive rights to run the store until 2028 at Cam Ranh International Airport’s new terminal, according to officials. (Yonhap)Starting business in early 2018, in line with the completion of the new terminal, Lotte Duty Free expects to log some 700 billion won ($644 million) of sales through the 10 years of operation. Earlier

Hyundai Construction Equipment said Sunday that the company held its first heavy construction equipment auction here.Conglomerate Hyundai’s construction equipment arm sold all 150 pieces of used heavy construction equipment during the auction, which attracted some 1,000 customers, according to officials. Used heavy construction equipments are being displayed at the auction held in Eumseong, North Chungcheong Province, Sunday (Hyundai Construction Equipment)Around 100 foreign dealers joined the d

Mercedes-Benz’s combined sales in Korea are forecast to surpass the 60,000 mark in November, according to the German Automaker’s sales unit here Sunday.The combined sales of Mercedes-Benz as of October was 58,060 units, up by 30.3 percent on-year. Given the monthly average sales, the combined sales are expected to pass well over 60,000 units as of the end of November, the company said.  (Yonhap)The detailed monthly sales for November, however, remained undisclosed by the company.The 2017 sales r

The chances of Hyundai Motor entering the car-sharing market are high, a report by KB Securities said Wednesday, referring to Volvo‘s latest partnership with Uber.Volvo on Monday signed a deal with Uber to provide tens of thousands Volvo XC90 SUVs, specifically modified for autonomous driving, from 2019 to 2021. (Yonhap)The report noted that partnerships between original equipment manufacturers and car-sharing service providers will become more important down the road as car-sharing service firm

Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday.  (Hyundai Rotem)Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.In 2010, Hyundai Rotem secured a 350 billion won dea

Tobacco makers in South Korea are likely to face increased tax hikes on heat-not-burn cigarettes as legislators are to propose the bill.Starting this week, the parliament will hold subcommittees to review the bill on raising other taxes on HNB sticks to up to 90 percent of taxes levied on conventional cigarettes, according to officials at health and home affair ministries. The combined taxes are to be imposed on each 20-stick pack of HNB sticks will amount to 2,986 won ($2.74), from the previous