LG Electronics Inc. said Tuesday it has provided a 14,720 refrigeration ton chiller to a large shopping complex in Goyang, northwest of Seoul.The chillers are chilled water central air conditioning solutions designed to provide effective cooling for large buildings and facilities.One refrigeration ton is the capacity to freeze 1 ton of water within 24 hours. (Yonhap)The chiller was sold to Starfield Goyang mall, a four-story building with two underground floors covering an area spanning 364,000

A senior official at South Korea's top airline will stand trial for spending company money for the renovation of its chief's Seoul residence a few years ago, the prosecution said Tuesday. The Seoul Central District Prosecutors' Office has indicted a 73-year-old man, identified only by his surname Kim, on charges of embezzlement, it said. Kim, who holds a post as a senior advisor at Korean Air Lines Co., is accused of siphoning off some 3 billion won ($2.65 million) of company funds set aside for

Major construction bodies in South Korea called on the government Tuesday to withdraw its scaled-back infrastructure budget for 2018, saying it may hurt not only the industry but also the national economy.Announcing its budget request late last month, the government said that it will spend 17.7 trillion won ($15.7 billion) on infrastructure projects in the coming year, down a whopping 20 percent from this year."We express serious concern over the drastic cut in next year's infrastructure bu

Lotte Group founder Shin Kyuk-ho's eldest son will sell most of his stakes in the South Korean retail giant's key affiliates as an objection to the group's latest decision to set up a holding company, his representatives said Tuesday.Shin Dong-joo, the former vice chairman of Tokyo-based Lotte Holdings, has decided to sell 97 percent of each interest he owns in Lotte Shopping Co., Lotte Chilsung Beverage Co., Lotte Confectionery Co. and in Lotte Food Co., according to SDJ Corp., which represents

China's Qingdao Doublestar has sent a copy of legal documents to the creditors of Kumho Tire, saying it agrees to cancel a deal to buy a controlling stake in the South Korean tiremaker, an official at a key creditor bank said Tuesday. The official at the state-run Korea Development Bank said the bank requested Doublestar send the original documents by Wednesday to review whether they are legally valid. If the validity of the documents is confirmed, KDB will likely announce a formal cancellation

South Korean organizers of the FIFA U-20 World Cup said Tuesday they made nearly 6 billion won ($5.2 million) in profit from this year's youth football tournament. The local organizing committee for the 2017 FIFA U-20 World Cup, led by Korea Football Association President Chung Mong-gyu, said it generated 24.9 billion won in revenue and spent 19 billion won, resulting in 5.9 billion won in profit.  In this file photo taken June 11, 2017, England national football team players celebrate after win

Prime Minister Lee Nak-yon met with the chief of Bahrain's lower house of parliament Tuesday and discussed ways to bolster cooperation and exchanges between the two countries, his office said.Bahrain's Council of Representatives Speaker Ahmed bin Ibrahim Al Mulla has been on a weeklong visit to South Korea since Sunday at the invitation of National Assembly Speaker Chung Se-kyun. During the meeting, Lee expressed the hope that South Korean firms would continue to take part in infrastructure proj

AmorePacific Corp., South Korea's top cosmetics maker, said Tuesday it has opened a shop for its premium skin care brand at an upscale department store in France, expanding its presence in the European market. The Sulwhasoo store opened in the upscale department store of Galeries Lafayette in Paris on Friday, according to the company. This undated photo provided by AmorePacific Corp., South Korea`s leading cosmetics maker, shows the outlet of its premium skin care brand Sulwhasoo, which opened a

Prime Minister Lee Nak-yon said Tuesday it's fortunate that the UN Security Council unanimously adopted new sanctions on North Korea even though the resolution was watered down from its original draft.Earlier in New York, the Security Council adopted Resolution 2375 to put caps on North Korea's imports of crude and refined petroleum products, which experts say will lead to around a 30 percent reduction in total supplies of oil-related products to the North.The resolution, however, was much weake

The UN Security Council's adoption of fresh sanctions against North Korea is not enough to induce a marked change in its behavior but is still meaningful in that, by targeting oil supplies to the country for the first time, it signals a strong warning that tougher action remains ready to be taken, experts said Tuesday.On Monday (local time), the UNSC unanimously adopted Resolution 2375 that includes a freeze on its imports of crude oil at the current levels of 4 million barrels a year and a cap

The money supply in South Korea jumped 5.1 percent in July from a year earlier, the central bank said Tuesday.The nation's M2 totaled 2,472.1 trillion won ($2.18 trillion) in July, compared with 2,352.2 trillion won a year earlier, the Bank of Korea said in a statement. The money supply fell 0.2 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply countin

South Korea's household loans extended by banks rose 9 percent in August from a year earlier due to increased mortgages and other bank loans, central bank data showed Tuesday.Outstanding household loans from lenders came to 744.2 trillion won ($658 billion) as of the end of last month, vis-a-vis 682.4 trillion won from a year earlier, according to the data by the Bank of Korea.Compared with July, the amount rose by 6.5 trillion won. Mortgages climbed 3.1 trillion won on-month to 557.7 trill

South Korea's unification ministry said Tuesday that the latest UN sanctions on North Korea are expected to have a positive impact on the resolution of North Korea's nuclear issue.The government said that the international community's approval of the toughest sanctions ever reflects its united front in dealing with Pyongyang's nuclear and missile programs."(We think) the move is expected to positively affect North Korea's nuclear issue," a ministry official said.The United Nations Security Counc

A sense of acrimony hung over parliament Tuesday as the ruling party smarted from an unexpected parliamentary defeat a day earlier, with opposition parties upping their offensive against it.The Democratic Party failed Monday to secure parliamentary approval for President Moon Jae-in's pick for the Constitutional Court chief -- a mishap its rivals blamed for its lack of efforts to build cooperative ties with the opposition bloc that leads the National Assembly.The rejection of the nominee, Kim Yi

South Korean stocks traded higher late Tuesday morning on eased concerns over geopolitical tensions caused by North Korea's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 4.14 points, or 0.18 percent, to 2,363.22 as of 11:20 a.m.Earlier in the day, the UN Security Council adopted a set of fresh sanctions against North Korea following Pyongyang's sixth and most powerful nuclear detonation test on Sept. 3.  Market heavyweights traded mixed, with top cap