Aug 17, 2018

Samsung Securities cancels bid for promissory notes business

Samsung Securities Co. said Friday it voluntarily withdrew its application for the right to issue promissory notes following state penalties over its recent fat-finger chaos.The local brokerage firm has sought state approval since July last year for a license for the issuance of promissory notes in a bid to expand its business scope by taking on a role as an investment bank. Samsung Securities (Yonhap)In a regulatory filing, Samsung announced the decision of its revocation, which was made "in co

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Korea, US agree to cooperate on nuclear reactor exports

Representatives of South Korea and the United States agreed to seek nuclear reactor exports at high level bilateral talks in Washington on Thursday, the Foreign Ministry said Friday.At the second meeting of the High Level Bilateral Commission, the two sides agreed to check the progress of a joint survey on the world’s nuclear reactor market and seek ways to export nuclear reactors to a third country. (Herald DB)Led by Vice Foreign Minister Cho Hyun and US Deputy Secretary of Energy Dan Brouillet

Today

Asiana to cut back on flights to prevent delays

South Korean airliner Asiana Airlines said Friday that it would reduce the number of flights destined for certain European and US cities beginning in October, in response to instructions from the Transport Ministry to address the problem of delayed flights. The country’s No. 2 full-service carrier said it would operate only 75 flights per week to six cities in the US and six cities in Europe as of October. The current number of flights to each city is 82. The Ministry of Land, Infrastructure and

Today

Korea Gas Corp. to invest W10tr in natural gas, hydrogen

Korea Gas Corp. will invest 10 trillion won ($8.8 billion) by 2025 in pursuit of new growth engines. The public natural gas company said it plans to invest 10 trillion won by 2025, with 6 trillion won set aside for local businesses, 3 trillion won for overseas projects and the remaining 1 trillion won for new business areas. The plan will create 70,000 new jobs for domestic businesses and 20,000 jobs for infrastructure businesses overseas, the company’s officials said.Korea Gas Corp. said it pla

Aug 17, 2018

Samsung Heavy wins $370 million deal for 2 LNG carriers

Samsung Heavy Industries Co., a major South Korean shipbuilder, said Friday that it has clinched a deal worth about $370 million to build two liquefied natural gas carriers for a European shipping company.Samsung Heavy said it is set to deliver the carriers, which can hold 180,000 cubic meters of LNG each, to Celsius Tankers by December 2020.  This file photo provided by Samsung Heavy Industries Co. shows its liquefied natural gas carrier. (Yonhap)Samsung Heavy said it has received $3.3 billion

Aug 17, 2018

Jin Air to retain business license

South Korea’s Ministry of Land, Infrastructure and Transport said Friday that it had decided not to revoke the business license of Korean Air’s budget affiliate, Jin Air. The budget carrier came under fire in April for having a US citizen, Cho Hyun-min, on its board of directors. For security reasons, foreign nationals cannot serve as board members at Korean airlines under the nation’s aviation law. In April, it was revealed that Cho, the younger daughter of Korean Air Chairman Cho Yang-ho, had

Aug 17, 2018

KEPCO signs $37.8 mln project in Dominican Republic

The state-run Korea Electric Corp. (KEPCO) said Friday it has won a $37.8 million project to replace or build new power distribution facilities in the Dominican Republic.KEPCO received an engineering, procurement and construction (EPC) order to improve power management systems, including telegraph poles, electric wire, transformers and power meters, in the southern and eastern areas of the Caribbean nation for the next two years. Kim Jong-gap, CEO of the state-run Korea Electric Power Corp., att

Aug 16, 2018

LG Innotek launches visible LEDs for disinfection lighting

LG Innotek said Wednesday it has launched visible light-emitting diodes for disinfection lighting, which is a light source with the effect of sterilization by sunlight using indoor light.The company said its 405-nanometer visible LEDs can sterilize an indoor space without having to use any chemicals by removing 99.9 percent of bacteria while the light is turned on. LG Innotek said, “As this product does not harm the human body, its sterilization function can be used in places where many people p

Aug 17, 2018

Hanwha Energy breaks ground to build 50-MW hydrogen fuel cell plant

Hanwha Energy, the energy arm of South Korean conglomerate Hanwha Group, broke ground Thursday to build a 50-megawatt hydrogen fuel cell plant in Seosan, South Chungcheong Province.The plant is the first in the world to use byproduct hydrogen as fuel, officials said.The plant is to start commercial production from June, 2020 and is set to provide 40,000 megawatt-hours of electricity.  (Hanwha Energy)To build the plant, Hanwha Energy has established a special purpose corporation named Daesan Gree

Aug 17, 2018

Posco Energy likely to ditch fuel cell biz: report

Posco Energy, an affiliate of South Korean steel giant Posco, appears to be in the process of ditching its money-losing fuel cell business by establishing a new joint venture with a third party, a lawmaker claimed Thursday.According to documents compiled by Rep. Kim Kyu-hwan of the main opposition Liberty Korea Party, the company has been seeking ways to spin off its fuel cell manufacturing unit first and then turning it into a joint venture with new investors. The plan is widely expected to mea

Aug 17, 2018

Seoul seeks exemptions from Trump’s Iran sanctions

Petrochemical and construction companies to be hit hardest by sanctions

Aug 17, 2018

The Macallan rebranded with new package, name

Scottish distillery Edrington unveiled a brand new package and name for its most recognized single malt The Macallan, its Korean branch said Thursday.New packages and names for The Macallan (Edrington Korea)According to the company, it applied special technologies to its bottle design that prevents refilling and imitation. This can alleviate customers’ anxiety which regard to water bewitched liquor, it said.By collecting consumer opinions from around the world, the company decided to break away

Aug 16, 2018

From TV to online, offline, Korean retailers go beyond boundaries

South Korean retailers are increasingly crossing boundaries between their commerce platforms from television to offline and online to attract more customers, market watchers said Thursday. Shinsegae TV Shopping Inc., the home shopping arm of retail giant Shinsegae, is set to open an offline shop for luxury goods sold through its program S-Style at the retailer's mall in Paju, north of Seoul, on Saturday. The 159-square-meter store will mark the first case for a television-based commerce firm to

Aug 16, 2018

Naengmyeon prices soar amid heat wave

Prices of naengmyeon, or cold buckwheat noodles, soared this summer following the continued popularity of the dish amid the sweltering heat, as well as a cold noodle craze sparked by the inter-Korean summit in April. (Yonhap)According to Statistics Korea, prices of naengmyeon at 148 restaurants across the country went up by 4.5 percent and 4.3 percent in June and July, respectively, compared to a year ago. The increase in June was the biggest since March 2012 when prices rose 5.3 percent.Particu