Hyundai Heavy Industries announced Sunday that it completed building the world’s largest gas-powered power station in Saudi Arabia. Located in Jubail in Eastern Saudi Arabia, the plant was built as part of a $2.7 billion contract for a power and desalination plant issued by the state-run utilities firm Marafiq in 2007. The contract was awarded to an international consortium composed of Hyundai ...

The South Korean consortium bidding for Brazil’s $20-billion high-speed rail service downplayed the impact of its recent loss of construction partners. The group said it is in talks with big-name constructors in Korea such as Hyundai Engineering and Construction and POSCO Engineering and Construction to form a new lineup before submitting its proposal. It is also contacting some large Brazilian ...

FSC delays ruling on Lone Star’s shareholder eligibility to April 27 Korea Exchange Bank has been barred from operating deposit businesses in the U.S. since Lone Star Funds took over the lender in 2003, in contrast to Korea where there have been no such restrictions, sources said Sunday. The restriction indicates that U.S. regulators regard Lone Star as a non-financial investor, they said. “It...

Korean stocks will continue to rise this week but the gains will likely be limited by rising oil prices and other economic woes stemming from Japan’s earthquake and continuing war in Libya, analysts said. The benchmark KOSPI ended last week at 2,127.97, up 6.96 points or 0.32 percent from a week earlier, extending its rally of weekly gains to a fourth consecutive week. The total market cap also...

A free trade deal with China would help Korea expand its gross domestic product by nearly 3 percent, a think tank said Sunday, citing more exports to the fast-growing market through lowered trade barriers. According to a report by the Samsung Economic Research Institute, Korea’s GDP is expected to grow 2.72 percent more if Seoul and Beijing complete a free trade agreement intended to cut or remo...

Kia Motors Corp. is offering free checkups to mark its exports hitting over 10 million units on March 23. As part of the event, the company will be offering checkups to Kia owners living on major islands scattered along the coast of the country, including Ullenung island in the East Sea, until May 19. Starting Tuesday, the company will check the air conditioning systems fitted in Kia vehicles u...

Hyundai Motor Group announced Sunday that its two carmakers signed a memorandum of understanding with NHN Corp. to collaborate in the field of automotive information technology and telematics. NHN is the operator of the country’s top search engine Naver. Combining telecommunications and informatics, telematics for automobiles refers to the application of wireless telecommunications tools includ...

CJ Cheiljedang Corp. will spend three trillion won ($2.78 billion) by 2015 on building facilities and an R&D center to make bio products, the food maker said Friday. “We’re making investment into our Asia and North American market where we will invest about three trillion won,” it said. The investment may include building new factories or establishing strategic alliance with food companies abro...

In Korea, it takes more than a decade for the average salaried worker to buy his or her own house, as numerous surveys have shown over the years. But now it looks like renting homes has become equally trying, according to data released by a local property-information portal on Friday. Real Estate Bank said “jeonse” costs are surging as more people opt to rent homes instead of buying them, not t...