GS Caltex Corp., the nation’s No.2 oil refiner, on Wednesday said it has borrowed 870,000 barrels of diesel oil from reserves kept by the Korea National Oil Corp. This marks the first time in three years that the refiner has dipped into government fuel reserves. The borrowed fuel is expected to be released at local gas stations next week. GS Caltex has recently been unable to properly provide ...

The Korea Trade Insurance Corporation, known as K-sure, said Tuesday it has been selected as the best Asian export credit agency by the U.K.-based Trade Finance Magazine. K-sure is one of the country’s two export-import insurance agencies other than the Export-Import Bank. It provides insurance products and project financing and issue bonds to exporters for their shipment, overseas construction ...

The country’s top 30 conglomerates were found to have set up a spiraling number of overseas corporations in countries without tax treaties with the South Korean government. Lotte Group had the largest number of corporations in such nations overall, according to Chaebul.com, an online portal devoted to analyzing conglomerate activities on Wednesday. As of last year, the conglomerate had 33 such ...

China is well known for its fakes, but the economic giant has unveiled plans to take imitations to a whole new level. The latest plan is to copy an entire European town. Chinese real estate company China Minmetal Corp has started a project to recreate the Austrian city of Hallstatt in Huizhou. A total of $900 million is to be invested in the project. Included on the UNESCO World Heritage list ...

A majority of Korean retailers are optimistic about business conditions in the third quarter of the year on hopes of a rise in their sales during the summer holiday season, a poll showed Tuesday. The Korea Chamber of Commerce and Industry said its retail business index fell slightly to 119 for the July-September period from 125 for the second quarter, but it was well above the benchmark level. ...

The number of air passengers taking international flights in and out of South Korea grew about 2 percent in May from a year earlier as more holidays bolstered overseas travel, the Transportation Ministry said Tuesday. Air passengers on international flights totaled 3.32 million last month, up 2.1 percent from a year earlier, according to the data by the Ministry of Land, Transport and Maritime A...

Conglomerate denies reports on selling SK Securities to SK C&C SK Group remains undecided despite the fast-approaching deadline for complying with fair trade laws dictating that the group divest itself of stakes in SK Securities Co. On Tuesday, the group denied a Yonhap News Agency report that it had decided to sell SK Securities shares to the IT services provider SK C&C if the revised bill is ...

LG Electronics said on Tuesday it would roll out the world’s fastest A4 color desktop printer, able to print up to 60 pages per minute, this month. In a press conference held in downtown Seoul, the global electronics giant said it joined hands with global player Memjet to release the product “Machjet LPP6010N” in the local market. The event comes as LG Electronics is putting more weight on the ...

Samsung Everland Inc. on Tuesday said its theme park “Everland” was ranked among the global top 10 of such facilities for a fifth straight year in 2010. Everland stood at 10th place, with 6.88 million visitors according to recent figures from the Themed Entertainment Association. Everland has been included in the list of top 10 theme parks since 2006, the Seoul-based company said. In the categ...