Introduced in 1979, the volume of packages moved through Korea Post’s express mail service or EMS has grown rapidly fueled by increasing exchange with other nations.According to Korea Post, the number of EMS packages sent abroad in 1979 numbered 600, but the figure soared to over 6 million last year, with revenues generated from the service reaching 243.4 billion won ($230 million).  Kim Myong-ryo

CEOs of global 10 postal services discuss strategies to strengthen cooperation in BarcelonaKorea Post is stepping up efforts to improve the quality of international delivery services in collaboration with other national postal service providers.On Wednesday, the Kahala Posts Group ― an association of 10 postal services ― held a strategy meeting in Barcelona, where the attending chief executives of

The Brazilian government approved the sale of SK Innovation’s Brazilian subsidiary to Denmark’s Maersk Oil, the Korean refiner announced Wednesday.The deal, which the company plans to close within one month, was first signed with the Danish firm in December and will see SK Innovation handing over its Brazilian subsidiary, SK do Brasil, to Maersk Oil for $2.4 billion.SK do Brasil was established in

Minister sees completion of negotiations by year endNegotiations for a free trade agreement between Korea and Colombia could be concluded as early as December, Colombian Minister of Trade, Industry and Tourism Sergio Diaz-Granados said on Tuesday.“Working-level officials will hold a round of negotiations in late August, and it was agreed that we will try to finish the negotiations by the end of th

Kang Chil-soon, 51, has become the first female to head a regional headquarters of Korea Railroad, the national rail operator.In the July 1 reshuffle, Kang was named chief of Korail’s regional headquarters for Seoul, making her Korail’s first female regional chief in the company’s 111-year history. Kang Chil-soonKorail’s Seoul headquarters is responsible for the company’s services and facilities i

With little effect expected from acquisition of Hynix Semiconductor, SK Telecom shares fell to the lowest this year on Monday.On Friday, SK Telecom and STX Group submitted letters of intent to acquire the world’s second-largest chip maker Hynix. The 15 percent stake in the chipmaker is expected to fetch around 2.5 trillion won ($2.4 billion). Hynix closed at 26,450 won, down 0.56 percent from Frid

Industry and government officials including Hyundai Oilbank CEO Kwon Oh-gap (sixth from left) and Cosmo Oil CEO Kimura Yaichi (fifth from left) take part in the groundbreaking ceremony for HC Petrochem’s new plant in Daesan, South Chungcheong Province, Friday. (Hyundai Oilbank)HC Petrochem, a joint venture between Hyundai Oilbank Co. and Japan’s Cosmo Oil Co., began work on a new plant that will t

 Some draw as much as 97 million won for 10 days of workOutside directors at Korean companies may not be fulfilling their roles despite their handsome salaries.According to the data local firms submitted to the Financial Supervisory Service, some firms paid their outside directors as much as 9.7 million won ($9,200) for each day they spent attending company functions. Outside directors were made a

ADDIS ABABA, Ethiopia – South Korean President Lee Myung-bak arrived in Ethiopia on Friday for a three-day visit that includes economic cooperation talks with Prime Minister Meles Zenawi and a series of activities paying tribute to Ethiopia's participation in the Korean War.Ethiopia is one of the 16 nations that sent combat troops as part of U.N. forces to help South Korea repel invading North Kor

Banners celebrating PyeongChang’s selection as the host of the Winter Games in 2018 are hung across a road near the Alpensia Resort in PyeongChang on Thursday. (Yonhap News)PyeongChang’s hosting the Winter Olympics in 2018 will bring massive economic benefits for the country.According to estimates based on a report compiled in 2008 by the Korea Institute for Industrial Economics and Trade, hosting

POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox.ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis.POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel giant ac

LG Electronics Inc., the world's third-largest maker of mobile phones, said Thursday that it expects to sell 24 million smartphones this year, 20 percent fewer than its earlier target, as competition in the lucrative handset market intensifies.The reduced sales target may complicate LG's efforts to revive its money-losing mobile business, which is expected to report a fifth straight quarterly loss

A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate.In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amount

A banner advertising a 100-won discount per liter on fuel is seen at a gas station in Seoul on Sunday, three days before the scheduled end of the discount period. (Yonhap News)Tension among refiners is flaring up again with the government pressuring them to bring fuel prices back to normal rates in stages.Under pressure from the government, local refiners lowered the pump price of motor fuel by 10

New Songdo International City Development, the International Business District developer established as a collaborative project between POSCO E&C and the U.S. developer Gale International, on Monday signed a $47 million investment deal with Cisco Systems Inc.Under the deal, Cisco will move its Smart + Connected Communities Global Center into the Northeast Asia Trade Tower in Songdo, Incheon and es

The value of overseas contracts won by Korean construction firms during the first half of the year fell 35 percent compared to the same period last year, industry data showed Friday.According to the International Contractors Association of Korea, local construction firms won 243 contracts during the first six months of the year, the combined value of which came in at $23.6 billion.In comparison, t

The Korea-EU Free Trade Agreement took effect Friday, beginning the process of removing tariffs on more than 20,000 items produced in Korea and the EU.Negotiations over the pact, which began in May 2007, came to a close in October 2009 when the agreement was penciled in, and in October 2010 the agreement was formally signed by the leaders of Korea and the EU.Under the agreement, tariffs on 11,261

(LG Group)LG Group chairman Koo Bon-moo (left) hands the symbol for the LG Global Challenger program to the representative of students taking part at the company’s office in Seoul on Wednesday. The program is in its 17th year, and allows participants to take part in research projects and visit other countries.

SK Innovation’s oil platform in operation at an offshore mining area in Vietnam. (SK Group)Local firms look for opportunities for old and new businesses abroadFaced with a fast saturating domestic market, local firms have increasingly been seeking growth in overseas markets.For some, such as Hyundai Motor Group, overseas expansion has been an extension of their main businesses.Others, such as SK

Kim Jong-hoonTomorrow, the free trade agreement between the Republic of Korea and the European Union will finally enter into force. With the publication of the agreement in the official gazettes of the two sides the day before yesterday, all the required procedures have been completed and we are now about to embark upon the smooth implementation of the agreement.As is often said, well begun is hal