Asiana Airlines opened two new routes to Vietnam from Busan, while Korean Air announced that the Airbus A380 will go into service on June 17.On Thursday, Asiana Airlines began operating daily flights to Hanoi and Ho Chi Minh City in southern Vietnam from Busan. Asiana Airlines chief executive Yoon Young-doo (left) poses with pilots at the ceremony marking the opening of the Busan-Ho Chi Minh City

British American Tobacco Korea announced Thursday that it will introduce “Dunhill SWITCH” cigarettes on the local market on June 7.The Dunhill SWITCH, which will be priced at 3,000 won ($2.8), comes in packaging with the “RELOC” inner wrapping, the company said.According to the company, which holds the patent on the inner wrapping method, RELOC is a re-sealable double cover that provides additiona

SK Group announced Wednesday that it will increase the fund established to support small and medium-sized enterprises by 80 billion won ($74 million) to 230 billion won.The additional funds were raised by SK Telecom, SK Global Chemical Co. and a financial institution. The SK Group subsidiaries put together 32 billion won, the conglomerate said. The fund was established in 2009 with 120 billion won

Hyundai Heavy Industries Co.’s first quarter revenues jumped 70.1 percent from a year ago buoyed by rising ship and construction equipment sales, the company said Monday.According to the regulatory filing, Hyundai Heavy posted first quarter sales of 12.7 trillion won ($11.8 billion), up 70.1 percent from the same period last year.The company’s operating profits for the period came in at about 1.71

The China-based real estate developer Baitong Group will invest $70 million in a resort complex development project on the South Korean island of Jeju.According to the Ministry of Knowledge Economy, Baitong Group plans to build condominiums on the southern island that will be sold to Chinese consumers. The Chinese company’s intentions were confirmed at an event held on the sidelines of a conferenc

North Korean hackers have apparently sent spam e-mail messages to South Korean military officers, carrying viruses and malicious computer code, military officials here said Monday.According to an official, senders who claim to be graduates of the Korea Military Academy in Seoul have written to about 60 current South Koran officers who graduated from the academy. Messages mostly included a benign g

S-Oil Corp., the country’s third largest refiner, announced Monday that it will acquire a third of Hankook Silicon Co.’s stakes as part of its drive to expand into the renewable energy business.S-Oil said that the deal, which will see the refiner gain 33.4 percent of Hankook Silicon for 265 billion won ($245 million), will be finalized next month.The company said the decision to buy into the compa

STX Offshore and Shipbuilding Co. announced Monday that it has won a $150 million contract from a Greek shipping company.The Changwon, South Gyeongsang-based shipbuilder said that the contract for four petroleum product carriers was signed with the Greek shipping firm Thenamaris Ships Management Inc. on Friday.The shipbuilder said that the first of the four vessels will be delivered to Thenamaris

Renault Samsung Motors Co. is revving up to take on the country’s closely contested upper midsized sedan market with the revamped SM7.The revamped SM7, which will go on sale on the local market in the second half of the year, represents an opportunity for the company to gain ground in the local market. The new SM7. (Renault Samsung Motors Co.)With just under 2,500 units of the current SM7 sold on

STX Group on Thursday selected three social contribution projects devised by employees of subsidiaries that will receive the company’s support.The selected projects each received 1 million won ($925) from the company to be used for funding the activities. STX Corp. president Choo Sung-yob (second from right) poses with winners of volunteer projects. (STX Corp.)The company said that the event took

Venture breaks ground for plant in IncheonSamsung Biologics broke ground for its plant in Incheon on Friday.The company is Samsung Group’s biologics venture established in collaboration with the U.S.-based pharmaceuticals services provider Quintiles Transnational Corp. in April. Samsung Electronics Co. and Samsung Everland Inc. each own a 40 percent stake in the venture, with the remainder divided

Berkley professor warns that a different crisis will hit the worldCommunication between central banks and their financial supervisory authorities is essential for financial stability, University of California, Berkley professor Barry Eichengreen said Thursday.“I think there can be very serious problems with this kind of arrangement where one entity does the supervision, and another one the central

Deal becomes the largest overseas construction project won by a Korean firmHanwha Engineering and Construction Corp. announced Thursday that it signed a $7.25 billion contract with Iraq’s National Investment Commission.Signed on Wednesday in Iraq, the project is the largest overseas construction project to be won by a Korean construction firm. Under the contract, Hanwha Engineering and Constructio

The Ulsan-based ship and industrial equipment maker Hyundai Heavy Industries launched its first order pickers on the local market on Tuesday. Order pickers are industrial vehicles used in storage facilities to access high shelves.Order pickers are similar to fork lifts but the operator boards the vehicle in the front where the forks are located, and are able to access smaller areas than fork lifts

LSIS Co., LS Group’s electric equipment maker, on Monday broke ground for an electric vehicle relay manufacturing plant. Electric vehicle relay is a core component of electric cars that relays electricity to the vehicle’s powertrain from the battery pack. The company plans to complete the plant located in Cheongju, North Chungcheong Province during the first quarter of the year. The company said t

STX Group launched the think tank STX Future Institute on Monday.The organization will be headed by the group’s vice chairman Shin Chul-seak. STX Future Institute will be tasked with leading efforts to establish systemic management that is part of the company’s Vision 2020 plans, the company said.Announced at the group’s 10th anniversary event held in Dalian, China last month, Vision 2020 calls fo

About a third of televisions sold across the world during the first quarter of the year were produced by South Korean firms, a report showed Sunday.According to a report by the display market research firm DisplaySearch, Samsung Electronics sold 8.87 million flat panel televisions during the period taking 18.5 percent of the 47.9 million-unit global market. During the same period, LG Electronics s

Samsung C&T Corp., the country’s No. 2 builder, is strengthening its eco-friendly capabilities to take the lead in applying green technologies to the construction sector.The company, which developed the zero-energy building Green Tomorrow, has been strengthening research and development efforts, as well as securing a pool of experts. Green Tomorrow contains 68 eco-friendly technologies, allowing t

STX Heavy Industries Co. announced Thursday that it has signed a 3 trillion won ($2.77 billion) contract to build power plants in Iraq.The contract was signed in Baghdad at a ceremony attended by STX Heavy Industries chief executive Lee Chan-woo, Iraqi Prime Minister Nouri al-Maliki and Electricity Minister Raad Shallal.  STX Heavy Industries Co. and Iraqi officials including CEO Lee Chan-woo (thi

The country’s first hydrogen fuel cell stack developed with local technology was completed, POSCO Power announced Thursday.Affiliate of the steelmaker POSCO, POSCO Power is the country’s largest private power generating firm.POSCO Power’s fuel cell stack has a generating capacity of 1.4 megawatts, which according to the company is sufficient to supply 1,600 households.  POSCO Power employees work