Ssangyong Engineering and Construction Co. announced Sunday that it has won a $57.8 million contract to build part of a condominium complex in Vietnam.Under the contract, issued by a subsidiary of the Singaporean real estate developer Keppel Land, Ssangyong E&C will build three of the 12 residential

HSBC Holdings’ Korean branch is likely to clarify rumors that it is planning to shut down retail banking operations here soon.According to reports that first came out late September, HSBC has drawn up plans to pull out of Korea’s retail banking market and began the process of selling related assets,

Shin Sa-hyunHalla Group, the parent company of Mando Corp., has named Shin Sa-hyun the company’s next chief executive officer, the company announced Friday.Following the change, Mando vice president Byun Jung-soo will be in charge of auto parts and the company’s ice hockey team. The officials said t

KIPO gains foothold in African marketThe Korean Intellectual Property Office will develop an automated patent information system for the African Regional Intellectual Property Organization, Korea’s patent office announced Thursday.According to the KIPO, its commissioner Lee Soo-won signed a memorand

Air Asia X, a Malaysian long-haul low cost carrier, is offering flights to Kuala Lumpur for as little as 100,000 won ($85) as part of its drive to expand its presence in the Korean market.According to the company’s CEO Azran Osman-Rani the limited time offer, which ends on Oct. 4, is only a small pa

Korean Air received the top award for its first class seats, the carrier announced Thursday. The airline said it was awarded the Asia’s Leading Airline First Class award at the World Travel Awards Asia and Australia in Bangkok on Wednesday. This is the second consecutive year Korean Air has been sel

The second exhibition hall of the Korea International Exhibition Center, or KINTEX, in Goyang, Gyeonggi Province opened Wednesday.Minister of Knowledge Economy Choi Joong-kyung attended the opening ceremony, which doubled as the opening event of an industrial exhibition that combines six events.With

Conglomerate focuses on overseas resources as it seeks No. 7 spot among Korean business groupsSTX Group is looking to develop its energy and resource development business into a major part of its portfolio that will generate a quarter of its revenue target set for 2020.Under the “Vision 2020” plans

Minister of Knowledge Economy Choi Joong-kyung informed the president of his intention to step down on Tuesday, the ministry said.According to the Ministry of Knowledge Economy, Choi expressed his intention to step down to President Lee Myung-bak after the cabinet meeting Tuesday morning and hand in

Hanwha Group appointed Bong Hee-ryong as the new chief executive of Hanwha City Development on Friday.According to the group, Bong was selected to head the company in light of his achievements in urban-development projects including Hanwha Engineering and Construction Co.’s EcoMetro project ― a larg

Consumer-focused design and R&D is essential for successFollowing is the fifth in a series of interviews with world’s top designers and scholars who will participate in the Herald Design Forum in Seoul from Oct. 5 to Oct. 6. ― Ed.Companies need to focus all their efforts on the consumer, and begin t

Asiana Airlines reopened the route to Japan’s Sendai Airport on Sunday.The route was suspended in March after Japan was hit by a series of natural disasters. The resumed flight will be traveling from Incheon to Sendai Airport three times a week, every Tuesday, Thursday and Friday. The March earthqua

Trade volume growth sets important precedent for developing nationsSouth Korea’s trade volume reaching $1 trillion is a miracle that has significance not only for Korea but for developing countries, Korea International Trade Association chairman SaKong Il said Monday. With Korea’s trade volume, incl

Asiana Airlines CEO Yoon Young-doo (right) and Organizing Committee for Expo 2012 Yeosu Korea chairman Kang Dong-suk pose after signing the sponsorship contract in Incheon International Airport on Sunday. (Asiana Airlines)Asiana Airlines signed on as an official sponsor of International Exposition Y

The Republic of Honduras will push to establish a free trade agreement with Korea, Honduran Trade Minister Jose Francisco Zelaya said Friday.“Honduras and Korea has one trade agreement in place, but we want to take the relations to the level of free trade agreement,” Zelaya said at a press conferenc

Korea Electric Power Corp. will seek to introduce a regulation for controlling electricity consumption when demand spikes.At the parliamentary audit on Friday, the power company said it will push to have such a measure included in related laws in order to prevent recurrences of the nationwide power

Hyundai Heavy Industries extended its lead in the drill ship market signing a contract for one more such vessel on Thursday.According to the company, the Geneva-based Noble Corp. issued a 600 billion won ($509 million) contract for a drill ship. With the latest deal, the company has been signed on t

SLS Group, which came to public attention on Thursday when its chairman Lee Kuk-chul accused former vice minister of culture Shin Jae-min of taking billions of won in bribes, is facing disintegration. Lee, a former civil servant, began his career as a businessman with a factory producing parts for t

Bae Yong-joonWith entertainment companies’ shares rising on the popularity of K-pop, the value of securities held by entertainers is soaring to new highs, data showed Wednesday.According to Chaebul.com, the value of SM Entertainment shares held by its chairman Lee Soo-man came in at 165.7 billion wo

SK Telecom announced on Wednesday that it will rearrange business divisions in time for the launch of SK Planet on Oct. 1. The company also said that it will carry out an executive reshuffle. SK Planet will be a new subsidiary created by spinning off SK Telecom’s platform business.Under the plans, S