Korea’s oil refiner S-Oil provided 100 million won ($89,000) of financial help for Ethiopian children in need as part of its program to support the underprivileged, the company said Tuesday. The donation will be used for constructing and repairing classrooms and purchasing livestock for a school in Beritene town in the Enemorena Ener district where 120,000 students attend, it said.  S-Oil CEO Othman al-Ghamdi (left) poses for a photo with World Vision Korea CEO Yang Ho-seung after offering finan

Doosan Bobcat said Monday it will delay its slated initial public offering on the local stock market to next month, due mainly to low market response. Doosan Group’s subsidiary was seeking to offer a price band between 40,100 won ($36) and 50,000 won for the IPO next week amid concerns that the sale price was too high. It had been projected to draw 2.45 trillion won if the price reaches the upper limit. “(Doosan Bobcat) will make a public announcement over the changed public offering conditions

Korea’s top steelmaker Posco has succeeded in producing the thinnest hot rolled coil plate with its own technology, the company said Monday, opening the way for cheaper steel for carmakers and other manufacturers. The steelmaker said it produced a hot rolled coil plate that is 0.8 millimeters thick. This is the world’s second success following Italian firm Arvedi. The development of thinner hot rolled coil is expected to reduce factory costs for its customers, as that thickness could previously

Tension escalated Friday over a planned nationwide strike by truck drivers next week and its impact on the already strained transport industry. Earlier this week, Korea’s largest freight transport union threatened that it would refuse cargo loading and unloading starting Monday against the government’s recent reform outline on the freight transport market. Of about 11,000 trucks joining the union, over 70 percent are container-transporting trucks. If it goes ahead, this will mark the fourth gene

More than 97 percent of asset heirs in Korea were found to have been legally exempt from paying inheritance taxes, a lawmaker said Friday. According to Rep. Park Kwang-on of the Minjoo Party of Korea, quoting the National Tax Service’s data, about 1.45 million people inherited a total of 151.6 trillion won ($136 billion) from their relatives between 2011 and 2015. Of them, only 2.2 percent actually paid taxes on their inheritance while others benefited from tax exemption. Rep. Park Kwang-on of T

The Seoul court on Thursday upheld a ruling that the controversial electricity power rate system is valid, amid persistent public criticism over the cumulative bill scheme. The Seoul Central District Court ruled in favor of Korea Electric Power Corp stating that the company’s policy terms that allow the cumulative increase of power bills along with the amount of electricity used is valid.“It is difficult to acknowledge that the power company’s terms are legally invalid based on the evidence that

The enactment of Korea’s landmark anti-graft law appears to be shifting the country’s social bonding culture for businessmen, especially in the game of golf.Since the Improper Solicitation and Graft Law came into force on Sept. 28, those working for public institutions, private education bodies and the media are banned from giving and receiving free meals, presents or monetary gifts respectively worth 30,000 won ($27), 50,000 won and 100,000 won or higher. Offering or receiving rounds of golf wo

The South Korean court is considering putting troubled STX Offshore and Shipbuilding on sale with the company’s two affiliates as a package, sources said Tuesday.STX, the nation’s fourth-largest shipbuilder, has been under court receivership since June, upon its request, due to massive debt caused from mismanagement and an industrywide slump. Sources said that the Seoul Central District Court is reviewing a plan to simultaneously sell off near-bankrupt STX along with two affiliates Goseong Offsh

Posco Daewoo signed a memorandum of understanding with Chinese state-run grain company Sichuan Cereals and Oils Group as part of its moves to expand the grain trading business in China, the company said Friday. The two parties agreed to strengthen the ties for grain import and export and boost the joint efforts for facility investment and grain storage. Sichuan Cereals and Oils Group is a state-run company that deals with imports and exports of grains up to 300,000 tons in Sichuan. “The new MOU

Financially troubled Daewoo Shipping and Marine Engineering on Friday denied the rumor that the company would reduce its share capital as part of moves to improve its financial status. The ailing shipbuilder made a public announcement that nothing had been determined over its financial plans and that various options were under discussion with creditors to improve the financial structure. “(The company) will again offer an announcement as soon as concrete financial plans are finalized,” said the

Korean steelmakers and petrochemical businesses on Thursday expressed dissatisfaction with the government’s new industry structure improvement plan, claiming that it is unrealistic. The Ministry of Trade, Industry and Energy on Wednesday briefly mentioned its ideas on the ways to improve the business structure of the steel and petrochemical industry upon the analysis reports from two foreign consulting firms. The reports were made upon the industries’ request earlier this year. The concrete plan

The European Union Delegation to Korea on Wednesday stressed the importance of sustainable mobility as part of its efforts to raise awareness on climate change. At a roundtable discussion held during the EU Climate Diplomacy Week, six delegates and experts, including Gerhard Sabathil, the head of the EU Delegation to Korea, shared about green transport policies and the strategies of Europe and Korea, as well as how sustainable transport can contribute to a cut in emissions. “Transport represents

A Korean court has begun considering the sale of near-bankrupt Hanjin Shipping while the government has flatly denied rumors that logistics firm Maersk might attempt to take over two Korean shippers, officials said Wednesday. The Seoul Central District Court said it will review plans with Hanjin officials to sell the ailing company, hinting at the possibility of a merger and acquisition.There have been growing speculations that the court has already decided to sell the company before its value f

Korean oil refiners are likely to hit a record high of 7 trillion won ($6.38 billion) in operating profit, thanks to the rebounding refining margin, industry sources said. The greatest performance in recent years was in 2011 when operating profit of the four companies reached 6.8 trillion won. In the first half of this year, the companies have already reached 70 percent of such record. The rebounding refining margin has contributed to the sales rise, industry sources said. The refining margin ha

Korea’s second-largest oil refiner GS Caltex is speeding up its efforts to boost its global competitiveness with state-of-the-art facilities and aggressive investment in oil refining, petrochemical and lubricant sector. Starting with a daily refining capacity of 60,000 barrels in 1969, the company has expanded its capacity to 785,000 barrels, with a daily production of 279,000 barrels so far.  A GS Caltex employee works for the export shipping. (GS Caltex)It has also raised the aromatics annual

Concerns were growing again Monday over liquidity woes of Daewoo Shipbuilding and Marine Engineering, as the Angolan state-run company is likely to delay the takeover of its drill ships once again. The shipbuilder was planning to deliver the two drill ships to Angola’s state-run oil company Sonangol by this month to receive the remaining contract fee of $1 billion. The initial takeover, which had been scheduled for summer, was postponed to September upon agreement. Sonangol, however, has again d

Hyundai Heavy Industries handed over a liquefied natural gas carrier equipped with a gas treatment system designed by the company to Norwegian firm Knutsen, the company said Monday. Hyundai’s gas treatment system allows the vessel to completely reliquefy evaporated gas and collect it in a storage tank. The independent operation of the two core parts -- a high pressure compressor for evaporated gas and LNG fuel supply equipment -- also ensures the operation of the system in emergency circumstance

Posco Energy has provided financial support for underprivileged children with incurable diseases as part of its regular moves to support those in need, the company said Thursday. The company said it offered 20 million won ($18,100) to Korea Childhood Leukemia Foundation. The fund was raised from monthly donations from employees of 1 percent of their wages.  Posco Energy officials pose for a photo with Korea Childhood Leukemia Foundation officials at the foundation office in Jongno, Seoul, Wednes

Hanjin Shipping still faces a bumpy road ahead, despite Korean Air's decision to provide financial support for the near-bankrupt company. The airliner, the largest shareholder of Hanjin Group, decided late Wednesday to provide 60 billion won ($58.9 million) to the ailing shipper in loans secured by accounts receivable. Hanjin Shipping’s accounts receivable are estimated to be around $200 million, as of the time when the company filed for the court receivership. The final decision came two weeks

The government will jointly develop high capacity secondary cells for electric vehicles with the private sector to boost the local electric car industry, officials said Wednesday.The Ministry of Trade Industry and Energy said it launched a large-scale project with the private sector to develop the high capacity batteries for electric vehicles that allow up to 400 kilometers of travel on a single charge.The participants consist of 230 researchers from 27 private institutions, including conglomera