A number of South Korean construction and energy companies have expressed interest in buying Dongbu Power Dangjin Corp. after talks to sell it to steelmaker POSCO fell through, industry sources said Friday.According to market watchers, Daewoo Engineering and Construction, one of the country’s largest builders, Daelim Industrial, GS Electric Power & Services and SK Gas have all submitted letters of intent to buy Dongbu Power or acquire stakes in the company.The power plant located in Dangjin, som

Hibrand, a premium shopping outlet, located in the affluent Yangjae area of Seoul, is eager to change the tide in local shopping trends by attracting more people to outlet stores, a move that its CEO sees to be critical as the shopping center seeks the next level in business. “With the Korean economy entering a low-growth era, more high-end shoppers are migrating to premium outlets from department stores,’’ Hibrand vice president Jin Chang-bum said in an interview with The Korea Herald. “Riding

The top management of state-run Korea Electric Power Corp., the nation’s largest utility firm, hosted an investor relations session with analysts at the New York Stock Exchange on Tuesday to present its corporate vision for transforming into a global energy giant, the company said in a press release. It marked the first time for KEPCO chief executive Cho Hwan-eik to host such an event in New York since 2011. “The event was designed to address the company’s recent improvements in performance to f

The state-run Korea Development Bank chairman and president Hong Ky-ttack spoke about the outlook for Korea’s reunification and the role of finance at an international meeting of development bank chiefs.“One of the key agendas that lays ahead for Korea is a peaceful reunification and shared prosperity,” Hong said at the D20 Club Roundtable, which was held in Rome on July 4.“This goal may be achieved through an organic combination of South Korea’s capital and technology with North Korea’s natural

LG International Corp. said Sunday that a coal-based urea plant in China it invested in has started commercial operations, paving the way for the South Korean trading firm to expand its presence in the coal chemical business.The plant in the industrial zone of Nalinriver, Wushen, Inner Mongolia, can produce 940,000 tons of urea annually. LG International acquired a 29-percent stake in Boyuan Group’s affiliate Bodashidi Chemical, the operator of the plant, for $92 million in 2013.LG International

South Korea’s major shipbuilders, including Hyundai Heavy Industries, may report poorer-than-expected earnings for the second quarter of the year, as they delivered more low-priced ships, data showed Sunday.Hyundai Heavy is expected to have logged an operating income of 25 billion won during the April-June period, a sharp plunge of 91.4 percent from a year earlier, and Samsung Heavy Industries may report 187 billion won in operating income, also 35 percent down from a year earlier, according to

South Korea’s top 30 conglomerates are focused on managing risks and enhancing corporate stability in the second half of 2014 to deal with persistent economic uncertainties, a poll carried out by the lobbying group of conglomerates showed Sunday.The latest findings by the Federation of Korean Industries showed 40 percent of conglomerates, including Samsung, Hyundai Motor, SK and LG, are bracing for management-related challenges and unpredictable foreign exchange rates, with another 36.6 percent

Royal Philips is the fastest riser amongst technology brands in the annual ranking of the top 50 Best Global Green Brands by Interbrand, a global brand consultancy. Advancing nine places, Philips has the second-largest increase of all brands and now holds the 14th position, up from 23rd last year, the company said in a press release. “With the launch of a revised brand vision and identity, Philips has paved the way to improve the lives of over 3 billion people a year through meaningful innovatio

The largest-ever Chinese business delegation, composed of more than 200 Chinese CEOs, will visit Korea on Thursday with Chinese President Xi Jinping. “The 250-member delegation includes star Chinese business gurus, including Alibaba founder Jack Ma, Huawei Technologies president Ren Zhengfei and Baidu CEO Lobin Lee,” the Korea Chamber of Commerce and Industry said in a press release. Based on the scale of the delegation, industry sources said a number of investment and corporate cooperation pact

South Korea’s exports in the first half rose 2.6 percent on-year to $283.6 billion. Its imports moved up 2.7 percent to $263.3 billion, with the country’s trade surplus hitting $20.3 billion, the Ministry of Trade, Industry and Energy said in its monthly trade figure report. The surplus is the largest tallied for the first half, with the daily export average of $2.13 billion exceeding previous highs.It said economic revivals in the U.S. and EU fueled demand, with exports of information technolog

CJ CheilJedang, the nation’s top food maker, is spearheading the globalization of Korean cuisine by distributing its food products through global retail channels under its food brand Bibigo.“When the company set a goal of going global in the mid-2000s, what we needed the most was to develop a global brand to draw the attention of global consumers,” said Kim Chul-ha, CEO of CJ CheilJedang, a flagship affiliate of CJ Group.The food giant unveiled the Bibigo brand in 2010, declaring its new mission

Park Yong-maanPark Yong-maan, chairman of the Korea Chamber of Commerce & Industry, was elected an executive board member of the International Chamber of Commerce last Friday, KCCI said in a press release. Park, who also leads Doosan Group as chairman, will serve on the board of the world’s largest business organization for the next three years from July 1. Park is the only Korean among 20 executive board members and one of five Asian board members. ICC board members, including Park, are expecte

Tension between the government and foreign carmakers appeared to deepen on Monday following audit results on fuel mileage from the Ministry of Trade, Industry and Energy on the top imported carmakers in the country, including Chrysler.The 2013 fuel efficiency test that is arousing controversy in the automotive sector found Chrysler’s 2013 Jeep Grand Cherokee to have inflated its fuel efficiency, a key indicator influencing car purchases.“It is hard to accept the results as Chrysler’s 2013 Jeep G

South Korean stocks finished lower on Friday as weak U.S. data prompted foreign investors to sell, analysts said. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 6.54 points, or 0.33 percent, to 1,988.51. Trading volume was low at 212.7 million shares worth 2.96 trillion won ($2.92 billion), with gainers outpacing decliners 424 to 359. “Institutions continued to buy. Foreigners, who have been shifting in and out of selling mode, turned to selling

Korean Air, the nation’s largest air carrier, said Friday it would receive its ninth A380 superjumbo jet and use it to service the Atlanta route starting next month.The Airbus’s jumbo passenger jet, to arrive in Incheon International Airport on Saturday, is configured to carry 407 passengers overall, of which 301 are economy seats.The airline said the 84 centimeters of space between economy seat rolls is the widest among any operator of the A380, making Korean Air jets more comfortable for passe

South Korea extended its current surplus streak for the 27th consecutive month in May as exports continued to remain solid, central bank data showed Friday. The current account surplus reached $9.3 billion last month, compared with $7.12 billion in April, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.The May figure, without seasonal adjustments, marks the highest level since October last year when the country’s current s

The South Korean won advanced sharply to the U.S. dollar on Friday, hitting a fresh yearly high as the country’s current account surplus widened to a seven-month high in May.The local currency was quoted at 1,014.30 won as of 11 a.m., up 1.90 won from the previous session’s close. The country’s current account surplus reached $9.3 billion last month, compared with $7.12 billion in April, according to preliminary data by the Bank of Korea. The current account is the broadest measure of cross-bord

A state-funded local fisheries cooperative has been reprimanded for extending billions of won in loans to a church by inflating its financial status and the number of members, the watchdog agency said Friday. A branch of the National Federation of Fisheries Cooperatives in 2008 allegedly raised the church’s credit rating without carrying out due diligence on the debtor’s repayment ability, according to the Financial Supervisory Service. The NFFC extended an additional 15 billion won ($14.79 mill

The cash-starved Dongbu Group, the country’s 18th-largest conglomerate by assets, is at risk of falling into a deeper hole as its affiliates are likely to face hurdles in refinancing maturing debts following the failure of a deal to sell its key assets, analysts said Friday.Dongbu, whose business portfolio ranges from insurance and construction to steelmaking, has been under pressure from its creditors to beef up its worsening financial status. Late last year, Dongbu said it would raise 3 trilli

Hyundai Mobis, the nation’s largest auto parts maker under the Hyundai-Kia Automotive Group, was found to be increasingly pressuring its suppliers to cut prices amid the strengthening South Korean currency. “Even the top-tier auto parts suppliers (for Hyundai Mobis) are feeling the pinch of price cuts this year,’’ a source close to that matter told The Korea Herald. “The suppliers believe things will only get worse.”Further, Hyundai Mobis has to deal with the fact that it is heavily reliant on i