The Korean government may open its rice market from 2015 to foreign suppliers after an extension of the current quota system in the rice market ends next year, according to a report from the National Assembly Research Institute.In its analysis, which was submitted to Rep. Shim Jae-kwon of main opposition Democratic Party, the institute said the rice market opening with tariffs could be an option to take. The report said the government considers that the time is ripe for opening the rice market,

POSCO, the nation’s top steelmaker, signed a memorandum of understanding with the Bank of Development and Foreign Economic Affairs in Russia for the operations of Amurmetal, a scrap-consuming steelmaker in Khabarovsk, in Far East Russia, the company said on Monday.The state-run Russian bank owns a 100 percent stake in Amurmetal. It took over the heavily indebted steelmaker in 2010 from its owner, State Duma deputy Alexander Shishkin. Since the acquisition, Amurmetal’s new owner, which has no exp

POSCO, the nation’s top steelmaker, dismissed a recent news report that POSCO chairman Chung Joon-yang recently notified Cheong Wa Dae of his intention to resign. According to the report, a high-ranking official from Cheong Wa Dae called on Chung to step down last month. The reason for the government’s request was not reported. A POSCO official said on Friday that the news report was groundless and confirmed that the chairman had no imminent plans to step down. Chung’s second term ends in March

This is the fourth installment in an eight-part series that examines the social role of design beyond its aesthetic aspect. The weekly series is a precursor to Herald Design Week 2013 from Oct. 7-11, which will be organized under the theme of “Re-imagine the World.” ― Ed.When Paris Baguette, a leading bakery chain in Korea, announced it would enter the purified water market with its new premium water brand “Eau” in 2010, few expected that the retailer with no experience in the market could survi

Kang Duk-soo, 63, chairman and founder of the faltering STX Group, is likely to step down within this month due to conflict with creditors. Representing creditor banks, Korea Development Bank issued a statement on Tuesday calling on him to resign to save the group. The request was made based on the earlier agreement of Kang in April, a pre-condition for capital injection to ailing STX Offshore & Shipbuilding, a core affiliate of the group.Under the agreement, Kang promised not to raise objection

With the radiation scare sparked by massive and repeated radioactive water leaks into the ocean in Japan, spreading, sales of radiation detectors are soaring, according to Gmarket, a leading online shopping mall, on Tuesday in a press release. Sales of radiation detectors soared 90 percent in August over a year ago, Gmarket said, adding the company sold 40 such devices last month. “As the fear is related to health issues, high-priced radiation detectors are coveted the most. In the measurement p

Rumors that Doosan Heavy Industries and Construction might soon take over Ansaldo Energia, a leading Italian power engineering company, are flaring up again after media reported on fundraising efforts for the deal. Ansaldo Energia, owned by Finmeccanica, a state-run Italian defense and aerospace group, was put up for auction last year due to mounting debt. Finmeccanica holds a controlling 55 percent stake in Ansaldo Energia, while U.S. private equity firm First Reserve holds the remaining 45 per

The government plans to expand testing for radioactive contamination to all fish imports as public concerns mount over leaks from the Fukushima plant in Japan, officials said.The state-run National Fishery Products Quality Management Service said the government took the measure as consumers were avoiding fish and seafood for fear of radioactive contamination, dealing a blow to the nation’s fisheries industry.“The government plans from this month to strengthen the radioactive contamination tests

KORAIL, the nation’s state-run railway operator, is facing public criticism over its response to a train collision on Saturday. Two passenger trains collided near Daegu Station at 7:14 a.m. on Saturday, disrupting rail traffic between Seoul and Busan. A third train later crashed into the two stationary vehicles. The cause of the accident had yet to be confirmed as of Sunday afternoon.  No one was seriously injured in the crash, but passengers on board the trains expressed outrage over what they

The coal-powered unit 3 plant of the Boryeong thermal power complex in South Chungcheong Province set a world record on Sunday in performance by going without a single breakdown for 5,000 consecutive days, according to Korea Midland Power, the complex’s operator. “The 500-megawatt plant has continued trouble-free operations since Dec. 17, 1988. The world record performance proves world-class competitiveness of the nation’s power plant industry,” the company said in a press release.KOMIPO has mad

Management and labor of 17 affiliates of POSCO, including POSCO Engineering & Construction and POSCO Energy, reached an agreement on pay raise for 2013 and 2014 without conflicts, POSCO said in a press release. Different from the dominant annual pay raise negotiations in Korea, the nation’s top steelmaker and its affiliates adopted two-year term pay raise negotiations in 2007 and 2012, respectively. “POSCO’s agreement on pay increase for multiple years could be a model for the nation’s consummat

Business leaders are expected to ask for investment deregulation and convey their concern about the political circle‘s move to restrict power of major shareholders when they meet with President Park Geun-hye on Wednesday.Attention is being paid to the Cheong Wa Dae luncheon meeting, the first of its kind, as it comes at a time when tax authorities are stepping up probes into big firms that have been accused of exercising unfair trade activities, and as political parties are seeking to pass “econ

Korea, whose use of renewable energy in power generation is extremely low, will promote the solar panel rental business in a bid to boost demand for solar power, officials said Monday.“The high cost of installing solar panels and to maintain facilities has kept households from turning to solar power. The government expects the leasing system to solve the cost issue and create demand for solar power, in particular, among households,” said Song Yoo-jong, director general of energy and resources po

GS Caltex, the nation’s second-largest refinery, has strengthened social contribution activities at home and abroad to fulfill its corporate social responsibilities since 2005 under the vision of “making the world beautiful through energy sharing.”This year, one of the firm’s key domestic social contribution activities is a project to counsel children from single-parent families or who have been bullied.“The company launched a task force last year to develop a corporate contribution model for ch

Concerns are rising that Korea is downgrading to a minor player in the global energy M&A market as the government has yet to develop a roadmap for the nation’s overseas energy development.According to recent data by the Korea Export-Import Bank, the nation has failed to bear fruit in the global oil and gas M&A markets in the first half of this year. Not only the top two state-run energy giants ― Korea National Oil Corp. and Korea Gas Corp. ― but also leading overseas energy explorers in the priv

Kim Hee-won, 38, a senior marketing manager for a leading credit card firm, is single and has lived alone since returning to Korea in 2009 upon completing her MBA degree in the United States. She tends to keep to a tight monthly budget in preparation for her future, but is willing to open her wallet to travel and hunt for gourmet food. Hong Sang-bin, 48, a public relations director of a local business group, is also living alone as a “goose father.” The term refers to a relatively rich Korean ma

Under the “creative economy” initiative set out by President Park Geun-hye’s administration, Korea has been promoting the integration of information and technology, scientific discoveries and culture for sustainable growth with a strong focus on creativity and innovation.But a global survey that evaluates innovation showed Korea falls behind Asian rivals such as Hong Kong, indicating that Korea must improve and work to become a more innovation-driven economy.In the 2013 global innovation index,

To cope with the continued electricity shortage during peak seasons, the government will strengthen policies for power demand control rather than expanding the power supply capacity by building more power plants. The Ministry of Trade, Industry and Energy announced on Sunday it would renovate the nation’s electricity management system by applying advanced information communication technology.The core idea is to adopt technology-based energy management solutions, including the energy storage syst

Despite the continued economic stimulus policies across the world since the 2008 financial crisis, the global economy is likely to face another crash next year, according to U.S.-based economic forecaster Harry Dent. He says the world faces three major short-term risks: falling commodity prices, a depression in southern Europe and the bursting of China’s real estate bubble.Regarding the outlook for the U.S. economy, Dent, who has for decades followed the booms and busts of the global economy, re

The operation of two thermal power plants in South Chungcheong Province was suspended on Monday, worsening power supply conditions and raising an alert on a possible forced power cut within this week.The unit 3 thermal power plant in Dangjin with a power generation capacity of 500,000 kilowatts was halted due to a technical problem related to the steam turbine. Operations may possibly resume at the plant as early as next week, said the power plant operator, state-run Korea East-West Power. The u