Hyundai Construction Equipment said Sunday that the company held its first heavy construction equipment auction here.Conglomerate Hyundai’s construction equipment arm sold all 150 pieces of used heavy construction equipment during the auction, which attracted some 1,000 customers, according to officials. Used heavy construction equipments are being displayed at the auction held in Eumseong, North Chungcheong Province, Sunday (Hyundai Construction Equipment)Around 100 foreign dealers joined the d

Mercedes-Benz’s combined sales in Korea are forecast to surpass the 60,000 mark in November, according to the German Automaker’s sales unit here Sunday.The combined sales of Mercedes-Benz as of October was 58,060 units, up by 30.3 percent on-year. Given the monthly average sales, the combined sales are expected to pass well over 60,000 units as of the end of November, the company said.  (Yonhap)The detailed monthly sales for November, however, remained undisclosed by the company.The 2017 sales r

The chances of Hyundai Motor entering the car-sharing market are high, a report by KB Securities said Wednesday, referring to Volvo‘s latest partnership with Uber.Volvo on Monday signed a deal with Uber to provide tens of thousands Volvo XC90 SUVs, specifically modified for autonomous driving, from 2019 to 2021. (Yonhap)The report noted that partnerships between original equipment manufacturers and car-sharing service providers will become more important down the road as car-sharing service firm

Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday.  (Hyundai Rotem)Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.In 2010, Hyundai Rotem secured a 350 billion won dea

Tobacco makers in South Korea are likely to face increased tax hikes on heat-not-burn cigarettes as legislators are to propose the bill.Starting this week, the parliament will hold subcommittees to review the bill on raising other taxes on HNB sticks to up to 90 percent of taxes levied on conventional cigarettes, according to officials at health and home affair ministries. The combined taxes are to be imposed on each 20-stick pack of HNB sticks will amount to 2,986 won ($2.74), from the previous

Fiat Chrysler Automobiles’ sport utility vehicle brand Jeep posted brisk sales in Korea this year, largely backed by the sales of its small SUV model Jeep Renegade, market data showed Monday. According to data compiled by the Korea Automobile Importers and Distributors Association, the importer and distributer of the US cars sold a total of 5,543 Jeep units as of end-October, a 44.2 percent increase from 3,845 units last year.  Jeep Renegade /FCA Korea“Almost all Jeep models are posting sales be

Korean Air and its joint venture with US carrier Delta has received a regulatory approval from the US government, the company said Sunday.Korean Air and Delta are now waiting for an approval from the Ministry of Land, Infrastructure, and Transport in Korea, it added. If approved by the Korean transport ministry, Korean Air and Delta will accelerate implementing services to increase their footing in the trans-Pacific market.  Hanjin Group Chairman Cho Yang-ho (fourth from right), Korean Air Presi

The government has collected 125 billion won ($114 million) of new tax revenue from the rapidly growing shipments of heat-not-burn cigarette sticks, the finance ministry said Sunday.According to Ministry of Strategy and Finance, shipments of HNB cigarettes reached 71.9 million packs as of October this year, in seven months since the product has reached the market in April. A combined 1,739 won of taxes were imposed per HNB cigarette pack, including tobacco sales tax and value added tax.The Korea

S-Oil on Thursday won the grand prize at the 2017 ESG Award organized by Korea Corporate Governance Service. The ESG Award evaluates and analyzes environmental, social and governance factors of all listed companies in South Korea.S-Oil received high scores for company-wide efforts to accelerate sustainable growth, as well as for its social and environmental activities, according to the award. S-Oil CEO Othman al-Ghamdi (right) shakes hands with Jung Ji-won, head of the Korea Exchange, at the 201

South Korean oil refiner SK Innovation on Thursday launched a unique social contribution project, vowing to donate 2 won for every view of its latest corporate advertisement.The project involves its “Big Picture of Innovation” advertisement that was revealed in September. The ad is the third installment of the “Big Picture” campaign and features visual artworks by renowned artists and new art techniques.  “Big Picture of Innovation” ad by SK Innovation (SK Innovation)Using the “cymatics” art met

Korea‘s state-run utility provider Korea Electric Power Corporation said Wednesday that the company will invest $50 million in a power plant project in Malaysia.Together with partner company Tadmax Resources, Kepco will build a 1,300-megawatt combined-cycle gas-fired power plant in Pulau Indah, 60 kilometers southwest of Kuala Lumpur.  (Yonhap)With the $50 million investment, Kepco will hold 25 percent stake in the project, while Tadmax Resources is to hold the remaining 75 percent. The project

Korean low-cost air carrier T’way Air posted a record-high operating profit of 25.9 billion won ($23.3 million) in the third quarter of this year, a 56 percent increase on-year, the company said Wednesday. The air carrier’s sales in the same period also reached 165 billion won, a 42 percent increase from a year ago, it added. (T'way Air)In the last three quarters, T’way Air saw combined sales of 426 billion won, up 50 percent on-year, with 46 billion won of operating profit, a 156 percent increa

To achieve successful social entrepreneurship, one should be “even more” creative and innovative as such endeavors seek not just to make profits but also to create a better society, Penny Low, founder of the Social Innovation Park, said in an interview with The Korea Herald on Monday.Low has been leading the nonprofit organization that promotes social entrepreneurship. She was also a member of the Parliament of Singapore for almost 15 years. Low was in Seoul to attend and deliver a key note spee

South Korea’s cable maker LS Cable and System Asia on Tuesday said it broke ground on the local cable manufacturing facility in Myanmar. LS C&S Asia is expected to complete construction of the cable factory by November next year. The 19,800-square-meter factory will be built in the Thilawa Special Economic Zone. LS C&S Asia’s cable manufacturing facility there would first focus on producing low-voltage cables to cover demand in the local market. (LS C&S Asia)Fifty percent of cable demand in Myan

Market values of Korean companies reliant on the Chinese market rebounded as Seoul and Beijing continued to normalize ties. According to data released Sunday by the Korea Exchange, the market caps of Korean firms in consumer sectors, such as cosmetics, duty-free and entertainment have posted swift growth during the past eight trading days.　 (Yonhap)The companies that marked significant recoveries during the period included LG Household & Healthcare, Amorepacific Group, Amorepacific, Lotte Shoppi

Korea’s utility provider Korea Power Electric Corp. signed a 2.6 trillion won ($2.3 billion) deal to construct a coal-fired plant in Vietnam, the company said Thursday. A consortium of Kepco and Japanese trading firm Marubeni will be in charge of construction as well as the operation of the 1,200-megawatt power plant in the Nghi Son 2 economic zone in the central province of Thanh Hoa, about 200 kilometers south of Hanoi. Kepco CEO Cho Hwan-eik (first from right) poses for a picture with Deputy

Xi, a Korean apartment brand owned by GS Engineering & Construction, was named the top Korean brand by the 2017 Apartment Brand Power, an annual survey conducted by a real estate research firm showed Wednesday. According to Drapt.com’s survey, which asked 1,940 people about their preferences among 40 different Korean apartment brands between Oct. 30 and Nov. 5, Xi topped the other brands in all three categories: brand awareness, preference and value.  (Yonhap)This is the second year that Xi has

Samsung is moving to sell its stakes in Hanwha Group’s chemical unit, the group said in a regulatory filing Wednesday.Samsung Group’s trading unit Samsung Construction and Trading currently owns a 20.1 percent stake in Hanwha General Chemical, and Samsung SDI has 4.05 percent stake in the same chemical business.If the entire 24.1 percent stake is sold, Samsung Group can expect to receive around 1 trillion won ($898 million).  (Yonhap)Samsung Group’s 24.1 percent stake in the chemical unit is lef

Korean tobacco manufacturer KT&G rolled out its heat-not-burn device lil at a press conference in Seoul on Tuesday, becoming the third tobacco maker after Philip Morris Korea and British American Tobacco Korea to release the line here. Price competition in the HNB products industry in Korea is expected to heat up further as Korea’s largest cigarette maker jumps into the market with its own products at cheaper prices. A model presents KT&G’s heat-not-burn device lil in Seoul on Tuesday. (Yonhap)K

Oriental Brewery, the South Korean unit of the world‘s largest brewer Anheuser-Busch InBev, said Monday that Gordon Ramsay will visit Korea to promote its Cass beer.Ramsay is to arrive at Incheon Airport on Nov. 17 for a four-day trip here. (Oriental Brewery)During his visit, Ramsay will join a meeting with young people around Hongik University, a hip neighborhood frequented by the younger generation, to share his thoughts on food and beer culture here.Ramsay will also visit the nation‘s largest