S-Oil said on Monday that the company has donated 2 billion won ($182,999) to support the have-nots here. The donation was delivered to Community Chest Korea during a donation ceremony held at the CCK‘s headquarters, Monday, the company added.  S-Oil CEO Othman al-Ghamdi (left) poses for a photo with CCK Chairman Hur Dong-soo (right) at a donation ceremony held in Seoul, Monday (S-Oil)“S-Oil decided to continue delivering a donation this year so as to pursue one of the company’s core values, sha

South Korean petrochemicals producer Kumho Petrochemical said Monday it has filed a lawsuit against the US government over the high anti-dumping duties imposed on the company.In July this year, the US Department of Commerce placed anti-dumping duties of 44.3 percent on emulsion styrene butadiene rubber manufactured by Kumho Petrochemical and 9.66 percent on the products by LG Chem and other companies. (Yonhap)The US International Trade Commission then ruled that imports of Korean ESBR hurt the d

The number of Korean tourists visiting Japan between January and October this year rose 40 percent on-year, nearly triple the number of Japanese tourists to South Korea during the same period, industry data showed Monday. According to data collected by the Korea Tourism Organization and Japan Tourism Agency, 5.84 million South Korean tourists visited Japan during the 10-month period in 2017, up from 4.17 million last year.  (Yonhap)The number of Japanese tourists here reached 1.9 million, nomina

The Korea Hydro & Nuclear Power, the nation‘s nuclear reactors operator, plans to ramp up efforts to develop technologies related to nuclear decommissioning, to lead the market here and abroad, the company said Sunday. The announcement was delivered at a launching ceremony of a consultative body on reactor decommission held Friday amid Moon Jae-in government‘s drive on decreasing the nation‘s reliance on nuclear energy. Taking the state drive as well as changing policies around the world toward

South Korea’s corporate watchdog said Thursday that it would fine a total of 16 billion won ($14.6 million) on seven cable makers here for rigging project bids. According to the Fair Trade Commission’s statement, the manufacturers worked together more than 30 times to set bidding prices for three separate cable supply contracts and shared the work among themselves over a two-year period between 2011 and 2013. Each company will be subjected to a fine of about 2.5 billion won, the statement added.

Korea Electric Power Corporation CEO Cho Hwan-eik will resign Friday, more than three months ahead of the official end of his term in March, the company said Thursday.Cho‘s resignation announcement came just a day after Kepco was selected as the preferred bidder in the Moorside nuclear power plant project in the UK.  (Yonhap)Cho had reportedly shown his intention to retire before the official end of his term, but had postponed the decision largely due to the nuclear project deal.“I am happy to r

South Korea‘s sole utility provider Korea Electric Power Corp. has been selected as the preferred bidder for the Moorside nuclear power plant project in the UK, a source familiar with the matter told The Korea Herald Wednesday. The Korean utility provider has been moving to acquire the 100 percent share held by Toshiba in the NuGen consortium that is developing the Moorside project.  (Yonhap)Kepco‘s selection is anticipated to be announced before the week’s end, according to sources.This will be

The Ministry of Labor and Employment said Tuesday that it has decided to impose a penalty on Paris Baguette for failing to follow its order to directly hire bakers by the deadline which expired on the same day.The ministry said that the bakery chain will pay fines corresponding to the number of subcontracted bakers, excluding those that expressed their wish not to become full-time employees of the food company. The total fine amount has not been finalized, it added. (Yonhap)The ministry also sai

GS Group made a 5 billion won ($4.5 million) donation to help victims of the recent earthquake in Pohang and the underprivileged, the group said Monday. The donation has been delivered to Community Chest of Korea. About 1 billion won will be spent to support residents in the earthquake-stricken city of Pohang in North Gyeongsang Province, while the remaining 4 billion won is to be spent on helping the underprivileged in the nation, the group’s officials said.  GS Group Chairman Huh Chang-soo (GS

SK Engineering & Construction has acquired a stake in a $1.44 billion project to build a 545-megawatt hydropower plant in Pakistan, the company said Monday.On Friday, SK E&C signed a contract with Associated Technologies Private Limited to gain an 89 percent stake in the Kaigah Hydropower Project. SK E&C will construct a 545-megawatt hydropower plant on Kandiah River in the Kohistan district of Khyber Pakhtunkhw in Pakistan.  Location of the 545-megawatt hydropower plant in Pakistan (SK E&C)Cons

SACHEON, South Gyeongsang Province -- As part of efforts to secure a multibillion dollar trainer jet project in the United States, South Korea’s sole aircraft manufacturer is considering ways to cut expenses including labor costs, said the new chief of Korea Aerospace Industries on Friday.At a press conference held at KAI’s headquarters in Sacheon, South Gyeongsang Province, the company’s new President and CEO Kim Jo-won said KAI is seeking ways to adjust the unit price of the T-50 advanced trai

(Yonhap)Kia’s Stinger sports sedan has been shortlisted as one of three finalists for the 2018 North American Car of the Year, the company said Thursday. The other two finalists are Honda Motor’s Accord sedan and Toyota Motor’s Camry sedan.The final result will be announced at the Detroit motor show in January. Kia Motors’ Stinger is the sixth model of Hyundai Motor Group to be listed as a finalist for the award. The group’s luxury sedan Genesis was its first model to be among the finalists, fol

50TH ANNIVERSARY -- Mercedes-Benz Korea CEO Dimitris Psillakis introduces the latest Mercedes-Benz AMG models and services at the event held to celebrate the 50th anniversary of the German luxury automaker‘s iconic performance division AMG in Seoul on Thursday. (Mercedes-Benz Korea)

Kia Motors on Thursday began sales of the gasoline-powered Stonic in the Korean market in an attempt to counter its sales decline here and abroad. The price of the gasoline Stonic has been set at between 17 million won ($16,000) and 20 million won, 2.4 million won lower than the 1.6-liter diesel Stonic launched in July, according to the company. The gasoline version of the Stonic is also around 1.5 million won cheaper than other small SUV models here.  Kia Motors' gasoline-powered Stonic /Kia Mo

South Korean construction firm GS Engineering and Construction is moving to jump back into the Iranian construction market after eight years. GS E&C is currently in talks with Entekhab Investment Development Group to lead the construction design of a petrochemicals project in the Middle Eastern country. The design contract is reportedly expected to be worth some $6 million. (Yonhap)“GS E&C in October signed a head of agreement with the Iranian firm with regards to the design of the project,” GS

Countries in Southeast Asia are rising as popular holiday spots for South Korean travelers, with the destinations being the most searched online, market data showed Tuesday.According to travel metasearch engine Kayak, Bangkok and Da Nang came in first and second on a list of most frequently searched destinations by Korean travelers who are preparing trips for next year.  (Kayak)Da Nang was the seventh most popular destination searched in 2017. Bangkok came in fifth on the same list. Osaka, the m

S-Oil on Tuesday held the 2017 Hero Neighbors Award ceremony at its headquarters in Seoul. The oil refiner recognized 18 citizens who had carried out extraordinary acts to help others, and awarded them a total of 145 million won ($133,247), the company said. S-Oil CEO Othman Al-Ghamdi (center, back row) takes pictures with award recipients at the S-Oil headquarters in Seoul on Tuesday. (S-Oil)The ceremony was attended by S-Oil CEO Othman Al-Ghamdi, Korea National Council on Social Welfare Chairm

Carmaker Renault Samsung’s Busan-based manufacturing plant ranked high in productivity in the 2016 Harbour Report, the company said Tuesday.Harbour Report is an annual report provided by global consulting firm Oliver Wyman, which measures the productivity of automobile manufacturing plants worldwide. A total of 148 car manufacturing plants were included in the latest report.  SM6 vehicles are assembled at Renault Samsung’s plant in Busan. (Renault Samsung)Of the 148 plants, Renault Samsung’s pla

Lotte Duty Free, a South Korean duty-free operator, said Monday that it will open its second airport outlet in Vietnam’s southeastern city of Nha Trang.The company secured exclusive rights to run the store until 2028 at Cam Ranh International Airport’s new terminal, according to officials. (Yonhap)Starting business in early 2018, in line with the completion of the new terminal, Lotte Duty Free expects to log some 700 billion won ($644 million) of sales through the 10 years of operation. Earlier

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