Overseas sales of KT&G Corp.’s flagship Esse cigarettes have surpassed 100 billion units since its maiden export in 2001, Korea’s largest tobacco firm said Monday.The tally is greater than the country’s yearly cigarette consumption of 90 billion pieces, a company spokesperson noted. Exports reached 21 billion pieces last year alone. The 17-model ultra slim brand has been reigning as the top seller in the local market since 2003, boasting around a 25 percent stake. It is now sold in some 40 count

Korean Air said Monday it expects to earn 1.5 trillion won ($1.3 billion) in sales of wingtips and cargo doors by 2021 as the country’s flag carrier boosts its aircraft parts business to diversify its revenue structure. The country’s largest airline said it delivered on Sunday the first set of its fuel-saving wingtip components, codenamed “Sharklets,” for Airbus S.A.S.’ A320 jets. The L-shaped parts, which will replace the current wingtip fence, will help enhance the aircraft’s payload range and

The government is ratcheting up efforts to shore up cash-strapped small- and mid-size builders by bankrolling their overseas expansion. The Ministry of Land, Transport and Maritime Affairs said Sunday it will provide 3.01 billion won ($2.66 million) for new construction projects this year, up more than 38 percent from 2011. It plans to frontload 2.84 billion won, or 94.4 percent, in the first half to sponsor 76 programs. Sixty small and midsize companies will receive at total of 2.44 billion won

GS Group chairman Huh Chang-soo on Friday stressed smart grids as key to the future growth and climate efforts of Korea’s fifth-largest industrial group.Huh called on company officials to develop new technologies and boost commercialization capabilities for the conglomerate’s signature energy business during his tour to smart grid test-bed facilities on Jeju Island.The nascent technology enables transferring electricity loads to off-peak hours via a two-way, real-time communication between power

Hyundai Heavy Industries is venturing into the lithium-ion battery market for electric cars, hoping to bask in the soaring demand for long-range, environmentally friendly next-generation vehicles.The world’s largest shipyard said it clinched an agreement Monday with Canadian auto parts maker Magna E-Car Systems to launch a $200 million joint venture. The Korean company would take a 40 percent stake and the Ontario-based firm the remainder. Magna E-Car is another partnership between Magna Interna

Budget carrier to run cheap flights between Incheon and OsakaKorea’s low-cost airlines are girding for fierce competition in the skies as Peach Aviation is racing to launch a new route to Seoul, seeking a slice of a budget travel boom in Asia’s fourth-largest economy. With the number of cost-conscious tourists surging, budget carriers are increasingly steering abroad in a bid to offset high jet oil prices and prop up their balance sheets. Osaka-based Peach is the latest in a string of no-frills

Korean Air chief executive Cho Yang-ho has been named “Asian business leader” for 2012 by Asia Society Southern California, the country’s largest carrier said Thursday.The non-profit organization picked Cho, 63, for his contribution to the regional economy as chairman of Hanjin Group, the parent company of Korean Air, the company said in a statement.Hanjin owns and is currently redeveloping the historic Wilshire Grand Hotel in downtown Los Angeles into a tower complex. The conglomerate has also

Korea’s hospitals and medical equipment producers joined forces on Wednesday to help the local health care industry, which faces increased competition from overseas following free trade pacts.The Ministry of Knowledge Economy brought together chiefs of the country’s eight major hospitals and executives from eight medical device manufacturers including Samsung Medison and LG Electronics.The gathering was aimed at scaling up the use of Korean-made products in hospitals here, inciting private inves

Revenue losses from illegal software reproduction sharply fell last year on the back of the government’s sweeping drive against online piracy, a report said Wednesday.Losses from software piracy totaled 214 billion won ($188 million) last year, down more than 29 percent from a year ago, according to the Korea Software Property-Right Council.“The results reflect anti-piracy laws and the government and authorities’ ongoing drive to clean up software counterfeiting,” said Kim Eun-hyun, chairman of

Leaders’ summit, industry forum seen as a good chance to improve image, products overseasKorean companies in sectors from auto and retail to telecom and electronics waged promotion campaigns on Tuesday to cash in on the Nuclear Security Summit and other sideline events taking place in Seoul. The largest-ever diplomatic event here offers major opportunities to boost their image and market products overseas, the companies say, with nearly 10,000 public officials, business people and journalists co

The Korea Gas Corp. has detected another deposit of natural gas off the coast of Mozambique with a potential supply sufficient for the country’s needs for eight months, the government said Monday. The reserve was found at one of four wells in an offshore block in northern Mozambique waters and predicted to possess 10 trillion cubic feet of gas, according to the Ministry of Knowledge Economy. Eni S.p.A. of Italy holds a 70 percent stake in the project. KOGAS, Portugal’s Galp Energia and Mozambiqu

Spurred by its robust drive to export nuclear plant technology, Korea will be rolling out a next-generation reactor that is safer, better performing, built faster and more cost-effective next year, the industry’s top expert said. The new model, named APR+, is a brainchild of the government’s “Nu-Tech 2015” package initiated in 2006, aiming to secure technological independence and shake off any lingering barriers to exports by the end of 2015. Succeeding the APR1400 currently in operation, the AP

Daewoo International Corp., a Korean trading house, said Sunday it had launched a volunteer corps to support the education of underprivileged children as part of its social contribution efforts.Its employees will provide free English classes at children centers in Seoul and the metropolitan area and host other educational events every month, the company said.In a separate program, Daewoo said it also created a youth volunteer group consisting of the children of its employees. Its 26 members plan

World’s sixth reactor exporter seeks to expand foray into global markets after UAE dealSince a watershed deal with the United Arab Emirates in 2009, Korea has been ratcheting up its ambitions to promote its know-how in nuclear plant construction overseas. The $20 billion contract has since bolstered Korea’s confidence in its newly defined foray into the high-entry-barrier market, making it the sixth member of the league of reactor exporters following the U.S., France, Russia, Canada and Japan. E

S-Oil Corp. has picked Saudi Aramco’s former global refining coordinator Nasser Al-Mahasher as its new chief executive, Korea’s third-largest refiner said in a regulatory filing. The announcement came after meetings of the Seoul-based company’s shareholders and board of directors on Friday. Aramco, the Middle Eastern country’s state-run oil group, is the largest stakeholder of S-Oil. Al-Mahasher will take office immediately, succeeding Ahmed A. Subaey, who will return to the Dhahran headquarters

Electric equipment maker expands R&D spending, ventures into green technologiesFrom electronics to steel to shipbuilding, Korean companies have been ramping up efforts in crafting innovative products and spearheading new technologies to stay ahead of ever-fierce competition at home and abroad.With a surging number of homegrown firms going global, they are striving to diversify business portfolios and customer bases to reinforce revenue streams in the face of economic uncertainties stemming from

Government seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium in the basins of the Han, Geum, Yeongsan and Nakdong

Rivers refurbishment points to ‘green growth’ successGovernment seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium

Kim Jong-shin is president and chief executive of Korea Hydro & Nuclear Power Co. since 2007. His second term began in 2010. Born in 1945 in Masan, South Gyeongsang Province, Kim began his career at Korea Electric Power Corp. in 1972 as an engineer with a specialty in nuclear power technology. He held several posts at the state-run enterprise and headed the Korea Western Power between 2004 and 2007.In 2008, he received the Legion of Honor from the French government for his commitment to the nucl

Anti-nuclear sentiment grows while government pushes for more reactors, bolsters safetyA string of breakdowns, aging reactors and aftereffects of the Fukushima meltdown have come together to trigger the biggest crisis in Korea’s nuclear industry since its birth.With a parliamentary election less than three weeks away, some opposition candidates are joining forces to call for the scrapping of atomic energy plants. The intensifying political onslaught, emboldened by safety jitters among the public