Retail prices of premium gasoline in Korea hit their highest levels ever on Feb. 14, driven by rising tensions in the Middle East, government data showed Thursday.Premium unleaded petrol was sold at an average 2,216.15 won ($1.96) per liter at pumps nationwide, according to Opinet, a website of real-time gas price comparisons run by the state-run Korean National Oil Corp.That is up almost 8.6 percent from a year ago and 2.6 won more expensive than the previous high of 2,213.55 won on Oct. 23, 20

Daily output expected to reach 3,200 tons of natural gas off East AfricaThe Korea Gas Corp. has found an additional reserve of natural gas in waters off Mozambique with a potential quantity enough to supply Koreans for six months, the government said Wednesday. The state-run energy firm, together with co-developers, detected another pool with up to 7.5 trillion cubic feet of natural gas from the East African offshore block, the Ministry of Knowledge Economy said. The latest discovery thus raised

LS Cable & System Ltd., Korea’s leading maker of electrical wiring, said Wednesday it has set up 17 electric car-charging stations across the country for state-run agencies and municipalities.The facilities feature high-speed direct current chargers that can charge Hyundai Motor’s BlueOn for 140 km in 30 minutes. The BlueOn is Korea’s first midsize electric vehicle, the company said in a statement. The 17 locations include the Seoul Central Post Office, the Ministry of Defense, city governments

Korea’s two leading shipbuilders are upping the ante for natural gas carriers with new orders as they scramble for a bigger slice in the lucrative market amid a looming industry slowdown.Hyundai Heavy Industries said Tuesday it has won orders worth $1.1 billion in total to build four liquefied natural gas carriers and an LNG storage vessel along with its affiliates from Europe.The shipbuilder said it has clinched a deal for one LNG floating storage and regasification unit with Norway’s Hoegh. It

Incheon International Airport Corp. won the world’s best airport title from the Airports Council International for a seventh straight year in 2011.The airport, Korea’s main gateway, said Tuesday it has been ranked top in the non-profit association’s annual airport service quality report, followed by Singapore and Beijing. Gimpo International Airport also secured the No.1 spot in the mid-size airport category with annual passengers between 15 million and 25 million. “The award has an invaluable s

Korean Air and the Korea Aerospace Research Institute plan to develop the world’s first small-scale unmanned tiltrotor aircraft by 2013, the two companies announced Monday.The envisioned aircraft, dubbed “TR-6X,” will be about 60 percent the size of the first unmanned aerial vehicle unveiled in November by the state-run aerospace think tank, which flies like a plane but tilts its rotors to take off and land vertically like a helicopter. The government pumped 87.2 billion won ($77.7 million) into

Asiana Airlines, Korea’s second-largest carrier, said it won Air Transport World’s “Ad of the Year” award Monday.The renowned U.S. trade magazine, published by Penton Media Inc., also granted Asiana the Gold Award in the corporate category for a second consecutive year. Some 1,400 industry experts assessed all commercials printed in the magazine throughout last year to select the best advertiser. The media group also gives the Gold and Silver Awards based on a poll of subscribers by Signet Resea

Nearly 1,000 companies from 30 countries will showcase their latest medical equipment and health care technologies at a trade show in Seoul starting Thursday.The Korea International Medical Hospital Equipment Show 2012 is the country’s largest exhibition for the burgeoning industry, co-hosted by Korea E & EX, the Korea Medical Devices Industrial Cooperative Association and the Korea Medical Devices Industry Association at COEX in southern Seoul.During the four-day event, about 60,000 local profe

Korea’s major retailers are stepping up their forays into online marketplaces as they seek a fresh growth driver in the face of tightening regulations and stiff competition on their home turf. Lotte Shopping, Shinsegae Group, Homeplus and GS Retail are bolstering their Web and mobile businesses by opening virtual stores and improving services such as in-store pickup options and faster deliveries. The e-commerce market, dominated by a host of online vendors such as Auction, Gmarket and 11st, is e

More than 300 representatives from 101 countries and nine multinational organizations gathered on Wednesday in Seoul to ensure smooth preparations for the 2012 Yeosu Expo three months ahead of its opening. Under the theme “Living Ocean and Coast,” the participant countries and organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event will focus on oceans and their potent

KT&G Corp., Korea’s tobacco giant, said Wednesday it planned to freeze its cigarette prices for the time being, citing persistent inflationary pressures.The Seoul-based company has recently been faced with a dilemma as to whether it should follow the lead of its smaller rivals, which relayed price hikes since last year to cope with surging raw material and labor costs. Philip Morris International Korea is set to increase its cigarette prices by 6.8 percent on average starting Friday. Its flagshi

SaKong Il, chairman of the Korea International Trade Association, will not seek a second term despite his upbeat reappointment prospects, the state-run trade body said Tuesday. SaKong, 73, has been overseeing the association’s operations, including supporting small- and mid-size firms and improving the domestic business environment over the past three years. His term is to expire Feb. 22. “I wish to contribute to the development of the national economy and trade industry as a Korean citizen with

Lotte, Shinsegae and Homeplus bid for smaller grocery chains and Hi-Mart, while small shops, traditional markets sufferAfter two years of dormancy, Korea’s major retailers are charging into the supermarket business again, prompting concerns about further damage to small vendors and traditional marketplaces that are already struggling to keep afloat. Lotte, Shinsegae and Homeplus have been looking to set up chains of so-called super-supermarkets ― shops smaller than discount outlets and larger th

By Shin Hyon-heeBritish American Tobacco Korea plans to introduce a stronger version of its Lucky Strike cigarettes to boost the nascent brand’s presence in the market, the local unit of the multinational group said Monday.The latest product, Lucky Strike Original Filters, will provide a richer and bolder taste than the previous version, and features cork-tipped filters with modern, black packaging, the company said.A pack contains 8 milligrams of tar and will be sold for 2,500 won ($2.20) start

FTC last year slapped fines on Korean units of Sanofi-Aventis and JanssenDrug makers in Korea have offered nearly 100 billion won ($89.4 million) in rebates between 2006 and 2010, a report showed Sunday, pointing to a rampant illicit practice that has long dragged on one of Asia’s fastest growing pharmaceutical markets. Last year, 17 local and multinational firms were fined 14.3 billion for having offered cash, gift cards, lavish entertainment and other kickbacks to nearly 8,700 hospitals, docto

GS Group chairman Huh Chang-soo on Friday called on new executives to take the initiative in self-development, innovation and the fulfillment of social responsibility.He stressed the growing role of top managers in coping with ever-intensifying competition and economic uncertainties at home and abroad. “It is surely not easy for us to predict the future and preempt hurdles but what shapes our competitiveness is how fast and aptly we can cope with the change,” Huh said in a meeting with new group

POSCO shares staged a brisk rise on Thursday after its executives bought stock en masse to display their confidence and help stabilize the market. The world’s fourth-largest steelmaker said its 73 executives led by chief executive Chung Joon-yang purchased a total of 4,351 shares, worth more than 1.82 billion won ($1.6 million). Chung, who was recently elected to a second term, and president Choi Jong-tae each added 100 to their existing 1,614 and 1,786 shares. Another 70 officials acquired betw

Philip Morris International Korea’s recent plan to raise its cigarette prices is fueling concerns over inflation as rumors swirl that its bigger rival KT&G will soon follow suit. The Korean unit of the U.S. tobacco giant is to slap an unexpected price increase averaging 6.8 percent starting Feb. 10 to offset rising raw material and labor costs.The hike, the first in seven years, will send the prices of Marlboro, Parliament and Lark to 2,700 won ($2.4) a pack from the current 2,500 won. Virginia

LG Electronics said Wednesday that it will set a 35-million-unit smartphone sales target this year, with plans for smartphones to grow to 70 percent of its handset portfolio.In an earnings briefing at its headquarters in Yeouido, its chief financial officer Jung Do-hyun said the company will produce less feature phones and focus on the premium smartphone lineup, especially smartphones that run on the fourth generation Long Term Evolution network.“We will not make feature phones if profits aren’t

 GlaxoSmithKline Korea Ltd. said Wednesday that Korea’s drug agency has extended approval for its hot-selling pneumococcal vaccine to be used in babies born premature at 27 to 28 weeks and children up to 5 years old.The expanded approval makes Synflorix the first pneumococcal conjugate vaccine with posology for premature babies in Korea, the local unit of the U.K.-based corporation said. The vaccine was first cleared by the Korea Food & Drug Administration in 2010 for the prevention of invasive