ULSAN -- SK Energy, an affiliate of SK Innovation, is set to complete the construction of its vacuum residue desulfurization facility in January, in time for the implementation of tighter environmental regulations. In response to heightening environmental concerns and growing harmful emissions from ships, the International Maritime Organization has ruled that from January ships will have to use fuel with a maximum of 0.5 percent sulfur content, down from the current 3.5 percent.In line with the

S-Oil, headquartered in Seoul and wholly owned by Saudi Aramco, is unlikely to be affected by concerns about lower fuel prices and stricter environmental rules, according to analysts.The new International Maritime Organization rules -- IMO 2020 -- lowering the limit of sulfuric content in bunker fuel to 0.5 percent from 3.5 percent will come into force in January. Refiners have been very worried, with the benchmark Singapore complex gross refining margin -- reflecting Asian refiners’ avera

The European business community in Korea on Friday called for efforts to create a business-friendly climate for both Korean and foreign companies here, citing a growing number of criminal charges and regulations that hinder foreign investment.“Korean laws are very tough,” said Michael Reiterer, ambassador of the European Union to Korea, at an event held by the European Chamber of Commerce in Korea, claiming that stricter regulatory measures were being imposed on foreign companies. &l

South Korea’s exports are expected to rise 3.3 percent next year on the back of global economic recovery and rising memory chip prices, a local trade association said Thursday. The Korea International Trade Association said exports are forecast to stand at $561 billion in 2020 with imports of $522 billion, growing 3.3 percent and 3.2 percent on-year, respectively. This year’s exports are expected reach $543 billion while imports are estimated at $506 billion, down 10.2 percent and 5.

BUSAN -- Leaders of South Korea and ASEAN countries have joined hands to foster the growth of startups at an event held Tuesday on the sidelines of the ASEAN-ROK Commemorative Summit. Hosted by the Ministry of SMEs and Startups, the ASEAN-ROK Startup Summit took place in Busan to enhance cooperation among startups of Korea and ASEAN. The event was attended by representatives from 40 ASEAN startups participating in a Korean incubation program.President Moon Jae-in said in a speech, “Korea w

BUSAN -- South Korea’s popular business card app provider Drama & Company is seeking to make its mobile platform an “Asian version of LinkedIn” by deploying localized knowledge and sentiments. “Relatively, LinkedIn does not work as well in Asia as in the West. Asians are more reluctant to post their resumes in an open space,” said Drama & Company CEO Choi Jae-ho in a brief interview with The Korea Herald at the ASEAN-ROK Startup Summit held in Busan on Tuesd

SK 텔레콤의 박정호 사장은 25일 동남아의 문화 콘텐츠 투자 사업 중 하나로 타이 버전의 대장금을 구상 중 이라고 말했다. 대장금은 2003년과 2004년에 방영된 후 아시아 대륙을 휩쓴 한류 드라마다.금주 부산에서 개최되고 있는 한아세안특별정상회담 기간 문재인 대통령이 주최한 저녁 만찬 중 동남아 투자 사업의 확장에 대한 질문에 박정호 CEO는 “동남아에서 새로운 미디어, 콘텐츠, 게임과 같은 새로운 산업을 시작하는 것을 긍정적으로 생각한다”고 답했다.그는 특히 한류 드라마의 태국 현지화 가능성을 강조했다.그는 코리아 헤럴드에 “태국에는 훌륭한 음식이 많기 때문에 태국 버전의 ‘대장금’은 재미있고 의미 있을 것”이라고 답했다.만찬에 앞서 박정호 사장은 이날 한-아세안 문화혁신 회담에서 연설했다.이번 포럼에서 그는 투자와 기술 협력을 확대하고 프로덕션의 가능성을 키우며 서로의 재능을 키울 수 있는 아시아 콘텐츠 스튜디

BUSAN -- SK Telecom CEO Park Jung-ho said Monday he envisioned a Thai version of “Dae Jang Geum,” also known as “Jewel in the Palace,” a hit Korean drama that drew fans across Asia, as one idea for cultural content investment in Southeast Asia. When asked whether SKT planned to expand investment in Southeast Asia at a gala dinner hosted by President Moon Jae-in for ASEAN leaders on Monday evening, CEO Park said, “I think it would be entertaining to make new bus

Malaysian Prime Minister Mahathir bin Mohamad visited the production site of South Korea’s sole aircraft manufacturer Korea Aerospace Industries during his trip for the ASEAN-ROK Commemorative Summit in Busan, the company said Monday. He was briefed on the light attack aircraft FA-50, basic trainer KT-1 and Surion helicopter KUH-1.“We have come to trust KAI more after seeing the production facilities and hope to continue our partnership,” Mohamad said.  KAI pitched the lig

Renowned American businessman and financial commentator Jim Rogers, chairman of Rogers Holdings, said Monday that the Korean Peninsula will become very appealing in the next couple of decades, while the ASEAN region will also emerge as a hot market for investments. He was speaking at a business forum of the ASEAN-ROK CEO Summit under the theme of “Collaboration and Tasks toward ASEAN-ROK Co-prosperity.” “The opening up (and unification) of the Korean Peninsula will combine Nort

BUSAN -- South Korea and the 10 member states of ASEAN agreed to form a consultative body at the ministerial level for sustainable cooperation in the smart city sector at a meeting on the sidelines of the ASEAN-ROK Commemorative Summit, officials said Monday. The ASEAN-ROK Ministerial Meeting on Smart City took place Monday, hosted by the Ministry of Land, Infrastructure, and Transport and the Presidential Committee on New Southern Policy. It was attended by ASEAN Secretary-General Dato Lim Jock

South Korea aims to host the 2030 World Expo in Busan, boasting its advanced infrastructure, prominent tourist attractions and know-how in international events, officials said Friday. The World Expo, which takes place for six months every five years, is one of the world’s three largest events, including the Olympics and soccer’s World Cup. If Korea is successful in attracting a World Expo, the nation plans to host the international event in Busan’s North Port area from May to N

South Korea is building stronger ties with the young and fast-growing economies of Southeast Asia in hopes of creating opportunities and seeking a breakthrough in a world facing new challenges amid the “fourth industrial revolution.”The Association of Southeast Asian Nations is emerging as a new growth engine of global consumer markets and production bases with enormous potential. The world’s youngest and most dynamic economic community has a combined population of 650 million

South Korea’s antitrust watchdog is likely to press a charge against Mirae Asset Financial Group over allegations that the controlling family of the financial empire has been illegally benefitted from suspicious intra-trading deals, the authorities confirmed on Wednesday. Ending a two-year investigation, the Fair Trade Commission said it has recently sent a review report to the group, stating that Chairman Park Hyeon-joo and his family made financial gains through Mirae Asset Consulting, a

Escalating trade tension between South Korea and Japan shows no sign of abating as two rounds of bilateral talks to resolve disputes triggered by Japan’s export curbs could not reach common ground. On Tuesday, the two neighboring nations held the second round of talks at the World Trade Organization in Geneva after failing to reach a consensus at the first consultations on Oct. 11. “During two rounds of six-hour intensive consultations, the two nations became more aware of each other

Hyundai Heavy Industries Group has appointed Vice Chairman Kwon Oh-gap as the group’s new chairman, according to the firm on Tuesday. The new leader, who joined Hyundai Heavy in 1978, served as director of the firm’s London and Seoul branches and president of Hyundai Heavy Industries Sports. Kwon was the first president of the group’s refinery unit Hyundai Oilbank in 2010. He was recognized for his management ability by growing the company’s operating profit of 130 b

South Korea’s largest steelmaker said Tuesday it had demonstrated a welding solution jointly developed with its client Kiswel at North America’s largest metal-forming event. At Fabtech 2019 in Chicago last week, Posco and Kiswel promoted their welding materials and welding technologies suitable for high-strength steel for automobiles and construction as well as cryogenic steel for liquefied natural gas storage tanks and marine structures.  Fabtech is North America’s larges

South Korea’s antitrust watchdog is set to investigate unfair business practices by dominant tech firms -- both local and foreign -- through a new special task force team, according to officials Tuesday.The nation’s largest search engine firm Naver is likely to become the first target, they noted. Led by Fair Trade Commission Secretary-General Chae Kyu-ha, the 15-member team will examine separate categories -- online platforms, mobile services and intellectual property rights. The on

Amid growing trade tensions between the two neighboring nations, South Korea’s trade deficit with Japan is expected to hit the lowest level in 16 years, according to government data. In the January-October period this year, Korea’s trade deficit with Japan stood at $16.3 billion, down 20 percent on-year, the smallest deficit with the neighboring nation since 2003, according to the Industry Ministry. Korea’s exports to Japan amounted to $23 billion, down 6.5 percent from a year

The global trade paradigm is shifting with the multilateral trade system supported by the World Trade Organization about to be replaced by a new system involving overlapping trade deals of regions and sectors, according to a new report of the Korea International Trade Association on Sunday.“The multilateral trade system -- in which 164 countries follow a unified trade order through the WTO -- has steadily been weakening,” said Je Hyun-jung, a senior researcher at KITA. “If