Solar technology firms are expected to record improved sales this year, as global sales of solar modules are estimated to increase about 20 percent, according to recent market data.With improved market demands for solar panels, revenue for the solar photovoltaic module industry is forecast to hover at $38 billion in 2015, a 20 percent increase from a year earlier, according to market research firm HIS.The industry’s collective profits are estimated to more than double to $5 billion this year, in

Starting July, all newly-manufactured fuel dispensers in South Korea will be equipped with the world’s first IT module that monitors fuel flow in real-time via the Internet, as part of the government’s latest efforts to prevent gas stations from deceiving customers.Developed by the inspection research agency Korea Testing Certification, the security module, to be attached inside the meter, includes a specially-designed MicroSD card that compares the amount of fuel flowing out the dispenser with

The Korean-German Chamber of Commerce and Industry has published a report detailing diverse social contribution programs led by 11 German companies in Korea, including Stuttgart Sports Cars Ltd., BASF, BMW Group, Mercedes-Benz and Bayer Korea.The KGCCI’s CSR Report describes diverse programs run by 11 German firms to fulfill their corporate social responsibility, or CSR, which refers to a company’s voluntary efforts to engage with and give back to the community.KGCCI decided to compile the repor

South Korea’s major TV shopping companies are refusing to provide unconditional refunds for a popular traditional herb product found to contain an illegal substance, sparking an uproar from customers seeking compensation. Last week, the Ministry of Food and Drug Safety announced that Korean biotech firm Natural Endotech ― which specializes in making health products using a medicinal herb called Cynanchum wilfordii or “Baeksuho” in Korean ― used a cheaper, toxic ingredient, Cynanchum auriculatum

South Korean textile and chemical company Kolon Industries is expected to see profits rise this year thanks to its legal settlement with global giant DuPont last week over the alleged theft of company trade secrets, analysts in Seoul said Monday.Kolon’s yearly operating profits are likely to rise by 53.4 percent to reach some 258.9 billion won ($239 million) this year due to improved business conditions, according to Meritz Securities.Last Thursday, Kolon pleaded guilty to the charge of conspiri

U.S. Ambassador Mark Lippert has dismissed concerns that South Korea’s improved ties with China could alter the U.S.-Korea alliance, welcoming Seoul and Beijing’s closer economic cooperation.“The U.S. welcomes a better relationship between Beijing and Seoul,” Lippert said at the American Chamber of Commerce in Korea’s general membership meeting in Seoul on Thursday.South Korea has recently expanded ties with China by signing a bilateral free trade agreement and joining the China-led Asia Infrast

The Korea Chamber of Commerce and Industry began accepting applications for the second Korea Corporate Photography Contest on Thursday, the biggest photography contest in the country, under the theme of “Corporations, Life and People.”Anyone in and outside of Korea can submit a photograph from May 1 to Sept. 30. The only requirement is that the photographs must be related to corporations in some way. Participants can submit as many entries as they want via online registration. It costs 1,000 won

Amway Korea, the Korean unit of the leading U.S.-based direct-sales company Amway, is recruiting undergraduate and graduate university students for its fifth Amway Korea Global Internship Program. The hiring process includes an initial application screening and a subsequent evaluation that includes a group debate and an interview conducted in both English and Korean.Those selected will work as Amway Korea interns for eight weeks from June 22 to Aug. 14. Each intern will be assigned to a departme

Global home furnishing giant Ikea said it will sign an memorandum of understanding with the Gangdong-gu district office in southeastern Seoul on Thursday to cooperate in overseeing the construction of a new Ikea store inside the Godeok Commercial Multicomplex scheduled to open in 2017.Ikea Korea’s country retail manager Andre Schmidtgall and Gangdong-gu chief Lee Hae-sik will establish a mutual partnership to ensure the smooth establishment of the Ikea Gangdong store ― one of four new Ikea store

GS Caltex has been organizing art therapy for children, a center for the elderly, scholarship funds for low-income students and other social contribution programs in South Korea. Since 2013, the nation’s second-largest oil refiner has been running the Maeum Toktok program, which provides psychological therapy through art, acting and dancing to children who have suffered from domestic and school violence. So far, more than 4,300 children have received the treatment. Starting this year, GS Caltex

New road for Saudi oil minister Saudi Aramco board members including president and CEO Khalid A. Al-Falih (far right) and S-Oil CEO Nasser Al-Mahasher (left) attend an unveiling ceremony for the new 1.3 km-long “A. I. Naimi Road” named after Saudi Oil Minister Ali Al-Naimi (second from left) at S-Oil’s Onsan Refinery in Ulsan, last week. Aramco, Saudi Arabia’s state-run oil firm, is the majority shareholder of S-Oil.

South Korea’s leading tech giants are set for fierce competition in the global smartphone sector, as LG Electronics is set to unveil its new flagship smartphone the G4 in six global markets on Wednesday, just weeks after Samsung released the Galaxy S6 and S6 Edge.Both Samsung and LG have been pinning high hopes on their latest smartphone models, each equipped with unique cutting-edge features and all-new designs.The upcoming LG G4 is expected to be equipped with the industry’s most advanced tech

Audi Korea is stepping up efforts to expand customer service by pledging to enhance its repair services and increase the number of customer service centers nationwide by the end of 2015.The German automaker said it is scheduled to open 15 additional customer service centers this year, operating 40 centers in the country to better address local customer needs. It will also expand the number of repair stations at the center by 55.8 percent, establishing a total of 469 repair stations this year. Th

South Korean cosmetics brand AmorePacific and the Korea Breast Cancer Foundation kicked off the Busan leg of this year’s Pink Ribbon Love Marathon on Sunday. The annual event aims to spread awareness about breast cancer ― the most common form of cancer in women ― and raise funds for low-income breast cancer patients. Over 5,000 men and women gathered at the Busan Yachting Range to take part in the race, which is celebrating its 15th anniversary this year. The Sunday event featured various sponso

South Korea’s largest social commerce giant Coupang is intensifying its legal battle with WeMakePrice, demanding 10.3 billion won ($9.54 million) in compensation from the rival firm for its negative advertising, industry sources said Friday.The amount is about 100 times higher than the 100 million won the e-commerce firm demanded in the case’s initial filing in 2014.“Coupang took this legal action in hopes of preventing unfair competition in the future and sending a warning to those who choose t

As the international community prepares to celebrate the 2015 World Intellectual Property Day on Sunday, South Korean lawmakers, intellectuals and high-level officials on Thursday vowed to step up efforts to strengthen IP protection by declaring the nation’s own inaugural Intellectual Property Day.The World Intellectual Property Association of Korean Practitioners, launched by the Science Ministry in 2013, held a ceremony at the National Assembly to establish this new day, which aims to promote

Board members of Saudi Aramco, the world’s largest crude oil exporter, visited Hyundai Heavy Industries’ headquarters and S-Oil’s refinery construction site, in Ulsan on Tuesday, according to reports.The delegation, including Saudi Arabia’s Oil Minister Ali Al-Naimi, Aramco CEO Khalid Al-Falih and nine other members of the board, arrived in Korea on Monday.During their trip to the world’s largest shipbuilder, they examined its offshore plant construction facilities, an engine factory and an area

Doosan Heavy Industries & Construction chairman Park Yong-sung said Tuesday that he would resign from all posts amid controversy over his use of profanity against university professors.His posts include the chairmanship of the board of Chung-Ang University in Seoul and honorary president of the Korean Olympic Committee.Park’s resignation came after he came under fire for threatening university professors who opposed forthcoming school restructuring measures.“Though I have been making various eff

At a U.S. major league baseball game Friday at Safeco Field, home to the Seattle Mariners, the CEO of a Korean wireless communications and LED firm threw the ceremonial opening pitch.Kim Duk-yong, the CEO of KMW, landed the rare pitching opportunity as the Korean firm recently took charge of Safeco Field’s revamp ― replacing metal halide lights with LED lighting throughout the stadium.  KMW CEO Kim Duk-yong (center) poses at Safeco Field in Seattle.Safeco Field is now officially the first U.S. m