SK Engineering bags 140 bln won subway order from Singapore

   SK Engineering & Construction Co., a South Korean builder, said Monday that it has clinched a 140 billion won ($128.9 million) contract to build a subway section in downtown Singapore.    Under the deal with Singapore's Land Transport Authority, SK Engineering will build a 1.1-kilometer section of the 21-kilometer subway system by late 2016, the company said.    The builder said it will start w

IndustryApril 4, 2011

Taekwang fined for irregular support for affiliate

The Fair Trade Commission said Sunday it fined nine Taekwang Group companies 4.6 billion won ($4.23 million) for illegally supporting one of its affiliates. The watchdog referred three of them to the prosecution for investigation. It is the first punishment of conglomerates since the FTC pledged last week to toughen its crackdown on irregular inter-affiliate transactions which conglomerates have o

April 3, 2011

Korea Herald debuts news app for iPhone

Korea’s leading English daily integrates English news and education for the first time in the nation with its news app for Apple’s iPhone users. The Korea Herald news app is the fastest way to get updated with real-time news and the smartest way to enhance one’s English level. It features useful, substantial English education contents in the e-study section. It provides short video lectures, audio

TechnologyApril 3, 2011

BOK challenges FSS over probe right

Dispute resurfaces over the central bank’s supervisory authority A fresh dispute is brewing over the mandate of financial supervision as the Bank of Korea is stepping up its demand for the right to inquire into financial institutions independently.The primary authority to investigate banks, securities, insurance and other financial companies currently belongs to the Financial Supervisory Service.

April 3, 2011

Glam Media launches...Korean service

Global digital media firm Glam Media launched a website in Korean last week.As a network of sites targeting women, the website offers information ranging from beauty, fashion, style, celebrity and lifestyle, enabling its visitors to access a variety of information in a single visit.It also partnered with well-known global magazines such as Marie Claire and Luxury to provide content most frequently

IndustryApril 3, 2011

KT expands ‘smart working’ environment

KT Corp., the country’s biggest fixed-line service operator, said Sunday that 20,000 of its workforce will take part in the company’s “smart working” program starting this month.The company said it will encourage more people to participate in the flexible working system as it brought positive outcomes such as an increase in productivity in a group that has tested the system since last September.Ea

IndustryApril 3, 2011

Debt woes weigh on Korean economy

Debts owed by the government, individuals and companies in Korea reached a record high last year, data showed on Sunday, raising concerns that the high level of debts could derail the economy off the recovery track.According to data compiled by the Bank of Korea, their interest-bearing debts reached 2,586 trillion won ($2.37 trillion) at the end of last year, up 7.4 percent from 2,408 trillion won

April 3, 2011

Listed firms’ net jumps 73 percent in 2010

Korea’s listed companies saw their earnings surge 73 percent on-year in 2010 thanks to a recovery in domestic demand and robust exports, a report showed Sunday.The combined net profit of 573 firms listed on the main bourse came to 55.8 trillion won ($51 billion) last year, up from 32.2 trillion won the previous year, according to the report jointly compiled by the Korea Exchange and the Korea List

April 3, 2011

Stocks forecast to extend gains

Korean stocks are forecast to gather further momentum to set a new record high this week as the market brushes off global woes like Japan’s massive quake and Middle East political unrest, analysts said.The benchmark Korea Composite Stock Price Index ended this week 66.97 points, or 3.26 percent, higher to 2,121.01 on Friday from a week earlier, marking the highest closing ever for the local key in

April 3, 2011

Regulator sets April date for decision on Lone Star

Korea’s top financial regulator has said the watchdog will push to make a final decision this month over whether Lone Star Funds has the legal right to be the top shareholder of Korea Exchange Bank.Financial Services Commission Chairman Kim Seok-dong said in a meeting with reporters, “We are working to make a final decision on Lone Star’s eligibility in April.” The regulator is expected to deliber

April 3, 2011

Discount on Mercedes-Benz collection

Mercedes-Benz Korea is holding an online event offering 20 percent discount coupons to those who join the Mercedes-Benz Collection homepage to mark the German carmaker’s 125th anniversary. The Mercedes-Benz Collection consists of Mercedes-Benz memorabilia including clothing and accessories. The offer, available until April 20, is available to those joining the website for the first time. In additi

MobilityApril 3, 2011

Strong Q1 results seen for autos, refiners

Industry watchers predict earnings surprise for Kia, record profits for S-Oil, SK InnovationKorean carmakers and oil refineries are expected to report strong first-quarter performances this month on rising demand and favorable external conditions. The results for steel, electronics and construction sectors are likely to be disappointing, analysts say.Ahead of the April earnings season, market watc

IndustryApril 3, 2011