Knowledge Ministry reveals road map for developing eco-friendly energy resourcesThe Ministry of Knowledge Economy on Tuesday revealed a roadmap for developing eco-friendly energy resources aiming to create 1.5 million jobs and cut carbon dioxide emissions by 210 million metric tons by 2030.The roadmap also lays out plans to create a 94 trillion won ($87 billion) domestic market and exports of 328

Industry June 7, 2011

Sales of locally made three-dimensional liquid crystal displays surged 104 percent in the first quarter compared to the last three months of 2010, mainly fueled by a rise in global demand, an industry report showed Monday.According to the report by market research firm DisplaySearch, Korean-made 3-D LCD shipments reached 1.90 million units in the three-month period. It said the size of the market

Industry June 6, 2011

POSCO will begin work on its first magnesium smelting plant on Friday.The plant, to be located within an industrial complex in Gangneung, Gangwon Province, is scheduled for completion in June 2012. Once complete, the plant will be capable of producing 10,000 metric tons of magnesium ingots on an annual basis, reducing imports by an estimated 35 billion won ($32 million) each year.According to indu

Industry June 6, 2011

The Ministry of Land, Transport and Maritime Affairs announced Thursday that Volvo Cars Korea is recalling the S60 and XC90.The recall applies to 182 S60 vehicles produced between June 22, 2010 and May 18, 2011 that have faulty fuel pump controlling software that could cause the engine to be switched off while driving.Further six S60 vehicles produced between Jan. 20, 2010 and Jan. 28, 2011 found

Industry June 2, 2011

SK Group announced Wednesday that it will increase the fund established to support small and medium-sized enterprises by 80 billion won ($74 million) to 230 billion won.The additional funds were raised by SK Telecom, SK Global Chemical Co. and a financial institution. The SK Group subsidiaries put together 32 billion won, the conglomerate said. The fund was established in 2009 with 120 billion won

Industry June 1, 2011

Hyundai Heavy Industries Co.’s first quarter revenues jumped 70.1 percent from a year ago buoyed by rising ship and construction equipment sales, the company said Monday.According to the regulatory filing, Hyundai Heavy posted first quarter sales of 12.7 trillion won ($11.8 billion), up 70.1 percent from the same period last year.The company’s operating profits for the period came in at about 1.71

Industry May 31, 2011

The China-based real estate developer Baitong Group will invest $70 million in a resort complex development project on the South Korean island of Jeju.According to the Ministry of Knowledge Economy, Baitong Group plans to build condominiums on the southern island that will be sold to Chinese consumers. The Chinese company’s intentions were confirmed at an event held on the sidelines of a conferenc

May 31, 2011

North Korean hackers have apparently sent spam e-mail messages to South Korean military officers, carrying viruses and malicious computer code, military officials here said Monday.According to an official, senders who claim to be graduates of the Korea Military Academy in Seoul have written to about 60 current South Koran officers who graduated from the academy. Messages mostly included a benign g

Defense May 30, 2011

S-Oil Corp., the country’s third largest refiner, announced Monday that it will acquire a third of Hankook Silicon Co.’s stakes as part of its drive to expand into the renewable energy business.S-Oil said that the deal, which will see the refiner gain 33.4 percent of Hankook Silicon for 265 billion won ($245 million), will be finalized next month.The company said the decision to buy into the compa

Industry May 30, 2011

STX Offshore and Shipbuilding Co. announced Monday that it has won a $150 million contract from a Greek shipping company.The Changwon, South Gyeongsang-based shipbuilder said that the contract for four petroleum product carriers was signed with the Greek shipping firm Thenamaris Ships Management Inc. on Friday.The shipbuilder said that the first of the four vessels will be delivered to Thenamaris

Industry May 30, 2011