Samsung Heavy Industries Co., a major shipyard here, said Friday that it has launched the world's largest offshore plant after five years of construction.In June 2011, along with France's Technip, the shipyard clinched a $3.4 billion deal from Shell to build the floating LNG production facility, named Prelude FLNG. This photo, provided by Samsung Heavy Industries Co., shows the world's largest offshore platform ever built, the Prelude FLNG. (Yonhap)The floater, 488 meters long and 74 meters wide

Industry June 29, 2017

A business center that helps Korean content production companies advance in Japan opened in Tokyo Thursday.The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency ran the center's opening ceremony at the Korean Cultural Center inside the Korean Embassy in the city. The center is expected to assist Korean content businesses by providing them with meeting venues and various services for exhibition and promotion. It will, in particular, be used to introduce Korea's latest

Industry June 29, 2017

The police said Thursday that a woman was found dead behind a flower bed located in the parking lot of a church in Cheongju, North Chungcheong Province. The body of the woman in her 20s was found in a small enclosed concrete circular frame near the church at around 7 p.m. on Wednesday. The flower bed was a meter away from a pedestrian walkway and there were three security cameras at the location. However, no footage was available as the cameras turned out to be fake.(Yonhap)The police said that

Social Affairs June 29, 2017

A private think tank urged the government Wednesday to exempt taxes on income earned by South Korean multinationals abroad so they can easily repatriate funds that can fuel investment in the country."The core of the new US administration's tax reform revealed in April is centered on the country moving away from an extraterritorial or residence tax regime to that of a source base system so that dues are only levied on income incurred domestically," Lim Dong-won, a researcher at the Kore

Economy June 28, 2017

South Korean stocks slumped on Wednesday, retreating from the previous session's all-time high, as foreign investors remained net sellers. The Korean won declined against the US dollar. The benchmark Korea Composite Stock Price Index declined 9.39 points, or 0.39 percent, to close at 2,382.56. Trade volume was moderate at 340 million shares worth 5.79 trillion won ($5.06 billion). The local stock market opened lower with subdued sentiment after a key vote on US President Donald Trump's heal

Market June 28, 2017

South Korean electronics firm LG Electronics Inc. said Wednesday it plans to tap deeper into the global chiller market currently dominated by U.S. rivals.The South Korean tech giant said the chiller market could become a new growth engine for its air-conditioning business, claiming that its sales will grow 10 percent annually down the road. A worker stands in LG Electronics Inc.'s production facility of chillers, located in Pyeongtaek, south of Seoul, in this photo released by the company on Jun

Industry June 28, 2017

Samsung Electronics Co. on Wednesday showcased its own image sensor brand dubbed ISOCELL, tapping deeper into the sector amid the rising demand from the Internet of Things industry.The South Korean tech giant said it introduced the brand during the Mobile World Congress Shanghai. Image sensors refer to system chips which detect images and transmit them into electronic signals. (Yonhap)Market watchers said Samsung's move to launch the ISOCELL brand came amid the rising demand for the products fro

Industry June 28, 2017

South Korean shares traded lower late Wednesday morning as sentiment subdued after a key vote on US President Donald Trump's healthcare reform was delayed. The benchmark Korea Composite Stock Price Index fell 6.17 points, or 0.26 percent, to 2,385.78 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics falling 1.37 percent and global chipmaker SK hynix down 1.59 percent.Top automaker Hyundai Motor rose 0.31 percent, and its smaller affiliate Kia Motors traded

Market June 28, 2017

Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, traded sharply lower Wednesday after the government said it would halt the construction of two nuclear reactors for three months in order to gauge public opinion on the atomic power generation.Doosan Heavy stocks were trading at 20,600 won ($18) on the Seoul bourse as of 1:30 p.m., down 4.63 percent from the previous session's close and nearing their lowest level in one year. (Yonhap)On Tuesday, the government s

Industry June 28, 2017

South Korea's fifth-largest conglomerate Lotte Group said Wednesday it plans to create a consultative body to boost business efficiency for its retail affiliates.The retail giant said the group will be comprised of teams in charge of procurement, facility, design, public relations and new businesses at its 14 retail-related affiliates.Employees enter a Lotte Group office building in downtown Seoul on Aug. 26, 2016. (Yonhap)The plan is aimed at improving business efficiency and maintaining consis

Industry June 28, 2017

South Korea's chipmaking and petrochemical sectors are positioned to benefit the most from the ongoing global economic recovery, with the sectors' exports expected to remain bullish moving forward, a report showed on Wednesday.IBK Economic Research Institute, a research arm of Industrial Bank of Korea, said in the report that small and mid-sized firms in the sectors are poised to gain from the upward business cycle.The country's exports of computer chips reached $20.2 billion in the first quarte

Market June 28, 2017