The Korea Herald

Hanwha accelerates entry into Japanese solar power market

Hanwha Group, the nation’s 10th-largest conglomerate by assets, is to step up its penetration into the growing Japanese solar power market by establishing its second sales office in Osaka within the month, the company said on Thursday. The group’s first Japanese sales office opened in Fukuoka in 2012.In August last year, Hanwha Group signed a deal with Japanese trading firm Marubeni to supply solar modules by 2016 that generate about 500 megawatts.“The group will also set up the first after-sale

Industry June 13, 2013

GS E&C appoints new CEO amid business slump

GS Engineering & Construction, the nation’s fourth-largest builder in terms of capacity, named chief financial official Lim Byung-yong as its new CEO, replacing current CEO Huh Myung-soo, as part of efforts to bring change and innovation to the organization, the company said in a press release. “The decision was made at the latest board meeting on June 12 and three business divisions, led by each division head, will be merged and put under the direct control of chairman Huh Chang-soo,” the compa

Industry June 13, 2013

GS E&C appoints new CEO amid business slump

Bae named representative of FAO office in Vietnam

Bae Jong-ha, former president of the Korea National College of Agriculture and Fisheries, was named as representative of the Vietnam office of the Food and Agriculture Organization of the United Nations, according to the Ministry of Agriculture, Food and Rural Affairs. “Bae will be responsible for coordinating the FAO’s support programs to develop the agricultural sector in Vietnam,” a ministry official said. Bae, 56, had served the Agriculture Ministry between 1979 and 2009 before he moved to t

June 13, 2013

Bae named representative of FAO office in Vietnam

Human error behind 20 percent of Korea’s nuke plant malfunctions

Human error is one of the main causes of malfunctions at nuclear power plants in Korea, a survey showed on Tuesday. According to the state-run Korea Institute of Nuclear Safety, 672 breakdowns or accidents at nuclear plants were reported over the past 36 years between 1978 and April 2013, and 18.3 percent of them were caused by human error. The latest breakdowns of two nuclear reactors, caused by the use of substandard parts, were not reflected in the data.“Twenty percent of breakdowns occurred

June 4, 2013

Hyundai E&C targets $11b overseas orders in 2013

Hyundai Engineering & Construction, the nation’s top builder, has set the goal of winning overseas order contracts worth more than $11 billion in 2013, the company said in a press release. If the goal is achieved as planned, the proportion of the builder’s total sales made overseas will rise to 75 percent from 65 percent last year. In 2012, the company’s overseas orders reached a record high of $10.5 billion. The continued growth in the overseas construction market resulted from the company’s co

Industry June 4, 2013

Hyundai E&C targets $11b overseas orders in 2013

Thailand’s mega water project adrift: sources

Doubts about whether Thailand’s $12 billion water-related project will proceed as planned are rising among Korean builders.The Thai government is scheduled to select preferred bidders for the nine project modules on Tuesday, but Korean participating firms believe that the announcement will be delayed without a fixed deadline due to differences over price. “We expect the announcement to be made around June 11, but we haven’t received any official notice from the Thai government on the adjusted ti

June 3, 2013

[Power Korea] Stable water supply: Lifeblood of economic growth

Water is one of the essential resources for the economic growth of a country. It contributes to food production, industry supply and the health and welfare of the people.This is why Korea has continuously invested in water-related infrastructure, including multipurpose dams and water treatment systems, since the beginning stages of the nation’s economic development in the 1960s. Water resource development history in Korea The primary objective of the development of water resources, therefore, i

June 3, 2013

[Power Korea] Stable water supply: Lifeblood of economic growth

Infrastructure budget cut a blow to builders

The government’s decision to cut its budget for infrastructure construction by 11.6 trillion won ($10.3 billion) for the next four years is prompting concerns that it would aggravate financial woes facing some builders and their creditor banks.Under the plan, the budget for road construction projects will drop the most, with a 4.5 trillion won ($4.billion) reduction, followed by railroads with a 4 trillion won ($3.6 billion) cut. The cuts for infrastructure make up about 13.8 percent of the over

May 31, 2013

Korean food authorities strengthen inspection on U.S. wheat imports

The Ministry of Agriculture, Food and Rural Affairs said Friday it has intensified inspections and quarantines on U.S. wheat as some genetically modified wheat was recently found at a farm in Oregon. U.S. authorities said the genetically engineered wheat found in Oregon was of the type developed by Monsanto to be resistant to the herbicide Roundup. It added that the wheat was not harmful to public health, but was not approved for commercial use. “We are investigating into not only U.S. wheat imp

May 31, 2013

Public offices required to slash electricity use by 20 percent

The government decided to reduce the electricity consumption of its offices and public organizations during peak hours by at least 20 percent.It also plans to control the use of electric power by such heavy consumers as conglomerates which use more than 5,000 kilowatts.The Ministry of Trade, Industry and Energy announced these and others measures to reduce electricity consumption in the summer amid rising concerns of a power outage in the wake of the recent shutdown of two more nuclear reactors.

Industry May 31, 2013

Peak-time energy users may face higher electricity costs

Conglomerates that use huge amounts of electricity to manufacture goods are likely to see a threefold rise in their electricity bills for some periods this summer.The Ministry of Trade, Industry and Energy is considering the expansion of its “critical peak pricing” program to big companies in a bid to manage power demand. The program already covers small companies and households.Under the CPP program, applicants will be charged higher electricity tariffs during peak hours (usually 3 to 5 p.m.) o

Industry May 30, 2013

Peak-time energy users may face higher electricity costs

Looming power shortage issue forces way onto national agenda

The power shortage issue, triggered by the suspension of two nuclear reactors Tuesday due to the use of substandard components, is turning into a key national agenda as the country is expected to face the worst-ever summer electricity shortage this year.The sudden shutdown of the Shin-Kori Reactor 2 in Busan and Shin-Wolsong Reactor 1 in North Gyeongsang Province brings the number of nuclear reactors out of action to 11, which raises a severe power shortage issue. Korea currently runs 23 reactor

Industry May 29, 2013

Looming power shortage issue forces way onto national agenda

Korea starts construction of nuclear power plants in UAE

Korean builders started full-scale construction on nuclear power plant unit 2 in Barakah, United Arab Emirates, on Tuesday, the Ministry of Trade, Industry and Energy said. The construction is part of the nation’s first nuclear power plant export deal, which was sealed in 2009. Under the deal worth 21 trillion won ($19 billion), Korea will build four reactors in Barakah by 2020. Trade, Industry and Energy Minister Yoon Sang-jick and other VIPs from the UAE side, including Minister for Presidenti

May 28, 2013

Korea starts construction of nuclear power plants in UAE

Foreigner-only casinos thrive on Chinese influx

The nation’s 16 casinos exclusive to non-Koreans are enjoying a business boom, marking record-high sales reaching 1.3 trillion won ($1.2 billion) last year, according to the National Gambling Control Commission. Behind the growth of the casino business is the increased inflow of Chinese visitors. According to the Ministry of Culture, Sports and Tourism on Monday, the number of Chinese gamblers visiting Korean casinos surpassed that of Japanese high-rollers for the first time last year, making up

May 28, 2013

Foreigner-only casinos thrive on Chinese influx

K-sure, Eximbank to finance U.S. LNG project

The state-run Korea Trade Insurance Corp., known as K-sure, and Korea Export-Import Bank will offer $1.5 billion in loans to the “Sabine Pass” liquefied natural gas project in the U.S., K-sure said on Monday.The LNG project refers to the LNG-related facility expansion project at Sabine Pass in the state of Louisiana, which will allow the U.S. to export LNG for the first time in its history. The U.S. government has stepped up lifting a ban on LNG exports in line with the rising supply of natural

May 27, 2013

Articles by Seo Jee-yeon