The Korea Herald

Firms rankled by plan to hike business electricity rates

Debate over an additional increase in electricity rates for corporate users has been escalating since a high-ranking official from the Energy Ministry unveiled a policy guideline to advance the nation’s electricity pricing system early this week. The ministry has sought to raise the nation’s cheap electricity rates in an effort to curb soaring power demand.In a press meeting on Tuesday, Han Jin-hyun, a vice minister for trade and energy, said the ministry would announce a new electricity pricing

Industry Oct. 4, 2013

New market creation key to creative economy’s success

The Korea Herald is publishing a series of articles scrutinizing key aspects and sectors related to the creative economy promoted by the Park Geun-hye government. The series features interviews with top government officials and IT gurus, and strategies that embody the policy. The special articles were made in cooperation with the Ministry of Science, ICT and Future Planning and the Ministry of Trade, Industry and Energy. This is the eighth installment of the series. ― Ed.The nation’s Industry Mi

Industry Oct. 2, 2013

New market creation key to creative economy’s success

Executives face rising demand for digital mindset

The rapid pace of digital adoption by Korean consumers means businesses must move to meet them in the digital arena, tapping social media and using big data to strengthen their connections with their target audience.As a global leader in the production and consumption of high-tech products, Korea is among the fastest-growing information and communications technology markets worldwide, with its advanced infrastructure and consumers who are keen to adopt new technologies and products.Almost all Ko

Oct. 1, 2013

Executives face rising demand for digital mindset

Female rail expert named to head KORAIL

Choi Yeon-hye, 57, a former dean of the Korea National Railroad College, was named as new CEO of Korea Railroad Corp., or KORAIL, the state-run railway operator, according to the company. She will be KORAIL’s first female CEO. Choi is a well-known rail expert in Korea, with expertise on the project to connect the Trans-Siberian Railway with the Trans-Korean Railway, which has been discussed for more than a decade. The project has been backed by President Park Geun-hye. She expressed her hope for

Industry Oct. 1, 2013

Herald Corp. takes over Cheonbo Natural Food

Herald Corp. CEO Lee Young-man (right) and CBNF chief Choi Jung-hwi pose after signing an agreement on Herald’s takeover of the food company at Herald Corp.’s headquarters in central Seoul last week. (Ahn Hoon/The Korea Herald)Herald Corp., which publishes The Korea Herald, has taken over Cheonbo Natural Food, or CBNF, the No. 1 organic food provider in Korea, in an effort to enter the fast-growing premium whole food market. Herald officials said the company signed an agreement with CBNF on the

Industry Sept. 30, 2013

Herald Corp. takes over Cheonbo Natural Food

Cheonbo seeks to be top whole food brand

Herald Corp. chairman Jungwook Hong (right) and Cheonbo Natural Food CEO Choi Jung-hwi inspect organic rice at the food company’s factory in Chungju, North Chungcheong Province. (Park Hae-mook/The Korea Herald)CHUNGJU, North Chungcheong Province ― In terms of growth, exports and investment, the Korean agricultural industry has lagged behind other key industries such as digital devices, semiconductors, shipbuilding and automobiles.But Choi Jung-hwi, president of Cheonbo Natural Food, or CBNF, see

Industry Sept. 30, 2013

SK’s leadership vacuum hampers investment

SK Group, the nation’s third-largest conglomerate, is losing steam in its investment drive for future growth as the group’s leadership vacuum is expected to be prolonged. According to an industry source, SK Energy & Service, an unlisted, fast-growing gas and power business arm of SK Group, decided to drop its bid for STX Energy. The decision came after the appeals court’s decision on Friday to impose multiyear prison terms on group chairman Chey Tae-won and his younger brother, group vice chairm

Industry Sept. 29, 2013

World’s first underground power plant to be built in Seoul

The groundbreaking ceremony to build the world’s first underground thermal power plant in Seoul by 2016 was held on Friday, according to state-run Korea Midland Power Corp.The LNG-powered Seoul Thermoelectric Power Plant in Mapo-gu, western Seoul, will be relocated and reconstructed below ground by September 2016 before its would-be 2017 retirement. The plant site above ground will be transformed into a cultural and sports complex for citizens, the power generation firm said in a press release,

Industry Sept. 29, 2013

Oil refiners’ profit likely to fall: analyst

The upcoming earnings season for the nation’s leading oil refiners is expected to be poor due mainly to lower refinery margins in the third quarter, a stock analyst said in a report on Monday. “Slower oil demand in the Southeast Asian markets amid rising economic uncertainties and eased tension in the Middle East in the July-September period kept international oil prices from soaring, which led to lower refinery margins, a key income source of oil refiners,” Baek Young-chan of Hyundai Securities

Industry Sept. 23, 2013

Ex-vice energy minister named new head of KHNP

Cho Seok, 56, a former vice knowledge economy minister who was in charge of the nation’s energy policy, was named the new CEO for Korea Hydro & Nuclear Power Co., the state-run nuclear power plant operator, in an interim shareholders’ meeting on Tuesday. The corruption-scandal-hit KHNP has been in a three-month leadership vacuum since early June when its then-head Kim Kyun-seop resigned to take responsibility for the serial shutdowns of nuclear power plants over usage of substandard parts.Indust

Industry Sept. 17, 2013

Ex-vice energy minister named new head of KHNP

Builders step up outbound M&A deals

Despite their continued business slump this year, the nation’s leading construction companies are increasing outbound merger and acquisition activities to further tap into overseas markets. According to a market source, GS E&C, the nation’s fourth-largest builder, is considering the buy out of United Arab Emirates-based Global Process Systems for up to 100 billion won ($92 million). GPS specializes in engineering-procurement-construction projects in the oil and gas industry. GS E&C declined to c

Industry Sept. 15, 2013

‘2013 WEC meeting crucial for energy future’

With a month until the 2013 World Energy Congress to be held in Daegu, the Korean organizing committee announced the final list of speakers for the meeting Thursday.The committee revealed the list during its presentation at a luncheon with the foreign business community in Korea to promote the upcoming world’s largest triennial energy event to be held between Oct. 13-17. “About 238 speakers from 61 countries confirmed their attendance and will lead a variety of energy sessions to be run under th

Industry Sept. 12, 2013

‘2013 WEC meeting crucial for energy future’

Reactor export drive shifts from Finland to Vietnam

With the dim outlook of Korea’s bid to win a nuclear power project in Finland, the government is shifting gear on its nuclear export drive to Vietnam from the northern European country. The change in target nations comes following a summit in Hanoi between President Park Geun-hye and Vietnamese President Truong Tan Sang on Sunday and little progress in a bid for an ongoing Finnish reactor construction project. “Reflected in a joint statement issued on Monday after the summit, the two heads of st

Industry Sept. 11, 2013

Asian energy ministers to meet here

The fifth Asian Ministerial Energy Roundtable, convening 13 energy ministers from countries supplying and demanding oil or gas, will open in Seoul on Thursday for a three-day run, officials said Tuesday.“We expect that the international event will offer Korea an opportunity to exert global leadership in the energy sector,” the Energy Ministry said in a press release. The participants also included ministers from Middle Eastern countries such as Saudi Arabia, Qatar and Kuwait.Leaders of energy-re

Industry Sept. 10, 2013

KRA chairman Chang resigns

Korea Racing Authority CEO and chairman Chang Tae-pyong has resigned from his post, the state-run agency said Tuesday. His term ends in November next year, but he tendered his resignation to the Ministry of Agriculture, Food and Rural Affairs, the supervisor of the KRA, early this month without a specified reason. Regarding his sudden move, there was a rumor that Chang had an uncomfortable relationship with current Agriculture Minister Lee Dong-phil. Chang started his career as secretary to the

Industry Sept. 10, 2013

Articles by Seo Jee-yeon