The Korean government may open its rice market from 2015 to foreign suppliers after an extension of the current quota system in the rice market ends next year, according to a report from the National Assembly Research Institute.In its analysis, which was submitted to Rep. Shim Jae-kwon of main opposition Democratic Party, the institute said the rice market opening with tariffs could be an option to take. The report said the government considers that the time is ripe for opening the rice market,

Industry Sept. 9, 2013

POSCO, the nation’s top steelmaker, dismissed a recent news report that POSCO chairman Chung Joon-yang recently notified Cheong Wa Dae of his intention to resign. According to the report, a high-ranking official from Cheong Wa Dae called on Chung to step down last month. The reason for the government’s request was not reported. A POSCO official said on Friday that the news report was groundless and confirmed that the chairman had no imminent plans to step down. Chung’s second term ends in March

Business Sept. 6, 2013

With the radiation scare sparked by massive and repeated radioactive water leaks into the ocean in Japan, spreading, sales of radiation detectors are soaring, according to Gmarket, a leading online shopping mall, on Tuesday in a press release. Sales of radiation detectors soared 90 percent in August over a year ago, Gmarket said, adding the company sold 40 such devices last month. “As the fear is related to health issues, high-priced radiation detectors are coveted the most. In the measurement p

Industry Sept. 3, 2013

Rumors that Doosan Heavy Industries and Construction might soon take over Ansaldo Energia, a leading Italian power engineering company, are flaring up again after media reported on fundraising efforts for the deal. Ansaldo Energia, owned by Finmeccanica, a state-run Italian defense and aerospace group, was put up for auction last year due to mounting debt. Finmeccanica holds a controlling 55 percent stake in Ansaldo Energia, while U.S. private equity firm First Reserve holds the remaining 45 per

Industry Sept. 2, 2013

The government plans to expand testing for radioactive contamination to all fish imports as public concerns mount over leaks from the Fukushima plant in Japan, officials said.The state-run National Fishery Products Quality Management Service said the government took the measure as consumers were avoiding fish and seafood for fear of radioactive contamination, dealing a blow to the nation’s fisheries industry.“The government plans from this month to strengthen the radioactive contamination tests

Sept. 1, 2013

The coal-powered unit 3 plant of the Boryeong thermal power complex in South Chungcheong Province set a world record on Sunday in performance by going without a single breakdown for 5,000 consecutive days, according to Korea Midland Power, the complex’s operator. “The 500-megawatt plant has continued trouble-free operations since Dec. 17, 1988. The world record performance proves world-class competitiveness of the nation’s power plant industry,” the company said in a press release.KOMIPO has mad

Industry Sept. 1, 2013

Management and labor of 17 affiliates of POSCO, including POSCO Engineering & Construction and POSCO Energy, reached an agreement on pay raise for 2013 and 2014 without conflicts, POSCO said in a press release. Different from the dominant annual pay raise negotiations in Korea, the nation’s top steelmaker and its affiliates adopted two-year term pay raise negotiations in 2007 and 2012, respectively. “POSCO’s agreement on pay increase for multiple years could be a model for the nation’s consummat

Industry Sept. 1, 2013

Business leaders are expected to ask for investment deregulation and convey their concern about the political circle‘s move to restrict power of major shareholders when they meet with President Park Geun-hye on Wednesday.Attention is being paid to the Cheong Wa Dae luncheon meeting, the first of its kind, as it comes at a time when tax authorities are stepping up probes into big firms that have been accused of exercising unfair trade activities, and as political parties are seeking to pass “econ

Industry Aug. 27, 2013

Korea, whose use of renewable energy in power generation is extremely low, will promote the solar panel rental business in a bid to boost demand for solar power, officials said Monday.“The high cost of installing solar panels and to maintain facilities has kept households from turning to solar power. The government expects the leasing system to solve the cost issue and create demand for solar power, in particular, among households,” said Song Yoo-jong, director general of energy and resources po

Industry Aug. 26, 2013

Concerns are rising that Korea is downgrading to a minor player in the global energy M&A market as the government has yet to develop a roadmap for the nation’s overseas energy development.According to recent data by the Korea Export-Import Bank, the nation has failed to bear fruit in the global oil and gas M&A markets in the first half of this year. Not only the top two state-run energy giants ― Korea National Oil Corp. and Korea Gas Corp. ― but also leading overseas energy explorers in the priv

Industry Aug. 23, 2013