The Korea Herald

Korea pledges nuclear industry overhaul

Korea on Friday proposed a sweeping overhaul of its nuclear industry to shore up its global competitiveness and restore public confidence in one of its biggest sources of electricity. The plan, sketched out by the Ministry of Knowledge Economy, focuses on notching up safety of the country’s 23 reactors and rooting out recurrent breakdowns that stoked jitters in light of the Fukushima meltdown in 2011. The measures were also designed to facilitate the government’s ambition to boost atomic power t

Industry April 13, 2012

Hanwha opens solar energy think tank in U.S.

Hanwha Group has launched a research institute on solar power in the U.S. to develop related technologies and boost its charge into the fledgling industry, the Korean corporation said Friday.Hanwha Solar America in Silicon Valley in California will carry out research programs on photovoltaic cells and other next-generation technologies, the group said. The conglomerate runs two similar institutes in Korea and China. “Our ongoing investment in solar energy depicts the group’s firm belief and conf

Industry April 13, 2012

Hanwha opens solar energy think tank in U.S.

BMW recalls for faulty battery connections

BMW Korea is recalling nearly 19,800 cars due to flawed battery cables that could cause fires, the country’s Transportation Ministry said Thursday.The recall applies to 17 models of its 5 Series and two each from the 6 Series and M Series manufactured between April 2003 and March 2010, according to the local unit of the world’s largest premium automaker.The announcement comes on the heels of the Munich-based group’s largest-ever recall in late March involving about 1.3 million vehicles for a pot

Industry April 12, 2012

Philip Morris slashes superslim cigarette prices

Philip Morris International Korea said Thursday it plans to lower the prices of its Virginia Slims brand by almost 14 percent to better compete with other superslim cigarettes. Starting April 23, the Virginia Slims will be sold at 2,500 won ($2.20) a pack, down from the current 2,900 won, the Korean unit of the U.S. tobacco giant said. The Esse, the top-selling ultraslim cigarettes by KT&G Corp., also has the same price tag. Its 17 varieties together control about 80 percent in the segment here

Industry April 12, 2012

Spot oil bourse draws tepid support

Korea’s oil spot market hit a snag just two weeks after its launch as refiners, traders and vendors appear lukewarm about the electronic bourse aimed at boosting transparency and competition in the local petrol market. Since March 30, a mere 10 transactions have been at the Korea Exchange, the completed country’s bourse operator, with trading volumes staying at 300,000 liters. Only 120,000 liters of gasoline was sold via four deals, which were initiated by importers. The trading scheme is the la

Industry April 12, 2012

Korean Air passenger jet diverted after bomb threat

A Korean Air passenger jet heading to Seoul made an emergency landing at a Canadian Air Force base after receiving a bomb threat, the country’s flag carrier said Wednesday. Its Boeing 777-200 was diverted at around 7:40 a.m. Korean time when the airline’s U.S. call center received the threat by phone 25 minutes after it departed from Vancouver, a company spokesperson said from Seoul. A Korean Air spokesperson in Los Angeles said the caller warned that an explosive was aboard the airliner. All th

April 11, 2012

Korean Air passenger jet diverted after bomb threat

Government pushes for more discount gas stations despite doubts

Public discontent escalates as sky-high crude prices eclipse markdown effectsThe government is stepping up its push for discount gas stations to help lighten household utility bills despite continuing skepticism over its efficacy and state intervention in petrol prices. State-backed self-serves are a showpiece of the government’s battle against skyrocketing oil costs and a supply oligopoly by major refiners. It aims to set up some 1,300 outlets by 2015, of which about 430 are in operation now. W

April 11, 2012

Government pushes for more discount gas stations despite doubts

Cosmetics: High-tech meets emotion

There is no stopping the Korean cosmetics market. The value of the cosmetics market grew to 8.9 trillion won ($7.9 billion) in 2011 from 5.6 trillion won in 2006, an annual average increase of 10.4 percent. Even when the economy came to a near-standstill with GDP growing 0.3 percent in 2009 in the wake of the global financial crisis, the domestic cosmetics market grew 11.8 percent, proving itself to be recession-resistant.The rapid growth derives from new dynamics in the cosmetics industry. Risi

Industry April 10, 2012

New DSME chief to chair industry body

Daewoo Shipbuilding & Marine Engineering’s new chief executive Ko Jae-ho has been named to head the Korean Shipbuilders’ Association, the trade body said Monday.Ko, 57, will take over the remaining term of Nam Sang-tae, the association’s former chairman who resigned after his two terms ended at DSME, until March 18, 2013. Ko took office at the world’s second-largest shipbuilder last week.The organization’s presidency rotates through its nine members, also including Hyundai Heavy Industries, STX

Industry April 10, 2012

Windsor sales spike ahead of price hike

Diageo Korea saw a leap in sales of its flagship whiskies last month as wholesalers rushed to boost their stockpiles prior to a price increase, industry figures showed Monday.The shipment volume of Windsor topped 1.1 billion liters in March, up almost 40 percent from the combined volume in the preceding two months. The product is the top-selling whisky in the domestic market. Johnnie Walker Black, another whisky distributed by the Korean unit of the London-based drinks group, also saw an 11.6 pe

Industry April 9, 2012

KT&G’s Esse exports top 100 billion units

Overseas sales of KT&G Corp.’s flagship Esse cigarettes have surpassed 100 billion units since its maiden export in 2001, Korea’s largest tobacco firm said Monday.The tally is greater than the country’s yearly cigarette consumption of 90 billion pieces, a company spokesperson noted. Exports reached 21 billion pieces last year alone. The 17-model ultra slim brand has been reigning as the top seller in the local market since 2003, boasting around a 25 percent stake. It is now sold in some 40 count

Industry April 9, 2012

Korean Air eyes W1.5tr sales of wingtips and cargo doors

Korean Air said Monday it expects to earn 1.5 trillion won ($1.3 billion) in sales of wingtips and cargo doors by 2021 as the country’s flag carrier boosts its aircraft parts business to diversify its revenue structure. The country’s largest airline said it delivered on Sunday the first set of its fuel-saving wingtip components, codenamed “Sharklets,” for Airbus S.A.S.’ A320 jets. The L-shaped parts, which will replace the current wingtip fence, will help enhance the aircraft’s payload range and

Industry April 9, 2012

Korean Air eyes W1.5tr sales of wingtips and cargo doors

Ministry ramps up financing for small builders

The government is ratcheting up efforts to shore up cash-strapped small- and mid-size builders by bankrolling their overseas expansion. The Ministry of Land, Transport and Maritime Affairs said Sunday it will provide 3.01 billion won ($2.66 million) for new construction projects this year, up more than 38 percent from 2011. It plans to frontload 2.84 billion won, or 94.4 percent, in the first half to sponsor 76 programs. Sixty small and midsize companies will receive at total of 2.44 billion won

Industry April 8, 2012

GS chairman pins hopes on smart grids

GS Group chairman Huh Chang-soo on Friday stressed smart grids as key to the future growth and climate efforts of Korea’s fifth-largest industrial group.Huh called on company officials to develop new technologies and boost commercialization capabilities for the conglomerate’s signature energy business during his tour to smart grid test-bed facilities on Jeju Island.The nascent technology enables transferring electricity loads to off-peak hours via a two-way, real-time communication between power

Industry April 8, 2012

Hyundai Heavy, Magna E-Car to create electric car battery JV

Hyundai Heavy Industries is venturing into the lithium-ion battery market for electric cars, hoping to bask in the soaring demand for long-range, environmentally friendly next-generation vehicles.The world’s largest shipyard said it clinched an agreement Monday with Canadian auto parts maker Magna E-Car Systems to launch a $200 million joint venture. The Korean company would take a 40 percent stake and the Ontario-based firm the remainder. Magna E-Car is another partnership between Magna Interna

Industry April 2, 2012

Hyundai Heavy, Magna E-Car to create electric car battery JV

Articles by Shin Hyon-hee