Budget carrier to run cheap flights between Incheon and OsakaKorea’s low-cost airlines are girding for fierce competition in the skies as Peach Aviation is racing to launch a new route to Seoul, seeking a slice of a budget travel boom in Asia’s fourth-largest economy. With the number of cost-conscious tourists surging, budget carriers are increasingly steering abroad in a bid to offset high jet oil prices and prop up their balance sheets. Osaka-based Peach is the latest in a string of no-frills

Industry April 1, 2012

Korean Air chief executive Cho Yang-ho has been named “Asian business leader” for 2012 by Asia Society Southern California, the country’s largest carrier said Thursday.The non-profit organization picked Cho, 63, for his contribution to the regional economy as chairman of Hanjin Group, the parent company of Korean Air, the company said in a statement.Hanjin owns and is currently redeveloping the historic Wilshire Grand Hotel in downtown Los Angeles into a tower complex. The conglomerate has also

Industry March 29, 2012

Leaders’ summit, industry forum seen as a good chance to improve image, products overseasKorean companies in sectors from auto and retail to telecom and electronics waged promotion campaigns on Tuesday to cash in on the Nuclear Security Summit and other sideline events taking place in Seoul. The largest-ever diplomatic event here offers major opportunities to boost their image and market products overseas, the companies say, with nearly 10,000 public officials, business people and journalists co

Industry March 27, 2012

Spurred by its robust drive to export nuclear plant technology, Korea will be rolling out a next-generation reactor that is safer, better performing, built faster and more cost-effective next year, the industry’s top expert said. The new model, named APR+, is a brainchild of the government’s “Nu-Tech 2015” package initiated in 2006, aiming to secure technological independence and shake off any lingering barriers to exports by the end of 2015. Succeeding the APR1400 currently in operation, the AP

Industry March 26, 2012

Daewoo International Corp., a Korean trading house, said Sunday it had launched a volunteer corps to support the education of underprivileged children as part of its social contribution efforts.Its employees will provide free English classes at children centers in Seoul and the metropolitan area and host other educational events every month, the company said.In a separate program, Daewoo said it also created a youth volunteer group consisting of the children of its employees. Its 26 members plan

Industry March 26, 2012

World’s sixth reactor exporter seeks to expand foray into global markets after UAE dealSince a watershed deal with the United Arab Emirates in 2009, Korea has been ratcheting up its ambitions to promote its know-how in nuclear plant construction overseas. The $20 billion contract has since bolstered Korea’s confidence in its newly defined foray into the high-entry-barrier market, making it the sixth member of the league of reactor exporters following the U.S., France, Russia, Canada and Japan. E

Industry March 25, 2012

S-Oil Corp. has picked Saudi Aramco’s former global refining coordinator Nasser Al-Mahasher as its new chief executive, Korea’s third-largest refiner said in a regulatory filing. The announcement came after meetings of the Seoul-based company’s shareholders and board of directors on Friday. Aramco, the Middle Eastern country’s state-run oil group, is the largest stakeholder of S-Oil. Al-Mahasher will take office immediately, succeeding Ahmed A. Subaey, who will return to the Dhahran headquarters

Industry March 25, 2012

Electric equipment maker expands R&D spending, ventures into green technologiesFrom electronics to steel to shipbuilding, Korean companies have been ramping up efforts in crafting innovative products and spearheading new technologies to stay ahead of ever-fierce competition at home and abroad.With a surging number of homegrown firms going global, they are striving to diversify business portfolios and customer bases to reinforce revenue streams in the face of economic uncertainties stemming from

Industry March 25, 2012

Government seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium in the basins of the Han, Geum, Yeongsan and Nakdong

March 25, 2012

Rivers refurbishment points to ‘green growth’ successGovernment seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium

March 25, 2012

Kim Jong-shin is president and chief executive of Korea Hydro & Nuclear Power Co. since 2007. His second term began in 2010. Born in 1945 in Masan, South Gyeongsang Province, Kim began his career at Korea Electric Power Corp. in 1972 as an engineer with a specialty in nuclear power technology. He held several posts at the state-run enterprise and headed the Korea Western Power between 2004 and 2007.In 2008, he received the Legion of Honor from the French government for his commitment to the nucl

Industry March 23, 2012

Anti-nuclear sentiment grows while government pushes for more reactors, bolsters safetyA string of breakdowns, aging reactors and aftereffects of the Fukushima meltdown have come together to trigger the biggest crisis in Korea’s nuclear industry since its birth.With a parliamentary election less than three weeks away, some opposition candidates are joining forces to call for the scrapping of atomic energy plants. The intensifying political onslaught, emboldened by safety jitters among the public

Industry March 23, 2012