More than 200 policymakers, industry specialists and startup founders gathered on Friday at a forum in Seoul to discuss ways to boost venture capital funding and foster healthy business environments for young entrepreneurs.The Asan Nanum Foundation, a charity run by Hyundai Heavy Industries and its affiliates, hosted the one-day event as the latest in a string of its programs to back startup hopefuls in Korea.  Among the participants were the charity’s founder and ruling party lawmaker Chung Mon

Industry Feb. 24, 2012

Negotiations collapse between construction, cement, ready-mixed concrete companiesThe rift deepened on Thursday between Korea’s construction, cement and ready-mixed concrete companies as a series of price negotiations ended in stalemate with all sides refusing to compromise.Squeezed by soaring raw material costs, some 750 manufacturers of premixed concrete across the country halted production on Wednesday, saying they are only losing money by running the plants.They demand that builders accept a

Industry Feb. 23, 2012

Korean companies, think tanks and universities will team up with Boeing to jointly develop advanced materials and parts for aircraft as part of a government program to boost their competitiveness in the global market.The Ministry of Knowledge Economy said it signed an agreement with the world’s largest aerospace company on Wednesday to crank up technological collaboration. Five research institutes and eight firms in Korea will take part in the project.  Among the participants, the Korea Institut

Industry Feb. 22, 2012

KT&G plans to release a new brand of menthol cigarettes with capsule filter technology on Thursday, Korea’s top tobacco maker said Wednesday.The Bohem Mojito Double is a follow-up to the company’s other menthol product, the Bohem Mojito, which has been popular with young smokers since its launch in June, claiming a 2 percent share in the domestic market. The latest product will give an extra burst of lemon mint flavor when customers pop a small ball in the filter, KT&G said in a statement. The B

Industry Feb. 22, 2012

CEO vows to tackle social bias and external pressure, while planting sound gaming culture at resort complexCorruption, bankruptcy and broken homes have been typical of the images of gambling in the minds of Koreans. The risks of addiction and ethical degradation have also put the gaming business under heavy government regulations and civic scrutiny.Kangwon Land, the sole domestic casino complex accessible to Koreans, is striving to head off these hurdles as it seeks to establish gambling as a lu

Industry Feb. 21, 2012

BUSAN ― Pernod Ricard Korea has donated 100 million won ($88,800) to Busan to help the local government promote bicycling, the local unit of the French drinks group said Sunday.The funds will be used to help create a bike park and set up related facilities in the southeastern port city, said the company, which distributes Ballantine’s and Imperial whiskies, Chivas Regal scotch and Absolut Vodka. The donation also coincides with the launch of a limited edition of the company’s Imperial whisky ded

Industry Feb. 19, 2012

 Peach Aviation, AirAsia Japan, Jetstar Japan and Spring Airlines tapping Korean marketCompetition between Asia’s low-cost airlines is poised to heat up this year as carriers from Japan and China are lining up to launch new routes to Seoul, seeking to gain an upper hand in one of the world’s fastest growing aviation markets. That will bring fresh challenges to Korea’s two full-service airlines, which are already being pummeled by volatile fuel prices, lower cargo demand and a weaker local curren

Industry Feb. 17, 2012

KT&G Corp. plans to roll out a new version of its Raison cigarettes starting Feb. 22, Korea’s largest tobacco company said Thursday.The Raison Aero is designed to provide a refreshing taste for customers by empting the tip of the filter to screen out tar and nicotine, the company said in a statement.The latest product comes in two types, containing 1 milligram and 5 milligrams of tar. It costs 2,500 won a pack ($2.22).(heeshin@heraldm.com)

Industry Feb. 16, 2012

Incheon International Airport Corp. won the world’s best airport title from the Airports Council International for a seventh straight year in 2011.The airport, Korea’s main gateway, said Tuesday it has been ranked top in the non-profit association’s annual airport service quality report, followed by Singapore and Beijing. Gimpo International Airport also secured the No.1 spot in the mid-size airport category with annual passengers between 15 million and 25 million. “The award has an invaluable s

Industry Feb. 14, 2012