Shilla, Lotte clash at Incheon Int’l Airport
The country’s two largest duty free shop operators ― Shilla Duty Free and Lotte Duty Free ― have been engaged in a fierce war over the years to get an upper hand in the booming industry fueled by the surging number of inbound and outbound travelers. They have competed to win rights to operate shops […]
Ssangyong Construction on brink of bankruptcy
Ssangyong Construction & Engineering (E&C), one of Korea’s major builders specializing in the construction of high-rises, could go bankrupt if its creditors fail to extend emergency loans by Thursday. The construction firm is obliged to serve commercial papers worth 50 billion won, which expire Thursday. If the builder fails to meet the obligation, it will […]
Seoul City’s shift to co-generation runs counter to green energy policy
On last July 19th, Seoul City put up an announcement of recruitment for the co-generation project in regard of City’s major policy, “Reduction of One Nuclear Power Plant”. The main idea of the project is to use all surplus gases being flared now in gas-engine generator for co-generation project. Therefore, a production of vehicle fuel […]
Hanwha gains strong foothold in Iraq
Bismaya project win-win option for both parties Hanwha Group has rekindled Korea’s building boom in the Middle East with its construction arm successfully gaining a strong foothold in Iraq by winning an order for a mega development project there. In May, Hanwha Engineering and Construction (Hanwha E&C) won an $8 billion order for a new […]
Cigarettes, soju may be pulled from discount stores
The Seoul Metropolitan Government is seeking to ban large discount stores from selling cigarettes, soju and some daily necessities as part of its moves to help protect mom-and-pop stores and traditional markets. “We’re now discussing measures to limit the types of goods sold at large retail chains and super-super markets (SSMs) to protect smaller shops […]
Hyundai Motor to abolish overnight shift
Hyundai Motor and its labor union have agreed to abolish the overnight shift and instead introduce two consecutive shifts per day with all workers to be off the lines by 1:10 a.m. at the latest, the automaker said Thursday. The decision came after the two parties held long discussions on wages and working conditions for […]
Patent war escalates
Korean firms entangled in global battles Samsung Electronics’ recent setback in its intellectual property feud with Apple extends a disturbing streak of punches to the stomach Korean companies have taken in patent wrangling with foreign competitors. The scorch-the-earth fight between the two technology giants has raised questions on whether the patent disputes between global companies […]
Psy’s jackpot gets bigger
One song and one rapper is changing the image of K-pop. With his song “Gangnm Style” and its music video going viral through YouTube, Psy has found himself an overnight global celebrity. His music video, characterized by his “rodeo dance,” has attracted more than 55 million views in just over a month. Already there are […]
Hyundai chairman calls for enhancing ‘quality’
Hyundai Motor Group Chairman Chung Mong-koo called for the firm’s U.S. factories to improve product quality, Wednesday, so that customers are offered value for money, during an inspection of the automaker’s plant in the United States. The chairman flew to the U.S. on Monday to meet with executives in Los Angeles, where Hyundai’s U.S. sales […]
Hanwha gives up buying ING unit
Construction project in Iraq will continue as planned Upon the arrest of its chairman, Hanwha Group has virtually abandoned any intention of acquiring ING Life’s Southeast Asian business. Previously, the group had been competing with multinational life insurer AIA Group to take over the Southeast Asian arm of the Dutch firm in an effort to […]
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