The Korea Herald

Korea seeks South American opportunities

South Korea is seeking to bolster cooperation in energy and raw material with South America while conveying its rapid growth experience to countries in the region, the government said Tuesday. South America has emerged a continent fall of opportunities for Korea despite its distance due to its abundance in natural resources such as crude oil and minerals, as well as its rapidly recovering local ec

April 19, 2011

GS EPS to build ‘green’ LNG plant

GS Electric and Power Services, a power subsidiary under GS Group, said Tuesday that it will build a “green” high-efficiency liquefied natural gas combined cycle power plant in Dangjin, South Chungcheong Province. The firm spent 460 billion won ($420 million) for the plant which will be completed by August 2013. GS EPS currently operates two other power facilities there.The firm held a groundbreak

Industry April 19, 2011

Franchisers to get leg-up in overseas expansion

South Korea is poised to lend greater support for the overseas expansion of 10 local franchise chains, including well-known names such as Mr. Pizza and Cafe Bene to help bolster service-related exports, the Ministry of Knowledge Economy said Monday. “Due to their standardized quality of products, service and stores, franchises are easy to globalize. Also, they are highly prospective exports driver

Industry April 18, 2011

SK oil refiner unit seeks mutual growth overseas

Large-scale maintenance project in Vietnam involves three SK Energy Korean subcontractorsSK Energy, the refining unit under the nation’s largest oil refiner SK Innovation, said Monday that it helped its subcontractors launch an overseas project in Vietnam as part of its efforts for promoting “shared growth.” Three partner firms ― JCon Corp., UBEC Inc and Daechang HRSG Corp. ― will carry out the re

Industry April 18, 2011

SK oil refiner unit seeks mutual growth overseas

KEPCO prize to honor research

State-run Korea Electric Power Corp. said Monday that it will launch a 200 million won ($180,000)-prize to acknowledge distinguished energy-related research. The biennial KEPCO Research Grand Prix, being introduced to mark the firm’s 50th anniversary this year, is aimed at encouraging and supporting the works of local researchers and academics, KEPCO officials said. Full university professors at r

Industry April 18, 2011

Conglomerates step up efforts on ‘shared growth’

Local conglomerates are boosting their efforts to support subcontractors in line with the government-led “mutual growth” drive. The Lee Myung-bak administration has been keenly advocating shared prosperity between conglomerates and their smaller partners, urging the bigger firms to take the lead to help create a level playing field.With the launch of Commission of Shared Growth for Large and Small

Industry April 17, 2011

Conglomerates step up efforts on ‘shared growth’

Korea to boost mineral recycling

Rising costs, demand call for nation to be self-reliant by reusing wasteSouth Korea is preparing to step up efforts to recycle minerals from used electronics and industrial waste in a bid to secure self-reliant sources of minerals on growing demand, the Ministry of Knowledge Economy said Friday.The process, termed “urban mining,” refers to reclaiming compounds and elements from products and waste

Industry April 15, 2011

Luxury sales grow 27 percent in March

Sales of luxury fashion goods at leading department stores jumped 27 percent on-year in March on retailers’ aggressive expansion and boosted marketing, the Ministry of Knowledge Economy said Thursday. Foods sales at major discount outlets and department stores also rose due to their increased demand and inflation, the ministry said. The proportion of luxury products sales at top department store c

Industry April 14, 2011

[Meet the CEO] ‘Flash sale’ site eyes local luxury fashion market

Online retailer Tryst boasts price competitiveness but has yet to overcome credibility issuesA fresh online luxury retail channel is eying a slice of the pie in the conglomerate-dominated local market with price competitiveness and quality service.The launch of flash sale site Tryst on Wednesday, the first of its kind here, may be intriguing news for savvy Korean shoppers. The website can be descr

Companies April 13, 2011

[Meet the CEO] ‘Flash sale’ site eyes local luxury fashion market

Online luxury shops challenge retail giants in growing market

The introduction of new online retail channels is expected to expand the size of the local luxury retail industry appealing to an increasing number of younger shoppers with affordable price and convenience, industry watchers said. Yet they face fierce competition from the market-dominant retail giants and are to overcome credibility concerns typically associated with e-commerce in the country. Wit

Industry April 13, 2011

Online luxury shops challenge retail giants in growing market

Kim named new Korea Post head

Korea Post named Kim Myong-ryong, 54, the organization’s former director of strategy and management, its new president, the Ministry of Knowledge Economy said Monday. Kim Myong-ryongKim is an experienced public administrator whose career background covers multiple positions at the knowledge economy ministry ― formerly Ministry of Information and Communication ― and Korea Post.Born in Seoul, Kim e

Industry April 12, 2011

Foreigners make robust property gains

Foreign funds reap better returns than locals on real estate investmentsForeign funds have outperformed domestic institutions in terms of capital gains on real estate investments in Korea over the past decade, market researcher JUSTR said Monday. Foreign investment groups such as Lone Star Funds, Goldman Sachs and Government of Singapore Investment Corp. have recorded an average capital gain of 48

Industry April 11, 2011

Korean firms seek ‘optimum’ bid for Brazil bullet train project

The South Korean consortium bidding for Brazil’s $20-billion high-speed rail service downplayed the impact of its recent loss of construction partners.The group said it is in talks with big-name constructors in Korea such as Hyundai Engineering and Construction and POSCO Engineering and Construction to form a new lineup before submitting its proposal. It is also contacting some large Brazilian con

Industry April 10, 2011

Quake’s harm to Korean economy limited

Steelmakers, oil refiners benefit from damaged production in JapanThe March 11 earthquake and tsunami in Japan is seen as having a limited, short-term impact on the Korean economy despite having disrupted parts supplies for automobile and electronics makers, experts said Sunday. In fact, some sectors including steel and oil refining are benefiting from the damaged production in the neighboring cou

April 10, 2011

[Herald Interview] Nestle hopes for more ties with Korean suppliers

Nestle S.A., the world’s largest food company, is seeking to boost its beverage and coffee machinery purchase from innovative Korean manufacturers, one of the firm’s high-ranking officials said Thursday. The firm saw the biggest potential of local companies in its leading technologies and dynamics, said Ruguo Hu, head of equipment & system of Nestle R&D Centre Shanghai. The Shanghai R&D center is

Industry April 7, 2011

[Herald Interview] Nestle hopes for more ties with Korean suppliers

Articles by 고영아