Daewoo Engineering & Construction CEO Seo Jong-uk was reappointed to the post for a three-year term, the firm said Wednesday.The nation’s fourth-largest builder said it held general and board meetings Tuesday and made the decision, despite recent changes it has undergone. It was acquired by Industrial Bank of Korea late last year. IBK currently holds 50.8 percent of the firm’s share.  Seo Jong-woo

Industry Jan. 26, 2011

Korean researchers Tuesday unveiled the most advanced wireless network technology, boosting potential for the country to lead the future telecommunications market.The state-run Electronics and Telecommunications Research Institute in Daejeon demonstrated the Long Term Evolution-Advanced technology which is 40 times faster than the current third-generation wireless network.“It is meaningful that we

Technology Jan. 25, 2011

 Korea Electric Power Corp. said Tuesday that it has established electric vehicle charging stations on a highway, a first time for the nation. The six new charging stations are located at rest areas on Jungbu Expressway near Icheon, Eumseong and Ochang ― both northbound and southbound, the firm said. Another was launched at the KEPCO Research Institute in Daejeon. A total of 12 charging machines a

Industry Jan. 25, 2011

Hiscot Co., a subsidiary of Korea’s largest liquor maker Hite-Jinro Group, offers a range of gift sets for the Feb. 3 Lunar New Year’s day, the firm said Monday.“This year’s New Year gift sets were prepared for consumers who look for practical gifts. A variety of quality gift sets will be offered at affordable prices for consumers to choose from,” Hiscot executive director Jang Byeong-seon said. T

Industry Jan. 24, 2011

KT&G Corp., Korea’s largest tobacco manufacturer, will roll out a repackaged version of its Esse Golden Leaf product at the end of January, the firm said Monday. The cigarette packaging was created in collaboration with Najeonchilgi master Park Jae-seong, the firm said. Najeonchilgi is a traditional mother of pearl craft where colorful pieces of shellfish are inlaid on an object and then applied w

Industry Jan. 24, 2011

GS Group chairman Huh Chang-soo recently stressed executives’ dedication to growth and innovation as key to its ambition to become a leading global firm. Despite the good results the group has been achieving over the past few years in an unfavorable local business environment, Huh said the group should not be satisfied with its performance. GS Group chairman Huh Chang-soo “Based on the performance

Industry Jan. 24, 2011

UAE says green city to be built by 2025ABU DHABI ― Officials from the United Arab Emirates’ capital outlined their plans to promote the use of clean energy at the 4th World Future Energy Summit Tuesday.The country which produces 8 percent of the world’s crude oil supply is working on establishing a green urban area named Masdar City by 2025. Masdar means “source” in Arabic. The venue, which is bei

Jan. 19, 2011

U.N. secretary-general also addresses climate, poverty and healthABU DHABI ― Global innovation in clean energy is essential to fight climate change, United Nations Secretary-General Ban Ki-moon said Monday at the 2011 World Future Energy Summit. “The prevailing fossil fuel-economy is contributing to climate change and global energy needs are growing rapidly,” he said during his keynote speech at t

Jan. 18, 2011

World Future Energy Summit opens in Abu DhabiABU DHABI ― Ministers and industry experts from around the world gathered in the capital of the United Arab Emirates to discuss ways to promote the use of clean energy for sustainable growth. The 4th annual World Future Energy Summit kicked off Monday hosted by Abu Dhabi-based power company Masdar, wholly owned by the state-run Mubadala Development Comp

Industry Jan. 17, 2011

Telecom, energy giant to focus on green energy, overseas resources, new mobile technologiesSK Group said Thursday it would increase investment 30 percent this year to a record high 10.5 trillion won ($9.4 billion) to power future growth in clean energy, overseas resources and advanced mobile technologies.Korea’s third-largest conglomerate also plans to hire about 3,000 new employees, 25 percent mo

Industry Jan. 13, 2011

Workers entrust wage decision to management in return for job securityThe trade union of Hyundai Oilbank Co., the nation’s smallest oil refiner, pledged to refrain from labor strife this year to concentrate on boosting the firm’s competitiveness, the firm said Wednesday. In a ceremony held in Seoul, the refiner’s union members voluntarily entrusted the management with a full right to decide on the

Industry Jan. 12, 2011

Energy, retail giant plans to hire 2,800 new employeesGS Group plans to increase its investments 10 percent to more than 2.2 trillion won ($1.9 billion) this year to strengthen its core businesses of energy, retail and construction and expand overseas activities. Korea’s seventh largest business group said on Monday it aims to post 55 trillion won in sales, up 5.7 percent from last year. “While fo

Industry Jan. 10, 2011