SEOUL, Feb. 11 (Korea Bizwire) — South Korea’s top oil refiner SK Innovation Co. said Wednesday it will partner with the state-run China National Offshore Oil Corporation (CNOOC) to conduct oil and gas exploration in two blocks in the South China Sea, tapping the region for the first time. The blocks owned by China’s largest [...]
SEOUL, Feb. 11 (Korea Bizwire) — Korea Electric Power Corp. (KEPCO), South Korea’s state-run power company, said Wednesday its net profit soared 1,505.8 percent in 2014 from a year earlier due to higher electricity rates and cheaper fuel costs. Net income reached 2.78 trillion won (US$2.55 billion) last year, compared with 174 billion won a [...]
SEJONG, Feb. 10 (Korea Bizwire) – South Korea’s antitrust watchdog said Tuesday it will abide by a Supreme Court ruling that would force it to give back 119.2 billion won (US$109.2 million) it took as fines from two local oil refiners who were accused of distorting free market competition. The court overturned actions taken by [...]
SEOUL, Feb. 9 (Korea Bizwire) – The city government of Seoul said Monday it plans to reduce greenhouse gas emissions by 10 million metric tons over the next five years as part of efforts to help fight global warming. The pledge to be implemented by 2020 will be announced during the triennial plenary meeting of the [...]
JEJU, Feb. 9 (Korea Bizwire) – Discarded entrance tickets, flight tickets and specialty snack packages are selling as souvenirs, recalling memories of trips to Jeju. A cultural group in Jeju is holding an experimental event, selling garbage discarded by visitors as souvenirs to raise funds to help establish a local library. Place What?, a Jeju-based [...]
“The swamp near Gimpo International Airport is home to approximately 30 important species of plants and animals, and should be protected by law. It also absorbs fine dust from China. The planned golf course in the swamp should be cancelled.” “On February 11 and 12, there will be public hearings at Gangseo-gu and Bucheon city [...]
SEOUL, Feb. 5 (Korea Bizwire) – POSCO, South Korea’s top steelmaker, said Thursday that it will focus on improving its financial structure this year by reducing investment and selling assets and equity holdings, following lackluster earnings results for last year. POSCO plans to invest 4.2 trillion won (US$3.9 billion) group-wide this year, down 1.2 trillion [...]
SEOUL, Feb. 5 (Korea Bizwire) – Two major players in Hanwha Group’s photovoltaic business, Hanwha SolarOne and Hanwha Q-Cells, have decided to integrate with each other and to begin operating under the name of Hanwha Q-Cells. On February 4, Hanwha SolarOne held an extraordinary general meeting of shareholders in Shanghai, China, and decided to acquire all [...]
SEOUL, Feb. 4 (Korea Bizwire) – Public phone booths, almost useless now, are being repurposed as charging stations for electric vehicles (EVs). KT Linkus, a KT subsidiary that is in charge of the management and maintenance of public phones, began a pilot project offering EV charging stations by transforming three phone booths in Seoul from February 3, [...]
SEOUL, Feb. 3 (Korea Bizwire) – To revitalize a struggling commercial area near the former KEPCO headquarters site in Seoul, Hyundai Motor Group plans to transfer employees from some of its subsidiaries, who currently work at different locations, to the KEPCO building. The world’s fifth largest automobile manufacturer plans to move 1,000 workers in the metropolitan area [...]