Daewoo International Corp., the trading company controlled by Posco, and Korea Resources Corp. made an initial bid for Whitehaven Coal Ltd., an Australian producer with a market value of A$3.6 billion ($3.6 billion). State-run Korea Resources is leading the bid, Kim Beom-suk, a spokesman for Daewoo International said Monday by phone. The offer was confirmed by Kang Shin Young, a spokesman for Se...

LG Group said Monday that it would provide bilingual education to 400 children from multicultural backgrounds. In a joint effort with Hankuk University of Foreign Studies, the country’s fourth-largest conglomerate said that it would offer online bilingual education programs to 300 Chinese and 100 Vietnamese elementary school students this year. The group supported about 70 children from multicu...

Shares in Hanjin Heavy Industries & Construction tumbled on Monday after the Korean shipbuilder said it decided to shut down three operations in Korea due to labor strife. Hanjin said in a statement that it had submitted reports to local governments that it would close one shipyard and two plants, saying ongoing strike activity since 2009 had hampered its production. Hanjin, the only unprofitab...

Kolon Industries Co., a Korean textile maker, plans to buy the shares in subsidiary Cambridge Kolon Co. on the market that it doesn’t own. Cambridge Kolon owners will get 782,580 shares of the merged company, or 0.16 share for every one of the existing securities, on May 16, Kolon said in a regulatory filing on Monday. (Bloomberg)

A nationwide milk shortage caused by the severest foot-and-mouth disease outbreak in Korea’s history is affecting local confectionery and dairy industries, corporate sources said Sunday. Sources from Seoul Milk, Namyang Dairy Product Co. and the Korea Bakers Association said that as of December, the reserves of powdered skim milk stood at just 938 tons or a 77.3 percent drop from 4,137 tons repo...

General Motors Co. and Chrysler Group LLC, which each received government-funded bailouts, may award some managers bonuses of as much as 50 percent of their salary, said four people familiar with the plans. GM plans to pay bonuses to most managers equal to 15 percent to 20 percent of their annual salary and as high as 50 percent to less than 1 percent of its 26,000 U.S. salaried employees, said ...

Asiana Airlines, the country’s No. 2 air carrier, reported record high yearly sales of over 5 trillion won ($4.51 billion) in 2010, buoyed by the rising demand for flights, its officials said Thursday. The company said that it reached 5.07 trillion won in sales, an increase of over 30 percent from 2009, and 635.7 billion won in operating profit last year. Both figures are the highest the company...