Mercedes-Benz Korea released the New S-Class sedans in Seoul on Monday, starting with diesel-powered models.For two months, the German luxury carmaker‘s local sales unit will be selling eight models, including the Mercedes-AMG S 63 4Matic and Mercedes-Maybach, the company said. S-Class Coupe and S-Class Cabriolet models will be introduced next year, it added.  The New Mercedes-Benz S-Class (left) and New Mercedes-Maybach S-Class (right) (Mercedes-Benz Korea)“Different engines will come not all t

Mobility Sept. 5, 2017

South Korean carmakers posted weaker sales in the Chilean car market in the first half of this year, according to data compiled by a local automotive association.Hyundai Motor, which had topped the market with sales of 31,398 units in 2016, gave away the top spot to Chevrolet during the January-July period this year, according to the National Automotive Association of Chile on Monday.During the seven-month period, Hyundai Motor held 9.1 percent market share with sales of 17,276 small and midsize

Mobility Sept. 4, 2017

The Airport Railroad Express Train continues to be the most popular transport option for people who visit Incheon Airport. An average of 218,060 passengers used the service between July and August this year, the Incheon Airport Railroad said Sunday. The AREX service has marked significant growth since its opening in 2007. In January this year, 269,758 passengers used the AREX on Jan. 20, marking a record-high number of daily passengers. The AREX links Seoul Station and Incheon Airport. Passenger

Industry Sept. 3, 2017

South Korea’s air transport deficit marked a record high in the first six months of this year, largely due to a dramatic decline in Chinese tourists, as well as an increase in the number of Koreans traveling outside of the country, central bank data showed Sunday. The deficit of Korea’s air transport reached $248.6 million between January and June. In the previous six-month period, the figure had reached a surplus of $216.7 million, according to data compiled by the Bank of Korea. (Yonhap)Korean

Industry Sept. 3, 2017

SK Innovation will start the world’s first commercial production of mid- and large-sized pouch-type NCM 811 batteries that would allow a driving range of up to 500 kilometers for electric vehicles, the company said Thursday. NCM 811’s letters and number stand for the chemicals and proportions of the chemicals that make up the battery. The chemicals are nickel, cobalt and manganese. Starting in December this year, the new batteries will be supplied for the production of energy storage systems. Fo

Industry Aug. 31, 2017

Korea’s largest utility provider Korea Electric Power Corp. is in discussions to acquire a California-based solar power plant, the company said Thursday. Kepco recently held a meeting with the company that owns the power plant in California. It is currently discussing with the Ministry of Trade, Industry and Energy details of stake purchases, according to the company.(Yonhap)The deal is expected to take shape later this year, but other details remained undisclosed.The capacity of the plant in Ca

Industry Aug. 31, 2017

S-Oil on Thursday unveiled its vision for 2025, vowing to become the most renowned energy company in the Asia Pacific region with an operating profit of 3 trillion won ($2.6 billion) by 2025.“S-Oil aims to become an energy and chemicals company with an operating profit of 3 trillion won and 25 trillion won of market capitalization by 2025,” CEO Othman Al-Ghamdi said during a ceremony.S-Oil CEO Othman Al-Ghamdi attends the vision 2025 proclamation ceremony. (S-Oil)The goal would indicate a twofol

Industry Aug. 31, 2017

The American Chamber of Commerce in Korea on Wednesday urged the Korean government to carefully handle the base wage policy, ahead of the court‘s ruling on Kia Motors’ case scheduled for Thursday. AmCham expressed concerns that the Seoul Central District Court ruling against Kia Motors may bring in great impacts on the overall competiveness of the nation‘s economy. The court is to rule on whether to acknowledge the workers‘ demand to recognize their bonuses as part of their ordinary wages.  (Yon

Industry Aug. 30, 2017

LG CNS, a LG Group subsidiary focusing on information technology services, released its own artificial intelligence-based data analysis platform DAP, the company said Tuesday.DAP provides around 30 services including data collection, data visualization, data analysis, digital marketing tools and chatbot services, it said. The cloud-based DAP also allows users to save time setting up a hardware system, which usually takes one to two months. DAP can run data analysis at a significantly faster spee

Industry Aug. 29, 2017

Homeplus has introduced Italian quality wines at its local branches as a part of the company’s campaign promoting premium wines sold at reasonable prices in the Korean market, the company said Tuesday.Last year, Homeplus launched its Superstar project, bringing in quality wines from outside the country and offering them at lower prices to expand the nation’s wine market base. Italy’s Tuscany-based Banfi wines are displayed at a Homeplus branch in Gangseo-gu, Seoul, Tuesday. (Homeplus)This year,

Companies Aug. 29, 2017

Drugmakers in Korea have decided to hike prices of cold medications due to increases in manufacturing costs.South Korean drugmaker Dong-A Pharmaceutical has said it will hike the supply price of its flagship over-the-counter cough and cold medication Panpyrin Q by 10 percent, starting from Sept. 1. Local drug stores are expected to increase their retail prices for the product accordingly. A box of five 20-milliliter Panapyrin Q bottles is currently sold at between 2,000 won ($1.80) and 2,200 won

Industry Aug. 25, 2017

South Korean refiner S-Oil signed a 15-year liquefied natural gas supply contract with Malaysia’s Petronas, the company said Friday. Under the contract, S-Oil will start importing 700,000 tons of LNG per year from April 2018 to April 2033. S-Oil CEO Othman Al-Ghamdi (third from left) poses with Petronas Upstream CEO Datuk Anuar Taib (third from right) at the signing of a supply contract Thursday at the Petronas headquarters in Kuala Lumpur, Malaysia. (S-Oil)“With the latest deal, the company has

Industry Aug. 25, 2017

Korea’s major shipmakers are striving to secure orders, as several global oil majors are resuming plans to build offshore plants with oil prices bouncing back.Korea’s leading shipbuilders Hyundai Heavy Industry and Samsung Heavy Industry will participate in bids for British oil giant BP’s Tortue gas project off Senegal and Mauritania, the companies said Thursday.  (Yonhap)The project led by BP is estimated to be worth $5.8 billion. Of the total investment, some $1 billion is forecast to be spent

Industry Aug. 24, 2017

Four workers have been killed in an explosion at the STX Offshore & Shipbuilding plant in Changwon, South Gyeongsang Province, fire authorities said Sunday.The blast occurred at around 11:37 a.m. when workers were doing painting works inside of a 12-meter-deep tank of a 74,000-ton oil carrier.STX Offshore & Shipbuilding, a Korean shipyard company focusing on small- and mid-sized ship constructions, has been schedule to deliver the carrier to a Greek shipping company Andriaki Shipping by October.

Industry Aug. 20, 2017

Korea’s top refining company SK Energy has signed a deal to import US crude oil in an attempt to seek better profits on the back of recent price hikes in crude from the Middle East.A shipment of 1 million barrels of US West Texas Intermediate is expected to arrive at the company’s refining facility in Ulsan in mid-October, the company said. (Yonhap)SK Energy’s order came as the prices of Middle East crude started to increase after OPEC decided to cut its output through March next year to prop up

Industry Aug. 9, 2017