Hotel Hyundai Gyeongpodae will be reborn as a high-rise luxury resort in 2014 on one of the most popular beaches along the country’s east coast. Hyundai Heavy Industries said Wednesday it has clinched a deal with Gangneung City to rebuild the 40-year-old structure into a 20-story hotel with 160 rooms by May 2014. Demolition work is scheduled to begin in May.The shipbuilder runs four luxury hotels here and one in Vladivostok, Russia, through its affiliate Hotel Hyundai. Some 240 kilometers east o

Industry Jan. 18, 2012

The government’s decision to delay its controversial plan to adopt competition for train operations until the April parliamentary election is intensifying a backlash as critics slam the shift, calling it “a political move.”The Transport Ministry said Tuesday it will put off bidding to run new bullet-train routes departing Suseo in southern Seoul by two months, saying the “timing was inappropriate.”“After consulting with lawmakers, we offered to adjust the pace of the project as some questioned i

Industry Jan. 17, 2012

Korea’s trade deficit with Japan sharply fell last year as the powerful earthquake and the appreciating yen pushed up the island country’s imports, a report showed Monday.Korea’s exports to Japan spiked more than 41 percent on-year to $360.3 billion between January and November last year, the report by the Korea International Trade Association showed. Imports rose 7 percent to $624.3 billion.Korea’s trade deficit with its second-largest partner came in at $264 billion over the 11-month period, d

Jan. 16, 2012

Korea will lead roundtable discussions on energy efficiency and clean resources at the Group of 20 summit in Mexico in June as chair of the working group on green growth, a local news agency said Monday.The chairmanship comes upon the Mexican government’s request, Yonhap News reported, citing a Seoul official. Members of the group have yet to be confirmed. As chair of the group, the country will orchestrate discussions on green growth and help draw up comprehensive recommendations at the two-day

Jan. 16, 2012

A delegation led by a state-run trade agency and 10 Korean businesses will be luring investors in Hong Kong as some 2,500 bankers, industry leaders and government officials from 32 countries gather for a conference. The annual Asian Financial Forum, which kicks off Monday, is aimed at discussing opportunities and challenges faced by the rapidly growing region and hosting more than 400 meetings between 120 promising firms and their potential investors. The 10 Korean companies are engaged in secto

Industry Jan. 15, 2012

Korea’s global competitiveness in the construction sector took 9th place in a ranking launched by the government, underscoring its need to enhance transparency and design skills. The Land Ministry said Sunday it has developed an index with the Korea Institute of Construction Technology to assess and compare the fundamentals of the industry as well as the capabilities of local builders between 22 leading economies.The index takes account of four dimensions of each market ― size, growth rate, stab

Industry Jan. 15, 2012