Leading German pharmaceutical and chemical firm Merck KGaA said Thursday that it will donate $1.2 million to help relief works in Japan.Most of the amount will be entrusted to Save the Children, while the rest will go to Merck’s Japanese subsidiary which will decide on the use of the money. “We sincerely hope that the situation in Fukushima will be controlled soon … Merck will support Japan in tha

Industry April 5, 2011

Hanwha Group said Tuesday it has launched new company to spearhead its expanding solar power business at home and abroad.The new venture, named Hanwha Solar Energy, will be at the center of the group’s vertically integrated solar energy business, from equipment to facilities to power generation. It will also push for cooperation with partners in North America and Europe, the company said. The firm

Industry April 5, 2011

S-Oil Corp., Korea’s third-largest oil refiner, said Tuesday that it will cut the supply prices of its gasoline and diesel by 100 won ($0.9) per liter starting Thursday, following market leader SK Innovation’s suit.The firm’s directly managed stations nationwide will thus reduce its retail fuel prices by the amount, it said. The price reduction will last for three months.“We made the decision in o

Industry April 5, 2011

South Korea will forge a mobile radio-frequency identification network in metropolitan regions by the end of the year to promote mobile commerce, the Ministry of Knowledge Economy said Tuesday.The technology allows users to pay for items by flashing RFID-imbedded mobile phones in front of wireless readers.The RFID system has already been used in the country for transportation cards and wireless ex

Industry April 5, 2011

GS Caltex, S-Oil and Hyundai Oilbank may follow largest refinery’s decision to lower gasoline and diesel costsLeading oil refiner SK Innovation’s decision to lower retail fuel prices has prompted its smaller rivals to consider following suit. SK Innovation announced Sunday that it will reduce the prices of gasoline and diesel sold at its stations nationwide stations by 100 won ($0.09) per liter fo

Industry April 4, 2011

South Korea will invest a record amount of 53.8 billion won ($48 million) in Jeju Island this year to boost regional businesses in industries such as water and energy management, the Ministry of Knowledge Economy said Friday. The government will be spending about half of the funds on developing renewable energy facilities such as offshore wind turbines, while another 23 billion won will be used to

April 1, 2011

SK Group, the nation’s third-largest conglomerate, said Friday that it had spun off its life science unit in a bid to develop the business into a new driver of growth. SK Biopharm’s total assets will reach 300 billion won ($260 million), and will be wholly owned by SK Holdings Co. The new unit’s main goal will be developing globally competitive new medicines and active pharmaceutical ingredients,

Industry April 1, 2011

State-run Korea Resources Corp. said Thursday that it would start production at a nickel mine in Madagascar this year, which is expected to push the country’s self-sufficiency rate for the mineral to over 60 percent.KORES and consortium partners including Sumitomo Corp. and Sherritt International Corp. held a ceremony Wednesday marking the completion of the Ambatovy mine facilities. Since signing

Industry March 31, 2011

Fears of radiation from Japan have pushed up sales of masks and food such as kelp considered to help prevent poisoning, local retailers said Wednesday.Concerns over radiation have been rising during the past few days on news that traces of radioactive materials are being detected throughout the nation following a nuclear crisis in Japan.The state-run Korea Institute of Nuclear Safety confirmed Mon

Industry March 30, 2011