Government seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium in the basins of the Han, Geum, Yeongsan and Nakdong

Rivers refurbishment points to ‘green growth’ successGovernment seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium

Six Korean construction companies are estimated to have secured orders exceeding 10 trillion won ($8.7 billion) in 2011 due mainly to increased overseas contracts, industry sources said Monday.POSCO Engineering & Construction Co., GS E&C and Daewoo Engineering & Construction Co. ranked in the top three in terms of orders won, with Samsung C&T Corp., Hyundai Engineering & Construction Co. and Daelim Industrial Co. also faring well, they said.“POSCO orders surged by 3 trillion won to around 14.4 t

GS Engineering & Construction Corp. aims to more than triple its sales and operating profit and secure 35 trillion won ($30.4 billion) in overseas orders by 2020 as part of its long-term roadmap to become a global player.Korea’s third-largest builder on Monday unveiled ambitious goals of making 27 trillion won in sales and 2 trillion won in operating profit by 2020, both up more than 330 percent from 2010. Its orders totaled 14 trillion won in 2010. The company said it will also boost internatio

GS Engineering & Construction Corp. aims to more than triple its sales and operating profit by 2020 and secure 35 trillion won ($30.4 billion) in overseas orders as part of its long-term roadmap to become a global player.Korea’s third-largest builder on Monday unveiled ambitious goals of making 27 trillion won in sales and 2 trillion won in operating profit by 2020, both up more than 330 percent from 2010. Its orders totaled 14 trillion won in 2010. The company said it will also boost internatio

Conglomerate leaders seek long-term growth, more job creation, boosting exports in 2012Leaders of some of the nation’s largest conglomerates have pledged to invest more in their businesses in the New Year to tide over economic woes as the eurozone debt crisis persists. Samsung Group chairman Lee Kun-hee is expected to emphasize greater investment in a bid to pull through tough economic conditions in 2012.The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need

GS Group said Tuesday it will make its biggest-ever annual investment of 3.1 trillion won ($2.7 billion) next year in energy, retail and construction businesses, targeting record sales of 7.5 trillion won, up 10 percent from this year.The 48 percent increase in investment compared to this year’s 2.1 trillion won will reinforce the conglomerate’s major businesses and solidify a base for sustainable growth, GS said.In the energy business, GS Caltex Corp., the group’s key affiliate, GS EPS Co. and

South Korean stocks rose 0.87 percent on hopes that European leaders will take strong actions to deal with the lingering debt problems at a summit later this week, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI gained 16.6 points to 1,919.42. Trading volume was moderate at 396.5 million shares worth 5.7 trillion won ($5.06 billion) with gainers leading losers 577 to 256.“Hopes are high that European leaders will move to change rules to force eurozone countr

Lee promotes ‘kinder capitalism’ that seeks shared growth between large and small companiesLarge conglomerates such as Samsung, LG and Hyundai have been the key driving forces and big brothers of the Korean economy for decades, shepherding in thousands of smaller suppliers.But with the conglomerates’ dominance having risen to an extent that many suppliers are bullied to cough up the lowest possible prices and put up with irregular trading practices, calls for greater social responsibility among

Hyosung mulls building new ATM factory in ChinaHONG KONG (Yonhap News) -- South Korea’s Nautilus Hyosung Inc. is considering building a new plant in China as part of efforts to strengthen its status as a leading provider of automatic teller machines in the neighboring country, industry sources said Wednesday.The company’s Chinese subsidiary, Beijing Hyosung Computer Technology Co., is considering building the plant in an industrial zone in Weihai, a city in eastern Shandong Province, according t

New reservoirs to ratchet up water security, renewable energy useThe government’s five-year river refurbishment project epitomizes Korea’s commitment to “green growth,” a development model aimed at balancing environmental conservation and economic prosperity. President Lee Myung-bak has stressed cle

GS Engineering & Construction Corp., South Korea’s third-largest builder, said Wednesday that it has won a 402 billion won ($383 million) contract to build subway sections in downtown Singapore.Under the deal with Singapore’s Land Transport Authority, GS Engineering will complete the project by the end of 2016, after starting work next month.GS Engineering said that it expects to post 74.5 billion

Mobile devices, flextime, telecommuting boost workplace efficiency, flexibility“Work smarter, not harder.” This catchphrase has finally caught on in Korean companies as they pursue better ways of working to fit this all-connected world.An increasing number of businesses are embracing the “smart work” policy including flextime, telecommuting, remote work, virtual meetings and freer office environme

Local conglomerates are boosting their efforts to support subcontractors in line with the government-led “mutual growth” drive. The Lee Myung-bak administration has been keenly advocating shared prosperity between conglomerates and their smaller partners, urging the bigger firms to take the lead to help create a level playing field.With the launch of Commission of Shared Growth for Large and Small

Two Korean-led consortia satisfy bid qualifications for $20b railroad planTwo consortia including Korean enterprises passed the pre-qualification criteria for a $20 billion railway project in the United Arab Emirates, raising hopes for the country’s first-ever railway construction export, state-run Korea Trade-Investment Promotion Agency said Friday.The list of firms involved in the bid includes b