SEOUL, Feb. 8 (Korea Bizwire) — Samsung Engineering Co., a major South Korean industrial plant builder, said Thursday that its joint venture secured a US$ 3.1 billion deal to upgrade an oil refinery in the United Arab Emirates. Under the deal with the Abu Dhabi National Oil Company (ADNOC), Samsung and Netherlands-based CB&I will introduce [...]
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s top financial regulator said Sunday that it will tighten capital regulations on high-risk household lending, in the latest move meant to slow the pace of household debt growth. The stricter regulations will be applied to banks, savings banks and insurance firms that provide loans to home buyers [...]
SEOUL, Dec. 19 (Korea Bizwire) — CJ Logistics Corp., the logistics arm of South Korea’s food and entertainment conglomerate CJ Group, said Tuesday it will absorb and merge with the group’s construction unit as part of efforts to hone its competitiveness. The merger ratio will be one CJ Logistics share for every 0.54 CJ Engineering [...]
SEJONG, Dec. 15 (Korea Bizwire) – The government has announced plans for nationwide New Deal projects that will see 68 attractions across the country revitalized, including the city of Tongyeong. According to plans revealed by the government on Thursday, a number of old local landmarks and cultural assets in South Korea will take center stage [...]
SEOUL, Dec. 14 (Korea Bizwire) – Of the South Korean households that are renters, 60.5 percent utilize “wolse”, or monthly payment rental systems, boosted by a growing low-income bracket. According to the Korea National Council of Consumer Organizations, the percentage of households renting using “jeonse” – a key money deposit system usually requiring a lump-sum [...]
SEJONG, Dec. 12 (Korea Bizwire) — The South Korean government has announced plans for a second Pangyo Techno Valley by 2022, which will provide office space to nearly 1,400 businesses at affordable prices to boost promising startup companies. Under the startup complex project plan revealed on Monday, a new industrial complex will be built in addition [...]
SEOUL, Dec. 7 (Korea Bizwire) – A major heavy ion accelerator project has been given the green light, with a budget of 1.4 trillion won and an expected completion date in 2021, according to the science ministry. The Ministry of Science and ICT’s business monitoring task force announced plans on Wednesday for the construction of a [...]
SEOUL, Dec. 7 (Korea Bizwire) — Hyundai Development Company is converting to a holding company through a major structure reshuffle. At a board meeting held on Tuesday, plans were announced to divide the current structure of HDC into two, including a holding company and a separate operating company with official names yet to be determined. Through [...]
SEOUL, Dec. 6 (Yonhap) — Hanwha Energy Corp., a South Korean renewable energy developer, said Wednesday that it has won a US$50 million deal to build a solar power plant in Malaysia for a local state-run power company, Tenaga Nasional. Hanwha said it is set to break ground for the 48-megawatt solar facility in Chuping, [...]
SEOUL, Dec. 3 (Korea Bizwire) — South Korean hotel chains are targeting Southeast Asian countries to bypass tough competition at home and take advantage of the region’s fast-growing economy, industry watchers said Sunday. Industry watchers said Southeast Asia is an attractive market for local hotel chains as South Koreans also frequently visit the region for [...]