SEOUL, June 4 (Korea Bizwire) – A recent study found that the rate of increase for office rents in Seoul was the second-highest in Asia, among 19 major cities. According to a study conducted by major U.K. real estate consulting corporation Knight Frank, rents in Seoul during this year’s first quarter increased by 2.6 percent compared [...]
SEOUL, June 1 (Korea Bizwire) – On the morning of June 1, 7:20 a.m., an accident occurred at a metro construction site in Namyang-ju, northern Seoul, killing four on the site according to Yonhap news. The number of injuries has been confirmed as eight and others were transferred to a nearby hospital. Witnesses said there had [...]
SEOUL, April 26 (Korea Bizwire) – South Korea will make a stronger push in restructuring financially-troubled shipping and shipbuilding companies, but the restructuring drive itself should be spearheaded by firms and their creditors, the country’s top financial regulator said Tuesday. “Last year, the overall value of ship orders clenched by local shipbuilders stood at US$10 [...]
SEOUL, April 26 (Korea Bizwire) – Jamsil Sports Complex and its surrounding areas will be transformed into an ambitious new site for international conventions and exhibitions. The Seoul Metropolitan Government decided on a master plan for the area’s transformation on Monday. It’s a grandiose project to establish a global MICE (Meetings, Incentives, Conferencing, Exhibitions) center [...]
SEOUL, April 21 (Korea Bizwire) – Hyundai Heavy Industries Co., the world’s largest shipbuilder by order backlog, will cut more than 10 percent of its workforce this year as part of its restructuring efforts, industry sources said Thursday. The Ulsan, South Korea-based shipbuilder is planning to announce its detailed self-help measures, including the planned job [...]
SEOUL, Jan.12 (Korea Bizwire) – According to an exclusive report from The KyungHyang newspaper, a Korean daily journal, Macquarie Korea Infrastructure Financing (MKIF), the Australian company managing Gwangju’s second beltway, is rejecting the local government’s offer to financially support the installation of Highpass, an electric toll system. The route is the only toll road in Korea [...]
SEJONG, Jan. 5 (Korea Bizwire) - South Korea’s antitrust watchdog said Tuesday that it has fined six local cement makers a combined 199.4 billion won (US$167.6 million) for fixing the prices of cement products and divvying up the market. According to the Fair Trade Commission (FTC), cement companies have allegedly colluded to rig the prices of [...]
SEOUL, Dec. 16 (Korea Bizwire) - Ssangyong Engineering & Construction Co., a South Korean builder, said Wednesday it has clinched US$1.6 billion worth of orders to construct a luxury hotel, as well as apartment and office buildings, in Dubai. Ssangyong E&C said that it will lead the construction of a 47-story hotel and a 37-story apartment [...]
SEOUL, Nov. 23 (Korea Bizwire) - Hyundai Engineering & Construction Co., a South Korean builder, said Monday that it has won a US$727 million deal to build a power station in Indonesia. The deal signed with CEPR, a local energy facility operator, called for Hyundai E&C along with Hyundai Engineering Co. to build a 1,000-MW coal-fired [...]
SEOUL, Nov.9 (Korea Bizwire) – The Seoul Metropolitan Government has stepped up to help prevent accidents in the workplace among foreign workers who are unfamiliar with the Korean language. City officials announced that they will be providing safety education for 210 foreign workers from five different countries – Vietnam, Cambodia, Thailand, Myanmar, and Bangladesh. Safety [...]