SEOUL, April 12 (Korea Bizwire) – Lotte Group said Sunday it plans to relocate the offices of its founder and chairman to a 123-story skyscraper under construction in southeastern Seoul, in an apparent bid to ease the public’s concerns over the building’s safety. Under the plan, group founder Shin Kyuk-ho, and his son Dong-bin, the [...]
SEOUL, April 6 (Korea Bizwire) — Hanwha Group, a South Korean chemicals and financial conglomerate, said Monday it has clinched a US$2.12 billion order to build the infrastructure for a new city currently under construction in Iraq. The agreement signed with Iraq’s National Investment Commission calls for Hanwha Engineering & Construction, the building arm of [...]
SEOUL, March 30 (Korea Bizwire) – The value of land possessed by South Korea’s top 10 business groups reached an all-time high of 63.29 trillion won (US$57.18 billion) at the end of 2014, up 4 percent from a year ago, a market researcher said Monday. The value of land owned by 95 listed companies under [...]
SEOUL, March 20 (Korea Bizwire) – POSCO Engineering & Construction Co. (POSCO E&C) appears to have embezzled part of the slush fund it created in the overseas branch in Vietnam, prosecutors said Friday. An internal audit within the company had found that several POSCO E&C officials, including some executives, operated a slush fund worth about 10 [...]
SEOUL, March 17 (Korea Bizwire) – Sinkholes, dropping water levels at the nearby Seokchon Lake and frequent safety accidents at Korea’s tallest skyscraper have raised questions about its safety. To dispel concerns over Lotte World Tower, which is scheduled to be completed by the end of next year, Lotte Group is contemplating the establishment of a [...]
SEOUL, March 4 (Korea Bizwire) — POSCO, South Korea’s largest steelmaker, said Wednesday that it has signed a tentative deal with a sovereign fund of Saudi Arabia to push for “comprehensive” cooperation that includes construction and automaking. The tie-up was promised under a memorandum of understanding signed by POSCO CEO Kwon Oh-joon and Abdulrahman Al [...]
Seoul, Mar. 3 (Korea Bizwire) — Samsung Heavy Industries has won a contract to build the world’s largest container ships from Japan’s MOL (Mitsui O.S.K. Lines) for 609.2 million dollars, said the company on March 2. Samsung Heavy Industries is due to build, by 2017, four 20,000 TEU class container ships whose deck size will equal that of [...]
SEOUL, Feb. 24 (Korea Bizwire) – The Korea Land and Housing Corporation (LH) has been chosen to find the best location for a new city development project in Uganda. LH announced on February 23 that its consortium won an order to select the site of a new city adjacent to Kampala, which will be developed by [...]
SEOUL, Feb. 22 (Korea Bizwire) – South Korea’s top air carrier Korean Air Line Co. has signed a memorandum of understanding (MOU) with Europe’s Airbus to jointly bid for Seoul’s indigenous fighter development project, Korean Air officials said Sunday. Codenamed KF-X, the 8.5 trillion won (US$8.3 billion) project calls for South Korea to develop fighter jets [...]
SEOUL, Feb. 18 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering (DSME), the second largest shipbuilder in the world, has had eleven of its vessels selected as the best ships of 2014 by several magazines exclusively dedicated to shipbuilding and shipping, including Naval Architect, Maritime Reporter and Marine Log, said the company on January 21. Three container [...]