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Hyundai Mipo Bags 179 Bln Won Deal to Build 4 Carriers

Hyundai Mipo Bags 179 Bln Won Deal to Build 4 Carriers

SEOUL, April 25 (Korea Bizwire) – Hyundai Mipo Dockyard Co., a local shipbuilder, said Wednesday that it has received a 179 billion won (US$165 million) order to build four carriers of petrochemical products for an unidentified company in the Middle East. In a regulatory filing, the South Korean shipyard said it will deliver the vessels by May 2020. The shipbuilder [...]

POSCO Q1 Net Jumps 11% on Demand, Equity Gains

POSCO Q1 Net Jumps 11% on Demand, Equity Gains

SEOUL, April 24 (Korea Bizwire) – POSCO, the world’s fifth-biggest steelmaker by output, said Tuesday its first-quarter net profit jumped 11 percent from a year earlier on rising demand and increased shareholding gains. Net profit for the three months ending on March 31 rose to 1.084 trillion won (US$1 billion) from 976.9 billion won a year earlier, the company said in a statement. “Rising demand for steel products [...]

Samsung Could Release Cheaper Galaxy S8 in China

Samsung Could Release Cheaper Galaxy S8 in China

SEOUL, Apr. 23 (Korea Bizwire) — Samsung is reportedly considering the release of a less expensive version of the Galaxy S8 in China with the company’s high-end smartphones struggling to gain traction. According to Samsung Electronics on Sunday, a new device with the model number SM-G8750 was recently approved by Chinese certification authority TENAA. A number [...]

LG Group Opens Research Center in Western Seoul

LG Group Opens Research Center in Western Seoul

SEOUL, April 20 (Korea Bizwire) – South Korea’s technology and chemical conglomerate LG Group said Friday it launched a new research complex in western Seoul aimed at bolstering its technological capabilities. “People and technologies are the best assets in our country, which lacks natural resources,” said LG Vice Chairman Koo Bon-Joon said in a statement. “Investing in research and development projects and fostering professionals are the fundamental [...]

Sungdong Shipbuilding Placed Under Court Receivership

Sungdong Shipbuilding Placed Under Court Receivership

SEOUL, April 20 (Korea Bizwire) – A South Korean court on Friday placed a financially troubled midsize shipbuilder under its receivership, a spokesman said. Shin Sung-hoon, spokesman of the Changwon District Court, said Deloitte Anjin LLC, an auditing company, will carry out due diligence on Sungdong Shipbuilding & Marine Engineering Co. to determine the company’s value of liquidation and its going concern value. “We [...]

Demand for Larger TVs Growing in S. Korea

Demand for Larger TVs Growing in S. Korea

SEOUL, Apr. 19 (Korea Bizwire) — The demand for larger television sets has been growing over the past few years in South Korea, industry data showed Thursday, alongside lower average prices. Industry data showed the average size of Samsung Electronics Co.’s TVs sold in the country came to 54 inches last year, up sharply from [...]

POSCO Begins Selection of New Chief as its Chairman Offers to Quit

POSCO Begins Selection of New Chief as its Chairman Offers to Quit

SEOUL, Apr. 18 (Korea Bizwire) — POSCO, the world’s fifth-biggest steelmaker by output, said Wednesday it has begun the process of selecting a new chairman as Kwon Oh-joon offered to step down. Kwon, who has been leading the steelmaker since March 2014, made the announcement during a meeting with the company’s board of directors that [...]

S. Korean Businesses Voice Concerns in U.S. Over Steel Exports

S. Korean Businesses Voice Concerns in U.S. Over Steel Exports

SEOUL, April 17 (Korea Bizwire) – The head of a South Korean traders association met with deputy U.S.trade representative Jeffrey Gerrish and conveyed industry wide concerns over steel import restrictions, the organization said Tuesday. Kim Young-ju, CEO of Korea International Trade Association (KITA), said the South Korean steel industry is relieved by Washington’s move to exempt its companies from the list [...]

Trade War Threatens Some Samsung, LG Chinese Operations

Trade War Threatens Some Samsung, LG Chinese Operations

SEOUL, April 16 (Korea Bizwire) — Samsung and LG are reportedly considering ending the production of 40-inch screens in China amid a mushrooming Sino-American trade war. According to sources close to the industry, the two South Korean electronics companies are toying with the idea of moving production lines of 40-inch LCD screens after the U.S. government [...]