SEOUL, Nov. 28 (Korea Bizwire) — An absolute majority of South Korean manufacturers with offshore plants are not considering returning home due mainly to the need to expand overseas markets, a poll showed Wednesday. The survey of 150 such manufacturing companies, taken by the Korea Economic Research Institute (KERI), showed 96 percent of respondents have [...]
SEOUL, Nov. 26 (Korea Bizwire) — SK Innovation Co., South Korea’s top energy-chemical business, said Monday that it will invest 1.14 trillion won (US$1.01 billion) to build an electric vehicle (EV) battery plant in the United States. The company said it has decided to construct the 9.8 gigawatt-hour capacity battery plant in the city of [...]
SEOUL, Nov. 23 (Korea Bizwire) — Samsung Electronics Co. made a formal apology Friday to all victims of work-related diseases who were employed at the company’s chip and display production lines, settling the long-standing dispute that lasted for more than a decade. Samsung Electronics President and CEO Kim Ki-nam, who heads the tech giant’s crucial [...]
SEOUL, Nov. 22 (Korea Bizwire) — South Korea announced Thursday a package of measures to help ease the hardships of small and midsized shipbuilders that are struggling from a lack of new orders. The shipbuilding industry, once a cornerstone of the South Korea’s economic growth and job creation, has been reeling from mounting losses caused [...]
SEOUL, Nov. 22 (Korea Bizwire) — French carmaker Renault S.A. has asked South Korean steelmaker POSCO to enter Morocco and supply automotive steel, a person familiar with the issue said Thursday. Renault made the offer to the world’s fifth-largest steelmaker by output in early 2017 as part of its strategy to diversify its sources of [...]
SEOUL, Nov. 22 (Korea Bizwire) — South Korean manufacturers have been shifting the focus of their overseas direct investment to Vietnam from China thanks to tax benefits, cheaper labor and other favorable conditions, a report said Thursday. Vietnam accounted for 17.7 percent of South Korean manufacturing companies’ total direct overseas investment in 2017, up sharply [...]
SEOUL, Nov. 15 (Korea Bizwire) — Retail sales and industrial output in restructuring-hit regions remained in a slump in the third quarter, government data showed Thursday. According to the data compiled by Statistics Korea, retail sales in South Gyeongsang Province, North Jeolla Province and Ulsan declined 2.3 percent, 1.2 percent and 1.2 percent, respectively, in [...]
SEOUL, Nov. 14 (Korea Bizwire) — SK Innovation Co., a South Korean energy-to-construction conglomerate, said Wednesday that it is considering building electric vehicle battery plants in the United States and Europe to meet growing demand for zero-emissions cars. SK Innovation said up to four unidentified areas have been shortlisted for its first plant in the [...]
SEOUL, Nov. 13 (Korea Bizwire) — South Korea’s embattled shipbuilding giants may conduct a wave of year-end layoffs in line with self-rescue measures agreed upon with creditors, industry sources said Tuesday. Stung by snowballing losses from tumbling orders and heavy debt, Daewoo Shipbuilding and Marine Engineering Co. (DSME), Samsung Heavy Industries Co. and Hyundai Heavy [...]
SEOUL, Nov. 12 (Korea Bizwire) — South Korea’s big-three rechargeable battery makers have agreed to create a fund to jointly develop next-generation battery technologies and foster related industries, the industry ministry said Monday. The companies — LG Chem Inc., Samsung SDI Co. and SK Innovation Co. — signed a memorandum of understanding for joint R&D [...]