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 [...]
SEOUL, Apr. 15 (Korea Bizwire) — A local business lobby said on Sunday the possible disclosure of Samsung Electronics Co.’s workplace environmental assessment report, which was demanded by former workers due to health concerns, should be limited so as to protect sensitive trade secrets. Former workers suffering from illnesses have been demanding the South Korean [...]
SEOUL, April 11 (Korea Bizwire) – The state-run Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding Co., said Wednesday it has accepted the troubled shipyard’s self-rescue plan, withdrawing its plan to put the mid-sized shipbuilder under court receivership. The decision came a day after the management and labor union of STX Offshore reached a last-minute deal on restructuring measures. STX Offshore, once the world’s [...]
SEOUL, April 11 (Korea Bizwire) – POSCO, the world’s fifth-largest steelmaker by output, will partner in the implementation of U.N. Sustainable Development Goals, a local nongovernmental organization (NGO) said Wednesday. The South Korean steel company has been working on a project since 2014 to build high-quality houses using its own steel house method and to provide sustainable life for residents in the cities where POSCO operates. [...]
SEOUL, April 11 (Korea Bizwire) – Samsung Display Co. said Wednesday it plans to ask the government to judge whether its workplace assessment report on its production line contains information that needs protection from disclosure. The move came after Samsung Electronics Co. also made a similar request following the government’s plan to disclose the tech giant’s workplace report, which may potentially include sensitive information on proprietary technology. The Ministry of Trade, Industry and Energy’s [...]
SEOUL, Apr. 11 (Korea Bizwire) — LG Chem Ltd., South Korea’s top chemicals company, said Wednesday that it has decided to invest 239.4 billion won (US$224.8 million) in two separate joint ventures with Huayou Cobalt Co., a Chinese supplier of the mineral. The deal underscored LG Chem’s efforts to secure a stable supply of cobalt, [...]
SEOUL, Apr. 6 (Korea Bizwire) — South Korean shipbuilders beat their global rivals in ship orders in the first quarter, according to data by Clarkson Research Services. In the January-March period, South Korean shipbuilders clinched orders equal to 2.63 million compensated gross tons (CGTs) to build 52 vessels. This accounted for 42.2 percent of ship [...]
SEOUL, April 4 (Korea Bizwire) – Samsung Electronics Co. Vice Chairman Lee Jae-yong, the heir apparent of the family-controlled conglomerate Samsung, plans to make more overseas business trips down the road to foster new growth engines for the company, industry sources said Wednesday. Lee’s plans to go abroad come as state prosecutors are looking into allegations that Samsung Group actively stamped out any moves to create labor unions among [...]
SEOUL, April 4 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a leading South Korean shipbuilder, said Wednesday it has clinched a deal to build two oil carriers for an unidentified company in North America. The shipbuilder said it is set to deliver the very large crude carriers to the shipping firm by the first quarter of 2020, without elaborating on the value [...]
SEOUL, April 3 (Korea Bizwire) – Kumho Tire Co., South Korea’s second-biggest tiremaker by sales, said Tuesday it will continue to use its brand name and its management will remain independent after being acquired by China’s Qingdao Doublestar Co. “Doublestar has pledged to allow an independent management team to run Kumho Tire as was the case of the acquisition of Volvo by China’s Geely Automobile Holdings in 2010,” Kumho Tire said in a statement. “Back then, [...]