SEOUL, Aug. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]
SEOUL, Sep. 28 (Korea Bizwire) – Despite earlier reports, SK Hynix officials have denied speculation that the South Korean memory chip maker is considering taking legal action against Toshiba as the Japanese conglomerate moves toward a deal with Western Digital, the South Korea media reported. Contrary to a number of reports in the South Korean [...]
SEOUL, Aug. 30 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard in South Korea, has clinched a deal to build an offshore facility for an Indian firm, industry sources said Wednesday. According to the sources, Hyundai Heavy won the deal from Triumph Offshore Private, a unit of India’s Swan Energy, to build the [...]
SEOUL, Aug. 30 (Korea Bizwire) — Two South Korean shipbuilders — Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. — are expected to win a combined US$1.5 billion deal, industry sources said Wednesday. According to industry tracker TradeWinds, the Mediterranean Shipping Co. (MSC) is working on an order for up to 11 [...]
SEOUL, Aug. 29 (Korea Bizwire) – LG Chem Ltd., South Korea’s top chemical firm, said Tuesday that it has decided to invest 436 billion won (US$387 million) in its Polish affiliate in a bid to expand its electricity vehicle battery business. In a regulatory filing, LG Chem said it would invest in LG Chem Wroclaw [...]
SEOUL, Aug. 29 (Korea Bizwire) – SK Hynix is reportedly considering taking legal action against Toshiba after being rebuffed by the Japanese conglomerate during the auction process of a memory-chip unit without appropriate notice, according to sources close to the matter. Industry sources on Tuesday said SK Hynix, which was once considered among the most likely [...]
JAKARTA, Aug. 29 (Korea Bizwire) — A South Korean-made submarine has arrived at a port of the Indonesian Navy’s Eastern Fleet in Surabaya after 16 days of sailing from South Korea, the country’s Navy said Tuesday. The arrival of the new submarine, the KRI Nagapasa 403, on the previous day came after South Korea’s Daewoo [...]
SEOUL, Aug. 28 (Korea Bizwire) – South Korean conglomerate SK Group’s North American division SKC has made public its stance in support of the U.S. government’s trade ban on imported solar energy batteries, including those from South Korea. SKC, despite being a division of a South Korean company, called for measures against importing solar energy batteries [...]
SEJONG, Aug. 28 (Korea Bizwire) — The Fair Trade Commission (FTC) announced on Sunday that it will punish windproof and waterproof fabrics company Gore-Tex with a 3.673 billion won fine for its role in artificially keeping the prices of its fabrics high. According to the FTC, from March 2009 until December 2012, the company crafted [...]
SEOUL, Aug. 28 (Korea Bizwire) – South Korea’s shipping industry is still reeling from the fallout from Hanjin Shipping Co.’s bankruptcy last year as the remaining companies have yet to fill the vacuum left by Hanjin, once the nation’s top player, analysts said Monday. Hanjin Shipping, previously the world’s seventh-largest shipper, was put under court [...]