SEOUL, Aug. 17 (Korea Bizwire) — Chinese tire maker Qingdao Doublestar Co. has demanded creditors cut its bid price for a controlling stake in Kumho Tire Co., an official at one of the creditors said Thursday, adding a new twist to the Chinese firm’s bid to acquire Kumho Tire. Qingdao Doublestar signed a deal with [...]
SEOUL, Aug. 16 (Korea Bizwire) — Chinese tiremaker Qingdao Doublestar Co. appears to be in the final stage to take over its South Korean rival — Kumho Tire Co., informed sources said Wednesday, as it has submitted documents for the government’s approval in a 955 billion won (US$857 million) deal. In March, creditors of Kumho [...]
SEOUL, Aug. 15 (Korea Bizwire) — South Korea’s electronics industry, including semiconductor manufacturers, has been struggling with a shortage of workers, an industry report showed on Tuesday. The findings, released by the Korea Electronics Association, a business lobby group, raised alarm bells for the future of the industry that accounts for about 33 percent of [...]
SEOUL, Aug. 14 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Monday that it posted a profit for the second straight quarter in the second quarter, largely thanks to cost-cutting measures and increased delivery of offshore facilities. Net profit reached 1.26 trillion won (US$1.1 billion) in the April-June period, [...]
GIMHAE, Aug. 14 (Korea Bizwire) — A South Korean robotics company has revealed an unmanned barista that is capable of all stages of coffee making from taking orders and making coffee to serving customers, a device that some speculate could replace coffeehouse workers in the near future. The coffee-making robot, which makes coffee and serves [...]
SEOUL, Aug. 14 (Korea Bizwire) – Hyundai Motor Co., South Korea’s top automaker, is facing a double whammy of sluggish earnings and a looming labor dispute, which have been sending its stocks lower for couple of weeks, watchers said Saturday. Hyundai Motor closed 2.07 percent lower at 142,000 won (US$123) on the Seoul bourse on Friday, a sharp fall from its 52-week high of 173,000 won on May 23. Hyundai, [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korean carmakers posted lackluster profitability over the first half of 2017, industry data showed Sunday, falling far behind major overseas rivals. Top carmaker Hyundai Motor Co.’s first-half operating margin was 5.4 percent, down 1.2 percentage points from a year earlier, industry data showed. Its sister company Kia Motors [...]
SEJONG, Aug. 10 (Korea Bizwire) — South Korea’s antitrust watchdog said Thursday that it has imposed a combined 796 million won (US$699,000) in fines on two local electronics part suppliers for rigging bids for public railway construction projects. The two companies — Yookyung Control Co. and Hyukshin Engineering Co. — allegedly colluded to participate in [...]
SEOUL, Aug. 9 (Korea Bizwire) – South Korean shipyards recaptured the No. 1 position in new orders worldwide in July amid a plunge in overall numbers, outpacing Chinese rivals, industry data showed Wednesday. According to the data compiled by global research firm Clarkson Research Institute, local shipbuilding companies clinched new orders worth a combined 306,000 compensated [...]
SEOUL, Aug. 9 (Korea Bizwire) — Samsung Display Co. said Wednesday it plans to tap deeper into the premium liquid crystal display (LCD) business through premium, ultra-slim curved TVs. “Samsung Display will continue to roll out investment and develop technologies for the premium curved LCD,” the company said during a forum it hosted in China. [...]