SEOUL, Jul. 26 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co. lost in an international arbitration case over a rig spat, industry sources said Wednesday. In 2011, the major South Korean shipyard clinched a deal to build four semisubmersible drilling rigs for Songa Offshore SE of Norway. The South Korean rig builder launched the [...]
SEOUL, Jul. 25 (Korea Bizwire) — Labor negotiations must not be going well for LG Chemical if it has to resort to illegal wiretaps to get an edge over its employees. On July 24, news spread that discussions between the company’s principal labor union and the firm over various mundane issues relating to wages and [...]
SEOUL, July 25 (Korea Bizwire) – South Korea’s LG Display Co. said Tuesday it will invest 7.8 trillion won (US$6.9 billion) to build facilities for the production of organic light-emitting diode (OLED) panels. The display maker said in the regulatory filing that the investment will be aimed at producing various sizes of OLED panels for [...]
SEOUL, Jul. 25 (Korea Bizwire) — South Korea’s No. 2 chipmaker SK hynix Inc. said Tuesday its second-quarter net profit shot up nearly ninefold, apparently helped by a strong average sales price of dynamic random-access memory (DRAM) and NAND chips. The record-breaking net profit came to 2.46 trillion won (US$2.2 billion), soaring from 286 billion [...]
SEOUL, July 24 (Korea Bizwire) – SK Group has replaced Hyundai Motor as South Korea’s second-largest market cap as of last week, with Samsung Group remaining unchallenged in the No. 1 spot, according to the Korea Exchange on Monday. Samsung Group’s market cap came to 516.57 trillion won (US$461.63 billion) as of Friday’s closing, up [...]
SEOUL, Jul. 24 (Korea Bizwire) – South Korea’s major shipyards, led by Hyundai Heavy Industries Co., are projected to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, industry sources said Monday. According to the data compiled [...]
SEOUL, Jul. 21 (Korea Bizwire) — Samsung Electronics’ dedication to technology development has entered the spotlight, as tech enthusiasts and everyday consumers alike have taken notice of the company’s groundbreaking product releases like the new Wind-Free Air Conditioner. Technologies like the Wind-Free Air Conditioner (it’s exactly what it sounds like) and Samsung washing machines with [...]
SEOUL, July 21 (Korea Bizwire) – Hyundai Rotem Co., the train manufacturing affiliate of Hyundai Motor Group, said Friday it has won two separate orders worth 220 billion won (US$196 million) to build subway trains for Seoul’s metro company. The company said in a statement it received a 176 billion-won order from Seoul Metro to [...]
SEOUL, Jul. 19 (Korea Bizwire) — The labor union representing the employees of Hyundai Motor Company decided yesterday not to go on strike before the summer holiday season. Instead, it will focus on pushing through negotiations with Hyundai. The union is believed to have stated that “instead of going on strike or taking an antagonistic position [...]
SEOUL, July 19 (Korea Bizwire) – South Korea’s Unification Ministry on Wednesday approved Hyundai Asan Corp.’s bid to contact North Korea as the company seeks to visit the North next month to mark the anniversary of the death of its former chairman. The operator of the now-suspended inter-Korean tour to Mount Kumgang on North Korea’s [...]