SEOUL, July 13 (Korea Bizwire) – Hundreds of employees of Kumho Tire Co. on Thursday held a rally against plans by creditors to sell the company to China’s Qingdao Doublestar. About 750 workers held separate rallies at the company headquarters in Seoul and an R&D center in Yongin, Gyeonggi Province, demanding creditors led by the [...]
SEOUL, July 12 (Korea Bizwire) – SK hynix Inc., South Korea’s No. 2 tech giant, on Wednesday remained silent over reports that Japan-based Toshiba Corp. is contacting U.S. and Taiwanese firms as potential buyers of its memory division. Japanese media earlier reported Toshiba is holding talks with U.S. Western Digital and Taiwan-based Hon Hai Precision [...]
SEOUL, July 12 (Korea Bizwire) – LG Electronics’ smartphone business has been struggling to extricate itself from a quagmire caused by stubborn losses and a weak brand image, but local market watchers said Wednesday they remain optimistic the company can pull off a rebound going forward. The tech giant’s slump is all the more stark [...]
SEOUL, Jul. 12 (Korea Bizwire) — South Korea’s shippers and shipbuilders reacted differently Wednesday to a decision by the International Maritime Organization (IMO) to delay the implementation of a ballast water convention. The IMO’s marine environment protection committee last week postponed the International Convention for the Control and Management of Ships’ Ballast Water and Sediments, [...]
SEOUL, July 11 (Korea Bizwire) – South Korea’s top 15 conglomerates said Tuesday they will voluntarily overhaul unfair practices without any intervention from the government, a local business lobby said. In a meeting with Lee Dong-geun, vice chairman of the Korea Chamber of Commerce and Industry (KCCI), 15 business leaders agreed with general calls that [...]
SEOUL, July 11 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder in South Korea, said Tuesday that it has delivered a drill ship, the third of five offshore facilities scheduled for this year. Daewoo Shipbuilding won a 620 billion-won (US$539 million) deal to build the drill ship for Transocean of the United [...]
SEOUL, Jul. 11 (Korea Bizwire) — Lotte Chemical Co., South Korea’s No. 2 petrochemical firm, said Tuesday that it will use the proceeds from the initial public offering of its Malaysian unit to finance its facility expansion in the Southeast Asian country. Its Malaysian unit, Lotte Chemical Titan Holdings Berhads, made its market debut there [...]
SEOUL, Jul. 11 (Korea Bizwire) — Doosan Infracore Co., South Korea’s top construction equipment maker, is witnessing robust sales in China’s excavator market as the world’s No. 2 economy increased spending on infrastructure, industry sources said Tuesday. According to the data provided by KB Securities, a total of 62,617 excavators were sold in China in [...]
SEOUL, Jul. 10 (Korea Bizwire) — Major chipmaker SK hynix Inc. said Monday it officially launched a new affiliate, which will focus on the company’s foundry business and tap deeper into the system chip industry. SK hynix System IC Inc., wholly owned by SK hynix, will focus on the foundry business, which refers to making [...]
SEOUL, July 7 (Korea Bizwire) – Creditors of Kumho Tire Co. on Friday decided to offer final concessions to resolve a dispute surrounding the usage fee of the Kumho brand between the tiremaker’s parent company and China’s Qingdao Doublestar Co. The concessions came after a meeting earlier in the day with Kumho Tire’s creditors, which [...]