SEOUL, May 10 (Korea Bizwire) – The latest analysis from the Korea Institute for Industrial Economics & Trade has revealed that China will soon catch up with the quality and technology of South Korea’s core industries, further threatening Asia’s fourth-largest economy. In the report released Monday, the institute suggested that China would close the gap [...]
SEJONG, May 10 (Korea Bizwire) – South Korea’s total supply of manufacturing goods both locally produced and imported gained ground to reach a record high in the first three months of the year on the back of brisk chips industry and a sharp rise in imports, government data showed Wednesday. The manufacturing domestic supply index [...]
SEOUL, May 10 (Korea Bizwire) – Demand for imported Chinese vehicles in South Korea is on the rise due mainly to their price competitiveness, a local importer said Wednesday. “To meet growing local demand for Chinese vehicles, we are planning to import an additional 110 KENBO 600 sport-utility vehicles this month,” a spokesman for Zhonghan [...]
SEOUL, May 10 (Korea Bizwire) – Sales of midsize hybrid cars were halved in the first four months of this year, mainly due to existing vehicle models becoming dated and the popularity of new non-hybrid vehicles, market watchers said Sunday. Data provided by carmakers showed sales of the Sonata, K5 and Malibu hit 2,268 units at the end of April, down a sharp 49.7 percent from [...]
SEOUL, May 9 (Korea Bizwire) – Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. have clinched orders valued at a combined US$1 billion to build very large crude carriers (VLCCs), industry sources said Tuesday. According to the sources, Hyundai Heavy has secured an order to build two VLCCs. The deal includes an option to [...]
SEOUL, May 8 (Korea Bizwire) – Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it has signed a memorandum of understanding with a Saudi shipping firm to work together to develop technologies needed for a ‘smart ship’ platform. Under the deal with the National Shipping Company of Saudi Arabia, better known [...]
GEOJE, SOUTH KOREA, May 4 (Korea Bizwire) – Many of the victims who were injured or killed during the crane accident which occurred at the Geoje Shipyard last Monday were subcontractors, according to Samsung Heavy Industries. Speaking to Yonhap News Agency earlier this week, the company revealed that most of the casualties were subcontractors, including [...]
GEOJE, South Korea, May 4 (Korea Bizwire) – Police on Thursday raided several offices of Samsung Heavy Industries over a deadly crane accident that occurred at one of its shipyards this week. On Monday, two cranes collided at the shipyard in the southeastern port city of Geoje, causing a structure to fall from one of [...]
SEOUL, May 4 (Korea Bizwire) – South Korean chipmakers are set to benefit from rising demand for semiconductors, a global market research firm said Wednesday. The average price of the mainstay dynamic random-access memory chip (DRAM) product ‘DDR4 4Gb 512Mx8 2133MHz’ jumped more than 12 percent to US$3.09 as of April 28 from $2.75 on March 31, according to DRAMeXchange. The memory and storage [...]
SEOUL, May 4 (Korea Bizwire) – An affiliate of shipbuilder Hyundai Heavy Industries Co. and trading company POSCO DAEWOO secured a 50 billion-won (US$44 million) transformer order from Britain’s National Grid plc, the companies said Wednesday. Hyundai Electric & Energy System and POSCO DAEWOO said they signed the deal to supply 23 high-pressure transformers to [...]