SEOUL, May 2 (Korea Bizwire) – Sales numbers of vehicles produced overseas and sold here by local manufacturers shrank greatly in the first quarter of the year from a year earlier, data showed Thursday, apparently due to advances by local competitors. Sales of the so-called OEM cars came to 3,171 units in the January-March period, [...]
SEOUL, April 28 (Korea Bizwire) – Samsung Heavy Industries Co., a major shipyard here, said Friday that its first-quarter earnings more than tripled from a year earlier on cost-saving measures. Net profit reached 58.7 billion won (US$51.6 million) in the January-March period, compared to a profit of 15.9 billion won a year earlier, the company [...]
SEOUL, April 28 (Korea Bizwire) – Hyundai Motor Group, South Korea’s top automotive conglomerate, is betting that rising demand in emerging markets will offset sales declines in China amid a row over the deployment of an anti-missile system, corporate sources said Friday. Hyundai Motor Co. and its affiliate Kia Motors Corp. plan to launch new [...]
SEOUL, Apr. 28 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Thursday that it swung to the black in the first quarter of the year from a year earlier, largely thanks to cost-cutting measures. Net profit reached 261 billion won (US$230 million) in the January-March period, compared to a [...]
SEOUL, April 27 (Korea Bizwire) – With 11 Hyundai Heavy Industries (HHI) employees succumbing to injuries caused by work accidents last year, the shipbuilding company is facing criticism as well as the misfortune of being labeled the worst corporation with regard to workplace safety, with some of the harshest critics using the word ‘murder’ to describe [...]
TONGYEONG, Apr. 27 (Korea Bizwire) — The Tongyeong municipal government said Wednesday it will build a complex of cultural and tourism facilities and a park on the site of a bankrupt shipyard in the port city. ShinaSB has been under court receivership since last year as it was riddled with 1.84 trillion won (US$1.6 billion) [...]
SUWON, South Korea, April 26 (Korea Bizwire) – A former Hyundai Motor employee who disclosed defects in Hyundai’s Theta II engine may face criminal charges, with the South Korean car maker seemingly intent on bringing the whistleblower to court. The 54-year-old former chief of Hyundai’s quality and strategy department, only disclosed as Kim, accused the [...]
SEOUL, April 26 (Korea Bizwire) – South Korea is not likely to regain its status as the world’s fifth-largest automaker, as India has been increasing the production of vehicles at a rapid pace, an industry report said Wednesday. South Korea was the fifth-largest producer for 11 years from 2005 until 2015 before slipping to the [...]
SEOUL, Apr. 21 (Korea Bizwire) — The South Korean government is poised to bring the number of smart factories in the country up to 30,000 by 2015, with plans to train 40,000 skilled workers in preparation for the ever-expanding fourth industrial revolution. Speaking to small and medium size business owners during a meeting at the [...]
SEOUL, April 21 (Korea Bizwire) – Samsung Electronics Co. is estimated to make less than 100,000 won (US$88.20) for each Galaxy S8 smartphones sold, industry watchers said Friday, hovering far below the market price of 935,000 won. The calculation is based on the fact that Samsung’s mobile business saw its operating margin reach 10.8 percent [...]