SEOUL, April 10 (Korea Bizwire) – Daewoo Shipbuilding and Marine Engineering has won orders from local shipping firm Hyundai Merchant Marine to build very large crude carriers (VLCCs) that would give the troubled shipbuilder contracts worth some 900 billion won (US$792.25 million), Daewoo officials said Sunday. The two companies signed a letter of intent on [...]
SEOUL, April 7 (Korea Bizwire) – Hyundai Motor Company revealed plans yesterday to release its very first commercialized electric bus model by early next year. According to the South Korean vehicle manufacturer, its electric bus models are already in development with plans for a trial run scheduled later this year. Hyundai Motor was the first [...]
SEOUL, April 7 (Korea Bizwire) – The combined sales of Samsung Electronics Co.’s new flagship Galaxy S8 series, which will officially hit shelves later this month, is expected to surpass the 40 million unit mark, industry data showed Friday. South Korea’s brokerage houses estimated the sales of the Galaxy S8 and the Galaxy S8 Plus [...]
SEOUL, April 7 (Korea Bizwire) – Hyundai Motor Co. and its affiliate Kia Motors Corp. will recall potentially faulty engines of more than 170,000 vehicles from late next month to ensure the safety of their customers, the transport ministry and the companies said Friday. Hyundai and Kia, South Korea’s two biggest carmakers, will voluntarily begin [...]
SEOUL, April 7 (Korea Bizwire) – Samsung Electronics Co. predicted Friday that its first-quarter operating profit for this year advanced 48.2 percent on-year, apparently helped by the robust performance of its chip business. Operating profit is estimated at 9.9 trillion won (US$8.76 billion) in the January-March period, compared with 6.68 trillion won posted a year [...]
SEOUL, April 6 (Korea Bizwire) – Eight out of ten people in South Korea believe the fourth industrial revolution will see advanced technologies such as AI and automation take away jobs from people, a recent survey has revealed. The survey, conducted by market researcher Trend Monitor and published yesterday, asked 1,000 smartphone users aged between [...]
SEOUL, April 6 (Korea Bizwire) – Moody’s Investors Service said Thursday it will maintain the current ratings for Hyundai Motor Co. and Kia Motors Corp. despite sharp declines in auto sales in China. “Although Hyundai’s and Kia’s weak auto unit shipments from China will likely have a short-term negative impact on their profitability and cash [...]
SEOUL, April 6 (Korea Bizwire) – South Korea’s state pension fund, one of the key debt holders for ailing Daewoo Shipbuilding & Marine Engineering Co., said Thursday it remains undecided on whether to agree on debt rescheduling measures that aim to keep the shipyard afloat. The National Pension Service (NPS), which holds about 30 percent [...]
SEOUL, Apr. 6 (Korea Bizwire) — South Korea’s financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm’s accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial [...]
SEOUL, April 5 (Korea Bizwire) – As a gray haze caused by fine dust continues to blanket South Korea, home appliance companies are enjoying booming sales with some companies running additional production lines over the weekend. Growing public concern over the health effects of fine dust and air pollution in the country are turning air [...]