SEOUL, March 31 (Korea Bizwire) – The Export-Import Bank of Korea, one of South Korea’s state-run policy banks, suffered a net loss of 1.46 trillion won (US$1.3 billion) last year, hit by higher provisions against its loans extended to the country’s ailing shipbuilding industry. It was the first time that the bank reported an annual [...]
WASHINGTON, Mar. 31 (Korea Bizwire) — The U.S. Department of Commerce decided Thursday to impose an 11.7 percent duty on carbon and alloy steel plate imports from South Korea’s steel giant POSCO. The penalty is slightly higher than the department’s preliminary decision made in November to impose a 7.46 percent duty on POSCO products, but [...]
SEOUL, Mar. 30 (Korea Bizwire) — South Korea’s Samsung SDI Co. will supply its electric-vehicle batteries to Volkswagen’s new 2017 e-Golf, an industry source said Wednesday. “The new e-Golf equipped with a Samsung battery will go on sale in global markets this spring,” the source told Yonhap News Agency. Samsung SDI and LG Chem Ltd. [...]
SEOUL, Mar. 30 (Korea Bizwire) — South Korea’s SK Innovation Co. halted operation of its battery packing plant in China in January as its business suffered in the face of Beijing’s move to stop a subsidy to electric vehicle makers that use parts from non-Chinese manufacturers, sources said Wednesday. Orders for the joint venture between [...]
SEOUL, March 29 (Korea Bizwire) – Global auto parts companies will participate in the Seoul Motor Show to promote their products and expand business ties with their South Korean counterparts, the exhibition’s organizing committee said Wednesday. Auto parts makers from Germany, Mexico, Columbia, Israel and the Czech Republic will join the biennial motor show in [...]
SEOUL, March 29 (Korea Bizwire) – South Korean steelmaker POSCO is introducing new comprehensive birth encouragement policies that will help pregnant employees from pregnancy through to child care. The company’s labor union said yesterday that pregnant employees will receive support through all stages of pregnancy, from childbirth to babysitting, allowing employees to have a healthy [...]
SEOUL, March 29 (Korea Bizwire) – Creditors of Kumho Tire Co. are set to send a notice to the chief of Kumho Asian Group asking him to provide details for a buyback plan for the country’s No. 2 tiremaker, including the formation of a consortium to take over the business, industry sources said Wednesday. The [...]
SEOUL, March 28 (Korea Bizwire) – Samsung Electronics revealed plans to sell 4 million refurbished Galaxy Note 7 phablets in the near future in a statement from its global site newsroom yesterday. Refurbished phones will be reintroduced in the market for purchase or rental services, with plans to use and sell components from severely damaged devices, [...]
SEOUL, March 28 (Korea Bizwire) – Creditors of Kumho Tire Co. on Tuesday asked the chief of logistics conglomerate Kumho Asiana Group to present a detailed plan for his buyback of the country’s No. 2 tiremaker, including the formation of a consortium to take over the business. The creditors, led by the state-run Korea Development [...]
SEOUL, March 28 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is facing difficulties securing new orders as some of its bondholders remain increasingly undecided over whether to back its creditors’ rescue package, industry sources said Tuesday. According to the sources, the major South Korean shipyard has been widely expected to finalize two deals [...]