SEOUL, Feb. 24 (Korea Bizwire) – Mercedes-Benz Korea, the local importer and distributor of the German vehicle, will recall some 280 cars sold here for an airbag issue that has affected millions of cars of various brands throughout the world, the transportation ministry said Friday. The latest recall is part of the Takata airbag recall [...]
SEOUL, Feb. 23 (Korea Bizwire) – Labor union leaders at South Korean shipbuilder Hyundai Heavy Industries Co. declared an all-out strike Thursday over failed wage negotiations and a proposed split of the firm’s non-shipbuilding business. What union and company officials called the first full-fledged walkout in 23 years came after labor union leaders told all [...]
SEOUL, Feb. 23 (Korea Bizwire) – Samsung Electronics Co., the world’s top memory chip and smartphone maker, said Thursday it will begin the mass production of the industry’s first mobile application processor (AP) built on 10-nanometer FinFET technology. Samsung said it plans to apply the new FinFET technology to Exynos 9 which is widely predicted [...]
SEOUL, Feb. 21 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard in South Korea, has received an order to build two oil tankers, industry sources said Tuesday. Under the deal with a Greek shipowner, Hyundai Heavy will build two very large crude carriers (VLCC) with 320,000 DWT by the end of 2018, the [...]
SEOUL, Feb. 20 (Korea Bizwire) – Global steelmaker POSCO said Monday that its output of advanced electrical steel for motors will double following the construction of its new facility. The company said its capacity for hyper non-oriented electrical steel has come to 160,000 tons per year following the construction of its latest production facility in [...]
SEOUL, Feb. 20 (Korea Bizwire) – Less than one in five South Korean manufacturers of medical supplies and equipment said they plan to increase new research and development (R&D) jobs, a survey showed Monday, despite the government’s push to become a global biotech and medical industry hub. According to the survey by the Korea Medical [...]
SEOUL, Feb. 20 (Korea Bizwire) – The corporate reputation ranking of Samsung in the eyes of American consumers plunged 42 spots to 49th in 2017, according to an annual survey on Monday. The sharp drop in the survey by The Harris Poll on corporate brands came as Samsung is struggling with the global recall of [...]
SEOUL, Feb. 17 (Korea Bizwire) – Samsung Group, South Korea’s largest conglomerate, is expected to put most of its new business and investment plans on hold, at least temporarily, following the arrest of its heir-apparent Lee Jae-yong, market observers said Friday. Lee, the group’s de facto leader, was arrested early Friday on charges of bribery [...]
SEOUL, Feb. 16 (Korea Bizwire) – South Korea’s aircraft finance sector is likely to grow this year, industry officials said Thursday, amid increased demand from air traffic passengers. Yoo Byung-soo, who handles aircraft finance at KTB Investment & Securities, said he expects the country’s aircraft finance market to reach between 4 trillion won (US$3.5 billion) [...]
SEOUL, Feb. 16 (Korea Bizwire) – Demand for electric vehicles is skyrocketing this year thanks to new government policies on EV subsidies. According to the Ministry of Environment, the number of EV subsidy applications has already surpassed the 1,200 mark just three weeks after the process began on January 25, which is four times greater [...]