SEOUL, Jan. 16 (Korea Bizwire) – The United States sold more than 36 trillion won (US$30.58 billion) worth of weapons to South Korea over the past decade, government data showed Sunday, the latest sign underscoring Seoul’s heavy reliance on its key ally for defense. For 10 years through October 2016, South Korea purchased U.S. weapons [...]
SEOUL, Jan. 13 (Korea Bizwire) – Audi Volkswagen Korea, the local importer and distributor of the German brands, is moving to introduce a new car in South Korea that will mark the first car to be launched here since its emissions scandal that has led to a sales ban on most of its vehicle models, [...]
ULSAN, Jan. 12 (Korea Bizwire) – Ulsan is set to become a new R&D hub for South Korea’s battery industry. According to city officials on Wednesday, construction of UNIST’s Battery R&D Center will wrap up in March. The 17.7-billion-won ($15 million) center was funded by both UNIST (2.7 billion won) and the government (15 billion [...]
SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday. South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]
ULSAN, South Korea, Jan. 11 (Korea Bizwire) – The Onsan National Industrial Complex in Ulsan, a key city for shipbuilding and petrochemical industries, is suffering its worst financial crisis since its establishment in 1974. According to local sources, some 30 factory sites have been put up for sale since last year, and it is the [...]
SEOUL, Jan 11 (Korea Bizwire) – Thousands of subcontractor workers at Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, are on the brink of losing their jobs as the shipbuilder has failed to clinch new deals for offshore facilities, industry sources said Wednesday. According to the sources, Daewoo Shipbuilding has 11 [...]
POHANG, South Korea, Jan. 10 (Korea Bizwire) – POSCO’s Pohang 1-Goro, or Pohang Blast Furnace No.1, began operations in June 1973. It is symbolic of the history of Korea’s steel production, which became the nation’s key industrial asset, and the unparalleled economic development over the past half-decade. It is currently the longest-operating blast furnace in [...]
SEOUL, Jan. 10 (Korea Bizwire) – Samsung Electronics shares are still undervalued despite days of record-breaking price climbs, given the tech firm’s operating profit and product marketability, leading asset managers said in their outlook Tuesday. Samsung Electronics released its 2016 fourth-quarter performance estimate Friday that forecast 9.2 trillion won (US$7.64 billion) in operational profit, up [...]
SEOUL, Jan. 10 (Korea Bizwire) – GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., is set to launch its new Cruze compact car here next week, company officials said Tuesday. The Chevrolet Cruze will be unveiled at a ceremony in Seoul next Tuesday, they said. The new Cruze will mark [...]
SEOUL, Jan. 9 (Korea Bizwire) – SK hynix Inc. has released a more advanced memory chip for smartphones that will offer higher data storage for mobile devices, company officials said Monday. The 8-gigabyte LPDDR4X chip boasts the “world’s highest density” and features faster data processing speed while consuming less electricity, SK hynix said in a [...]