SEOUL, Nov. 14 (Korea Bizwire) – Some 3,000 employees have quit their jobs from South Korea’s top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday. The country’s three biggest shipyards [...]
SEOUL, Nov. 11 (Korea Bizwire) – The chief of POSCO, South Korea’s No. 1 steelmaker, will be grilled by prosecutors Friday over its former affiliate related to an influence-peddling scandal surrounding a close friend of President Park Geun-hye. The prosecution said it summoned Kwon Oh-joon, 66, to appear before the Seoul Central District Prosecutors’ Office [...]
SEOUL, Nov. 11 (Korea Bizwire) – The labor union at Daewoo Shipbuilding & Marine Engineering Co. is being pressed to accept the shipyard’s restructuring scheme including a workforce reduction, a key condition for the embattled shipyard to receive financial aid from its creditors, industry sources said Friday. Earlier this week, the creditors, led by the [...]
SEOUL, Nov. 10 (Korea Bizwire) – Leading furniture makers in South Korea are seeking ways to tap into the overseas market to find new growth engines beyond the saturated domestic market amid sluggish consumption, industry officials said Thursday. Major furniture markers have generated most of their revenue from the domestic market, but they have been [...]
SEOUL, Nov. 9 (Korea Bizwire) – South Korea’s top automaker Hyundai Motor Co. said Wednesday that it has agreed to jointly develop connected cars with China’s Guizhou Province. A memorandum of understanding (MOU) for cooperation was signed Tuesday between the South Korean automaker and Guizhou’s provincial government. Under the agreement, the two sides will first [...]
SEOUL, Nov. 8 (Korea Bizwire) – The domestic wage deal between Hyundai Motor Company and its labor union has been settled for the time being, but the burden of personnel expenses continue to stranglehold the automaker, even in its overseas operations. According to Hyundai and U.S. media reports, production workers at Hyundai Motor Manufacturing Alabama [...]
SEOUL, Nov. 8 (Korea Bizwire) – The world’s first icebreaking liquid natural gas (LNG) carrier set sail Tuesday, heading to the Arctic Sea for testing. The ship was manufactured by Daewoo Shipbuilding & Marine Engineering, who won the order from Russia’s state-run shipper Sovcomflot in March 2014. According to officials, the tanker is 299 meters [...]
SEOUL, Nov. 8 (Korea Bizwire) – South Korea’s top automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. continue to dominate the local market despite a recent drop in their sales here as they together hold nine of the 10 best-selling cars, data showed Tuesday. The two carmakers form Hyundai Motor Group, the [...]
SEOUL, Nov. 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday. According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved [...]
SEOUL, Nov. 4 (Korea Bizwire) — Kia Motors Corp., South Korea’s second-largest carmaker, said Friday it unveiled four modified cars at an annual U.S. auto show, including a self-driving Sorento equipped with tracks. The annual trade fair, hosted by the Specialty Equipment Market Association this week in Las Vegas, showcased aftermarket modified cars from automakers [...]