SEOUL, Apr. 27 (Korea Bizwire) — South Korean shipyards may be in big trouble, but they still lead the global market in terms of order backlog, industry data showed Wednesday, possibly suggesting their guaranteed survival at least for a few years to come. According to the data from global research firm Clarkson Research Services, the [...]
SEOUL, April 11 (Korea Bizwire) – Hyundai Heavy Industries Co., a major South Korean shipyard, and its two affiliates, have suffered a sharp drop in their orders in the first two months of the year amid a protracted industry slump, industry sources said Monday. According to the sources, Hyundai Heavy, Hyundai Mipo Dockyard Co. and Hyundai [...]
SEOUL, March 30 (Korea Bizwire) – South Korea is badly in need of exporting more consumer goods to China to help improve a longstanding imbalance between export items and gain a share in the rapidly-growing consumer goods market there, a bank report said Wednesday. In 2014, Korea topped other countries by posting US$190 billion in [...]
SEOUL, March 28 (Korea Bizwire) – LG Electronics Inc. said Monday it will start sales of its high-end “LG Signature” home appliances series that covers products ranging from TVs to refrigerators, in its latest bid to beef up profitability. The South Korean company said Signature is its first brand of extra-premium goods. The products, set to [...]
SEOUL, March 22 (Korea Bizwire) – South Korean petrochemicals companies, backed by improved earnings, are pushing to take over foreign rivals that specialize in high-end products, in a bid to diversify their revenue sources and fend off rising competition from Chinese rivals, industry sources said Tuesday. According to the sources, SK Global Chemical Co., a unit [...]
SEOUL, March 21 (Korea Bizwire) – An embattled shipper, Hyundai Merchant Marine Co., said Monday that it has applied for self-rescue measures which need approval from its creditors, in a bid to put its business back on a normal path. In a regulatory filing, South Korea’s No. 2 shipper said “it filed for co-management with [...]
SEOUL, Mar. 21 (Korea Bizwire) — Most small and medium enterprises in South Korea are against the government’s push to adopt the foreign worker levy, citing an increased financial burden and questioning its effect in boosting the employment of domestic jobseekers, a survey showed Sunday. The government plans to introduce a new levy system, in [...]
SEOUL, March 10 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipyard, is expecting its business to turn around this year following last year’s record loss, as it has fully reflected potential losses and its efforts to cut costs, its chief said Thursday. The shipyard suffered a record 5.1 trillion won (US$4.24 [...]
SEOUL, March 8 (Korea Bizwire) – Widening paraxylene (PX) spreads stemming from firm demand and reduced supply are expected to help South Korean oil refineries rack up decent earnings this year following last year’s stellar performance, industry sources said Tuesday. According to the sources, PX spreads stood at US$414 per ton last month, hovering above the [...]
SEOUL, March 3 (Korea Bizwire) – Data shows that the top 100 Korean companies in terms of market capitalization have undergone a rapid change in business sectors over the past 10 years. The rankings reflect a shift from industrial businesses such as construction and shipbuilding to ‘non-smokestack’ industries such as service and distribution. On the [...]