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Hyundai Q1 Net Plunges 48% on Strong Won, Weak Sales

Hyundai Q1 Net Plunges 48% on Strong Won, Weak Sales

SEOUL, April 26 (Korea Bizwire) – Hyundai Motor Co., South Korea’s biggest carmaker by sales, said Thursday its first-quarter net profit plunged 48 percent on the strong won and weak sales in two major markets. Net profit for the three months ending March 31 fell to 731.6 billion won (US$678 million) from 1.406 trillion won a year earlier, the company said in a statement. “The net result was affected by the won’s strength against the [...]

Hyundai Mobis Outlines Growth Plans in Line with Group’s Streamlining

Hyundai Mobis Outlines Growth Plans in Line with Group’s Streamlining

SEOUL, April 26 (Korea Bizwire) – Hyundai Mobis Co., South Korea’s biggest auto parts maker by sales, on Thursday outlined its growth plans in line with its parent Hyundai Motor Group’s broad governance restructuring program. The move comes after Hyundai Motor Group announced last month that auto parts supplier Hyundai Mobis will spin off its [...]

Court Dismisses Dyson Injunction Request Against LG Cordless Vacuum Ad

Court Dismisses Dyson Injunction Request Against LG Cordless Vacuum Ad

SEOUL, Apr. 26 (Korea Bizwire) — A court has dismissed Dyson’s bid to stop LG from advertising a cordless vacuum, rejecting a claim of false advertising. According to sources close to the case, the Seoul Central District Court on Tuesday struck down the British home appliance maker’s claim that LG exaggerated the performance of its cordless vacuum [...]

Hyundai Mipo Bags 179 Bln Won Deal to Build 4 Carriers

Hyundai Mipo Bags 179 Bln Won Deal to Build 4 Carriers

SEOUL, April 25 (Korea Bizwire) – Hyundai Mipo Dockyard Co., a local shipbuilder, said Wednesday that it has received a 179 billion won (US$165 million) order to build four carriers of petrochemical products for an unidentified company in the Middle East. In a regulatory filing, the South Korean shipyard said it will deliver the vessels by May 2020. The shipbuilder [...]

POSCO Q1 Net Jumps 11% on Demand, Equity Gains

POSCO Q1 Net Jumps 11% on Demand, Equity Gains

SEOUL, April 24 (Korea Bizwire) – POSCO, the world’s fifth-biggest steelmaker by output, said Tuesday its first-quarter net profit jumped 11 percent from a year earlier on rising demand and increased shareholding gains. Net profit for the three months ending on March 31 rose to 1.084 trillion won (US$1 billion) from 976.9 billion won a year earlier, the company said in a statement. “Rising demand for steel products [...]

Samsung Could Release Cheaper Galaxy S8 in China

Samsung Could Release Cheaper Galaxy S8 in China

SEOUL, Apr. 23 (Korea Bizwire) — Samsung is reportedly considering the release of a less expensive version of the Galaxy S8 in China with the company’s high-end smartphones struggling to gain traction. According to Samsung Electronics on Sunday, a new device with the model number SM-G8750 was recently approved by Chinese certification authority TENAA. A number [...]

LG Group Opens Research Center in Western Seoul

LG Group Opens Research Center in Western Seoul

SEOUL, April 20 (Korea Bizwire) – South Korea’s technology and chemical conglomerate LG Group said Friday it launched a new research complex in western Seoul aimed at bolstering its technological capabilities. “People and technologies are the best assets in our country, which lacks natural resources,” said LG Vice Chairman Koo Bon-Joon said in a statement. “Investing in research and development projects and fostering professionals are the fundamental [...]

Sungdong Shipbuilding Placed Under Court Receivership

Sungdong Shipbuilding Placed Under Court Receivership

SEOUL, April 20 (Korea Bizwire) – A South Korean court on Friday placed a financially troubled midsize shipbuilder under its receivership, a spokesman said. Shin Sung-hoon, spokesman of the Changwon District Court, said Deloitte Anjin LLC, an auditing company, will carry out due diligence on Sungdong Shipbuilding & Marine Engineering Co. to determine the company’s value of liquidation and its going concern value. “We [...]

State-run Lender Pledges 800 Billion Won to Shipping Industry

State-run Lender Pledges 800 Billion Won to Shipping Industry

SEOUL, Apr. 20 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) on Friday promised 800 billion won (US$753.29 million) in loans and guarantees to the local shipping industry this year as the government acts on a five-year restructuring plan. Eun Sang-soo, chairman of the state-run lender, met with the heads of shipping companies [...]

Demand for Larger TVs Growing in S. Korea

Demand for Larger TVs Growing in S. Korea

SEOUL, Apr. 19 (Korea Bizwire) — The demand for larger television sets has been growing over the past few years in South Korea, industry data showed Thursday, alongside lower average prices. Industry data showed the average size of Samsung Electronics Co.’s TVs sold in the country came to 54 inches last year, up sharply from [...]