SEOUL, July 29 (Korea Bizwire) – South Korea’s major shipbuilders, led by Hyundai Heavy Industries Co., logged worse-than-expected losses in the second quarter, largely due to the delivery of low-priced ships and a delay in the construction of loss-making offshore facilities, data showed Wednesday. The country’s big three shipyards racked up a combined loss of [...]
SEOUL, Jul. 21 (Korea Bizwire) — Samsung C&T Co., a construction and trading arm of Samsung Group, said Monday that it plans to delist its depositary receipts (DRs) traded on the British stock market. In a regulatory filing, Samsung C&T said it will report its plan to the British financial authorities this week. The DRs, [...]
SEOUL, July 20 (Korea Bizwire) – Hanwha Chemical has launched the unified Hanhwa Compound by merging its chemical compounds business operator Hanhwa Next with Hanwha Compound on July 19. Chemical compounds are used to make automotive and electronics parts and construction materials, and the merger of the Hanwha units was designed to increase management efficiency by unifying [...]
SEOUL, Jul. 20 (Korea Bizwire) — South Korea’s top automaker Hyundai Motor Co. said Sunday it clinched an average market share of over 10 percent in Brazil, Russia, India and Mexico, or BRIMs, in the first half of this year. Hyundai Motor sold a combined 415,006 vehicles in the four countries in the January-June period, up [...]
SEOUL, Jul. 20 (Korea Bizwire) — Nearly half of South Korea’s large industrial groups are suffering from chronic financial trouble due to high levels of debt, industry data showed Sunday. Out of 48 non-financial business groups on an antitrust watchlist, 23 posted a debt ratio of more than 200 percent on a consolidated basis as [...]
SEOUL, July 9 (Korea Bizwire) — Auto parts produced by a Taiwanese firm will likely be approved to be used for imported vehicles here, a local auto parts association said Thursday, raising hopes that customers could have their cost burden eased in maintaining expensive foreign vehicles. The Korea Automobile Parts Association (KAPA) said that it [...]
ULSAN, Jul. 6 (Korea Bizwire) — Hanwha Chemical is acting fast to recover from the Ulsan chemical plant explosion that killed 6 people on July 3, as the company promised the maximum compensation possible and quickly stopped operating production lines at the plant. Kim Chang-bum, CEO of Hanwha Chemical, publically apologized for the tragedy, and [...]
ULSAN, Jul. 3 (Korea Bizwire) — Six workers were killed and another one was injured Friday when an explosion occurred at a chemical plant in the southeastern coastal city of Ulsan, fire officials said. The blast occurred at around 9:19 a.m. when the workers were doing welding work on a storage tank containing waste at [...]
SEOUL, Jul. 3 (Korea Bizwire) — South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve, industry data showed Friday. According to the data [...]
SEOUL, Jun. 15 (Korea Bizwire) — The Korean government will spend 5 billion won (US$ 4.48 million) on Korean SMEs to develop three-wheeled mini EVs until 2016, according to an announcement on June 14. The Ministry of Trade, Industry and Energy (MOTIE) already initiated a 7 billion won (US$ 6.28 million) project last year to develop [...]