SEOUL, May 8 (Korea Bizwire) — Hi-FIN, an energy-saving propeller attachment, is gaining massive popularity from ship owners. Developed in-house by Hyundai Heavy Industries, the installation works to improve propulsion power by producing a vortex swirling in the opposite direction to the vortex made by a ship’s propeller, which is a main contributor to fuel [...]
SEOUL, May 8 (Korea Bizwire) – South Korean solar cell makers are positioned to enjoy a rise in global sales of solar modules, which are likely to jump 20 percent this year, industry data showed on Friday. Global sales of photovoltaic (PV) solar modules are estimated at US$38 billion this year, sharply up from the [...]
SEOUL, May 7 (Korea Bizwire) – The trade union of Hyundai Heavy Industries (HHI) exercised its right to stop working after a worker fell into a manhole due to lack of safety facilities. On May 6, the trade union announced the work stoppage order to its workers for the first time. According to the union, a [...]
CHEONGJU, May 7 (Korea Bizwire) — The city of Cheongju has seen its local corporate income taxes double due to SK Hynix‘s record sales last year. According to a May 6 statement from city officials, a record-high 88.8 billion won (US$ 82.1 million) in local corporate income taxes was collected, far beyond the city’s estimate of [...]
SEOUL, Apr. 15 (Korea Bizwire) — The state arms procurer said Wednesday it has agreed with the country’s largest aerospace company on technological terms in a next-generation light civilian and military chopper development project. In July 2014, the Korea Aerospace Industries Ltd. (KAI) was tapped as the primary negotiating partner to be in charge of [...]
SEOUL, April 14 (Korea Bizwire) – A new step in the development of Korea’s unmanned aerial vehicle technology has been reached with the introduction of a tilt-rotor drone that can take-off and land vertically like a helicopter, but is also capable of fast flight like an airplane. On April 10, the Korea Aerospace Research Institute (KARI) introduced the [...]
SEOUL, April 8 (Korea Bizwire) – Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Wednesday that its board approved a deal to take over Hyundai Hysco Co., a move expected to increase synergy between the two companies. The takeover deal was approved at a board meeting held earlier in the day, Hyundai Steel said in [...]
SEOUL, April 1 (Korea Bizwire) — Samsung C&T Corporation and Samsung SDI have changed their conditions for selling their shares in Samsung General Chemicals to Hanhwa Chemical in a bid to reduce any related risks. The three companies have confirmed the changes through a corrective disclosure on March 31. Initially, Samsung C&T Corporation and Samsung SDI were [...]
SEOUL, April 1 (Korea Bizwire) — Berkshire Hathaway, led by U.S. billionaire investor Warren Buffet, has sold its entire stake in POSCO, local media reported Wednesday, raising speculation that the sell-off might have been prompted by concerns over the South Korean steelmaker’s cloudy business outlook. Maeil Business Newspaper and other local media reports showed that [...]
SEOUL, March 31 (Korea Bizwire) — Small to medium manufacturers’ management conditions are getting worse in Korea, even though some of the major firms they cooperate with are seeing sales increases. According to a report published by the Korea Federation of SMEs and the Korea Institute for Industrial Economics & Trade published on March 29, the [...]