SEOUL, June 3 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering has succeeded in developing a new welding technology called the “large-scale horizontal deposit automated welding.” The company said on June 2 that it has successfully completed a pilot run using the newly developed technology. The business of shipbuilding involves a lot of horizontal welding in [...]
SEOUL, June 2 (Korea Bizwire) – “When we launched a new cosmetic brand back in 2009, we thought hard about what to do to promote our Nature Republic brand most effectively. We ended up setting up shop in the middle of the Myeong-dong (or Myung-dong) commercial zone as the best-possible way to raise our profile quickly.” This [...]
SEOUL, May 30 (Korea Bizwire) – From now on, all buildings will be required to disclose their energy consumption information and buildings of a certain size will be mandated to earn energy efficiency certifications. In addition, buildings that undergo energy-saving renovations will get low-cost loans whose interest rate is close to zero. The Ministry of Land, Infrastructure, [...]
SEOUL, May 13 (Korea Bizwire) – According to a recent survey by the Federation of Korean Industries, the ongoing appreciation of the Korean won is undermining the profitability of Korean exporters. The FKI survey on 120 large manufacturers in Korea revealed that the break-even exchange rate for local manufacturers was 1,052.30 won per the U.S. [...]
SEOUL, May 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering (DSME) continues winning orders for commercial vessels by receiving orders of two ultra-large LPG carriers. DSME announced on April 7 that it signed a contract to build two very large gas carriers (VLGCs) with an Asian client. The value of a vessel is approximately [...]
SEOUL, Korea, May 2, 2014 (Korea Bizwire) – Hyundai Elevator, Korea’s leading elevator maker, has developed a new elevator model that has the country’s smallest-size elevator shaft and requires only 1.1-meter-deep pit at the bottom of the shaft. The “New Yzer” model, whose “machine-roomless elevator” precursor was launched in 1999, can save construction cost and [...]
SEOUL, Korea, April 25, 2014 (Korea Bizwire) – The government’s measure to encourage public agencies to buy locally made servers and storage solutions has finally come to naught. An official at the Small and Medium Business Administration said on April 24 that servers and storage solutions are no longer on the list of priority purchasing [...]
SEOUL, Korea, April 19, 2014 (Korea Bizwire) – Office buildings are becoming more and more hollowed out. In the premium-grade skyscrapers in Seoul, it is rather easy to find empty offices these days. The vacancy rate in buildings in the Yoido district – Seoul’s main business and investment banking area dubbed as “Wall Street of Korea” [...]
SEOUL, Korea, April 18, 2014 (Korea Bizwire) – Once a top-ten contractor, Byucksan Engineering & Construction has finally been declared “dead” after two years of a workout process. As it happens, industry officials begin talk about a crisis of the whole construction industry. That’s because there are quite many contractors under workout or court receivership [...]
SEOUL, Korea, April 7 (Korea Bizwire) – Imported wheels are selling like hot cakes in Korea. Last month, the monthly sales of foreign cars have exceeded 15,000 breaking the record of 14,953 in July 2013. According to the Korea Automobile Importers and Distributors Association, 15,733 foreign cars were registered in March which has increased 30.4 [...]