SEOUL, Jan. 31 (Korea Bizwire) — The state-run Korea Development Bank said Thursday that it has signed a temporary memorandum of understanding (MOU) with Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, to sell its controlling stake in rival Daewoo Shipbuilding & Marine Engineering Co. On Wednesday, Hyundai Heavy expressed its intent to [...]
SEOUL, Dec. 18 (Korea Bizwire) – The state-run Korea Development Bank (KDB) said Tuesday it supports GM Korea Co.’s plan to spin off its research unit, marking a reversal from the lender’s opposition to the controversial scheme that is also strongly opposed by the carmaker’s labor union. Lee Dong-gull, governor of the KDB, told reporters [...]
SEOUL, Nov. 12 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., on Monday refused to meet with its union to narrow their differences over its decision to build a separate research and development (R&D) company, which the workers see as an initial move by the carmaker to scale down [...]
SEJONG, May 30 (Korea Bizwire) — According to the Ministry of Strategy and Finance, the Korea Development Bank issued green bonds to domestic institutional investors yesterday. The total amount of bonds issued was 300 billion won and the coupon rate stood at 2.53 percent. Maturity is three years. Green bonds are special-purpose bonds with use [...]
SEOUL, April 11 (Korea Bizwire) – The state-run Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding Co., said Wednesday it has accepted the troubled shipyard’s self-rescue plan, withdrawing its plan to put the mid-sized shipbuilder under court receivership. The decision came a day after the management and labor union of STX Offshore reached a last-minute deal on restructuring measures. STX Offshore, once the world’s [...]
SEOUL, March 21 (Korea Bizwire) – GM Korea Co., the South Korean unit of General Motors Co., on Wednesday offered a revised wage package to its workers that was not well-received by the union. “The company’s revised offers are not worthy of comment. We outlined our demands to the company yesterday, but management didn’t even [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korea’s central bank said Friday that it has selected 12 banks, including six foreign banks, as the lenders responsible for setting prices for direct won-yuan transactions. The Bank of Korea said the lenders will also be charged with taking the lead in providing liquidity to the market. The [...]
SEOUL, Sept. 20 (Korea Bizwire) - Kumho Tire Co. could survive if stakeholders of the beleaguered tiremaker agree to share the pain, the new head of the tiremaker’s top creditor bank said Wednesday, voicing an upbeat note about the tiremaker going forward. Lee Dong-gull, new governor of the state-run Korea Development Bank (KDB), however, told reporters that it was too early [...]
SEOUL, Sept. 12 (Korea Bizwire) – China’s Qingdao Doublestar has sent a copy of legal documents to the creditors of Kumho Tire, saying it agrees to cancel a deal to buy a controlling stake in the South Korean tiremaker, an official at a key creditor bank said Tuesday. The official at the state-run Korea Development Bank [...]
SEOUL, Aug. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]