SEOUL, Jul 2. (Korea Bizwire) — With the South Korean shipbuilding industry reeling from years of hardship, another wave of restructuring is expected to hit in the second half of the year. As the shipbuilding industry has been facing a long-term recession on a global scale, those who have worked in the industry have either [...]
SEOUL, Jun, 28 (Korea Bizwire) — A former employee of SsangYong Motor who worked at the company’s Pyeongtaek factory before being laid off has been found dead in what appears to have been the 32nd suicide death by former SsangYong employees after the carmaker instigated massive layoffs in 2009. Around 3:50 p.m. yesterday, a former [...]
SEJONG, May 29 (Korea Bizwire) — South Korea has designated Ulsan, Geoje, Mokpo and several other regions, home to the country’s shipbuilders and related industries, as an emergency response zone to provide job support and tax incentives as these areas are reeling from high unemployment, the commerce ministry said Tuesday. The designation came as local [...]
SEOUL, Apr. 23 (Korea Bizwire) — GM Korea Co. the local unit of leading U.S. automaker is capable of pulling off an overall surplus in its business operations in 2020 if all sides can agree to a comprehensive restructuring plan, a preliminary report said Sunday. According to financial market sources, the due diligence being carried [...]
SEOUL, Mar. 8 (Korea Bizwire) — South Korea’s midsized shipbuilder Sungdong Shipbuilding and Marine Engineering Co. will file for a court receivership, Finance Minister Kim Dong-yeon said Thursday. Another troubled shipbuilder, STX Shipbuilding Co., will face intense restructuring efforts to overhaul its operations, Kim told a meeting of relevant ministers. The two shipbuilders have been [...]
SEOUL, Feb. 20 (Korea Bizwire) — South Korea’s leading shipbuilders and one of its shipping firms have been mired in losses due to unsuccessful restructuring efforts, industry data showed Tuesday. The cumulative net loss of Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, came to more than 7 trillion (US$6.5 billion) from [...]
SEOUL, Dec. 18 (Korea Bizwire) — The government will set up a 1 trillion-won (US$918 million) fund to restructure struggling small and medium-sized enterprises (SMEs) as part of its drive for “market-oriented” corporate restructuring, officials said Monday. Under the scheme, eight state-run and retail banks, including Korea Development Bank, will raise 500 billion won by [...]
SEOUL, Nov. 22 (Korea Bizwire) — South Korean fashion companies are accelerating their move to trim unprofitable brands amid a prolonged domestic slump, industry sources said Wednesday. Handsome Corp., the apparel unit of Hyundai Department Store Group, said it is in the process of closing down one of its brands, Mothan. “It is part of [...]
SEJONG, March 7 (Korea Bizwire) – South Korea’s state-run energy resource companies will move forward with their restructuring efforts this year as part of the government-led plan to streamline operations in the midst of low global oil prices, the commerce ministry said Tuesday. At a meeting convened by the Ministry of Trade, Industry and Energy [...]
SEJONG, Jan. 25 (Korea Bizwire) – South Korea will accelerate its corporate restructuring drive in shaky industries like shipbuilding and steelmaking in 2017 in a bid to gain a foothold for the future industrial revolution, the government said Wednesday. At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the government reviewed action [...]