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 [...]
SEOUL, Nov. 18 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, has cut its order target for the year, joining other smaller local rivals’ move to adjust their annual order targets amid a protracted slump, industry sources said Friday. According to the sources, Hyundai Heavy revised down its order target to US$9.49 [...]
SEOUL, Nov. 14 (Korea Bizwire) – Some 3,000 employees have quit their jobs from South Korea’s top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday. The country’s three biggest shipyards [...]
SEOUL, Nov. 11 (Korea Bizwire) – The labor union at Daewoo Shipbuilding & Marine Engineering Co. is being pressed to accept the shipyard’s restructuring scheme including a workforce reduction, a key condition for the embattled shipyard to receive financial aid from its creditors, industry sources said Friday. Earlier this week, the creditors, led by the [...]
SEOUL, Oct. 18 (Korea Bizwire) – Global consulting firm McKinsey & Company is again facing criticism with the disclosure that it provided business consulting services to Daewoo Shipbuilding & Marine Engineering (DSME) three years ago, advising the company to focus on its offshore plants – the very business that lead to DSME’s demise. McKinsey is [...]
SEOUL, June 15 (Korea Bizwire) – Samsung Heavy Industries Co., a local shipyard, on Wednesday unveiled its detailed self-restructuring program which centers on a cut in workforce and having executives return part of their salaries. Earlier, the shipyard has said it will conduct a self-rehabilitation scheme worth 1.5 trillion won (US$1.27 billion), including asset sales [...]
SEJONG, June 14 (Korea Bizwire) – The South Korean government said Tuesday that it will downsize state-run energy and resource development companies and open the power supply market to the private sector as part of its industry-wide corporate restructuring efforts to increase adaptability to a global low oil price trend. The Ministry of Strategy [...]
SEOUL, June 8 (Korea Bizwire) – Prosecutors raided Daewoo Shipbuilding & Marine Engineering Co. (DSME), one of the country’s top three shipbuilders, on Wednesday over alleged accounting fraud and poor management amid an industrywide slump. The Supreme Prosecutors’ Office said it dispatched some 150 investigators to raid the company’s headquarters in central Seoul and its Okpo [...]
SEOUL, May 30 (Korea Bizwire) – The accumulated debt for Korea’s top 9 shipbuilding companies – companies with more than 1 trillion won in revenue – has exceeded 100 trillion won. According to chaebul.com Sunday, the top 9 companies’ debt exceeded 102.6 trillion won in 2015. The figure tallies up all debt from the 9 [...]
SEOUL, May 13 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co., South Korea’s largest shipper, has joined a new alliance led by a German company amid its creditor-led debt restructuring, the company said Friday, but its local rival Hyundai Merchant Marine Co. was excluded from the group. The shippers have been suffering from ballooning debts and [...]