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Shipbuilding, Automobile Industries Face Labor Disputes Amidst Economic Gloom

Shipbuilding, Automobile Industries Face Labor Disputes Amidst Economic Gloom

SEOUL, Jul. 7 (Korea Bizwire) — When it rains, it pours, as labor disputes are putting increased pressure on the automobile manufacturing and shipbuilding industries already sagging underneath the weight of slowing sales. The industry giants currently involved in labor negotiations include Hyundai Motor, Kia Motors and GM Korea, while Hyundai Heavy Industries, the world’s largest [...]

Ulsan’s Shipbuilding Job Center Marks Successful First Year Amid Tough Times

Ulsan’s Shipbuilding Job Center Marks Successful First Year Amid Tough Times

SEOUL, July 6 (Korea Bizwire) – Ulsan’s shipbuilding career support center recently marked its successful first year, having helped tens of thousands of jobseekers find employment in the field, center officials said on Wednesday. According to the career center, as of last month, employment benefits and job seeking support had been provided more than 71,000 times [...]

Hyundai Samho Attracts 400 Bln-Won Investment via Pre-IPO

Hyundai Samho Attracts 400 Bln-Won Investment via Pre-IPO

SEOUL, June 8 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a midsized shipbuilder here, said Thursday that it has attracted 400 billion won (US$355 million) in investment from a local private equity firm via pre-initial public offering.  The investment is higher than the originally planned 300 billion won, Hyundai Samho said, signaling that investors [...]

Creditors to Offer Fresh Financing to Daewoo Shipbuilding next Week

Creditors to Offer Fresh Financing to Daewoo Shipbuilding next Week

SEOUL, May 31 (Korea Bizwire) – Creditors of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. are set to inject fresh funds into the embattled shipyard next week, later than earlier scheduled, due to the delay in the debt rescheduling scheme, industry sources said Wednesday.  According to the sources, the state-run Korea Development Bank-led creditors are [...]

Chinese Shipbuilders Win Huge Chunk of Orders from S. Korean Shippers

Chinese Shipbuilders Win Huge Chunk of Orders from S. Korean Shippers

SEOUL, May 22 (Korea Bizwire) – Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday. According to related data, local shippers have placed orders so far this year [...]

Slump-Hit Shipbuilding Sector Cuts Workforce in 2016

Slump-Hit Shipbuilding Sector Cuts Workforce in 2016

SEOUL, May 17 (Korea Bizwire) – South Korean shipbuilders and related firms sharply reduced the size of their workforces last year in the face of a drawn-out slump, industry data showed Tuesday. According to the data compiled by industry tracker Chaebul.com, the shipbuilding sector slashed its workforce by 8,670 last year, or a 14.8 percent cut. The figure includes regular and nonregular workers. South Korea’s major [...]