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Outlook Rosy for IT, but Shipbuilders and Carmakers Face Tougher Year

Outlook Rosy for IT, but Shipbuilders and Carmakers Face Tougher Year

SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s IT industry is expected to bask in robust business performance this year, while automakers and shipbuilders face tougher conditions, a report showed Tuesday.  According to the report compiled by the Korea Chamber of Commerce and Industry (KCCI), most sectors are faced with uncertainties at home and abroad, [...]

S. Korea to Accelerate Restructuring of Shaky Industries in 2017

S. Korea to Accelerate Restructuring of Shaky Industries in 2017

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 [...]

Government Injects Funds to Resuscitate Shipbuilding Industry

Government Injects Funds to Resuscitate Shipbuilding Industry

SEOUL, Jan. 19 (Korea Bizwire) – The Ministry of Trade, Industry & Energy announced Wednesday that it will invest 245.1 billion won ($208 million) this year to help Korea’s dwindling shipbuilding industry diversify and hopefully breathe life into the sector.  The investment will be divided into four areas – R&D (5 billion won), commercialization (4.5 [...]

S. Korea’s Top 3 Shipbuilders to Cut over 4,000 Jobs This Year

S. Korea’s Top 3 Shipbuilders to Cut over 4,000 Jobs This Year

SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday.  South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]

Ulsan’s Industrial Complex Suffers amid Economic Slump

Ulsan’s Industrial Complex Suffers amid Economic Slump

ULSAN, South Korea, Jan. 11 (Korea Bizwire) – The Onsan National Industrial Complex in Ulsan, a key city for shipbuilding and petrochemical industries, is suffering its worst financial crisis since its establishment in 1974. According to local sources, some 30 factory sites have been put up for sale since last year, and it is the [...]