GEOJE, South Korea, June 23 (Korea Bizwire) – The prolonged struggles of Korea’s shipbuilding industry are affecting the housing market in Geoje, a city in South Gyeongsang Province. Geoje is made up of a number of islands just off the coast of Busan, and it is also the main hub for the two major shipbuilding [...]
SEOUL, June 15 (Korea Bizwire) – South Korea’s state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won (US$1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm. South Korea’s Board of Audit and Inspection (BAI) [...]
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 [...]
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 23 (Korea Bizwire) – The prolonged economic slowdown and corporate restructuring have pushed some of Korea’s top 100 listed companies to trim their workforces. According to chaebul.com, as of March 2016, the number of employees at 51 of top 100 Korean listed companies had decreased from the end of last year. The total [...]
SEOUL, May 20 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled South Korean shipyard, is set to unveil a set of additional restructuring measures later in the day as the government and its creditors pressed it to map out stronger self-rescue measures, industry sources said Friday. The proposal, to be submitted to [...]
SEOUL, May 19 (Korea Bizwire) – South Korea’s major shipbuilders are pulling out of wind power generation projects as they are reeling from massive losses and a drawn-out slump in the global economy, industry sources said Thursday. Since 2009, local shipyards, led by Hyundai Heavy Industries Co., have been tapping the alternative energy business sector [...]
SEOUL, May 16 (Korea Bizwire) – Overseas operations of South Korea’s cash-strapped shipyards struggled with massive debts last year amid a protracted slump in the global shipbuilding industry, industry data showed Sunday. The combined debts of 34 overseas subsidiaries of the three major shipyards — Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. [...]
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 [...]