SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s financial watchdog said Thursday it will step up efforts to early detect possible risks in the local banking sector amid a full-fledged corporate restructuring drive at home and unrelenting uncertainties abroad. Speaking to lawmakers, Zhin Woong-seob, governor of the Financial Supervisory Service (FSC), reminded domestic banks of [...]
SEOUL, Oct. 13 (Korea Bizwire) – A recent report by McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME. DSME, Hyundai Heavy Industries, and Samsung Heavy Industries retained McKinsey as a consultant back in June, to [...]
SEOUL, Oct. 12 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it plans to cut its workforce by about 20 percent before the end of the year in a bid to tide over a deepening industrywide slump. According to the shipyard, it plans to cut its workforce [...]
SEJONG, Sept. 2 (Korea Bizwire) – South Korea will pour more than 65 trillion won (US$58.1 billion) into the local economy next year to revitalize the economy, which has been plagued by faltering exports and rising uncertainties in the global market, the trade ministry said Friday. Out of the 400.7 trillion won budget for 2017, [...]
SEOUL, Aug. 1 (Korea Bizwire) – A Seoul court on Monday began a rehabilitation process for STX Heavy Industries Co., South Korea’s key manufacturer of vessel engines and plants, after the financially strapped company applied for protection late last month. The Seoul Central District Court will proceed with a debt-restructuring receivership program to prevent the [...]
CHANGWON, July 18 (Korea Bizwire) – As the shipbuilding industry in Korea suffers through a catastrophic slump, some universities in South Gyeongsang Province that offer majors related to shipbuilding are having difficulty maintaining their programs. Due to the recent economic downturn, the employment outlook in the shipbuilding industry, which was bright just a few short years [...]
GEOJE, South Korea, June 28 (Korea Bizwire) – A group of workers at Samsung Heavy Industries Co., a financially troubled South Korean shipbuilder, voted Tuesday to go on a strike in protest of the management’s restructuring plan. Among a total of 5,396 members of the “labor council,” 4,768 participated in the ballot and 4,382, or [...]
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 [...]