Young Poong, MBK file damages suit against Korea Zinc directors

SEOUL, November 14 (AJP) - Young Poong and MBK Partners have filed a lawsuit against Korea Zinc seeking about 700 billion won ($497.5 million) in damages for alleged financial mismanagement tied to an overpriced stock buyback and large public offering amid a battle over control of the world's largest smelter. According to legal sources on Thursday, Young Poong recently submitted a shareholder derivative lawsuit to the Seoul Central District Court, claiming Korea Zinc's direc

November 14, 2024

Korean shipbuilders vie for $13.9 billion U.S. naval maintenance market

SEOUL, November 14 (AJP) - South Korea's two largest shipbuilders, HD Hyundai Heavy Industries Co. and Hanwha Ocean Co., are intensifying competition for the U.S. Navy's maintenance, repair, and operations (MRO) contracts, valued at about US$13.9 billion annually. The development follows U.S. President-elect Donald Trump's recent emphasis on maritime cooperation with South Korea during his conversation with President Yoon Suk Yeol on Nov. 7. "We need to closely c

November 14, 2024

Korean firms show strong interest in foreign hiring, favoring Vietnamese workers

SEOUL, November 14 (AJP) - A survey of 557 South Korean companies by career platform Saramin and foreign recruitment service Comate revealed that 73.4 percent are willing to hire foreign workers, with Vietnamese nationals being the most preferred at 31.3 percent, followed by Central Asians at 20 percent and Filipinos at 18.6 percent. The hiring intention was highest among companies with 50-100 employees at 74.5 percent, while 84.2 percent of companies experiencing labor shortages ex

November 14, 2024

Korea Zinc cancels controversial share sale; chairman to step down as board chief

SEOUL, November 13 (AJP) - Korea Zinc on Wednesday withdrew its plan to sell new shares worth 2.5 trillion won (US$1.77 billion) amid regulatory scrutiny and shareholder pushback. The world's largest smelter announced the share issue Oct. 30 to fend off a takeover attempt by its largest shareholder, Young Poong, and MBK Partners. "We humbly accepted concerns from shareholders and market participants that we hadn't anticipated when we initially decided on the public o

November 13, 2024

China's BYD to enter Korean EV market in early 2025

SEOUL, November 13 (AJP) - China's largest electric vehicle maker BYD Co. announced on Wednesday its plans to launch passenger vehicles in South Korea in early 2025. The company, which surpassed 3 million units in global eco-friendly vehicle sales last year, is currently finalizing its dealer networks and seeking regulatory approvals for its vehicles, subsidiary BYD Korea said. Industry sources expect the Seal, a mid-sized sedan, to be BYD's first model in South Korea, wi

November 13, 2024

AMCHAM Korea raises 120 million won for student aid in annual fundraiser

SEOUL, November 13 (AJP) - The American Chamber of Commerce in Korea announced Wednesday that it raised about 120 million won (US$85,360) at its annual fundraising dinner to support university scholarships. Thirty-five CEOs and executives served dinner and wine to 430 attendees at the 17th AMCHAM CEO Service Night organized the previous day by the Partners for the Future Foundation under AMCHAM Korea. "Together, we are building a brighter future, and I'm proud to be part

November 13, 2024

KT successfully launches new communication satellite into orbit

SEOUL, November 12 (AJP) - KT SAT, a Korean satellite service firm, said Tuesday that its new communication satellite was successfully launched and placed into orbit. The Koreasat-6A satellite, KT SAT's first launch in seven years, lifted off aboard SpaceX's Falcon 9 rocket at 12:22 p.m. (U.S. time) Monday from Cape Canaveral Space Force Station in Florida. The geostationary satellite deployed about 35 minutes after lift-off, according to the company affiliated with telec

November 12, 2024

GS E&C wins subway tunnel contract in Melbourne

SEOUL, November 11 (AJP) - GS Engineering & Construction's Australian subsidiary has secured a subway tunnel construction contract worth around AU$570 million (US$375.8 million) in Melbourne. The project involves constructing nearly 10 kilometers of tunnels using specialized tunnel-boring machines designed to excavate tunnels through rock or soil, as part of the Suburban Rail Loop (SRL) East. The deal also includes the construction of 39 escape routes and two underground

November 11, 2024

Czech delegation visits South Korea to negotiate nuclear power plant project

SEOUL, November 11 (AJP) - A delegation from the Czech Republic arrived in South Korea on Monday for a two-week visit to negotiate the construction of a new nuclear power plant, according to the state-run Korea Hydro & Nuclear Power (KHNP). In July, a Korean consortium led by KHNP was selected as the preferred bidder for the Dukovany nuclear power plant project, which is valued at around 24 trillion won (US$17.1 billion). During their visit, the delegation of more than 60 peo

November 11, 2024

LG Energy Solution to supply batteries for SpaceX's Starship: reports

SEOUL, November 11 (AJP) - South Korea's leading battery manufacturer, LG Energy Solution, is reportedly set to supply batteries for spacecraft developed by Elon Musk's SpaceX. According to news reports, the company's cylindrical lithium-ion batteries will power SpaceX's next-generation Starship, which completed its fifth orbital test flight last month. SpaceX, which has traditionally relied on in-house battery production, plans to use the spacecraft for its Mars

November 11, 2024