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Top economic official warns of stern measures against Japan's export restrictions
Strategy and Finance Minister Hong Nam-ki SEOUL -- South Korea's top economic official warned of stern measures under domestic and international laws as Japan shrugged off concerns about a price hike and a trade conflict to go ahead with restrictions on exports of high-tech chemicals used in the production of microchips and displays. Strategy and Finance Minister Hong Nam-ki warned at a radio talk show on Thursday that "economic retaliation" would damage South Kor
July 4, 2019
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S. Korea pledges massive investment to narrow technology gap with Japan
SEOUL -- Japan's unexpected move to restrict the shipment of key materials used to produce chips and displays backfired as South Korea took it as an opportunity to reduce the technological gap with a massive investment in the development of related technologies and equipment. The South Korean government said Wednesday that it would invest six trillion won ($5.1 billion) in the development of high-tech materials to ease its dependency on Japan. "We will invest one
July 3, 2019
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S. Korean shipyards in race to win orders for Russia's ice-breaking LNG carriers
SEOUL -- South Korean shipbuilders are in a race to win orders for ice-breaking ships which would transport liquefied natural gas under Russia's Arctic LNG 2 project, despite business risks caused by Russia's proposal that construction should be done in its territory. Russia, a major gas producer, aims to export LNG as much as Qatar. Russia's second largest natural gas producer, Novatek, plans to start producing LNG at Arctic LNG 2 in Yamal in 2022~2023. The pro
June 28, 2019
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Daewoo shipyard wins order from Oman to build very large crude carrier
SEOUL -- Daewoo Shipbuilding & Marine Engineering secured an order from Oman's state shipping company to build and deliver a 300,000-ton very large crude carrier by the first quarter of 2021. The vessel will be built with eco-friendly technology to meet new rules imposed by a U.N. maritime safety agency. Daewoo Shipbuilding & Marine Engineering (DSME) said Thursday that the order to build a 336-meter-long vessel came from
June 27, 2019
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GM to launch Colorado pickup, Traverse SUV in S. Korea: Yonhap
SEOUL -- General Motors Co. will launch the Colorado pickup truck and the Traverse SUV in South Korea by September as it strives to strengthen its recreational vehicle lineup amid falling sales. The Detroit-based carmaker plans to introduce the Colorado pickup in late August and the Traverse SUV in early September, GM Korea President and CEO Kaher Kazem said in a press conference. GM Korea is targeting to increase the percentage of SUVs in its product portfolio t
June 25, 2019
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Hyundai shipyard subsidiary partners with Inmarsat to provide digital solutions
SEOUL -- A subsidiary of Hyundai Heavy Industries, the world's largest shipbuilder, will develop digital total solutions for an efficient and fuel-saving voyage by using services from Inmarsat, a British satellite telecom company. Maritime industry officials said that Hyundai Global Service (HGS) has signed a business agreement with Inmarsat, which offers mobile services via terminals which communicate with ground stations through geostationary telecom
June 12, 2019
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Norway company agrees to buy undelivered drillship from Daewoo shipyard
SEOUL --Northern Drilling, an offshore drilling company in Norway, has agreed to acquire an undelivered drillship from Daewoo Shipbuilding & Marine Engineering in a deal that could fetch about 410 billion won ($351 million) to the South Korean shipbuilder in the process of being acquired by its domestic rival. Daewoo Shipbuilding & Marine Engineering (DSME) has retained the drillship as inventory since a contract with its ow
May 2, 2019
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S. Korea aims to become world's top player in system semiconductor industry
SEOUL -- With active government support and corporate investments, South Korea presented a target of becoming the world's top player in the system semiconductor industry and garnering a 10 percent market share in fabless manufacturing by 2030 while consolidating its top position in microchip production. "Our goal is clear," President Moon Jae-in declared in his speech at Samsung Electronics' plant in Hwaseong, about 45 kilometers (28 miles) southwest of Seoul,
April 30, 2019
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Hanwha signs contract to upgrade identification of friend or foe equipment for naval ships
SEOUL -- Hanwha Systems, a defense contractor, signed a military contract to upgrade an identification system which is designed to prevent friendly fire by helping radar operators and missile crews tell the difference between friendly and potentially hostile aircraft and warships. The deal worth 189 billion won ($163 million) requires Hanwha to upgrade identification of friend or foe (IFF) equipment for naval ships from Mode 4 to 5, according to the Defense Acquisition Prog
April 29, 2019
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Hyundai Heavy launches New Zealand Navy's logistics support ship
SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder launched a 23,000-ton naval logistics support ship for New Zealand. The ship, equipped with a hybrid propulsion system, features ice-resistant capabilities so that it can operate in the Antarctic waters. Hyundai Heavy said that the vessel was launched Wednesday in a ceremony attended by David Proctor, chief of the Royal New Zealand Navy, in the southeastern port city of Ulsan. The ship ordered in July 2016
April 24, 2019
